A Tampa Bay home in Gulfport will be auctioned off today as the first piece of U.S. real estate to be auctioned as an NFT.

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Palo Alto-based real estate technology company Propy will have the property rights minted as a digital token and host an online auction. Bidding for the home located at 315 11th Ave. S will start at $650,000.

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Leslie Alessandra, local real estate investor and the founder of cryptocurrency company DeFi Unlimited, transformed the home’s certificate of authenticity into an NFT by turning the ownership into a limited liability corporation.

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"You're essentially just selling a company, and a company owns that house," Christopher Vasilakis, a local real estate, and virtual reality expert, told the Tampa Bay Times.

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Local artist Derek Donnelly, also known as Saint Pete, will design an NFT of an indoor mural on one of the property’s walls as part of the auction.⠀

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