The Gulfport home will be the first example in the region, if not the nation, of a property being sold using the instant-ownership-transfer capability provided by non-fungible token (NFT) blockchain technology. But why? Tampa Bay blockchain company, DeFi Unlimited, said they chose to list the home as an NFT to showcase the use of the evolving technology. Typically the decentralized blockchain is used to store NFTs of digital assets such as music or art, but in this case the tech is being used to digitally secure a certificate of authenticity, similar to a deed.
With the auction set to take place this week many are hoping to find if this is a fun experiment or the beginning of real-world applications of NFT technology that would make buying a property as quick as a Venmo transaction.
Telling it like it is - The world of “losing my house key” will never be the same.