Five-Bedroom House in Florida Sells as NFT for 210 ETH (Alongside the IRL Property)

NFTs are a new rage, regardless of the business activity and their holder's identity. So why not apply NFTs to real estate? Thus, a woman from Florida has recently claimed the ownership of a 5-bedroom, two-and-a-half-bath property in Tampa Bay by placing the highest bid at the auction. 

The Spanish-inspired estate was eventually sold for 210 Ether, which was the equivalent of $654,309.60 at the time of the deal. Actually, there were only two bids above the floor, but tens of other qualified bidders were involved in the auctioning of the house as an NFT. 

Alongside the house itself, the unique collectible NFT included:

  • Access to ownership transferred paperwork
  • The property picture
  • NFT mural by the local artist Derek Donnelly “Saint Paint”

Natalia Karayaneva, the founder and CEO of Propy, which managed the online auction, said that it was a historical moment for the US real estate and crypto communities. She also added that the buyer's first name was Amanda and she was based in the US. 

The Florida house became the first-ever real estate officially bought as an NFT, which opens skyrocketing opportunities for the market as a whole.

Thus, NFT ownership offers plenty of benefits for both property buyers and sellers:

  • Eliminates extra bureaucracy, becoming both time- and money-saving solution
  • Possibility of getting loans from DeFi companies
  • Transferring of ownership with a help of a smart contract in minutes

Thus, the start for the integration of the blockchain and NFT technology into real estate has already been made. Who knows, probably by the end of the year we'll be buying property only this way?