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GULFPORT, Fla. (AP) — A house along Florida’s Gulf Coast will be auctioned as a nontradable token within the next week in what is believed to be one of the first such transactions in the US.
Immutable tokens – or NFTs – use a version of the encryption technology used to secure cryptocurrencies to create one-of-a-kind digital objects. Technology provides a kind of certificate of authenticity to digital creations, allowing ownership of something that could otherwise be endlessly replicated.
Propy, a Florida-based real estate technology company, will print property rights to a digital token in the case of a four-bedroom home in Gulfport, Florida, and host an online auction with bids starting at $650,000.
Printing property rights to an NFT will allow owners to sell a home as quickly as a Venmo transaction, Leslie Alessandra, the current owner of the home, told the Tampa Bay Times.
Christopher Vasilakis, a local real estate and virtual reality expert, described such a transaction as “essentially just selling a company and a company owning that house”.
There may be challenges given the volatility of the cryptocurrency and it is not yet clear whether the value of a home connected to an NFT will be affected by the crypto market, Vasilakis said.
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