Propy has announced that the second U.S. NFT-backed property (see our blog about the first NFT sale here in which we discussed blockchain technology, and specifically how the sale works) is set to be auctioned, with a starting price of 185,000 USDC. USDC is a stablecoin backed by the United States Dollar (we previously discussed stablecoins here).
As discussed in our first blog, this transaction is similar to Propy’s first NFT real property sale in that ownership of the property is transferred by the seller into an LLC that was formed by Propy, and then ownership of that LLC is minted on the blockchain as an NFT.
