In the future it will be possible to own NFTs of the real estate of major world stars. You as the co-owner of SpaceX’s launch platform, can you picture it? The possibilities are endless in this area. Propy even makes it possible to sell a small percentage of your house as NFT.
The real estate market is often used as an example when the added value of blockchain technology is explained. It is a very large market, where a lot of transactions take place. You cannot compare a home with an average NFT on OpenSea. For many people, a home is the biggest purchase of their lives.
Thanks to blockchain technology, real estate transactions can be done more securely, cheaper, and more transparently. Propy wants to take this further and make NFTs of homes, or even fractionalize homes through NFTs. Incidentally, there are more projects in the process of fractionalizing NFTs, such as Convergence Finance (CONV).
In this article, we take a closer look at the largest real estate and blockchain company. Propy is currently one of the forerunners, with the highest market cap of real-life real estate companies.
What is Propy Protocol (PRO)?
Propy is one of the crypto projects that focuses on real-life real estate. Real houses are made of bricks instead of pixels, but that’s not the case for real estate in the metaverse. The Silicon Valley tech company aims to revolutionize the real estate industry.
Propy’s team has seen the problems associated with real estate transactions for over 15 years. The process is time-consuming and prone to fraud, which can be solved with blockchain technology. Propy was founded to automate the sales process in the real estate sector.
Propy provides the legal framework, whereby the paperwork in the NFTs will be arranged by Propy. The company also creates these NFTs. For example, the title deeds are put in a smart contract, in which real estate can become an NFT. When a transfer takes place, the legal entity that owns the NFT changes.
In addition to blockchain technology, Propy also focuses on automating real estate processes. In the video below you can discover how Propy implements both aspects in their way of working:
What is Propy Protocol (PRO)?
Propy is one of the crypto projects that focuses on real life real estate. Real houses made of bricks instead of pixels, so not on the real estate in the metaverse. The Silicon Valley tech company aims to revolutionize the real estate industry.
Propy’s team has seen the problems associated with real estate transactions for over 15 years. The process is time-consuming and prone to fraud, which can be solved with blockchain technology. Propy was founded to automate the sales process in the real estate sector.
Propy provides the legal framework, whereby the paperwork in the NFTs will be arranged by Propy. The company also creates these NFTs. For example, the title deeds are put in a smart contract, in which real estate can become an NFT. When a transfer takes place, the legal entity that owns the NFT changes.
Why is real estate like NFT a logical development?
As with well-known NFT collections, such as CryptoPunks, real estate does not require a physical transfer of ownership. After all, it is difficult to steal a house.
Propy expects that more and more real estate transactions will take place online in the future. Due to the increasing disturbances and the fear of viruses, online transactions are becoming the norm.
In addition to real estate, digital development is visible everywhere. Art becomes digital with NFTs and can be used in the metaverse, but our money is also digital. In total, less than 10% of all money is tangible in the form of coins and bills.
The stock market is also digital, which means that investors can be active in different markets every hour of the day. The big companies in the stock market, such as Amazon and Alibaba, are also digital stores. More and more purchases are made digitally.
High-value goods also end up in the digital world. Because the authenticity of, for example, watches or customized means of transport can be recorded on the blockchain, buyers know that they will not be tricked.
This category also includes real estate, where the property is digitized. The paperwork associated with a transfer can also be largely digitized. This allows the transfer to go from wallet to wallet very quickly, with both parties’ smart contracts participating in the transaction in a secure manner
Why would anyone want a real estate NFT?
Brokers and homeowners can turn real estate into an NFT. In doing so, they discover the crypto market and become part of the cutting-edge technology, which is expected to greatly impact the world.
The advantage of offering real estate as NFT is the royalties. The seller of the NFT receives a portion of the sales as a royalty. Therefore, unique locations will become the first real estate NFTs. These locations are scarce and highly sought after.
Unique locations are often a status symbol and they have a great reputation or remarkable architectural style. In addition, real estate owned by celebrities can also be highly sought after. A real estate NFT goes one step further when it comes to collectibles.
NFT Marketplace
Propy’s marketplace will operate in a fully decentralized manner, meaning that users of the marketplace will become owners of the network. Propy’s NFT marketplace works with smart contracts on the blockchain.
Where you usually do not have to go through KYC with NFT marketplaces, this is important with Propy. When selling real estate, the real names of the parties are required. This is also a means to make the transfer of ownership even more secure and to comply with regulations.
This also makes it possible to use a real estate-related NFT as collateral. This new way of financing real estate will also help you get a mortgage. In the video below, Propy explains how decentralization can apply to real estate.
The token of Propy: PRO
The token of Propy is an ERC-20 token, which means that the token is located on the Ethereum network. The token is required if you want to participate in the Propy program. As a user, you can also earn PRO by signing up and sharing listings.
Propy users are not the only ones who need to own PRO. The coin is also interesting for lawyers and notaries, for example. These parties are rewarded with PRO for supplying data, which are processed in the register.
Thanks to blockchain technology, the register is transparent, but data from the parties involved will not be transparent. This is done to protect individuals’ data. Propy sees the provision of data as mining. This does not require expensive machines, but you must have a certain function to be able to ‘mine’ PRO.
