A Digital Home Sale
Listen Now: A Digital Home Sale
The world of NFT’s is expanding into the housing market. I’m Brian Banmiller on Business.
A home in Gulfport, Florida is being auctioned off as the first piece of U.S. real estate to be sold as a non-fungible token. The real estate company will mint the property rights into a digital token and host an online auction. an NFT is typically used for digital assets such as music and art. But for the house, it’s a digitally secure certificate of authenticity, similar to a deed. Those ownership documents would be put under a limited liability corporation. Which basically means the NFT is an LLC. According to agents managing the sale this would allow the owners to sell it as quickly as putting through a transaction on Venmo. The agents say at some point there will be ways to mortgage a house through cryptocurrency, but that’s still to come. The Spanish inspired house has four bedrooms, two and a half bathrooms and large windows. The unusual auction is expected to start at around $650,000. At least your furniture doesn’t have to be virtual. Brian Banmiller, CBS News.
About Brian
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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"The Technology Tornado: Media & Communications in the Modern Era"
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August 28th, 2019
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