Ownership of the home will be transferred using a unique blockchain token — known as an NFT — that can be held in a crypto wallet.

An international property startup is launching a way to store U.S. home titles in a crypto wallet in the hopes that this process can be scaled to drive a large number of blockchain-based real estate transactions.

The company, Propy, is currently helping sell an investment property in the Florida city of Gulfport, near St. Petersburg. The 2,164-square-foot property has five bedrooms and is currently listed for $650,000.

To facilitate this type of transaction, Propy creates a limited liability company that owns the property. Ownership of that LLC will be tied to the owner of a unique blockchain token known as an NFT.

Through this setup, buyers will be able to purchase these NFTs — and by extension their LLCs, and the properties themselves — through a cryptocurrency transaction.

The seller is a real estate and cryptocurrency investor named Leslie Alessandra, according to the listing on Propy. She’s hired an agent from Heckler Realty Group to represent her. Propy says it has been assigned to create the NFT and auction it off.

The home is also listed on the MLS, according to its page on Zillow. The overview doesn’t mention the NFT process or Propy, describing the home as an “auction property.”

The company plans to hold the auction for this property on Feb. 8, Techcrunch reports. Signups for the auction are taking place on the listing page on Propy’s website.

To get in on the auction, prospective buyers are being asked to sign up from the listing page on Propy’s website.

The home’s list price of $650,000 is on the higher side of prices in the neighborhood. Zillow’s estimates for home values on similar sized lots on the same block range from $250,000 to $640,000.

If these NFT-assisted transactions start to take off, Propy anticipates the early use cases will focus primarily on so-called “collectible” properties.

“Trophy real estate owned by celebrities, or in prime location, or with unique digital art and architecture can be regarded as a collectible,” Propy said on the listing page. “The level of pride of ownership is very high, and the purchased price is almost irrespective of the trading potential of the property, just like with other collectibles.”

Propy had previously sold an apartment in Ukraine through a similar process. 

At an Inman Connect Now session in June, Propy CEO Natalia Karayaneva said she wanted to make agents a party to this process.

“We’re very ambitious in the company that this can potentially transform the industry and transform the paradigm of home ownership,” Karayaneva said at the time. “We see that we can empower … agents to transact faster and make their customer look at the agent with more satisfaction.”

Email Daniel Houston

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription