A hot housing market. An NFT auction has failed. The crash of a Californian house from the cutting edge to the conventional
Shane Dulgeroff had big plans for his four-bedroom, two-bathroom home just outside of Los Angeles. Seeking to cash in on the latest crypto craze – NFT, an acronym for non-fungible tokens – he auctioned off the house earlier this month by tying it to a digital artwork by Kii Arens and staring down the lowest price of the pair at $ 1.15 million. ethereum.
âWe haven’t had any offers,â says the 27-year-old luxury real estate broker. “There is a lot of uncertainty around him due to the fact that he is the first in the world.”
Instead, Dulgeroff has decided to sell it the old fashioned way, with an MLS listing and traditional advertising, and will accept standard funding offers. âI wanted to open it up to people who didn’t have $ 1.2 million in cash or cryptocurrency on hand,â he says, adding that the NFT would always come with the house.
NFTs have ignited the internet in recent months, leading even some of the concept’s biggest beneficiaries to call it a bubble. As Forbes explained in February, NFTs are simply a new way to buy and sell digital assets. Each purchase gets a unique entry on the blockchain – a sort of digital ledger – that serves as a means of verifying that items are genuine and belong to a single owner. (More on that here.)
Jack Dorsey sold his first tweet as an NFT for $ 2.9 million in March, with musician Steve Aoki collaborating on a multi-sensory sale of $ 888,888. Most importantly, digital artist Beeple sold a composite of 5,000 images for a record $ 69.3 million.
Dulgeroff says he turned down a $ 1 million offer for his property, which he bought for $ 746,000 last August. At 1,800 square feet, the unit is designed as a duplex – a rarity in its single-family neighborhood – and also features a swimming pool and a spacious yard.
Ultimately, his NFT plan can end up being a brilliant marketing game, even if the house sells in a conventional way. âThe whole process was pretty crazy,â he says. âI have sold a bunch of regular real estate in my career. . . . This is by far the biggest interest I have had in a property.