Florida home to be sold in NFT deal
2 Min Read
A home along Florida's Gulf Coast will be sold as a non-fungible token, in the first such transaction in the US.
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Ownership of the home through a limited reliability company is what's being transferred as the NFT
A home in Gulfport, Florida, will be sold off in an auction as a non-fungible token (NFT), marking a first in US real estate.
NFTs are digital assets that are assigned their own unique value, and the transactions are performed using digital currency.
"It's an exciting venture into what possibly could be the future of real estate," said Amy Heckler, the president and broker for Heckler Realty Group, the group that is in charge of selling the home as an NFT.
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Ownership of the home through a limited liability company (LLC) is what's being transferred as the NFT. Ownership of an NFT, once sold, can be stored on a blockchain, essentially a digital ledger, and this allows one to verify the originality of the NFT.
Essentially, the realty group will be selling a company, and the company owns that house. Given the volatility of cryptocurrency, it's not yet clear if the value of a house tied to a NFT would be affected by changes in the cryptocurrency market.
The auction will take place on Tuesday, February 8.
