A home along Florida's Gulf Coast will be auctioned off in the upcoming week as a “non-fungible token" (NFT) in what is believed to be among the first such transactions in the US. Non-fungible tokens — or NFTs — use a version of the encryption technology employed to secure cryptocurrencies to create one-of-a-kind digital objects. The technology provides digital creations a kind of certificate of authenticity, allowing ownership of something that could otherwise be replicated endlessly.
In the case of the four-bedroom home in Gulfport, Florida, a California-based real estate technology company, Propy, will mint the property rights into a digital token and host an online auction, with bids starting at $650,000.
Minting property rights into an NFT would allow owners to sell a home as quickly as a Venmo transaction, Leslie Alessandra, the home's current owner, told the Tampa Bay Times.
Christopher Vasilakis, a local real estate and virtual-reality expert, described such a transaction as “essentially just selling a company and a company owns that house."
There could also be challenges given the volatility of cryptocurrency, and it’s not yet clear if the value of a house tied to an NFT would be affected by the crypto market, Vasilakis said.
(Bloomberg) When Maxwell Tribeca opens its doors in July, it will have all the elements that define a certain kind of social club: a prestigious address, swanky decor, exclusive perks for members, and a well-heeled and well-connected founding team. But that’s not enough for David Litwak, founder and former chief executive officer of the tech travel platform Mozio. To become a member, you’ll also need to get involved in one of the buzziest corners of the crypto market.The 8,000 square-foot space,
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