Ever since the virtual real estate projects took off at the end of December 2021, there is a flurry of projects that are lining up to provide virtual real estate services to the crypto world. In fact, virtual currencies or blockchain-based cryptocurrencies are already being considered to be a different vertical of investment besides the likes of Bitcoins or Ethereum.
Several top financial institutions and corporates are now keeping a tab on new projects and looking to open up virtual offices, stores, or community hubs for their users. Recently, Samsung had opened its virtual store on the Decentraland platform. Nike too has its virtual store on such a platform.
But we still need a platform through which the process of buying properties and facilitating real estate transactions online becomes a seamless process. This is where Propy project comes into picture as it provides users everything at one place – brokers, agents, buyers, sellers, etc.
The token has been gaining much traction on Thursday as it witnessed a massive rally of 90% in the past 24 hours. The rally comes at the back of the Coinbase listing, which has created huge interest in the project. The leading exchange opened the listing and announced it will start trading once enough liquidity is met on the Propy token.
What exactly is Propy token?
Propy is governed by its native token PRO and is powered by the Ethereum blockchain network. Due to Ethereum’s smart contract feature, it lets Propy seamlessly generate sale and purchase agreements and allows the third party to perform the ownership verification at the same time.
The project is backed by blockchain investor Tim Draper and has proved its worth as it already helped create several Real Estate NFTs, which seem to be fast catching among the market participants.
Last year in May, Propy was one of the first companies to complete the first real estate auction as an NFT. It was also recognized as a Technology Pioneer by World Economic Forum in June 2021.
Is it wise to invest in Propy?
PRO token is currently ranked 315 and at the time of drafting was trading at US$2.41 with a trading volume of US$4,664,017 over a day. Since its highs, it has dropped a bit, but still is up by 74.69% in the past 24 hours. Volume-wise, it was up 171.36% with live market cap of US$187,585,503 and a supply of 73,851,416 PRO coins.
Propy does represent itself to be a good blockchain network, which facilitates buying real estate projects virtually. Besides strong backing and strong fundamentals, it does represent to have more utility to its core overall. Whether it’s a good investment or not is something that will depend on what are you expecting as an investor. The project was awarded at WEF as a technology pioneer, it certainly has the credentials to make it big in the virtual real estate space.