NFT Real Estate
It was a simple, brick-bearing home in St. Petersburg, Florida that forever broke the norm when it sold for the equivalent of just over $650,000 in the non-fungible token. This transaction was the first of its kind, but it surely won’t be the last. With NFTs and Bitcoin largely on the rise, both buyers and sellers should sharpen their crypto-knowledge and brace for change in the real estate status quo.
What should you know about crypto real estate?
Crypto-currency, or a non-fungible token, is a non-interchangeable unit of data stored on a blockchain that can be sold and traded. Types of NFT or other crypto-currency data units may be associated with digital files such as photos, videos, and audio.
In terms of NFT in real estate, this crypto-currency acts as a third method of the transaction next to cash and loan-backed offers and can be largely convenient to both buyers and sellers.
How might crypto real estate benefit you?
There are numerous ways that a crypto transaction could benefit your financial and real estate goals, but the following four reasons cover the basics:
- Diversifying Investments – If you’re looking to diversify your investment portfolio, buying real estate with cryptocurrency can offer stability.
- Cashing Out for Retirement – After a career investing in crypto, you may be ready to retire. Buying a house with crypto may be more straightforward than selling off your assets to support your retirement.
- Discounting Sale Price for Crypto Payments – If a seller is particularly bullish on crypto, they may offer a discount on real estate purchases made with crypto.
- Faster Transactions – Blockchain technology and smart contracts may cut traditional wait times and middlemen from the real estate industry. (Bitpay, 2021)
Despite these ever-changing times, good-old-fashioned cash or loan-backed real estate transactions are still very prevalent. Talk with one of our agents about your home buying and selling goals to explore all of your options today!