The other day, the first office building in the form of a non-fungible token (NFT) was sold in New York City.
The 4,700-square-foot office, "located" at 44 West 37th Street and functioning as a non-negotiable digital asset whose purpose is to monetize and authenticate ownership of the building's digital assets, was purchased by real estate developer Azul NYC.
44W37 NFT was issued on the Ethereum (ETH) blockchain and sold for just 1 ETH, which is currently worth about $1350💰
Instead of selling or buying real property, one deals with digital assets such as photos, 3D scans, floor plans, virtual tours and location reports.
Because transactions are accelerated with NFT, a buyer can take possession of a property in minutes.
The digital transformation of commercial real estate will fundamentally change the way people design, build, operate and monetize our spaces.