USA Real Estate Firm Puts New York Building for Sale as NFT

cryptonews.com:

Exploring innovative ways to use non-fungible tokens (NFT) in real estate deals, the US real estate firm Okada & Company has listed its first commercial property as an NFT on the OpenSea marketplace with an ETH 15,000 tag price (USD 28.7).

The NFT gives the buyer exclusive rights to “acquire the building all its uses rights & related deed covenants,” the firm said in a statement. “Due to the nature of real estate sales, the sale of the NFT does not warrant the completion of the real estate transaction, or reflect the transfer of the deed or title. The traditional real estate process must still be complete,” it explained. 

Okada & Company is selling a 46,299 sq. feet property in the USA, in New York City’s prestigious Chelsea neighborhood which is located on the West Side of the borough of Manhattan. It is a seven-story office and retail building in close proximity to Madison Square Park and other NYC landmarks. 

There is one token for this deal, and this NFT will be minted on the Ethereum blockchain, according to the realtor.

Chris Okada, CEO of Okada & Company, told Cryptonews.com that the company has already received expressions of interest in purchasing the building from a number of people, “but as we launched the sale of the property three-four days ago we are still in the beginning phases of the sale.”

“Most transactions of this size take around three-four months before signing a contract. We shall see. The people that reached out have not submitted an offer,” according to the CEO.

Asked about the advantages of such a hybrid transaction for both buyers and sellers, Okada said that they included the “utility of the NFT and finding another way of receiving payment for commercial real estate.”

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