Real Estate

An L.A. Real Estate First: Houses Accept Buyers’ Bitcoin and Display NFT Art

An L.A. Real Estate First: Houses Accept Buyers’ Bitcoin and Display NFT Art

The soaring contemporary architecture and breathtaking views of the Palazzo di Vista in Bel Air may appear to be worth the $ 87.77 million listed. But the lucky buyer will also acquire a $ 7 million art collection, including an NFT (non-expendable token) art gallery, curated by MDP Art Curators, with works by Ghost Girl and BigHead Music Producer.

“The art world is changing so fast in this digital world, so we thought, ‘Why not bring it into the world of the home?’ ”Says Aaron Kirman of Compass. She has the list with Mauricio Umansky from The Agency, who says, “Add another level of fun where you could attract the right buyer. And it’s a great marketing campaign. ”

One of the early proponents of NFTs has been developer Phillip Braunstein, President of Colossal Properties, and he’s already changed the way you view your homes. “Where maybe in the past I would have looked for a really nice wall to put up a work of art, now I’m going to focus on how to integrate the experience of digital art,” he says. As a collector of NFT art, Braunstein sees huge benefits in integrating NFT into real estate portfolios. Not only are their provenance authenticated on the blockchain, but they also eliminate some of the hassle of maintaining traditional artwork.

“NFT art is interesting, because in a sense it is more durable. There really can be dirt or damage caused by sunlight. And it’s easy to disassemble and remove, ”he says. “I know some friends where most of their [art] The collection is in storage because they just don’t have wall space, but with NFT art, you could have thousands of pieces of art that you could turn in and out using your phone. “The 1250 Hilldale residence of Colossal Properties in Hollywood Hills, trading at $ 18 million, shows Braunstein’s set of four Gummy Bear NFT works by artist WhIsBe. An L.A. Real Estate First

In another sign of the changing times, both Palazzo di Vista and 1108 Wallace Ridge (listed at $ 65 million by Kirman and Michael Chen of design development firm Luxford Group) are accepting Bitcoin cryptocurrencies at a rate equivalent to the sale price. “It’s just an additional way for us to try to make things easier for potential buyers, because there are a lot of billionaires and billionaires who invest in the use of crypto,” says Umansky. An L.A. Real Estate First

As new practices become more common and accessible, the digitization of real estate transactions could transform the industry. “Imagine if I could show you that I own my home with just a QR code on my smartphone,” says Braunstein.

But many questions remain: As Umansky points out, a major real estate transaction in Los Angeles has yet to take place via Bitcoin. “It’s something new,” he says. “It’s exciting, but I think there is still a lot to learn.”

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