Combining a decentralized application (dApp) tokenization platform with a decentralized finance (DeFi) protocol built on real-time data can lead to exciting prospects for property owners utilizing nonfungible tokens (NFTs).
Propy and Parcl, two real estate proptech startups, have recently announced a strategic partnership aimed at enhancing analytics for assessing real estate minted on the dApp PropyKeys.
It is estimated that $10 billion worth of homes in the U.S. have already been minted and are ready for tokenization, with expectations of this value reaching $50 billion by the end of the year.
Through this partnership, Propy will gain access to Parcl Labs’ advanced programming interface (API) to leverage its valuation and analytics tools, with the goal of expanding real estate markets on its blockchain. Propy has staked Parcl’s token, $PRCL, to access the API.
PropyKeys has successfully onboarded 200,000 addresses to its blockchain, including 80,000 in the U.S., minted by the actual owners of the corresponding real-world properties.
Parcl is in the process of developing a platform for real-time housing data, offering market analysis, property valuation, and advanced analytics by aggregating data from over 5,000 sources on rental, listings, and sales activity.
With ambitions to become the “real estate data layer of the world,” Parcl aims to leverage its advanced analytics and real-time housing data to provide accuracy and transparency in property valuations, empowering users to navigate the on-chain real estate landscape effectively.
Propy CEO Natalia Karayaneva expressed excitement about the partnership, highlighting the potential for unlocking more use cases for Propy and showcasing innovation in the real estate sector. Parcl CEO Trevor Bacon echoed these sentiments, emphasizing the partnership’s role in advancing possibilities in the industry.
During the cryptocurrency boom in 2022, Propy collaborated with Abra to offer home loans using crypto as collateral.