The price of Propy (PROP) token saw an astronomical rise between January 10 and January 18, before going into the current pullback that is small compared to the kind of surge the token made.
Propy (PROP) token is the native token of the Propy protocol, a protocol that integrates blockchain technology with the real estate sector by automating the whole process of home buying to make it simpler, secure, and faster.
In the course of 2021, Non-Fungible Tokens (NFTs) had gained popularity through digital images like the CryptoPunks and Bored Ape Yacht Club. However, Propy is determined to expand the functionality of the NFTs past the digital art space into the real estate NFTs.
Why the surge in Propy price?
The recent Propy price surge was a result of the growing potential of NFTs for use in different cases, its token listing on Coinbase exchange, and the first sale of the real estate NFT.
The Coinbase listing
The price surge of the PRO token on 14th Jan was mainly contributed by the listing of the second largest cryptocurrency exchange globally by volume, Coinbase which serves US-based investors.
Before Coinbase listing, the PRO token was only available on a few exchanges like the Bitrue, Huobi Global, and decentralized exchange Uniswap.
INV, LQTY, NCT and PRO are now live on https://t.co/iQARfimGvY & in the Coinbase iOS & Android apps.
Coinbase customers can log in now to buy, sell, convert, send, receive or store.https://t.co/Yhm3KRFbAr pic.twitter.com/TFzIoqhQG4
— Coinbase 🛡️ (@coinbase) January 13, 2022
The first real estate NFT in the U.S.
The upcoming sale of the first real estate NFT in the U.S has been the second development that boosted the trading volume and the price of PRO.
According to Propy founder and CEO Natalia Karayaneva, the reason behind choosing Florida as its U.S-based real estate sale is the growing market and the 0% state individual income tax policy, positive future price growth and demographic statistics, and a crypto-friendly state government.
Best hedge against all of the chaos in the world:
1. crypto
2. real estate
3. investment in yourself— Natalia Karayaneva (@NataliePropy) December 29, 2021
As they make their first real estate sale in Tampa U.S, TechCrunch founder, Michael Arrington, already sold his Kyiv apartment for 36 Ether back in 2017, which was Propy’s first-ever NFT sale.
The rising popularity of NFTs and blockchain technology
The overall growth in awareness in blockchain technology and the NFTs has also been another reason behind Propy building momentum.
Last year NFT interest and trading volume increased public awareness of integrating NFTs with corporate contracts and houses which has been a topic of discussion for years.
Real estate has been preferred as a safe haven for investors who are looking for a secure place to store their wealth.
Best hedge against all of the chaos in the world:
1. crypto
2. real estate
3. investment in yourself— Natalia Karayaneva (@NataliePropy) December 29, 2021
With the integration of blockchain technology and NFTs, the process of buying and holding real estate will soon enter the 21st century since the middlemen will be limited lowering the cost of the whole process.