Tokenization is rampant and the possibilities are growing: The Propy real estate platform is now introducing a learn-to-earn program.
It is obvious that the use cases of blockchain technology are extensive. Also that the DLT will streamline the processes in finance. The limits of what is possible and legal are an exciting question. In the case of real estate, one could have thought that the blockchain had reached its legal and practical limits. However, this does not seem like the way founder and CEO Nalia Karayaneva did with her company Propy proves. With the help of the associated PRO tokens, real estate can be bought and sold on the platform within a few minutes. The ecosystem is to be further strengthened with a new program.
PRO token for education
Now these PRO tokens are to be distributed to interested parties who, on the one hand, participate in “transaction activities, such as submitting offers and concluding real estate deals on the Propy platform.” On the other hand, interested parties also get tokens if they take part in the so-called “educational activities”. The founder says:
I am excited about this new one [Learn-and-Earn-] Program that enables users to earn tokens by simply conducting real estate transactions on the blockchain – making offers, closing deals, inviting participants to a transparent tracking flow – and learning about cryptocurrency, blockchain and NFTs.
Nalia Karayaneva, Propy CEO
The iOS app developed for this and the existing desktop application strengthens the ecosystem around Propy and thus turns participants into “blockchain miners”. According to a press release, Propy also offers an “invite-only” Transparent Agent Program. The users of this program will have access to an “NFT marketplace, integrated fiduciary and property services and recommendation options…” via the participation offers.
Propys how it works
Users who want to use the offer first create a profile on the platform. As with conventional online purchases, the offer and price are then negotiated for the real estate displayed as non-fungible tokens (NFT) on the Ethereum Blockchain. If the parties come to an agreement, Propy takes over the property verification towards a third party (such as an LCC or trust).
If this is confirmed, the parties involved automatically sign the purchase agreement via a smart contract. This is then encrypted and written into the blockchain. The respective parties then have to digitally sign prefabricated documents for each other before the money is transferred again via smart contracts. Propy has been offering processing of three types of transactions since November 5th: traditional dollar payments, crypto payments and NFT transactions.
All this information is then recorded in the final document and assigned to the new owners. Due to the fact that the process is completely handled on the blockchain and is also cryptographically encrypted, it is no longer possible to falsify ownership rights. That’s why Propy touts, “Buyers and sellers together in a safe environment [zu] bring ”and work inside faster, more cheaply than traditional real estate agents.