Propy Auctions the World’s First Real Estate NFT With Ownership Transfer

May 25, 2021 – San Francisco, California

TechCrunch founder Michael Arrington’s Kiev apartment that made history in 2017 as a blockchain sale, now to be sold as an NFT

Propy, the real estate transaction platform, will auction a real estate-backed NFT – a modern apartment in Kiev, Ukraine that previously made history as the first-ever blockchain-based real estate sale.

Arrington’s Kiev apartment will be put on the block for public auction to be won by one lucky bidder, who will make history once again. The NFT, which transfers real ownership of the property, will be auctioned over a 24-hour period, with the initial listing starting at an affordable $20,000. Details of the NFT sale are available here and will be routinely updated to include previews of the property, FAQ, an auction countdown clock and terms.

Brand new studio apartment features natural light and original artwork on the accent wall.
Specially curated furnishings are available at an additional price.

In 2017, this real estate property was sold entirely using blockchain technology to Michael Arrington, founder of tech news site TechCrunch and Arrington XRP Capital. The international transaction took place entirely via smart contract on the Ethereum blockchain using cryptocurrency, becoming the first-ever to be sold and transferred on blockchain.

Propy, backed by famed blockchain investor Tim Draper, has since helped thousands of American agents and homebuyers to make offers and complete over $1 billion worth of transactions via an easy-to-use and secure online platform.

Natalia Karayaneva, CEO of Propy, said,

“This NFT will go down in history. For Propy, it is a major milestone in leveraging the promise of blockchain technology and non-fungible tokens (NFT) to achieve self-driving real estate transactions. Real estate as an asset class will become a part of the decentralized finance economy.”

This unique collectible NFT will include

  • Access to ownership transferred paperwork
  • The apartment picture
  • A unique digital art NFT by a popular Kiev graffiti artist, Chizz – a physical painting of the digital artwork is painted on a wall of the apartment
Accent wall features a physical painting by Chizz, along with a digital version attached to the NFT.

The process works like this – the seller signs proprietary-developed legal papers for NFTs to transfer ownership to a future buyer, carries out an NFT auction and receives payment in cryptocurrency. The winner of the auction becomes the owner within a minute of completing KYC details.

“It is very exciting to push the innovation and use cases around blockchain technology and real estate. This NFT proof of concept can continue to develop even larger utility inside the DeFi realm, to enable collateralized loans and p2p mortgages.” – Michael Arrington, founder of TechCrunch and Arrington XRP Capital. 

Details of the NFT auction are available and routinely updated here.

About the property

Located in the popular residential neighborhood of Svyatoshino in the western part of the bustling capital of Kiev, Ukraine, the apartment is brand new and has just been tastefully finished. It is a studio apartment with a full kitchen and a full bathroom.

This real estate-backed NFT is a prime collectible asset with transferable digital ownership rights.

About Propy

Propy is a leading innovator in the real estate industry, building self-driving transactions. Propy makes property purchase transactions easier by bringing agents and consumers together in a secure environment. Propy Offers help agents and consumers win offers, and the Propy Transaction Platform enables agents, consumers and title companies to easily manage all phases of a sale online. Purchase offers, payments and deeds are processed on the immutable blockchain. Worldwide, the company has assisted in over 1,000 real estate transfers. Closing deals via NFT-ing property ownership can ease the life of the consumer and the agent, and unlock equity liquidity. Learn more here.

About the NFT artist Chizz

Chizz is a leading Ukrainian street art and mural artist. His clients include Pepsi, Lays, M17 the Contemporary Art Center, Ukrainian Premier League, Silpo and more. He has also sold NFTs on Foundation. The most famous is a short video depicting a mural painting. His current works may be seen on Instagram.

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