Property investors rode a wild wave during the pandemic, with the short-term rental market stopping, then restarting, and property prices in many second home markets soaring. What does the future hold for new second-home owners and for managers of more robust property portfolios? We’ll explore that and more, all May long, at Inman.
San Francisco-based startup co-living space 20Mission will launch the first-ever auction of spaces as non-fungible tokens (NFTs) starting on May 5th, the company announced on Thursday.
Each auction winner and NFT owner will be able to sign a 75-year lease at $1 per month, and receive an additional NFT giving them the exclusive right to use their space as a virtual asset.
Starting on May 5th, NFTs for each space will be minted on a peer-to-peer NFT marketplace.
20Mission, developed by Bitcoin exchange pioneer Jered Kenna, was the first place to accept Bitcoin for rent. The co-living space has been a hub of sorts for Bitcoin enthusiasts, hosting some of the first Bitcoin meetups and serving as a networking place for such individuals. The building has also evolved since its inception to feature 41 luxury co-living spaces built around the startup community, which also includes commercial spaces.
Jered Kenna | 20Mission
“NFTs have made a huge impact on virtual real estate with sales of digital homes, but there’s a largely untapped market for real property tied to NFTs,” said Jered Kenna, Founder and CEO of 20Mission. “20Mission is introducing an entirely new model that will shake things up in the real estate market, allowing auction winners to rent co-living spaces on a 75-year lease for a San Francisco property for a fraction of the cost with no utility payments and no taxes ever.”
Starting price of auctioned NFTs was not specified, but 20Mission stated that price would be set with size, location and amenities for each co-living space in mind. Auction bidders will also have the opportunity to purchase NFTs for virtual access to future 20Mission properties.
NFTs started gaining in popularity earlier this spring in the art world and many have speculated that they soon may be a prevalent financing method in real estate.
