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Propy
Propy is a real estate offer and transaction platform, and NFT Marketplace that empowers everyone involved in the sale to complete a transaction online, using the power of blockchain and smart contracts. From offer to close, the process is more transparent and streamlined. Propy supports traditional, crypto, and NFT property sales

Propy is a real estate offer and transaction platform that empowers buyers, sellers, their agents and partners to close a traditional real estate transaction entirely online.

2016: The company was founded by Natalia Karayaneva, Denitza Tyufekchieva, and Maria Angelova.

2017: Propy oversaw the sale of the first condominium purchased and sold in cryptocurrency.

2021:Propy selected as a Technology Pioneer by the World Economic Forum.

Propy becomes the first company to complete a real estate ownership transfer as a Non-fungible token (NFT). The property is the one originally sold via cryptocurrency in 2017 (owned by Michael Arrington, founder of TechCrunch and Arrington XRP Capita)l.

2022:


 * Propy completes the first US real property NFT sale in St. Petersbug, Florida

The company has assisted in thousands of real estate transfers and completed over $2 billion worth of transactions.

History
Propy was founded in 2016 by real estate developer Natalia Karayaneva. Denitza Tyufekchieva and Maria Angelova later joined as co-founders. The company launched their first product, a property transaction platform that utilized smart contracts on the blockchain.

Products and services
Propy has re-invented the process of buying and selling real estate globally by deploying smart contracts on the blockchain. The company’s platform eliminates fraud, speeds up transaction time, reduces costs and allows agents, buyers, or sellers to close a real estate deal entirely online from a centralized platform. Transactions can take place using traditional currency, cryptocurrency, a combination of the two, or via NFT.

Propy’s blockchain transaction platform allows participants to complete real estate transactions online, without the need to be physically present at specific locations. The platform is suitable for all jurisdictions in addition to being recorded in the Propy Blockchain Register, the traditional legal instruments of ownership transfer, generated through the Propy Transaction Platform are submitted to the government land registry offices, either electronically or by other means required by those offices.

Propy CEO Natalia Karayaneva obtained an initial financial investment of more than $3 million. Propy’s chief blockchain architect recommended selling tokens to the public using a prototype of the platform as a proof of concept. The team decided to develop on the Ethereum blockchain as a Utility Token. The function of the tokens are to support write-access on the Propy registry and rewards.

On September 15, 2016, Propy launched a listing platform. In December of that year, Propy started working on a transaction tool prototype. On July 17, 2017, Propy released a whitepaper detailing their vision, platform, and future goals. Propy held an ICO that lasted one month, starting on August 15, 2017. Their ICO was run on the ERC20 platform, with a token pool of 35 million. Nearly 16 million tokens sold for $1 each, which was considered a tremendous success for the company.

In September 2017, Propy sold $16 million worth of tokens using Ethereum and Bitcoin in a matter of weeks, without losing any equity in the business. The rate of that pool then escalated to $50 million when the price of the cryptocurrencies skyrocketed in December. In December 2017, Propy announced that the alpha open version of its real estate transaction tool is now up and running.

In 2017, Propy announced a partnership with Chinese powerhouse Leju Holdings Limited to help online real estate investments by foreign investors, and a partnership with the Ukraine government to support online real estate investments by foreign investors for the first time.

In January 2018, Propy announced the launch of a pilot project in collaboration with the City Clerk’s Office of South Burlington, Vermont to use blockchain technology to record real estate conveyance documents. In March 2018, Propy made its  first government-sanctioned use of blockchain for public service in the United States.

In April 2018, Propy announced a new open-source Developer Program.

In July 2018, Propy announced the execution of the first complete blockchain-recorded property deal in California. The B2B sale of 10 acres of land in Southern California was processed through Propy’s Transaction Platform.

In May 2019, CrunchFund’s founder Michael Arrington sold his condominium in San Francisco that served as his company’s headquarters, for $1.6 million, via Propy.

Propy is advised by Michael Arrington (founder of TechCrunch), Alain Pinel (Intero Real Estate), David Cowan (Partner at Bessemer Venture Partners), Vinny Lingham (CEO of Civic), Bruce Cahan (Consulting Professor at Stanford University), and Daniel Kottke (first Apple employee).

Crypto Certified Agent Course
Crypto Certificated Agent Course is a program that begins with six original webinars coveringeverything from basic topics, such as an introduction to blockchain and smart contracts, to more advanced topics, such as Real Estate Tokenization. The course helps real estate agents to assist their clients and navigate the complexities associated with real estate and cryptocurrency.

Meta License
Meta License is a program that aims to give knowledge about Non-fungible tokens (NFT), the Metaverse and digital land. Each Meta License is a unique number of an NFT issued for the Meta agent.

NFTing Real Estate
In May 2021 Propy sold an apartment in Kyiv, Ukraine, as a NFT. The apartment, which was the first property to be sold using blockchain technology back in 2017, was owned by Michael Arrington, founder of TechCrunch and Arrington XRP Capital. Arrington decided to sell the apartment as an NFT to further showcase the power of blockchain technology to innovate the real estate industry.

The auction lasted 27 hours and the property was sold for 36 ETH.

In February 2022, Propy auctioned the first real estate NFT in the US. The property was located in St. Petersburg, Florida. Florida is known as a pro-crypto state with nice weather, tax-friendly policies and an active tech community. The auction lasted 8 hours and the property was sold for 210 ETH.