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A co-founder of popular technology website TechCrunch, Michael Arrington, just sold a house for $1.6 million on blockchain-based real estate platform Propy. Moreover, the property was owned by CrunchFund, TechCrunch’s venture capital fund.
Disrupting Real Estate
This news comes after Propy already had an incredibly high sale of $2.4 million for a duplex in San Francisco, reports CoinDesk.
Arrington spoke on the real estate market, stating that the process needs to be fixed:
“The traditional real estate sale process is arduous and broken. Buyers, sellers, and their professional support struggle with overly complex interactions – it’s an opaque, dated, and unnecessarily lengthy process, full of risks such as wire fraud.”
With Propy, the entire buying and selling process takes place on its blockchain. It doesn’t matter if you’re selling a house, looking to buy, or are a real estate agent. The platform hopes to cater to you.
CEO Natalia Karayaneva echoes this:
“When it comes to expensive property or other expensive goods, these normally already have digital presentation of ownership, that’s why blockchain is applicable to space. Blockchain’s main implications, after [virtual] money, is as a technology that enables ownership transfers… it aligns the entire process of any value transfer including real estate.”
Making waves for years
The platform has been around since 2017 and completed its first United States transaction in Vermont about a year ago. Since then, Propy has participated in close to 60 sales. Proving its legitimacy, two sales consisted of a mansion in Italy and a space for the United Nations Educational, Scientifical and Cultural Organization (UNESCO) in Paris.
According to Karayaneva, the average sale of a house on Propy is close to $1.5 million. That said, this price is slowly rising. Around 20 retailers have actually made a sale on here, while around 3,000 exist on the platform.
Finally, Karayaneva claims that all real estate transactions will be made on blockchain technology within a couple of years. That involves a ton of online trading, however, that users will have to get used to. But, the transparency and security of blockchain technology will make that worth it. The security of this technology is far safer than most bitcoin trading tools out there such as Olympus Markets and Crypto Genius.