The enthusiasm surrounding NFTs does not appear to be stopping any time soon. We are confident that non-fungible tokens are here to stay. However, the increasing demand for NFTs has resulted in legal and regulatory complications. The Second U.S. NFT Property Is Ready For Auction Propy disclosed that its second U.S. NFT-backed property would auction at a starting price of 185,000 USDC. USDC is a stable coin backed by the United States Dollar. The transaction will be similar to Propy’s previous NFT real estate sale. This is because there will be a transfer of property ownership to an LLC created by Propy. The record of ownership of the LLC will be on the blockchain as an NFT. The NFT will then auction on Propy’s Marketplace. Also, the owner of this NFT, stored on the blockchain, will have full ownership of the LLC that owns the subject property. Can Big-Time Investors Place Winning Bids? Yes, they can. Participants and investors must complete a Know Your Customer (KYC) form to participate in the auction. The KYC form is an essential step from both a regulatory and a practical standpoint. It helps Propy combat criminality in the financial sector and money laundering. It also assists the business with customer identification and verification. This auction proves that NFT-backed real estate will continue to be a viable investment option. While this is an exciting trend, as with any NFT, market participants must be aware of several ...
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