When creating PRO tokens, 35% of the tokens in a pool are reserved. This pool is intended for the rewards of mining, i.e. supplying data. The pool is used for three different parts:
1. Encouraging users to use Propy.
2. Encouraging miners to enter data into the Propy system.
3. Stimulating adoption by government bodies, such as the Land Registry.
PRO tokens are an important part of the transfer of properties. The Propy token provides a connection between the parties involved. By owning PRO, you become part of the network and it is interesting to invite others to the network as well.
PRO is charged at the completion of the transactions (such as the transfer of an NFT) and for accessing data within the Propy ecosystem. You can think of market analyses, bids, and price expectations.
Propy Rewards – Learn & Earn
Propy has developed a program to discover the platform and technological development, but also to earn money from it. The Learn & Earn program is intended to make users enthusiastic about the platform.
In addition, as a broker, you also get rewards for other activities. This way you can use the various services that Propy offers. Propy makes it possible to receive all bids clearly in digital form. Brokers can share their wishes and thus easily bring buyers and sellers together.
As a result, the right parties are brought together and the sales process will run faster. With the push of a button, a broker can, for example, reject or accept a bid.
Where can you buy PRO?
Propy’s token is currently available on three trading platforms. The largest exchange where you can buy PRO is Coinbase. In addition, Bitrue and HitBTC also offer the token in their range.
Suitable wallet for the token
You can store PRO in a software wallet. The well-known wallets such as Trust Wallet and MetaMask Wallet both accept the token. In addition, you can also choose to keep the token in your exchange wallet, but this is seen as the least reliable option.
PRO can also be stored on a hardware wallet in addition to the software wallet and exchange. This is recommended in most cases since you have the private key in your hands and therefore actually own the coins.
The Propy team
The Propy team consists of 41 employees. The founders of Propy are still at the head of Propy Protocol. Both Natalia Karayaneva and Denitza Tyufekchieva are in charge of Propy on a daily basis. Karayaneva is the CEO of the company, while Tyufekchieva is in charge of business developments.
In addition to the work for Propy, Karayaneva has been active as an advisor to Arrington XRP Capital since 2018. She also works for Forbes, so you can say that we are dealing with a busy lady here.
Before these jobs, Karayaneva worked for MP Group in Bulgaria. Here she has carried out real estate-related work for 15 years, which fits seamlessly with Propy’s work.
Propy’s other founder, Denitza Tyufekchieva, has taken a different path. Before the activities at Propy, Tyfekchieva worked as a board member at UNWE, a business club in Bulgaria.
Before that, Tyufekchieva was active as a sales manager at Corona. No, she doesn’t sell vaccines or face masks. Tyufekchieva was actively engaged in the import of the golden-yellow drink to Bulgaria.
The CFO is also from Bulgaria. Maria Angelova is the CFO of Propy, who previously worked as CFO for several companies. She held this position at New Project Media and BNP Paribas.
At the last employer, she first had to make a considerable career to become CFO. Angelova started as a Senior Accountant at BNP Paribas but was promoted twice to become CFO.
| Name | Position | Experience |
| Natalia Karayaneva | CEO | Arrington XRP CapitalForbesMP Group |
| Denitza Tyufekchieva | Manager Business Development | Business Club UNWECorona |
| Maria Angelova | CFO | New Project MediaBNP Paribas |
In addition to the many years of experience of various team members, Propy also has a number of advisors who, in addition to their advisory role, are active in big companies. One of the advisers is Barry Enderwick. Enderwick spent 11 years at Netflix, marketing the company. After two promotions, Enderwick even became a CMO at Netflix.
In addition, Daniel Kottke is also an advisor to Propy, who also works at Apple. In fact, Kottke was a friend of Steve Jobs and one of Apple’s first employees.
Roadmap – What are the future plans?
Propy Protocol has drawn up a roadmap for 2021 and 2022. Unfortunately, the roadmap is quite global and it is difficult to find out what the actual plans are. It is very possible that the plans for 2022 will be detailed at a later stage.
Propy will focus on further developing its project in 2022. They are working on an insurance fund. In addition, Propy focuses on developing loans for real estate NFTs.
The gamification of the service is also a spearhead. Gamification means that elements of games are used in the offline world, such as the real estate market. Propy wants to use this for viewings, for example.
Critical note
Developments around real estate and blockchain technology can be difficult to understand. Property owners must first discover the added value. The older target group in particular, who find it difficult to keep up with technological developments, will have to get used to this state of affairs.
Of course, it is possible for the older target group to engage a skilled broker for this. However, it will have to include the buying and selling parties in the process, which means that a clear explanation is necessary.
Another critical point is the role of the government. Propy works closely with governments, because, for example, data from various Land Registries are required. When governments start to play an active role in real estate tokenization, the question is what the role of Propy will be.
Conclusion
Since 2021, NFTs have become known to a wide audience. The hype started with Beeple‘s artwork, which sold for $69 million. After that, a Banksy was burned and sold as an NFT, so that the painting was only for sale as NFT. In addition, many celebrities bought non-fungible tokens and the value of NFT collections such as CryptoPunks increased.
NFTs optimize the ownership and transfer of goods. Blockchain technology, containing the NFTs, is also a development for the future of the real estate market. Propy is one of the companies that focuses on offering real estate digitally.
The team has years of experience in the real estate world and is advised by experienced advisors. Today it is still hard to imagine that real estate transactions can be done digitally. Who knows, in a few years’ time it will be the norm, which parties such as Propy will ensure.
