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Florida home to be sold in novel non-fungible token deal

GULFPORT, FLORIDA (AP) – A home along Florida’s Gulf Coast will be auctioned off in the upcoming week as a non-fungible token in what is believed to be among the first such transactions in the United States (US).

Non-fungible tokens – or NFTs – use a version of the encryption technology employed to secure cryptocurrencies to create one-of-a-kind digital objects. The technology provides digital creations a kind of certificate of authenticity, allowing ownership of something that could otherwise be replicated endlessly.

In the case of the four-bedroom home in Gulfport, Florida, a California-based real estate technology company, Propy, will mint the property rights into a digital token and host an online auction, with bids starting at USD650,000.