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Propy is changing the way we buy and sell real estate. Using Blockchain technology, it makes transactions easier, faster, and more secure. In this article, we will explore what it is, how it works, key features of it and the benefits of using smart contracts in real estate transactions
Brief about the founders:
- Natalia Karayaneva and Denitza Tyufekchieva are founders of it. Both aim to automate real estate transactions, making them faster and more secure.
- Natalia Karayaneva is the founder and CEO of it. She has a master’s degree in Sustainable Urban Development from Oxford University. She is a serial entrepreneur, software engineer, and former real estate developer.
- Denitza Tyufekchieva is the Co-founder and Business Development manager. She has a master’s degree in marketing from the university of national and World Economy.
What is Propy?
- Propy is a platform that is making easy to buy and sell real estate and transfer ownership of properties digitally. It is founded in 2016 and has raised a total of $18.2M in funding over 4 rounds. Propy is using smart contracts for settlements in closing, acting as a licenced title and escrow company.
- It is making real estate transactions more transparent, secure, and efficient. As of 2024, it has tokenized over $10 billion worth of U.S. homes, and the company has set goals to tokenize $50 billion worth of property by the end of 2025.
Propy growth metrics shared by founder Natalie:
- Title transfers: Title and Escrow Agency has an annual volume of over $200 million with a 50% growth quarter-over-quarter.
- User engagement: They have reached 280,000 users with their minting service on Base, with a market worth $2 million and $10 billion in real estate involved.
- Immutable records: Homes valued at $300 million now have an immutable record on Base, before it was over $4 billion on Ethereum.
Propy’s offering:
- Blockchain integration: It uses blockchain to store property transactions, providing transparency, and security
- Title deed tokenization: It allows property ownership to be tokenized, meaning physical assets like homes can be represented as digital tokens, making it easier to transfer ownership and manage property assets
- Cross-border transactions: The platform supports international real estate deals, allowing buyers and sellers from different countries to interact with each other
- Meta agents: Propy introduces the first NFT Avatars for Real Estate and Metaverse enthusiasts
- NFT Marketplace: Propy allows users to buy or sell properties using its NFT marketplace.
Benefits of using smart contracts in real estate transactions
Smart contracts provide many advantages for real estate transactions. They automate the buying and selling process. Because smart contracts are built on blockchain technology, they ensure that all transaction details are clear and secure, making it hard for anyone to do fraud. This transparency helps everyone involved trust the process more. Overall, using smart contracts in real estate makes transactions faster, cheaper, and safer for everyone.
How it works
For Buyers
- Visit the official website
- Create a buyer profile
- Use the search feature to explore available properties that match your criteria
- Once you find a property you like, submit your offer
- Complete the transaction and buyers can use both cryptocurrency and fiat to pay for a property
For Sellers
- Visit the official website
- Create a seller profile
- List your property
- Once listed, you can receive offers from potential buyers
- After accepting an offer, the transaction is handled via smart contracts
- Once the sale is finalized, ownership is transferred digitally, and the record is stored on the blockchain
For Agents
- Visit the official website
- Create an Agent profile
- Agents can create property listings on behalf of their clients (sellers)
- As an agent, you can facilitate property transactions for your clients
- Agents can assist buyers and sellers with cross-border transactions
Putting real-world assets on the blockchain has many benefits, such as making cross-border transactions easier, providing transparency throughout the process, ensuring tamper-proof ownership, and offering 24/7 global visibility and access to assets. Regulations will play an important role in this, and over time, we will see more adoption as governments around the world provide clearer guidelines. It’s great to see Natalia, Denitza – the founders and the team take on the challenge of bringing real-world assets onto the blockchain.
Also, Check this out, Layer3: Explore, earn, and trade!
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Disclaimer: At CoinTopper, we like to cover interesting products and share them with our community. This article is for educational purposes only and is not sponsored or endorsed by the project team.