Blockchain

Propy Jumps 227% as Real Estate NFTs Become Reality, Lists PRO on Coinbase

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Non-fungible tokens (NFTs) are surging in popularity in 2021 as the wider public becomes fascinated by projects like The Boring Ape Yacht Club and CryptoPunks, but these one-of-a-kind digital images only scratch the surface of what NFT technology is capable of.

A project focused on extending the functionality of NFTs beyond the digital art space is Propy, a protocol focused on integrating blockchain technology with the real estate industry, making the entire process faster, Simpler and safer.

data from Cointelegraph Market Pro and Transaction view After hitting a low of $1.12 on Jan. 12, the price of PRO rose 227% to a daily high of $3.67 on Jan. 14, and its 24-hour trading volume surged 452% to $29.3 million, it showed.

PRO/USDT 4-hour chart. Source: TradingView

The three reasons for the sudden surge in the price of Propy include the listing of the token on the Coinbase exchange, the successful completion of the first sale of real estate NFTs, and the growing potential for NFTs to be used in different use cases.

Coinbase thrashes

The surge in PRO prices on Jan. 14 was largely due to the token’s listing on Coinbase, the largest U.S. cryptocurrency exchange.

Before listing on Coinbase, PRO tokens were only available on a limited number of exchanges, including Huobi Global, Bitrue, and decentralized exchange Uniswap.

Coinbase is the second-largest cryptocurrency exchange in the world by volume and the primary exchange serving U.S. investors who have traded the highest-volume cryptocurrency in history.

America’s first real estate NFT

The second development that will help boost PRO prices and transaction volume is the first real estate NFT to be sold in the United States.

According to Propy founder and CEO Natalia Karayaneva, reasons why Propy chose Florida for its first real estate sale in the United States include a crypto-friendly state government, positive future price growth and demographics, growing employment Market and the state’s 0% personal income tax policy.

While the upcoming sale in Tampa marks the first real estate NFT sale in the U.S., Propy completed its first-ever NFT sale in 2017, when TechCrunch founder Michael Arrington sold his $36 ether Apartments in Kiev.

related: NFT sales and blockchain gaming continue to grow despite recent market downturn: report

The growing popularity of NFTs and blockchain technology

Another reason for the momentum behind Propy is the overall growth in awareness of NFTs and blockchain technology.

The promise of integrating NFTs with things like housing deeds and corporate contracts has been a topic of discussion for years, and the explosion in NFT interest and transaction volume over the last year has raised public awareness levels, allowing the concept to gain more traction.

In addition to the practicality of NFT technology, the increasingly dire conditions of the global financial system have investors looking for safe places to store their wealth, and real estate has long been the safe haven of choice.

Now, with the convergence of blockchain technology and NFTs, the process of buying and holding real estate is about to enter the 21st century, as the influence of middlemen will be reduced, helping to reduce the cost of the entire process.

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.