What happens when you combine a decentralized application (dApp) tokenization platform with a decentralized finance (DeFi) protocol built on real-time data?
More than just an interesting bunch of words, two real estate proptech startups think this means very good things for property owners using non-fungible tokens (NFTs).
Properties and Parkle The company announced the strategic partnership on Thursday, hoping that Parcl’s data integration will improve analytics for valuing real estate created on the dApp PropyKeys.
According to the companies, $10 billion worth of homes in the U.S. have been tokenized or are ready to be tokenized, with their value expected to reach $50 billion by the end of the year.
The partnership will give Propy access to Parcl Labs’ advanced programming interfaces (APIs). Propy hopes to leverage its valuation and analytics tools to bring more of the real estate market onto the blockchain. Propy has staked Parcl’s tokens ($PRCL) to access the APIs.
PropyKeys has introduced 200,000 addresses onto the blockchain, including 80,000 addresses in the United States issued by actual homeowners with corresponding real-world addresses.
Parcl is building a platform for real-time housing data for market analysis, property valuation and advanced analytics. It aggregates data from 5,000+ sources on rentals, listings and sales activity.
Not to be outdone by the bravado of NFT industry players, Perkle said in a statement that the partnership will evolve the company into a “global real estate data layer.”
“By leveraging Parcl’s advanced analytics and real-time housing data, we will provide unparalleled accuracy and transparency in property valuations, equipping our users with the best tools to navigate the on-chain real estate market,” Propy CEO Natalia Karayaneva said in a statement.
“We hope this partnership will further broaden Propy’s use cases and demonstrate what’s possible for other companies looking to innovate in the real estate industry,” Parcl CEO Trevor Bacon said in a statement.
During the cryptocurrency boom of 2022, Propy Abra Offers mortgages secured by cryptocurrency.
