Auction house Seen Haus is creating a new real estate NFT marketplace to tie physical locations to crypto tokens. Partnering with Propy, a real estate transaction platform, they are auctioning an apartment in Kyiv, Ukraine. The property is the first one ever bought through an NFT, making this a unique secondary market sale.
The NFT will include the full legal ownership of the apartment, along with a digital image. There will also be a piece of art by graffiti artist Chizz, with the physical version inside the apartment. The auction kicks off June 8, with bidding starting at $20,000USD.
Real estate NFTs a growing market
As NFTs grow in popularity, more people will learn about their usefulness. Markets like real estate, which are all about assigning rights to limited resources, are a perfect fit. It’s expected that eventually, systems like Propy’s will use NFTs by default. Auctions are only the beginning.
The Kyiv apartment auction is being done on behalf of Michael Arrington, founder of TechCrunch. This suggests the sale is by and for early adopters. But with enough proof of concepts under their belt, Propy will have a solid business case. And from there, they will be able to expand to the general public,
Seen Haus leading the way
Seen Haus, which specializes in tying NFTs to physical objects, is key to the Kyiv apartment sale. Their service allows users to buy something like a watch, and have the physical version shipped to their door. Seamless integrations like those will help the crypto market grow. It’s currently a powerful niche, but will soon become more like a utility.
The Kyiv apartment auction takes place at Seen Haus’ website on June 8.