The year has started out with splashy headlines about Real Estate Cryptocurrency Sales. The real exciting news is the progress being made in the Realty Industry in the utilization and use of Blockchain and Distributed Ledgers in settling transactions.
The successful sale of a Florida home for $653,163 worth of Etherum used the Propy Real Estate platform to manage the transaction and mint the NFT on a blockchain system. One of the goals of creating a non-fungible token for Real Estate is to give more flexibility and liquidity to the asset by having a digital representation that can be easily traded, fractionalized, and verified. In addition, the ability to create smart contracts can facilitate leasing and sales agreements while reducing overall transaction costs.
Here at RealtyCentral.com we are eagerly watching this transformation of the industry and the cost benefits it will bring to businesses and consumers alike.