At St. Louis home, NFT reflecting 50% has been auctioned off. Let’s get into the details here.
Ivan Malpica, investor and also an enterprise risk management lead, held property in St. Louis at 5828 Wise Avenue for about $76000. It’s known that the home, now generating $1200 per month in the form of rental income. This is nothing but the same house which is bought for $76000 is now generating $144000 per year.
This listing of Ivan Malpica guarantee “ 50% of the NFT fractional ownership,” mentioning that the home had been worth $138000 last year and now it’s
Earning $1200 per month from rentals.
At Cointelegraph, Malpica said that he purchased the property with cryptocurrency using NFT. He even admitted that it’s completely legal and evidenced with the formation of LLC(Limited Liability Company) among buyers and him showcasing 50/50 ownership.
In general, NFT doesn’t say you own the property legally. But once the operating agreement is written and recorded, then NFT states that you won the property. NFT enhances simple LLC transactions. Ivan Malpica stated that a few companies don’t accept complete cryptocurrency. Meantime, you cannot buy the whole real-time rental property with complete cryptocurrency. So, this 50/50 partnership is the best choice ever.
Ivan Malpica, investor and risk management lead at Verizon did 50/50 partnership agreements with over 30 rentals. He even claimed that he would generate interest after discussing with the CEO of Vaynermedia, Gary Vaynerchuk.
Interestingly, the auction attracted less than 100 views and bids at the time of writing. While Malpica said that the interest among the people about this concept rises once he’d explain the entire concept in detail. Recently, Kosala Hemachandra, the founder of MyEtherWallet told Cointelegraph that the NFT would cover the ownership of the real estate solely and steadily.