NFTs and DeFi are revolutionizing real estate investing and homeownership — Here’s how
NFTs continue to make an impact on multiple sectors, and this mainstreaming is opening up new opportunities and revealing new trends for blockchain technology.
Recently, the real estate sector has shown interest in blockchain technology because it opens up the potential for fractionalized ownership, cryptocurrency-backed mortgages and other unique ownership, financing and payment models.
Here’s a look at a few real estate-oriented blockchain projects that are to integrate decentralized finance, cryptocurrency payments and nonfungible tokens (NFT) to the sector.
Propy is the largest real estate-focused protocol in the cryptocurrency market, and it’s focused on automating home buying and making the closing process faster and more secure.
After becoming the first company to launch a real estate NFT in 2021, Propy made waves for the recent real estate NFT auction in the United States after selling a home in Tampa, Florida for 210 Ether (ETH) worth roughly $650,000.
It's a wrap! The first real estate NFT auction in the US is history now. Thank you so much to everyone who participated and to those who cheered us on. Congratulations to the lucky winner, we can't wait to see what you do with the #PropyNFT next! What a blast! pic.twitter.com/LHfZrNSwTN
In addition to providing proof of ownership to the holder, real estate NFTs created through Propy can also be used as proof of collateral for crypto-based borrowing and lending.
When it comes to paying for a mortgage, crypto holders currently have to grapple with choosing which of their tokens they are willing to cash out and also incur a taxable event because there are few options for paying a mortgage with cryptocurrency.
Milo is a Miami-based fintech startup that claims to offer
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