Explore innovative ways to use non-fungible tokens (NFT) in real estate deals, U.S. real estate companies Okada & Company has listed the first commercial property as the NFT OpenSea market with an ETH price tag 15,000 (USD 28.7).
NFT gives buyers the exclusive right to “acquire all building use rights & related deed agreements,” the company said in a claim. “Due to the nature of real estate sales, the sale of NFT does not guarantee the completion of a real estate transaction, nor does it reflect a transfer of deed or title. The traditional real estate process still needs to be completed,” he explained.
Okada & Company sells a 46,299 -square -foot property in the U.S., in the prestigious Chelsea neighborhood of New York City located in the western borough of Manhattan.. This is a seven -story office and retail building close to Madison Square Park and other NYC landmarks.
There is one token for this deal, and this NFT will be printed on Ethereum blocks, according to the broker.
Chris Okada, CEO of Okada & Company, told Cryptonews.com that the company had received expressions of interest in buying the building from some people, “but when we launched the sale of the property three to four days ago, we were still in the early stages of the sale.”
“Generally a transaction of this size takes about three to four months before a contract is signed. We’ll see. The people who reached it haven’t submitted an offer yet,” the CEO said.
Asked about the advantages of the hybrid transaction for buyers and sellers, Okada said he included “NFT utilities and looking for other ways to receive payments for commercial real estate.”
Meanwhile, commenting on the company’s latest initiatives, some industry observers said that Okada is using the sale to make its activities more visible to potential buyers.
“I guess it’s a marketing tactic, but imagine the building could trade as nft? Buyers can see the deed, NOI [net operating income], a tenant mix in blockchain + direct trading hands. 10 years away? 15? If this happens it will be very painful, ” tweeted Web 3 investor Benjamin Cohen.
Robert Leshner, Founder of Compound lab, said if the sale indicates that the future of real estate is on the chain.
“The property was eventually sold [USD] 16.25M 7 months ago; currently listed for 15,000 ETH […] This will be an NFT flip! according to the employer.