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NFT Property IR
A home in Gulfport will be auctioned off Tuesday as an NFT.
It’ll be the first piece of U.S. real estate to be auctioned as a “non-fungible token”, said current owner Leslie Alessandra.
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Property Being Sold For Cryp
Alessandra, a local real estate investor and founder of Tampa Bay blockchain company DeFi Unlimited, said she chose to list the home as an NFT to showcase the use of the evolving technology. An NFT is stored on a decentralized ledger known as the blockchain and is typically used for digital assets like music and art. In the case of the Gulfport house, it’s a digitally secure certificate of authenticity, similar to a deed.
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Mint Property As NFT
Minting property rights into an NFT would allow owners to sell a home as quickly as a Venmo transaction, she said. It would accomplish that by putting ownership documents under a limited liability corporation. In short: The NFT is an LLC.
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Financing With Crypto Backed Mortgages
“There probably will be ways to sell the property and then throw in crypto-backed mortgages,” Vasilakis said. “But we’re just not at that moment.”
NFTs are relatively new and it’s hard to say how this could work in the future, he said. There could also be challenges with cryptocurrency volatility. It’s not clear if the value of a house tied to an NFT would be affected by the crypto market.
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Love learning new ideas that help me grow mentally. Boy mom and spoiled wife. Living our best life.
CURATOR'S NOTE
I wonder if this would create a more even lending process.
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