An American investor has auctioned off 50 percent of his home in the port city of St. Louis in the form of a NFT.
to the the report Ivan Malpica, an investor in the Coin Telegraph, yesterday bought a portion of his property in the port city of St. Louis, Missouri, at the Mintable Token Store for approximately $ 42.43 (ETH). About $ 76,000, put up for sale.
The ad promises “partnership ownership (50%) of the home with a major renovation,” noting that the property was valued at $ 138,000 last year and now has a monthly rental income of $ 1,200. The ad also states:
Let’s make history with the first unparalleled real estate token!
Malpika said in an interview that the use of unique tokens would make it possible to buy property in digital currencies, but that legal support should be provided by the formation of a limited liability company (LLC) between the buyer and him, representing 50-50 ownership.
He, who works as the company’s risk management manager at Verizon Telecom, added:
The proverbial token does not in fact represent your legal ownership of the property, but it will be as soon as we write the registered operating contract.
Selling as a proxy and partnership token enables easy LLC transactions. Some banks or document companies may not accept full payments in digital currencies. It is not possible to buy a property 100% digitally at this time. In this way, selling half of it as a partnership provides such an opportunity.
The transfer of the document is now underway and the new buyer and I will set up a limited liability company and complete what is called a “litigation document” with an operating contract.
Regardless of the fact that Malpika came up with the idea just yesterday, given that the granting of legal rights and property through a proxy token is on the borderline between legality and illegality, the Coin Telegraph website strongly advises interested parties to invest in real estate before investing. Use non-analogous tokens to conduct the necessary checks and consult with a lawyer.
Malpika said it has been investing in real estate for a long time and has so far entered into 50-50 partnership contracts in 30 rental properties. He said he became interested in the field after hearing Gary Vaynerchuk, CEO of Vaynermedia, about unparalleled tokens.
My in-house investor had to enter this field. I never want to be behind.
As of this writing, the auction has received about 100 hits and no bids have been submitted yet. Malpika said that if the sale is successful, it will spread the idea.
I believe that if this is successful, I can convert the shares of the company to NFT, so that several people can own a lucrative rental property.
Kosala Hemachandra, co-founder of MyEtherWallet, recently said in an interview that peer-to-peer tokens will gradually cover real estate.
I think the current version of allegorical tokens will continue to evolve for larger and wider uses. Items such as real estate and proof of ownership of tangible property and wherever counterfeit tokens can help take legal action. That’s when everything becomes really interesting.
Businesses like RealT now offer real estate on a token basis.