7-storey office building listed as NFT for 15 thousand. ETH

NFT it's not just digital works, for example, showing bored monkeys. If someone still can't believe that people are paying millions for collectible artwork on the Internet, they can purchase an NFT that will take over the rights to an office building in New York.

Madison Square Park is a place in the heart of New York City. The famous Madison Square Garden hall is nearby. NBA basketball players New York Knicks, hockey players NHL New York Rangers play there  and the WNBA New York Liberty players. The biggest concerts of world stars are also held. Elton John, Justin Bieber and Billy Joel will be there in the coming weeks.

And it is in this area that a 7-story office building is managed by the New York commercial real estate firm Okada & Company, which has just put it up for sale. However, this is not your ordinary advertisement as there are thousands in New York. The building with an area of ​​4301 sq m can be purchased in the form of… NFT. 

Buy an office building for 15 ETH

The token is issued on the platform OpenSea. You have to pay 15 for it. ETH, which is approximately USD 28,3 million today. In return, however, you not only receive a digital emoticon, but also the right to buy a building. 

- The property is acquired upon purchase of the NFT. You can live or rent in the building. It's not just an expensive jpeg file. - emphasizes Chris Okada, general manager of Okada & Company.

The deadline for submitting bids is July 1, 2022. Then the person or company that submits the most advantageous will still have to go through the procedure of granting rights, but this is a standard situation, the same as buying in a traditional way. 

What can you buy with NFT?

Until recently, non-exchangeable NFT tokens were only electronic. Admittedly, they had some functionalities, such as Bored Apes, which allowed for elite yachting events, participation in the drawing of luxury cars, and above all the awareness of belonging to an elite group. Most often, however, it was primarily a kind of internet certificate. 

Today, the NFT market has already changed significantly. When buying such a token, we get not only a certificate, but also specific goods. The flat for the NFT has even been sold in Kiev. In June 2021, the premises belonging to the founder of TechCrunch and investor BTC, Michael Arrington, was monetized in the form of NFT for 36 ETH (then it was over USD 93 thousand).

The first property in the form of an NFT was put up for auction in March 2021. It was done by Ivan Malpica, who decided to sell a property in Saint Louis, Missouri. He valued 50% of the ownership of a single-family house at 42,42 ETH ($ 80,6 thousand at that time). It was an investment property generating 1,2 thousand. USD from the monthly rent. 

MyEtherWallet founder Kosala Hemachandra said the NFT would gradually evolve to become real estate certificates. For starters, Internet sites, such as lands in Axie Infinity, purchased by a player for $ 1,5 million. And then the traditional ones.

Real estate for NFT also in Poland

Projects in this area are also being developed in Poland. Fat for Flip was launched two months ago, allowing people from the real estate industry to obtain funds for investments from people investing in the cryptocurrency market. In total, 7777 NFT apartments are to be purchased in seven European countries. Each NFT developer will earn an additional 3% for each real estate transaction.

- People from the real estate market will have a way to obtain financing for their projects, and people from the cryptocurrency market to be able to invest in traditional business - says Dariusz Barski, founder of Flat for Flip, with 17 years of experience in finance and raising funds for investments. - The market shows that there are actually a number of factors in favor of trading on the NFT. Apart from the value itself, the uniqueness of the picture, which is what we see at first glance, there are these functionalities. We will strive to make these functionalities attractive enough for our investors so that, as everyone sees the added value, they can pay more and more on the secondary market - he adds.