As global consumers begin to move towards new virtual opportunities made available in the burgeoning metaverse, traditional crafts once confined to conventional boundaries are now having to adapt to the changing times. Real estate has been no exception, with the booming virtual real estate transaction scene estimated to top $1 billion in deals by the end of 2022 alone.
Enzo Rosani, Director of BARNES Miami, has just completed the first sale in cryptocurrency of the year in Miami for a property in a luxury residence in the heart of downtown. Located in a skyscraper, the apartment sold for 170 ethers covers 650m² on 2 levels and has 6 bedrooms, panoramic views of Biscayne Bay and access to a private beach.
“The buyer converted his ETH into a stablecoin (USDC), a cryptocurrency pegged to the US dollar, considered and called a “stablecoin”. We prefer to work this coin over others because there is no volatility. If ETH or Bitcoin loses 70% in one day, USDC will stay at one dollar,” says Enzo Rosani.
New opportunities for the real estate market?
Figures from the past few months put the global cryptocurrency market at a valuation of $3 trillion, a number that is only expected to increase over the next few years. Given its current near ubiquity, many businesses have begun to implement cryptocurrency into their transactional operations, allowing a whole new audience of consumers to participate in the process.
Today, Enzo Rosani, is helping lead the South Florida region into this new normal, leading by example by making cryptocurrency an option for his clientele.
“In 5 years, I think that between 30 and 40% of sales will be made in cryptocurrency in the USA”, estimates Enzo Rosani. The simplicity of the transaction and security are two reasons for the rise of cryptocurrency transactions.
“Sales via cryptocurrencies can significantly reduce the risk of fraud and acquisition costs. There is a significant impact on the simplification of the transaction, the transmission of data and the shortening of the time between the signing of the sales agreement and the delivery of the sales contract to the notary. In addition, because of the sums, we do several tests before sending the funds, always on small sums, and once the confirmation of the lawyers, we send all the funds, ”he explains. "Within an hour, the funds are deposited into the seller's account and can then be resold in US dollars or kept in crypto." Far from the classic deadlines for real estate transactions, which are generally 3 months.