In a proof-of-concept crypto auction, a Florida home is listed for $650,000

<p>Propy is currently assisting in the sale of an investment property in Gulfport, Florida, near St. Petersburg. The five-bedroom, 2,164-square-foot home is currently listed for $650,000. An international real estate startup is launching a method to store U.S. home titles in a cryptocurrency wallet, with the hope that this process can be scaled to drive a large number of blockchain-based real estate transactions.</p> <p>Buyers will be able to purchase these NFTs — and, by extension, their LLCs and the properties themselves — using cryptocurrency in this setup.</p> <p>Propy establishes a limited liability company to own the property in order to facilitate this type of transaction. The LLC's ownership will be linked to the owner of a unique blockchain token known as an NFT.</p> <p>According to the Propy listing, the seller is a real estate and cryptocurrency investor named Leslie Alessandra. Heckler Realty Group has been hired to represent her. Propy claims it has been tasked with creating the NFT and auctioning it off.</p> <p>According to its Zillow page, the house is also on the MLS. The NFT process or Propy are not mentioned in the overview, which refers to the home as a "auction property."</p> <p>According to Techcrunch, the company intends to hold an auction for this property on February 8. Signups for the auction are being accepted on Propy's website's listing page.</p> <p>To participate in the auction, prospective buyers must sign up on Propy's website from the listing page.</p> <p>Propy anticipates that if these NFT-assisted transactions take off, the early use cases will focus primarily on so-called "collectable" properties.</p> <p>The home's list price of $650,000 is on the higher end of the neighborhood's price range. Estimated home values on similar sized lots on the same block on Zillow range from $250,000 to $640,000.</p> <p>"Trophy real estate owned by celebrities, in prime locations, or with unique digital art and architecture can be considered collectable," Propy stated on the listing page