The price of the Propy (PROP) token saw an astronomical increase between January 10 and January 18, which is smaller than the type of token before going into the current pullback.
The Propy (PROP) token is the core token of the Propy Protocol, a protocol that integrates blockchain technology with the real estate sector by automating the entire home buying process to be easier, safer and faster.
During 2021, non-fungible tokens (NFTs) gained popularity through digital images such as Cryptopunks and Bored Ape Yacht Club. However, Propy is determined to extend the functionality of NFTs to real estate NFTs before the digital arts sector.
Why the jump in the price of Propy?
The recent ProPy price increase was a result of the increasing potential of NFTs for use in various cases, its token listing on the Coinbase exchange, and the first sale of real estate NFTs.
coinbase listing
The increase in the PRO token price on January 14 was mainly contributed by the listing of the second largest cryptocurrency exchange globally by volume, Coinbase which serves US-based investors.
Prior to the Coinbase listing, Pro Token was only available on a few exchanges such as Bitrue, Huobi Global, and decentralized exchange Uniswap.
INV, LQTY, NCT and PRO are now live at https://t.co/iQARfimGvY and in the Coinbase iOS and Android apps.
Coinbase customers can now log in to buy, sell, exchange, send, receive or store. https://t.co/Yhm3KRFbAr pic.twitter.com/TFzIoqhQG4
— coinbase (@coinbase) 13 January 2022
First Real Estate NFT in the US
The upcoming sale of the first real estate NFT in the US is the second development that has boosted trading volume and PRO price.
According to Propy founder and CEO Natalia Karayaneva, the reason for choosing Florida as its US-based real estate sale is a growing market and 0% state personal income tax policy, positive future price growth and demographic statistics, and a crypto-friendly state. Is. Government.
Best defense against all the chaos in the world:
1. Crypto
2. real estate
3. Investing in Yourself— Natalia Karayaneva (@NataliePropy) December 29, 2021
As they make their first real estate sale in Tampa US, TechCrunch founder Michael Arrington already sold his Kiev apartment for 36 Ether in 2017, which was Propy’s first NFT sale.
Growing Popularity of NFT and Blockchain Technology
The overall increase in awareness of blockchain technology and NFTs has also been another reason behind the propy building momentum.
Last year NFT interest and trading volume increased public awareness of integrating NFTs with corporate contracts and households which has been a topic of discussion for years.
Real estate has been prioritized as a safe haven for investors who are looking for a safe place to store their wealth.
Best defense against all the chaos in the world:
1. Crypto
2. real estate
3. Investing in Yourself— Natalia Karayaneva (@NataliePropy) December 29, 2021
With the integration of Blockchain technology and NFTs, the process of buying and holding real estate will soon enter the 21st century as intermediaries will be limited to lowering the cost of the entire process.