Nonfungible tokens (NFTs) skyrocketed in popularity over the course of 2021 as the wider public became enthralled with projects like the Bored Ape Yacht Club and CryptoPunks, but these one-of-a-kind digital images are only scratching the surface of what NFT technology is capable of.
One project that aims to expand the functionality of NFTs beyond digital art is Propy. This protocol focuses on the integration blockchain technology with real estate by automating closing the home-buying process.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1. 12 on Jan. 12, the price of PRO moved 227% higher to hit a daily high at $3. 67 on Jan. 14 as its 24-hour trading volume spiked 452% to $29.3 million.
Three reasons for the sudden surge in Propy price include the token being listed on Coinbase exchange, the successful completion of the first sale of a real estate NFT and growing potential of NFTs to be used in different use cases.
The Coinbase bump
The surge in the price of PRO on Jan. 14 was in large part due to the token listed on Coinbase, the largest cryptocurrency exchange in the United States.
— Coinbase (@coinbase) January 13, 2022
Prior the Coinbase listing the PRO token was not available on a large number of exchanges, including Huobi Global and Bitrue, as well as the decentralized exchange Uniswap.
Coinbase, the world’s second-largest cryptocurrency exchange in volume and the primary exchange that serves U.S.-based traders who have conducted the largest volume of cryptocurrency trading.
The first real estate NFT in the U.S.
A second development that is helping to boost the price and trading volume of PRO is the upcoming sale of the first real estate NFT in the United States.
According to Propy founder and CEO Natalia Karayaneva, the reason Propy chose Florida for its first U.S.-based real estate sales include a crypto-friendly state government, positive future price growth and demographic statistics, a growing job market and the state’s 0% individual income tax policy.
While the upcoming sale in Tampa marks the first real estate NFT sale in the U.S., Propy completed the first-ever NFT sale back in 2017 when TechCrunch founder Michael Arrington sold his Kyiv apartment for 36 Ether.
Rising popularity of NFTs and blockchain technology
Another reason for the building momentum behind Propy is the overall growth in awareness of NFTs and blockchain technology. The promise of integrating NFTs into corporate contracts and house deeds has been a subject of debate for many years. However, the popularity of NFTs and blockchain technology is growing to the point that Propy can gain more attention.
In addition to the utility of NFT technology, investors are looking for safe places to store their wealth. Real estate has been a popular choice.
Best hedge against all of the chaos in the world:
2. real estate
3. investment in yourself
— Natalia Karayaneva (@NataliePropy) December 29, 2021
Now, the process of buying and holding real estate is about to enter the 21st century with the integration of blockchain technology and NFTs because the influence of middlemen will be reduced, helping to lower the cost of the entire process.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. You should do your research before making any investment or trading decision.