With all eyes currently fixated on the new phenomenon of cryptocurrency, a 16th Century Roman mansion, the famous Palazzetto, is making history as the world’s first property to ever be auctioned on blockchain next month. Held on June 28th, the auction will be hosted by Chairman of Hilton & Hyland, Rick Hilton through an online collaboration with Propy.com, a global property store and decentralized title registry that facilitated the world’s first property transferred on blockchain.
Rick Hilton stated, “The auction shows real estate’s growing trust in blockchain and provides crypto investors an opportunity to diversify and solidify their portfolio with a trophy asset.”
The auction demonstrates the security that blockchain technology brings to real estate—an impenetrable record that cannot be manipulated or destroyed.
In 2017, 20 homes were sold with cryptocurrency worldwide and that number is on track to increase this year. To date, the most expensive home ever to be sold using cryptocurrencies was a 7-bedroom Miami estate purchased with 455 bitcoins, an equivalent value of $6 million. Real estate has been one of the most exciting uses of the blockchain because it accelerates the closing process as well as minimizes fees by recording titles through “smart contracts” digitally that are stored on the blockchain forever and immutable.
The auction is already generating quite the buzz with the leader of blockchain and cryptocurrency news, CoinDesk.