Properties are unique, they have an owner and are attached to a contract. Yes, just like NFTs! Properties are NFTs looking for a ledger. Propy(PRO) understood it and came up with a platform, a blockchain and a token to disrupt the real estate sector. The idea is to facilitate transactions when buying and selling properties, cut the costs, increase the end-to-end acquisition speed but also offer the ability to prove ownership in a modern way, based on a ledger and a wallet. The real estate market of the future should be paperless, the transactions should be costless and the execution instant. How does Propy plan to achieve all of this at scale? I explain all of it in this article!
1. What is Propy (PRO)?
Propy is a web3 company offering a blockchain product to buy, sell and hold properties.
With Propy, you can transact based on 3 media: wire, crypto or NFT.
Propy’s mission is to automate the real estate transaction process and make it as simple, as fast and as transparent as possible. Today, it’s not the case, you need a lot of time, energy, documents and middle-men to purchase a house.
Propy’s infrastructure allows you to simplify and accelerate the entire end-2-end purchase process. In order to achieve settlement for a property transfer, the system of smart contracts needs to receive data about the entire transaction, such as the title history, the payment and e-signed paperwork.
It also needs to communicate to the current infrastructure – recording offices and banks for fiat payments. This is why Propy has been working on the critical integrations to make this data flow in and out and power the settlement. Here are the key data points Propy was able to connect to via numerous partners and integrations.
A summary of the protocol is as follows, based on an ERC21 Ethereum token (PRO):
This protocol allows multiple revolutionary things:
- Pay for a house in BTC, ETH, XRP or various other cryptocurrencies
- NFT-ing a real estate asset ENTIRELY and put it on sale on NFT marketplaces
- Sharding an NFT to sell fractions of a property
Crypto digitalized the banks. Crypto will digitalize the lands.
2. How to use Propy?
Just go on the get started page and select what you want to do:
And then fill their form:
You will receive an email to connect you to a real estate agent trained to deal with crypto purchased.
You can also use their platform and filter properties by location and price:
Once you’ve found a property, you can contact the seller to organise a transaction via crypto or as an NFT transaction:
From that point you’ve never been as close as holding a property in your wallet! For this, I would recommend my favourite hardware wallet: the ledger wallet. You can also read my review about it here.
3. The Team And Roadmap
The leadership team is impressive. All women with a lot of experience in the real estate industry, but also in blockchain:
Natalia Karayaneva is a Silicon Valley software engineer, real estate developer and serial entrepreneur. Her CV is very solid with 25 years+ of experience as a managing owner in real estate and fund manager in blockchain. You can check her profile and articles on Forbes.
The advisers are coming from the best tech companies: TechCrunch, Apple, Netflix. It gives even more credibility to the business:
The roadmap of 2021-2022 was mostly about delivering the following:
And major additional milestones are yet to come, like for example:
Creation of a real estate NFT Marketplace
Buyers and sellers from around the world will be able to use the Propy marketplace to transact with real estate-backed NFTs.
Reducing the stress of the home search/closing process
Propy want to make the home search and closing process more enjoyable by “gamify-ing” the experience. Who says real estate has to be boring?
Integrating financing into the Propy platform
Propy’s plan is to enable real estate-backed loans directly on their platform. Their goal is to make the home buying and selling process easier and streamlined, and integrating financing enables them to accomplish that.
Also, recently, Propy made the news by enabling end-to-end home sales online with integrate title & escrow:
I quote:
“For decades, the real estate industry has been talking about the idea of simpler transactions that are more automated, more transparent and with fewer dependencies and people involved. So far, only pieces of the transaction have been fully digitized and fully leveraging algorithms and automation.
Propy adding title and escrow services to its offering follows the company’s overarching vision of a click-to-close reality for buyers and sellers.”
“We had already built the next-generation closing platform in which smart contracts play the role of the escrow, and title is recorded on the blockchain,” said Propy Founder and CEO Natalia Karayaneva. “Launching these services now brings us closer to our dream of closing more and more transactions in a secure blockchain environment.”
4. Propy(PRO) as an investment
The price of the PRO token is hammered by the crypto bear market. However, it seems to be a boom-burst type of asset with 3 bubbles pushed by sudden volume surges, like an oscillator:
In that context, it’s not absurd to buy very low dips waiting for the next boom. While the price is dropping, the number of addresses is growing, which is something I like to see:
This number of addresses is past what I call the critical mass crossover (above 7k addresses).
The market capitalization is 73 million USD:
It seems too high for you? Well let me show you a secret magic exponential curve then:
The real estate market will flirt with 1 trillion USD in the US in 2030 and the brokerage/agency market size is following the same trend.
Another thing I like to consider is the fact that the coin is not accessible via a lot of exchanges leaving room for an explosive future adoption on potential listings to come:
The coin is getting more and more decentralized with time with top 100, 50, 20 and 10 holders holding less and less of the supply:
5. Conclusion
I like how ambitious Propy is. The idea to digitalize real estate and streamline the entire end-2-end property transaction process while turning the assets into NFTs in the same time sounds like the direction for the next 10 years. The leadership of the project is also really convincing and it has survived a couple of crypto market cycles without dying: a very important point. In the same time, the price action of the token is quite volatile with clear boom-burst patterns making entry points easy to spot. The real estate market is a beast that will be growing year over year and the brokerage is part of it: agents will never disappear but be there to support smart contract transactions and NFT auctions. I see Propy playing a major role in that future.
Thanks for reading.
n.b: this is not financial advice
