World's First Blockchain Property Auction
Main page News, Blockchain, Italy

The Palazzetto, a 16th century building in Rome, created by the famous architect and sculptor Giacomo Della Porta will go on blockchain-based auction on June 28th. The five centuries-old mansion, one minute walk away from The Coliseum and Vatican City, will become the first ever property in history to be auctioned through the distributed ledger system.

"The auction shows real estate's growing trust in blockchain, and provides crypto investors an opportunity to diversify and solidify their portfolio with a trophy asset." - Says Rick Hilton, Chairman of Hilton & Hyland, brokerage company hosting the auction.

Почему это важно

  1. Blockchain-based auctions are making the bidding system more secure and transparent
  2. The procedure accelerates the closing process, and minimizes fees by recording titles through "smart contracts"
  3. Impenetrable record cannot be manipulated or destroyed.

Blockchain-based auctions are slowly gaining the popularity among the auctioneers and auction houses.

Earlier, it was announced that Andy Warhol’s painting, “14 Small Electric Chairs” will also go on auction via the Maecenas blockchain platform. Bidding will be held on June 20 at the British art gallery Dadiani Syndicate. The final price of Warhol's paintings will be determined by a smart contract run on Ethereum.

By Nadya Astam

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