US real estate company put office for sale in the form of NFT

The token will give the holder the right to buy the property

04.06.2022 - 10:45

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What’s new? Okada&Company, a real estate company, has put up for sale an office building in New York City in the form of an NFT. The non-fungible token will give the holder the right to buy the property. The lot is listed on the OpenSea marketplace and has a price of 15 000 ETH ($26,5 million at the rate on June 4, 2022).

Lot on OpenSea

What is known about the offer? The deal will require “multiple levels of verification of wallet should be conducted,” to be completed, the realtors write.

“Due to the nature of real estate sales, the sale of the NFT does not warrant the completion of the real estate transaction, or reflect the transfer of the deed or title. The traditional real estate process must still be complete,” the token’s description says.

In May, an apartment in Portugal was sold for 3 BTC ($108 204 at the time) without conversion into fiat money.

Previously, in Portugal, in order to buy real estate for cryptocurrency, it was necessary to convert one’s digital assets into euros. Now it is possible to buy and sell without converting the funds into fiat. However, such transactions require additional information: information about the payer’s bank account, crypto wallet address, details of the parties to the transaction, as well as confirmation of the crypto transaction.

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