In October 2020, Seen Haus launched with the goal of merging the physical and digital worlds of art through NFTs.
Since then, we’ve worked with dozens of artists across the globe and introduced them to the world of NFTs through auctions on our platform.
While we’ve primarily focused on contemporary art, our highest grossing sales have come from Real Estate, specifically through our relationship with Propy.
Propy sold the first ever apartment as an NFT through Seen Haus back in June 2021. Less than a year later, we also we helped them sell the first US-based property as an NFT as well.
PROPY
Messari has described Propy as the Web3 version of Zillow.
They’re led by CEO Natalia Karayaneva and backed by prominent venture capitalists Michael Arrington and Tim Draper.
Propy combines a Zillow-like peer-to-peer marketplace with Ethereum smart contracts to streamline the real estate purchasing process on a global scale.
The traditional real estate process is separated into many stages, involving several people and paper documents.
The Propy process is driven by automation which minimizes the workload for the involved parties and reduces the likelihood of critical errors.
By leveraging blockchain technology, Propy also improves security and transparency without compromising compliance.
Both parties have access to an intuitive user interface that allows and promotes collaboration, thus eliminating communication barriers and working in a time efficient manner.
The NFT sale process even allows complete ownership transfer in a matter of minutes if it is structured according to proper preparation procedures
More information on Propy and their team can be found underneath our conclusion of the announcement.
Propy + Seen Haus
After the success of our second sale together, Propy brought up the idea of working more closely together as official partners or even merging to become one entity.
Seen Haus has always prided itself on its engineering and design capabilities. Effectively marketing our auctions has been our biggest challenge.
This is where the strength in our relationship with Propy has been on full display.
Not only were their sales the highest grossing revenue wise, they also generated the most web traffic and social media impressions.
Merging with Propy would allow us to focus on what we’re best at and combine it with their industry connections and marketing prowess to reach a global audience.
Roadmap
The Seen Haus team will operate under the Propy umbrella to focus on disrupting the real estate market, building out Propy’s marketplace, and assisting in bringing Web3 initiatives like the Propyverse to life.
As a SEEN community member, you won’t be missing out on artwork or collectibles either.
Our plan is to expand the Propy marketplace with exclusive pieces of art that would honor any real estate buyer or art collector.
Tapping into our existing network of artists and galleries will provide us with a huge advantage in expanding the marketplace with top-tier creators.
Propy will be releasing an updated roadmap within the coming weeks which provides a glimpse at the types of projects we’ll be working on.
$PRO Token
$SEEN tokens would be eligible to be redeemed for $PRO tokens through the Blockchain Advertising Alliance (BAA), which received a grant from the Propy Donation Pool in their 2017 token sale.
BAA is facilitating the swap as grantor of the tokens.
$PRO is an ERC20 token that powers Propy, a platform for international real estate transactions. The $PRO token is used to pay for platform fees such as for modifying and creating title and deed contracts.
$PRO tokens are sent every time a smart contract is run to unlock the settlement.
Each transaction on the Propy platform, whether an NFT sale or a regular contract, necessitates the use of tokens.
There are two options available for SEEN holders:
Swap $SEEN for $PRO at a 1:1 ratio (available instantly)
Swap $SEEN for $PRO at a 1:3 ratio (vested linearly over 12 months)
The vote will go live on Thursday, December 15th 2022 and the vote will be open for 5 days, concluding on Tuesday, December 20th 2022.
After voting has concluded the fully audited platform to swap tokens will go live.
More information on the $PRO token can be found underneath the conclusion.
Conclusion
We could not be more excited about the proposed merger and feel it is the best path forward for both our community and team.
As mentioned above, we see it as the best way to fulfill our initial vision of merging the physical and digital worlds.
Propy has a well funded, experienced team and has already established themselves as a dominant player in the world of real estate tokenization.
While we fully support the proposal, the community will ultimately decide the path forward as we will be issuing a snapshot vote for token holders to vote on whether or not the merge will take place.
The vote will begin on Thursday, December 15th and conclude on Tuesday, December 20th.
SEEN token holders can vote through Snapshot using the link below:
We’ll host an AMA on Friday, December 16th at 3pm ET in Discord to answer any questions the community has regarding the merger.
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About Propy
Propy was co-founded by Natalia Karayaneva, Maria Angelova, and Denitza Tyufekchieva in 2016. This San Francisco–based company is supported by leaders of the National Association of Realtors and Silicon Valley. The CEO, Karayaneva, has over 15 years of experience in the real estate industry and believes in simplifying real estate transactions. The Propy team released their whitepaper V1 in July 2017 and a V2 in 2021.
Propy’s blockchain innovation removes inefficiencies, streamlines the sale process from offer to close, records transactions and title securely on-chain, and enables buyers and sellers to use traditional financing, cryptocurrency, and NFTs.
The Propy platform is open 24/7 on the Ethereum blockchain to all participants: agents, buyers, sellers, and homeowners who have access to all of Propy’s functionality to make click-to-close real estate happen quickly and with the greatest level of security possible.
Everyone deserves a wider array of choices in how to list, how to buy, access to data, how records should be stored, and what currencies they want to use — choices that fit their needs, their clients, and circumstances.
PRO Token
The native token of the platform is $PRO, an ERC20 token.
The platform uses this token for a straightforward user experience. The platform seeks to enable users to write new data to the Propy registry using the interface in two ways; creation of a new title or transferring an existing title. As the registration and modification of a property require the execution of a deed contract and title contract, the Propy registry makes use of $PRO to pay the related registry fees.
Further, a $PRO token is sent every time a smart contract is run to unlock the settlement. Each transaction on the Propy platform, whether an NFT trade or a regular contract, necessitates the use of tokens.
The Propy whitepaper states that the $PRO tokens have a fixed supply of 100 million and do not increase corresponding to the demand. However, the team aims to reserve 35% of the total supply of $PRO for network growth. In addition, two-thirds of the registry fees will be added to the network pool. This network pool further incentivizes the engagement of users of the platform. For instance, Propy rewards platform participants, such as a home broker or a buyer, for joining the platform. By implementing this reward scheme, Propy seeks to encourage more real estate transactions in its portal due to increased platform adoption across the globe.
Propy also aims to distribute $PRO from the network growth development pool to the government and other major institutional entities to encourage them to use the platform.
