Propy (PRO) up 227% as real estate NFT becomes a reality and Coinbase gets listed
Propy (PRO) up 227% as real estate NFT becomes a reality and Coinbase gets listed.
NFT has grown in popularity throughout 2021 as the public embraces projects like Bored Ape Yacht Club (BAYC) and CryptoPunks, but these unique digital photos make only one difference.
The project focused on extending the functionality of NFTs beyond the digital art space is Propy (PRO), a protocol focused on integrating blockchain technology into the real estate sector by automating the process to bring the to make the whole process faster, easier and safer.
Data from TradingView shows that PRO price has surged more than 227% from a low of $1.12 on Jan. 12 and hit an intraday high of $3.67 on Jan. 14 as the 24-hour trading volume of the block increased by 452% to $29.3 million.
PRO/USDT 4 hour chart | Source: TradingView
The three reasons for the PRO price increase are the listing on the Coinbase exchange, the first successful sale of NFT properties, and the growing potential of NFT for various use cases.
The push on Coinbase
Much of PRO’s price surge on Jan. 14 was due to its listing on Coinbase, the largest cryptocurrency exchange in the United States.
INV, LQTY, NCT and PRO are now live https://t.co/iQARfimGvY & in the Coinbase iOS and Android apps.
— Coinbase (@coinbase) January 13, 2022
Before listing on Coinbase, PRO was only available on select exchanges, including Huobi Global, Bitrue, and decentralized exchange (DEX) Uniswap.
Coinbase is the second largest cryptocurrency exchange by volume in the world and the top exchange for US investors, conducting the highest volume of crypto trading in history.
The first real estate NFT in the United States
The second factor helping to increase PRO’s price and volume is its near-term first NFT sale of real estate in the United States.
The first residential NFT will be in…Tampa ???? Read the announcement to understand why we chose this market. Miami next https://t.co/bteyX0WzX0
— Natalia Karayaneva (@NataliePropy) January 6, 2022
According to Propy Founder and CEO Natalia Karayaneva, the reasons Propy chose Florida to sell its first real estate NFT in the United States are crypto-friendly governance, positive future upside potential and demographics, a growing job market and the 0 State’s % Personal Income Tax Policy.
Previously, Propy completed its first NFT sale in 2017 when TechCrunch founder Michael Arrington sold his apartment in Kiev for 36 ether.
@PropyInc does this.
The first house was sold in Kiev, Ukraine in 2017 for 36 ETH.
— Sergii (@SSokoliuk) January 5, 2022
“The first house was sold in Kiev, Ukraine in 2017 for 36 ETH. This is a picture of Vitalik Buterin handing over the keys. Literally.”
Growing popularity of NFT and blockchain technology
Another reason behind Propy’s bullish momentum is the overall growing awareness of NFT and blockchain technology.
The promise of NFT integration with things like personal and corporate contracts has been a topic of discussion for years, and the explosion of interest and NFT trading volume in 2021 has increased public awareness to the extent that the concept may attract more attention.
In addition to the usefulness of NFT technology, the deteriorating state of the global financial system has led investors to seek safe places to store their assets, where real estate has long become a popular safe haven.
“The best insurance against all the chaos in the world:
2. Real estate
3. Invest in yourself”.
Now, with the integration of blockchain technology and NFT, the process of buying and holding real estate is about to enter the 21st century, reducing the influence of intermediaries and lowering the cost of the whole process.
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