According to a California-based real estate technology company called Propy, a four-bedroom house in Gulfport, Florida will be tokenized using non-fungible token (NFT) technology and sold for $650,000. In addition to the Gulfport house, another blockchain project has been launched aimed at buying the 105,000 square foot The One Bel Air megamansion by creating a Decentralized Autonomous Organization (DAO).
Gulfport Home in Florida will be tokenized and sold for $650,000
On Feb. 8, 2022, a house in Gulfport will go up for auction as an NFT, according to owner Leslie Alessandra. The current owner told the Tampa Bay Times that this will be the first US-based real estate sale to auction a home in NFT form. Alessandra works with Palo Alto-based Propy, a company that sold Michael Arrington’s Kiev apartment via tokenization. Techcrunch founder Michael Arrington’s apartment was originally sold in 2017 in one of the first blockchain real estate deals.
“I am very pleased to have purchased Michael Arrington’s first real estate NFT with Propy,” the current owner who purchased Arrington’s apartment told reporters.
In Florida’s case, Alessandra is a Tampa Bay blockchain startup founder and real estate investor. Alessandra insisted that the NFT allows owners to sell the house as quickly as a Venmo transfer. According to the report, the NFT will also feature a mural by local artist Derek Donnelly, otherwise known as ‘Saint Paint’.
A DAO’s attempt to symbolize The One Bel Air
In addition to Alessandra’s home in Gulfport, another project called One DAO plans to leverage a Decentralized Autonomous Organization (DAO) to purchase the infamous home dubbed The One Bel Air. The Los Angeles home was created by real estate developer Nile Niami and famed architect Paul McClean. In March 2021, the owner of the property, Niami’s Crestlloyd Company, defaulted on its debt, and the 3.8-acre property is now up for auction. The One DAO wants to buy the famous residential house in the Westside of Los Angeles. The ultimate goal of the DAO is to make it belong to “a collective of anonymous people”.
The project roadmap states that if the One DAO successfully wins the auction, the house will offer DAO members a chance to stay in the megamansion. “As a DAO member, you will be able to enjoy and stay at The One megamansion,” the website notes. “With 21 rooms and 2 people per room, The One can accommodate 15,330 DAO members per year.” The One DAO says it will offer public tours and hold crypto events throughout the year.
Similar to other decentralized crypto organizations, the One DAO will have a governance system that will allow community members to vote on specific requests and issues. “Because the DAO is a fully decentralized organization, any member of the DAO has the ability to put any proposal to a vote,” the website details.
While the Gulfport, Florida home costs just $650,000, The One Bel Air kicks off with a hefty asking price of $295 million. The Florida property has four bedrooms and two and a half bathrooms. The megamansion in California which is guarded by the One DAO has a bowling alley, a nightclub, a theater, a running track and a moat.
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