A Tampa Bay home in Gulfport will be auctioned off Tuesday as the first piece of U.S. real estate to be auctioned as an NFT.

The Spanish-inspired Gulfport property, located at 6315 11th Ave. S will start at $650,000, will be auctioned off online, hosted by Palo Alto-based real estate technology company Propy, who will mint the property rights into a digital token.

Last year, Propy sold TechCrunch founder Michael Arrington’s apartment in Kiev as an NFT – making this Florida addition the next progress in the beginning stages of how NFTs can be used for real-world transactions.

Leslie Alessandra, the current owner of the property, is one time before again a local real estate investor and founder of Tampa Bay blockchain company DeFi Unshort-term, who said she chose to list the home as an NFT to showexperience the use of the evolving technology.

Forget the deed, and look to the NFT

In this fact, the NFT would represent the digital rights to the property, parallel to the physical deed. For recording purposes, the NFT will serve as the legal LLC, allowing for the Gulfport home’s property rights and ownership documents to properly be protected.

“Is this hardly hype or is there a real world application? (The auction) is really to stimulate conversation,” Alessandra said in an interview with the Tampa Bay Times.

According to Alessandra, back while minted, the property rights for the Gulfport home will still have a mural from a local artist attached to it, which will serve as an additional NFT.

Artist Derek Donnelly, known as Saint Pete, will create an indoor mural on one of the property’s exposed brick walls as part of the auction, lending favor to Tampa Bay one day immortalizing street art analogous to his.

Of course, with any purchase of a property analogous as a home, which sale must be recorded with the county’s recorders office to legally transfer ownership rights. For this reason, a legal entity must exist in order to transfer the property, giving actual evidence studies where NFTs are used more visibility and applicability.

Indeed, the legal landscape is having to evolve quickly to Web3 and the metaverse, that incorpocosts fintech comparable as token and NFTs.

“There’s certainly something special about being the first, for sure. It’s kind of like having the first computer which was ever combined to the internet,” Alessandra said. “But I certainly rebounde which the owner will be someone which’s an advocate for blockchain and NFTs and it would be a representation of the future.”

The NFT home sale auction will take place on February 8, with above 2,000 people having already signed up.

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