A House in Germany is being sold as an NFT. House is located in Kransberg, Germany. “This is probably another first in the crypto world – I’m selling my real-world house as an NFT,” the seller wrote on NFT marketplace Opensea.
Kransbeng locates within a short drive to its nearest city Frankfurt. It is lying right in the middle of the forest Kransberg that looks so beautiful. The NFT sold in an auction on OpenSea with a minimum reserve price of 34 ETH($ 74,000). The auction finishes on April 25.
NFTs cryptographically unique crypto tokens use to create scarcity for digital content such as images and video. In recent months they’ve exploded in popularity with brands and celebrities launching their NFTs. People are checking their boundaries on what they can sell using this digital currency. Recently, Christie’s announced to auction nine rare non-fungible tokens (NFT) of CryptoPunks in next May 2021.
Whoever buys the NFT will contact the seller and organize the sale of the house through standard legal means.
If somebody purchases the NFT, they will able to access unlockable content that comes with it. They will contact the seller and agree to transfer the house and provide their details within six months for the sale to go through.
Selling an NFT in its self will not sufficient to transfer ownership for a property. The token holder would need to go through the basic process of transferring ownership through traditional agreements and legal advisors.