Propy is launching an NFT platform in the U.S., allowing people to buy real assets in the form of NFTs.
Propy, a blockchain startup, had already announced previous year its ambition to enable the acquisition of real estate through “smart contracts”.
A first success in Ukraine.
To approve its model and the legal aspect of it, it had already proceeded to the sale of a property in Ukraine in the form of a NFT (Non Fungible Token – Non Fungible Token).
With this success, the company is now launching itself on the huge market that represents the United States.
Propy to attack the United States
It is now launching this service across the Atlantic by providing a set of legal and transaction validation services to transform a simple property, into the emerging technology that is NFT.
Editor’s note: What is an NFT?
An NFT is a non-fungible token. This means that each token is unique and cannot be replaced by another.
They are used for represent single assets or rights in a given ecosystem.
These tokens can be exchanged on crypto-currency exchanges.
NFTs are used for example in video games, music or smart contracts for items that cannot be replicated by anyone else. Some examples include unique collectibles but also virtual cats or monkeys!
They were created to offer an alternative to the fungible nature of crypto-currencies like bitcoin.
With Propy, it will be easy to buy real estate in the United States from anywhere in the world with ease
It will be based on the selling owners on the one hand, the brokers and agents real estate. Propy brings the technical platform and its knowledge to frame the transaction.
It offers an interface in 3 languages:
- Chinese / Mandarin
This availability of Asian languages is not insignificant. Asia has been educated for a very long time in the field of cryptocurrency and NFT. And it is obvious that investing as a Chinese resident in the US will be much easier via a smart contract… This is not a proven certainty, but a thought we raise.
For this debut, it will put up for sale two properties located in Florida on February 8, 2022, and all on the principle of transformation into NFT.
The concept is simple to understand:
- the startup validates and certifies the recording of the transaction in the Blockchain. This allows to keep an unfalsifiable trace in digital format.
- It then provides access to all legal documents related to that property.
This obviously has significant advantages in terms of time and cost:
- the transaction is almost instantaneous (a few minutes of registration of the smart contract)
- the cost is much lower than a traditional legal validation with traditional institutions.
The property rights of this property located in Florida will thus be dematerialized via this “smart contract” and digitized via an NFT.
At Propy, we have developed all the necessary smart contracts and a compatible legal framework that allows tokenization of any property in the United States
Natalia KarayanevaCEO and co-founder of Propy
The explosion of the juicy NFT market
By the end of 2021, this market was valued at over 4 billion US dollars. And all this without any real exploitation of these NFTs in “everyday life”. Imagine… When many concepts will use this tokenization of traditional services, the size of the global economic market that is emerging!
Propy and its fellow pioneers are developing technologies that can help society solve some of its most pressing problems. We look forward to their contribution to the World Economic Forum’s commitment to improving the state of the world.
Head of the Global Innovators Community, WEF (World Economic Forum)
Propy has already raised over $16 million in venture capital last year and is backed by the likes of Tim Draperfounder of Draper Fisher Jurvetson, Draper University, Draper Venture Network, Draper Associates and Draper Goren Holm and Michael Arringtonformer founder of TechCrunch.
Smart contracts are increasingly becoming legally admissible documents
Both Vermont and Arizona have already authorized this legislation. There is strong reason to believe that this process will become more common throughout the United States and worldwide in the future.
Propy already has some competitors. RealT is a platform forfractional real estate investment which allows investors from around the world to invest in the U.S. real estate market through a token-based blockchain network. This makes it possible tobuy a portion (on the same principle as a classic SCPI) of an American real estate from about 50 dollars.
This property is then managed by RealT and you receive a weekly annuity in the form of a cryptocurrency payment ($XDAI).
Propy trains and certifies real estate agents in the US in cryptocurrency real estate.
A young technology that can seem complex to grasp, Propy, which is looking to recruit real estate agents leveraging its platform, is offering a certifying online training course.
Charged $497, it leads to a certification.
What about the French Notaries in all this?
The Chamber of Notaries in France has already been working on the Blockchain issue for a long time. It is aware that Blockchain could shake up the codes of real estate transactions in France too. The Notary is today the only statesman who validates real estate transactions.
A line of thought is being pursued for their profession to take hold of this technology and exploit it.
Either way, the tokenization of real estate, the world of cryptocurrencies and NFTs will revolutionize the real estate market.
Will the traditional players be able to surf on this technology, or will they see their studies and professions disappear?
Only time will tell.
One thing is certain: if this profession does not appropriate the concepts of the BlockChain, the “times will be hard…”