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USA Real Estate Firm Puts New York Building for Sale as NFT – Cryptonews

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Exploring innovative ways to use non-fungible tokens (NFT) in real estate deals, the US real estate firm Okada & Company has listed its first commercial property as an NFT on the OpenSea marketplace with an ETH 15,000 tag price (USD 28.7).
The NFT gives the buyer exclusive rights to “acquire the building all its uses rights & related deed covenants,” the firm said in a statement. “Due to the nature of real estate sales, the sale of the NFT does not warrant the completion of the real estate transaction, or reflect the transfer of the deed or title. The traditional real estate process must still be complete,” it explained. 
Okada & Company is selling a 46,299 sq. feet property in the USA, in New York City’s prestigious Chelsea neighborhood which is located on the West Side of the borough of Manhattan. It is a seven-story office and retail building in close proximity to Madison Square Park and other NYC landmarks. 
There is one token for this deal, and this NFT will be minted on the Ethereum blockchain, according to the realtor.
Chris Okada, CEO of Okada & Company, told Cryptonews.com that the company has already received expressions of interest in purchasing the building from a number of people, “but as we launched the sale of the property three-four days ago we are still in the beginning phases of the sale.”
“Most transactions of this size take around three-four months before signing a contract. We shall see. The people that reached out have not submitted an offer,” according to the CEO.
Asked about the advantages of such a hybrid transaction for both buyers and sellers, Okada said that they included the “utility of the NFT and finding another way of receiving payment for commercial real estate.”
Meanwhile, commenting on the company’s latest initiative, some industry observers argued that Okada is using the sale to make its activities more visible to potential buyers.
“My guess is it’s a marketing tactic, but imagine a building can trade as nft? Buyers can see the deed, NOI [net operating income], tenant mix on the blockchain+ trade hands immediately. 10 years away? 15? Whenever this happens will be so sick,” tweeted Web 3 investor Benjamin Cohen.
Robert Leshner, Founder of Compound Labs, said that the sale indicated that real estate’s future was on-chain.
“This property last traded for [USD] 16.25M 7 months ago; now listed for 15,000 ETH […] That would be quite the NFT flip!” according to the entrepreneur.
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Learn more: 
Florida Home to be Auctioned Off as an NFT
Luxury Apartment Complex in Argentina to Feature a Bitcoin Mining Facility for Residents

How to Buy a House with Bitcoin: A Guide for the Crypto Rich
American Borrowers Can Now Use Crypto Mortgages to Buy Home

NFT Rental Has Major Growth Potential as ‘Airbnb of the Metaverse’ – Analysts
More US First-Time Homebuyers Sell Crypto For Down Payment – Survey
A quick 3min read about today's crypto news!

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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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