NFTs in the Housing Market | Is There a Place for them?
Digital artwork is the hot new thing, but what about NFTs in the housing market? A Californian estate agent has attempted to combine the two. Find out more here!
What is an NFT?
This year we have seen a boom in the world of cryptocurrency in the form of non-fungible tokens (NFTs). These are tokens that exist within a blockchain, usually in the form of digital artwork of some kind. Non-fungible essentially means individual in value, and each purchase will get a new entry on the blockchain. This is a way of verifying its authenticity and proving purchases belong to one single owner.
So far we have seen albums by Kings Of Leon sold as NFTs, as well as tweets being auctioned off. One such instance includes the “tecnho king” himself, Elon Musk teasing at selling a tweet and song as an NFT. A move he quickly decided against.
NFTs in the Housing Market
The latest news in the world of crypto is the introduction of NFTs in the housing market. A digital house was sold for $500,000 (288 Ether, in cryptocurrency) by artist Krista Kim in March. However, in the last week an estate agent from California has decided to explore the use of digital artworks to sell houses.
Shane Dulgeroff commissioned pop artist and graphic designer, Kii Arens to create a colourful digital video rendering of the property for sale. The NFT world is very new, and there are a lot of things that have not yet been tried. Dulgeroff took the opportunity to pioneer NFTs in real estate, telling Deezen:
“When I learned about the NFT space I saw a unique opportunity to utilise a platform which has more technologies and opportunity behind it than a standard home sale.”
The plan was to allow bidders to compete for this NFT, with the winner also receiving the physical property. However, interest was not as high as originally anticipated. In fact, there were zero bidders on the NFT. Dulgeroff attributed this non-starter to the uncertainty surrounding crypto art, and the fact this stunt was the first of its kind.
The luxury real estate broker has instead decided to sell the property the old-fashioned way, and has already turned down an offer of $1m. Although no bids were made on the NFT this time, it could be a brilliant marketing move over time. Dulgeroff has stated that he has sold many houses in his time (impressive at the age of 27), but this one has had the most interest by far.
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