NY house will be sold as an NFT

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Photo by Maria Ziegler on Unsplash

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,in an effort to find new ways to employ non-fungible tokens (NFT) in real estate dealings. According to the firm, the NFT grants the buyer exclusive rights to “acquire the building, all its uses rights, and related deed covenants.”

“The sale of the NFT does not guarantee the completion of the real estate transaction, nor does it indicate the transfer of the deed or title, due to the nature of real estate sales.” It noted that “the usual real estate process must still be completed.”

According to the realtor, there will be only one token for this transaction, and it will be created on the Ethereum network. “But as we launched the sale of the property three-four days ago, we are still in the starting phases of the sale,” Chris Okada, CEO of Okada & Company, told Cryptonews.com, “we have already had expressions of interest in purchasing the building from a number of people.”

Meanwhile, some industry watchers believed that Okada is exploiting the sale to make its activities more transparent to possible buyers, in response to the company’s latest endeavor.

“I’m guessing it’s a marketing ploy, but can you see a building trading as nft? On the blockchain+ trade hands, buyers may immediately examine the deed, NOI, and tenant mix. Is it really ten years away? 15? “Whenever this happens, I’m going to be sick,” Web 3 investor Benjamin Cohen tweeted.

The deal, according to Compound Labs Founder Robert Leshner, indicated that real estate’s future was on-chain.
“This property was last sold for $16.25 million seven months ago; it is now advertised for 15,000 ETH. That would be an NFT flip to remember!” according to the businessman.

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Gergő Kiss