Florida home to be sold in novel crypto transaction

GULFPORT, Fla. (AP) — A home along Florida’s Gulf Coast will be auctioned off in the upcoming week as a “non-fungible token” in what is believed to be among the first such transactions in the U.S. Non-fungible tokens — or NFTs — use a version of the encryption technology employed to secure cryptocurrencies to create one-of-a-kind digital objects. The technology provides digital creations a kind of certificate of authenticity, allowing ownership of something that could otherwise be replicated endlessly. In the case of the home in Gulfport, Florida, a real estate tech company, Propy, will mint the property rights into a digital token and host an online auction. Bids start at $650,000.