Like other industries, the real estate sector has started to leverage NFTs. In a new turn of events, Okada and Company, an American real estate organization, managed to list a commercial property in the form of NFT for the first time. As an NFT, the listing of this commercial estate took place on the OpenSea platform with a valuation of 15,000 ETH.
As per NFT rules, buyers can get exclusive rights to a commercial building. The use rights of the building are usually part of the deed covenants. The official word from Okada and Company states that the dynamics of the real estate market are changing for good.
The property Okada and Company is selling is 46,299 square feet long and the situation is in a classy Chelsea neighborhood of New York City. Apart from the attractive West Side location, the commercial property consists of a retail building and a seven-story office and is close to some of the major NYC sites and landmarks like Madison Square Park. In this real estate deal, there is just one non-fungible token that will go through Ethereum-based minting.