- The sale is touted as the first-ever crypto-based live real estate auction in the world
- The auction will go live on April 8, 2019, at 11 am Australian time
- NuYen will facilitate the online bidding for the property on offer: 1 Beech Lane, Casuarina, New South Wales
Live real estate auction with bids in crypto only
In what has been dubbed a first-of-its-kind in the global real estate sector, LJ Hooker, a highly reputed Australian real estate company, is putting preparation in top gear to organize a live auction for a five bedroom property located on 1 Beech Lane, Casuarina, New South Wales.
Established in 1928, LJ Hooker will reportedly work with award-winning property auctioneer, James Pratt and NuYen blockchain firm to ensure the event will be a huge success. The auction is scheduled to go live by 11 am on April 8, 2019, and viewers from around the world will be able to login and view the event on a live screen.
Currently, bitcoin (BTC) and Binance Coin (BNB) are the only accepted payment options for the auction. The auctioneer will call for bids in the two digital assets, with the price converted to AUD and USD and displayed on a live screen.
Attracting significant interest
Despite the recent crypto market downturn, it’s worth noting that a good number of cryptocurrency investors still have faith in the nascent digital asset class.
Per the team, the innovative auction is already attracting significant interest from buyers in various regions, including Canada, China, the U.S., and Australia.
“We have already had people register for the live auction in less than five days of it being released,” said Greg Costello, president of NuYen.
He also noted that “There has been massive international interest and publicity.”
Why Binance Coin (BNB)?
While the decade-old Bitcoin has seen a slow but steady increase in adoption, BNB might seem a strange second choice. Costello has however stated that the current price surge and stability of BNB Coin motivated the team to add BNB as a payment option:
“BNB is one token of only a few that have weathered the crypto winter and bucked the downward trends. BNB is also growing in global use.”
Despite the super volatile nature of digital assets, Costello firmly believes that crypto adoption will continue to rise, as it promotes a borderless system that makes it possible for real-life assets to be traded seamlessly.
At press time Binance Coin (BNB) is the seventh largest cryptocurrency in the world, with a price of $15.96 and a market cap of $2.25 billion.