The listing at Coinbase and the upcoming first real estate NFT sale in the United States appear to be providing a boost to the Professional price.
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Nonfungible tokens (NFTs) have skyrocketed in popularity throughout 2021 as the public has grown increasingly enamored with projects like Bored Ape Yacht Club and CryptoPunks, but the digital images have This one-of-a-kind is just scratching the surface of NFT technology. ability.
One project focused on extending the functionality of NFT beyond the digital art space is Propy, a protocol focused on integrating blockchain technology with the real estate sector by automating the complete process. buy a home to make the whole process faster, simpler and safer.
Data from Cointelegraph Marketplaces Pro and TradingView shows that after hitting a low of $1.12 on January 12, Professional’s price jumped 227% higher to hit a daily high of $3.67 on Jan. 12. 14 when its 24-hour trading volume spiked 452% to $29.3 million.
Three reasons for the spike in Propy prices include the token being listed on the Coinbase exchange, the successful sale of the first real estate NFT, and the growing potential of NFT to be used in use cases. different.
Hit on Coinbase
The price increase of Pro on January 14 was in large part due to the token being listed on Coinbase, the largest crypto exchange in the United States.
INV, LQTY, NCT and Pro are now available on https://t.co/iQARfimGvY and in the Coinbase iOS & Android apps.
Coinbase customers can sign in now to buy, sell, convert, send, receive, or store. https://t.co/Yhm3KRFbAr pic.twitter.com/TFzIoqhQG4
– Coinbase (@coinbase) January 13, 2022
Prior to listing on Coinbase, Pro tokens were only available on a limited number of exchanges including Huobi World-wide, Bitrue, and decentralized exchange Uniswap.
Coinbase is the second largest cryptocurrency exchange by volume globally and the primary exchange serving US-based investors who have performed the highest volume of crypto trading. in history.
The first real estate NFT in America
A second development that is helping to boost Pro’s price and trading volume is the upcoming first-ever real estate NFT sale in the United States.
According to Propy founder and CEO, Natalia Karayaneva, the reasons Propy chose Florida for its first real estate sale in the United States include crypto-friendly state government, positive future price growth futures and demographics, the growing job market, and the state’s % of personal income. policy of tax.
While the upcoming sale in Tampa marks the first real estate NFT sale in the US, Propy completed its first NFT sale in 2017 when TechCrunch founder Michael Arrington sold his Kyiv apartment for 36 Ether.
Related: NFT and blockchain game sales continue to grow despite the recent market slump:
Growing popularity of NFT and blockchain technology
Another reason for the constructive momentum behind Propy is the overall growth in awareness of NFT and blockchain technology.
The promise of NFT integration with things like home securities and corporate contracts has been a topic of discussion for years, and last year’s explosion of interest and NFT trading volume has raised the bar. public awareness that the concept can attract more attention.
Besides the usefulness of NFT technology, the worsening state of the global financial system has led investors to seek safe places to store their assets, where real estate has long has become a popular safe haven.
The best hedge against all the chaos in the world:
1. cryptocurrency
2. real estate
3. Invest in yourself– Natalia Karayaneva (@NataliePropy) December 29, 2021
Now, the process of buying and holding real estate is about to enter the 21st century with the integration of blockchain technology and NFTs as the influence of middlemen will be reduced, helping to lower the cost of the entire process. submit.
