coindesk.com
TechCrunch founder and crypto investor Michael Arrington is selling an apartment in Kiev with a non-fungible token (NFT).
Arrington purchased the Ukraine apartment in 2017 through the real estate platform Propy, using Ethereum and smart contracts to settle the deal. In a sign of how the industry has evolved in the intervening four years, Propy will be auctioning the same property but this time as a real estate-backed NFT. The initial starting price is $20,000.
The auction process will involve the seller signing proprietary legal papers for NFTs to transfer ownership to a future buyer. After the auction is complete the seller will receive payment in cryptocurrency, said Propy.
The real estate-backed NFT will be a collectible asset with transferable digital ownership rights and includes digital art by Kiev graffiti artist Chizz.
Propy is backed by blockchain investor Tim Draper, and claims to have completed over $1 billion worth of transactions through its online platform.
Further updates on the real estate NFT can be found here.