An NFT representing a 50% share in a St Louis home has been put up for auction on Mintable — but is it as good as a title deed?
Investor Ivan Malpica listed a share in a property at 5828 Wise Avenue in St. Louis on NFT marketplace Mintable last night for roughly 42.43 ETH — worth nearly $76,000 at the time of writing.The listing promises “NFT fractional ownership (50%) of this fully gutted rehabbed home,” noting the home had been appraised for $138,000 last year and currently generates $1200 in monthly rental income. The listing concludes:”Let’s Make History together with the first ever NFT for REAL ESTATE!”Half of this house at 5828 Wise Avenue in St. Louis is up for sale as an NFTSpeaking to Cointelegraph, Malpica said the use of an NFT enabled the property to be purchased with cryptocurrency, but it would be legally backed up with the formation of a Limited Liability Company between the purchaser and him showing 50/50 ownership.”The NFT doesn’t actually state you own the property legally, but it will once we write up the operating agreement that is recorded,” said Malpica, who works as an Enterprize Risk Management Lead at Verizon,.”Selling as NFT and half will allow for the easy LLC transaction. Some banks/title companies probably wouldn’t accept a full pay out in cryptocurrencies. At this time you can’t just buy a real rental properties with 100% crypto. This way, selling half as a partnership, it allows for that,” he said.”Title work is already in place and …
Story continues on Cointelegraph
Menu