Nonfungible Tokens (NFTs) have grown in popularity throughout 2021 as the general public was enthralled by projects like Bored Ape Yacht Club and CryptoPunks, but these unique digital images only scratch the surface of what NFT technology is able to.
One project focused on expanding the functionality of NFTs beyond the digital art space is Propy, a protocol focused on integrating blockchain technology into the real estate sector by automating the home purchase completion process to streamline the entire Making the process faster, easier and safer.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.12 on Jan. 12, the price of PRO surged 227% higher to hit an intraday high of $3.67 on Jan. 14, as its 24-hour trading volume increased by 452% to $29.3 million.
Three reasons behind the sudden surge in Propy price are the token’s listing on the Coinbase exchange, the successful completion of the first sale of a real estate NFT, and the growing potential of NFTs for various use cases.
The Coinbase bump
PRO’s price surge on Jan. 14 was in large part due to the token being listed on Coinbase, the largest cryptocurrency exchange in the United States.
INV, LQTY, NCT and PRO are now live on https://t.co/iQARfimGvY and on the Coinbase iOS and Android apps.
Coinbase customers can now login to buy, sell, convert, send, receive or store.https://t.co/Yhm3KRFbAr pic.twitter.com/TFzIoqhQG4
— Coinbase (@coinbase) January 13, 2022
Prior to Coinbase’s listing, the PRO token was only available on a limited number of exchanges, including Huobi Global, Bitrue, and decentralized exchange Uniswap.
Coinbase is the second largest cryptocurrency exchange by volume in the world and the top exchange for US-based investors, which has historically conducted the highest volume of cryptocurrency trading.
The first real estate NFT in the US
A second development helping to increase PRO’s price and trading volume is the upcoming sale of the first real estate NFT in the United States.
According to Propy Founder and CEO Natalia Karayaneva, the reasons Propy chose Florida for its first US real estate sales are a crypto-friendly state government, positive future price growth and demographic statistics, a growing labor market, and the state’s 0% individual income tax policy.
While the upcoming sale in Tampa marks the first NFT real estate sale in the U.S., Propy completed the first-ever NFT sale in 2017 when TechCrunch founder Michael Arrington sold his Kiev condo for 36 ether.
Related: NFT Sales and Blockchain Games Continue to Grow Despite Recent Market Drop: Report
Rising popularity of NFTs and blockchain technology
Another reason behind the growing momentum behind Propy is the overall growing awareness of NFTs and blockchain technology.
The promise of integrating NFTs with things like house deeds and corporate agreements has been a topic of discussion for years, and the explosion in NFT interest and trading volume over the past year has raised public awareness enough for the concept to gain traction.
In addition to the utility of NFT technology, the increasingly dire state of the global financial system is prompting investors to seek safe havens to store their wealth, for which real estate has long been a preferred safe haven.
Best hedge against all the chaos in the world:
2. Real estate
3. Invest in yourself
— Natalia Karayaneva (@NataliePropy) December 29, 2021
Now, with the integration of blockchain technology and NFTs, the process of buying and holding real estate is about to enter the 21st century as the influence of intermediaries is reduced, which helps to lower the cost of the whole process.
The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.