According to a California-based real estate technology company called Propy, a four-bedroom home in Gulfport, Florida, will be tokenized leveraging non-fungible token (NFT) technology and sold for $650K. In addition to the Gulfport home, another blockchain project has launched aiming to purchase The One Bel Air 105,000-square-foot megamansion by creating a decentralized autonomous organization (DAO).
Gulfport Home in Florida to be Tokenized and Sold for $650K
On February 8, 2022, a home in Gulfport will be auctioned as an NFT, according to the homeowner Leslie Alessandra. The current owner told the Tampa Bay Times it will be the first U.S.-based real-estate sale to auction a home in NFT form. Alessandra is working with the Palo Alto-based company Propy, a firm that sold Michael Arrington’s flat in Kiev via tokenization. The Techcrunch founder Michael Arrington’s apartment was originally sold in 2017 in one of the first blockchain real estate deals.
“I’m very excited to have bought the first real-estate NFT from Michael Arrington with Propy,” the current homeowner that purchased Arrington’s apartment told the press at the time.
In the case in Florida, Alessandra is a founder of a Tampa Bay blockchain startup and a real estate investor. Alessandra insisted that the NFT allows the owners to sell the home as quickly as a Venmo transfer. According to the report, the NFT will also feature a mural crafted by a local artist Derek Donnelly, otherwise known as ‘Saint Paint.’
A DAO’s Attempt to Tokenize The One Bel Air
In addition to Alessandra’s Gulfport home, another project called the One DAO plans to leverage a decentralized autonomous organization (DAO) to purchase the infamous home dubbed The One Bel Air. The home in Los Angeles was created by the real estate developer Nile Niami and renowned architect Paul McClean. In March 2021, the owner of the property Niami’s firm Crestlloyd defaulted on debt, and the 3.8-acre property is now being sold via auction. The One DAO wants to purchase the famous residential neighborhood home on the Westside of Los Angeles. The DAO’s ultimate goal to have it owned by “a collective of anonymous people.”
The project’s roadmap says if the One DAO wins the auction successfully, the home will provide DAO members with a chance to stay at the megamansion. “As a member of the DAO, you will be able to enjoy and stay in The One megamansion,” the website notes. “With 21 bedrooms and 2 people per bedroom, The One can accommodate 15,330 DAO members, per year.” The One DAO says that it will provide tours to the public and host crypto events throughout the year.
Similar to other decentralized crypto organizations, the One DAO will have a governance system that allows community members to vote on specific requests and issues. “Since the DAO is a fully decentralized organization, any member of the DAO has the opportunity to bring any proposal to a vote,” the website details.
While the Gulfport home in Florida is only $650,000, The One Bel Air is starting with a significant asking price of $295 million. The Florida property has four bedrooms and two and a half bathrooms. The megamansion in California that’s being eyed by the One DAO has a bowling alley, nightclub, theater, running track, and a moat.
What do you think about the tokenization of physical properties? Let us know what you think about this subject in the comments section below.
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