New York real estate developer buys first-ever real-life office building as NFT

New York real estate developer buys first real office building as NFT

As interest in buying land in the Metaverse continues to grow, the first-ever non-fungible token (NFT) office building in New York City has been sold.

The 4,700-square-foot NFT, located at 44 West 37th Street, will function as an irreversible digital asset that aims to monetize and authenticate ownership of the building’s digital assets and was acquired by a real estate developer Azul NYC .

Questioning the role of architecture in real estate and the metaverse, the 16-story building was designed by Integrated Projects, which announced the sale in early September. Additionally, the 44W37 NFT was minted on the open-source decentralized blockchain Ethereum (ETH) and sold for just 1 ETH, currently worth around $1,300.

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Jose Cruz Jr., founder of Integrated Projects, said Integrated Projects.

“NFTs are not new. 3D scanning of buildings isn’t new… what’s new is the merging of these technologies with blockchain utilities that allow building owners to create, own, trade, and monetize theirs Digital Assets – much like we do with our physical assets.”

Buy real estate in minutes

Without worrying about the inconveniences of transferring ownership, owners can develop, own, sell and monetize their digital assets.

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This means that instead of selling or buying actual real estate, one deals in digital assets such as photos, 3D scans, floor plans, virtual tours and site reports. Because this process of transaction is accelerated through the use of an NFT, it is possible for a buyer to take possession of a property in minutes.

NFTs offer the potential to set tough ownership laws, not just for real estate but for intellectual property as well. Like many other skyscrapers in Manhattan, the “44W37” could herald a new era in architecture and real estate in megacities.

“The digital transformation of commercial real estate will fundamentally change the way we design, build, operate and monetize our spaces,” says Jack Ezon, Director of Azul NYC, “this is just day one.”

Notably, Finbold reported last year that people could now buy or sell real estate in New York City using Bitcoin (BTC), Dogecoin (DOGE), and ETH, so the recent NFT purchase finds the city marking the next phase of growth as virtual property investing continued investors.

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