“You have people who really understand the crypto space. And you have people who really understand real estate investing space. But there was a lack of understanding about the other side”

For months, Shane Dulgeroff had watched NFTs — or non-fungible tokens — for pieces of digital art, baseball cards and other collectibles sell for mind-boggling amounts.

Then, the 27-year-old California real estate broker had an idea. What if he commissioned a digital rendering of a home that he owned and auctioned it off as an NFT, along with the real world property?

Within weeks, he had a technicolor work of digital art by Kii Arens, a contemporary, pop artist and graphic designer. Dulgeroff bundled it with his two-unit duplex in Thousand Oaks, California, which he advertised as bringing in an annual rental income of $60,000. The offering was put up for auction at OpenSea, an online marketplace for digital assets that are backed by a blockchain, like Ethereum.

“This is going down in history,” Dulgeroff said before the auction opened on April 9th. “Not only is it the world’s first property to be sold this way, but once this sale closes, it will open up people’s eyes to a new way to sell real estate.”

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