An office building in New York has been turned into an NFT and will be sold for cryptocurrency

Okada & Company, a commercial real estate company in New York, has put up for sale a seven-story office building in the form of an NFT. The 4301-square-meter building is located in the Chelsea neighborhood, a few steps from Madison Square Park.

The token is offered on the OpenSea marketplace for 15,000 ETH (more than $ 26.6 million at the current exchange rate) and gives the right to own the physical building. «You get real estate after purchasing NFTs. You can live in the building or rent it out. It’s not just an expensive jpeg,» the agency’s CEO Chris Okada wrote on Twitter.

The crypto community was not enthusiastic about this news, as the new owner of the building will still have to go through all the approval procedures, just like in the process of buying for fiat money.

It should be noted that selling real estate for crypto is a new trend in the market. In Dubai, you can already buy VIP real estate with cryptocurrency, and Portugal recently made its first apartment sale.