A NEW YORK real estate firm is listing the first ever commercial property available for purchase as an NFT.
Okada & Company have listed One Eleven, 109-111 West 24th Street, New York on the NFT marketplace OpenSea.
The property is listed for 15,000 ETH – or $27.5million.
Okada & Company’s physical building is a seven storey building serviced by an elevator, just minutes away from the world famous Madison Square Park, The Highline, and the Flatiron District.
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“The NFT listed in on OpenSea gives the Purchaser exclusive rights to acquire the building all its uses rights and related deed covenants,” the OpenSea listing states.
The sale of the New York building will end on July 1.
This is not the first time real estate has been listed as an NFT.
In March a $100million superyacht was listed on OpenSea, and in February a stately home in the UK was put on the market as a non-fungible token.
However, One Eleven is thought to be the first commercial property advertised in NFT form.
Okada & Company’s founder, Chris Okada, tweeted earlier his week: “Yes. You get the property after buying the NFT.
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“Yes you can live in the building. Yes you can rent it out.
“It’s not just an expensive jpeg.”
Justifying the decision to move into the NFT space, he added: “The total global real estate market is estimated to be $330trillion.
“That’s the prize of figuring out the Real Estate x Blockchain bridge.”
However, the One Eleven NFT cannot be purchased on OpenSea until regular real estate checks have been completed.
In a condition of sale which somewhat dampens the excitement around the listing, Okada & Company state that traditional processes must be completed before buying the listed token.
The company says: “Due to the nature of real estate sales, the sale of the NFT does not warrant the completion of the real estate transaction, or reflect the transfer of the deed or title.
“The traditional real estate process must still be complete.”
It added: “In order to assure a quality transaction & to prevent fraud pre and post transaction, Purchaser is highly advised to coordinate with both Property & NFT Teams prior to completion of the NFT Purchase.
“Multiple levels of verification of wallet should be conducted prior to the completion of the NFT Purchase.
“Purchaser shall be required to fill out a time stamped buyer and wallet registration forms.
“Only wallets stamped prior to the completion of the sale shall be considered. Wallet address pre and post transaction must match.”
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