NY house will be sold as an NFT
Okada & Company has debuted its first commercial property for sale as an NFT on the OpenSea marketplace, listing it for 15,000 ETH. This move is part of their strategy to explore innovative applications of NFTs in the real estate sector. The NFT provides the purchaser with exclusive rights to 'own the building, including all usage privileges and associated deed conditions.'
It's important to note that acquiring the NFT doesn’t automatically lead to a successful real estate deal, nor does it signify the transfer of ownership or the title, reflecting the complexities of property transactions. They emphasized that the standard real estate processes must still be followed.
The real estate firm has confirmed there will be just one token tied to this particular sale, developed on the Ethereum blockchain. Chris Okada, the CEO, shared with Cryptonews.com, 'Although we began marketing the building just a few days ago, we’re still in the early stages of the sale and have already seen interest from several potential buyers.'
On another note, some analysts suggest that Okada may be using this NFT sale as a way to increase transparency with prospective buyers, particularly following the company's recent ventures.
'While it seems like a clever marketing strategy, could you really imagine a building being sold as an NFT? With blockchain technology, transactions could be seamless, allowing buyers to instantly access information like the deed, net operating income, and tenant demographics. Is this scenario really a decade or longer away? Just thinking about the day it happens makes me uneasy,' tweeted Web 3 investor Benjamin Cohen.
According to Robert Leshner, founder of Compound Labs, this transaction signals a significant shift toward on-chain real estate.
'This property had a previous sale price of $16.25 million just seven months ago, and it’s now being listed for 15,000 ETH. If this sale goes through, it would certainly be a memorable NFT flip!' commented the businessman.
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