One project which has been focused on the expansion of the functionality of the NFTs beyond digital are has been Propy. This is a protocol that has its sights set on the integration of blockchain technology with the sector of real estate- simply by automating the closing process of purchasing homes to make the entire process simpler, faster, and safer.
As of now, NFTs have skyrocketed in their popularity over the course of 2021, with the wider public becoming totally enthralled with projects like the Bored Ape Yacht Club and CryptoPunks, but these one-of-a-kind digital images have only been scratching the surface of what this technology is actually capable of.
Propy Heralds A New Foray For NFTs
According to data that was received from TradingView and Cointelegraph Markets Pro, it has been highlighted that after touching a low of $1.12 on the 12th of January, the price of Propy went up by 227% to hit a daily high of around $3.67 on the 14th of January as the trading volume over 24 hours spiked up by 452% to $29.3 million. There have been a few reasons behind this sudden increase in the price of the NFT- one of which is the token being listed on the exchange of Coinbase.
One can’t deny that the increase in the price of Propy on the 14th of January was also largely due to the token listed on Coinbase, which is the largest cryptocurrency exchange in the United States.
Before the Coinbase listing, the token of PRO had only been made available on a very limited number of exchanges which include Bitrue, Huobi Global, and Uniswap. Coinbase is currently the second-largest cryptocurrency exchange by volume globally- and the main exchange that serves investors who are based in the United States.
Another reason that has helped in the increase in the price of Propy has been the upcoming sale of the first real estate NFT in the country.