New York Man Relists NFT Building After Crypto Crash
The value of this Manhattan address didn’t change overnight, but its valuation did.
A CEO of a commercial real estate company selling the rights to purchase an office building in Chelsea in ether as a non-fungible token on OpenSea found that its listing price had dropped dramatically following the ongoing bitcoin bloodbath.
CEO and owner of 109-11 W. 24th St. Chris Okada listed the address for $29 million this month. Due to the declining dollar value of NFTs and the downward spiral of ether since early June, the $29 million property suddenly only listed for the crypto equivalent of $16.8 million. dollars, prompting Okada to relist it at an adjusted price.
“We will relist the sale at $29.5 million, most likely on Thursday,” Okada said. says CoinDesk in an interview on Wednesday in which he continued to advocate for the future of blockchain, despite the current setbacks.
The NFT itself is not the building’s deed, but owning it would grant “exclusive rights to acquire the building, all its rights of use and related contractual terms,” according to the listing.
“The sale is really a bridge between the old guard real estate servers and the blockchain,” he told the publication. “I’ll be at that bridge, trying to figure out this connectivity issue. It might not be New York, it has to be, you know, Westchester or Miami, or it might be a forward-thinking city.
Many houses have been sold via blockchain in recent years, but Okada – whose company owns 43 buildings in Manhattan – believes this sale is the first time a commercial building in New York will be, the New York Times previously reported. The objective is to turn to the blockchain to diversify the clientele.
The ongoing blockchain carnage isn’t the only problem Okada has had selling a property with this possibly visionary marketing gimmick: he’s also had to reassure some confused parties that the situation is real and not a scam.
“Yes. You get ownership after you buy the NFT,” Okada tweeted, responding to commenters who thought the situation might be fraudulent, the publication the Defiant reported. “Yes, you can live in the building. Yes, you can rent it. It’s not just an expensive jpeg.