Florida home to be sold in novel non-fungible token deal

Feb 5, 2022, 11:02 AM | Updated: Feb 10, 2022, 5:57 am

GULFPORT, Fla. (AP) — A home along Florida’s Gulf Coast will be auctioned off in the upcoming week as a non-fungible token in what is believed to be among the first such transactions in the U.S.

Non-fungible tokens — or NFTs — use a version of the encryption technology employed to secure cryptocurrencies to create one-of-a-kind digital objects. The technology provides digital creations a kind of certificate of authenticity, allowing ownership of something that could otherwise be replicated endlessly.

In the case of the four-bedroom home in Gulfport, Florida, a California-based real estate technology company, Propy, will mint the property rights into a digital token and host an online auction, with bids starting at $650,000.

Minting property rights into an NFT would allow owners to sell a home as quickly as a Venmo transaction, Leslie Alessandra, the home’s current owner, told the Tampa Bay Times.

Christopher Vasilakis, a local real estate and virtual-reality expert, described such a transaction as “essentially just selling a company and a company owns that house.”

There could also be challenges given the volatility of cryptocurrency, and it’s not yet clear if the value of a house tied to an NFT would be affected by the crypto market, Vasilakis said.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

AP

Associated Press

Officials: Girl seriously injured in shark attack in Florida

PERRY, Fla. (AP) — A teenage girl was seriously injured when a shark attacked her off Florida’s Gulf Coast, authorities said. The attack occurred Thursday afternoon off Keaton Beach, according to a Taylor County Sheriff’s Office news release. The 17-year-old girl had been looking for scallops in the water with her family when a 9-foot […]
17 hours ago
Associated Press

Ex-Louisiana officer pleads guilty in excessive force case

MONROE, La. (AP) — A former north Louisiana police officer pleaded guilty Friday to kicking a man in the face as he lay on the ground with his hands behind his back during an arrest in 2020, federal prosecutors said. Jared Desadier, 44, of Monroe, entered the plea before U.S. District Judge Elizabeth Foote to […]
17 hours ago
Associated Press

Kerry: Despite setbacks at home, US to make climate goals

WASHINGTON (AP) — U.S. climate envoy John Kerry said Friday that setbacks for President Joe Biden’s climate efforts at home have “slowed the pace” of some of the commitments from other countries to cut climate-wrecking fossil fuels, but he insisted the U.S. would still achieve its own ambitious climate goals in time. Kerry spoke to […]
17 hours ago
A WWII ear landing craft used to transport troops or tanks was revealed on the shoreline near the L...
Associated Press

World War II-era boat emerges from shrinking Lake Mead

A sunken boat dating back to World War II is the latest object to emerge from a shrinking reservoir that straddles Nevada and Arizona.
17 hours ago
This image provided by the Texas Department of Criminal Justice shows Texas death row inmate Ramiro...
Associated Press

Texas inmate asks to delay execution for kidney donation

HOUSTON (AP) — A Texas inmate who is set to be put to death in less than two weeks asked that his execution be delayed so he can donate a kidney. Ramiro Gonzales is scheduled to receive a lethal injection on July 13 for fatally shooting 18-year-old Bridget Townsend, a southwest Texas woman whose remains […]
17 hours ago
FILE - A truck arrives at the Amazon warehouse facility on the Staten Island borough of New York, A...
Associated Press

Amazon bars off-duty warehouse workers from its buildings

Amazon is barring off-duty warehouse workers from the company’s facilities, a move organizers say can hamper union drives. Under the policy shared with workers on Amazon’s internal app, employees are barred from accessing buildings or other working areas on their scheduled days off, and before or after their shifts. An Amazon spokesperson said the policy […]
17 hours ago

Sponsored Articles

(Courtesy Condor)...
Condor Airlines

Condor Airlines shows passion for destinations from Sky Harbor with new-look aircraft

Condor Airlines brings passion to each flight and connects people to their dream destinations throughout the world.
...
Carla Berg, MHS, Deputy Director, Public Health Services, Arizona Department of Health Services

Vaccines are safe if you are pregnant or breastfeeding

Are you pregnant? Do you have a friend or loved one who’s expecting?
...
CANVAS ANNUITY

Best retirement savings rates hit 4.30%

Maximize your retirement savings with guaranteed fixed rates up to 4.30%. Did you know there is a financial product that can give you great interest rates as you build your retirement savings and provide you with a paycheck for life once you retire? It might sound too good to be true but it is not; this product is called an annuity.
Florida home to be sold in novel non-fungible token deal