The owner Chris Okada says the building will be relisted in the coming days for adjusting the 40% price drop of Ether.
A New York City office building went on sale 2 weeks ago for $29 million with a Web 3 twist. The rights to purchase the property were sold as an NFT on OpenSea.
The price of the listing was set in Ether, which plummeted over 40 % since the start of June, taking the listing price of the building down with it.
The dollar value of the NFT has got down from $29 million to $16.8 million. However, its owner Chris Okade says the price will soon be adjusted.
In an interview with CoinDesk earlier this week, Chris Okada said “We are going to relist the sale at $29.5 million”. And when asked if he would stay with ETH or go with USDC, Chris said that if he goes with ETH it will be closer to 26,500 ETH. It is currently listed for 15000 ETH.
Chris Okada is the CEO of Okada & Co, a commercial Real Estate company that owns 43 buildings in Manhattan and is now dealing with blockchain to make clientele strong.
In a recent interview, Okada says, “There are crypto billionaires and crypto millionaires out there but they have no real utility instead just keeping them in their wallet,” He also said about his listing of buildings in NFT that he sees this as a marriage of his real estate knowledge and NFT interest.
Linking real estate business with NFT
Okada said that his company is trying its best to link its real estate business with technology such as blockchain. They were excelling in it but ran into a legal complication with the Securities and Exchange Commission (SEC) recently.
Future plans for the Blockchain-based real estate sales will include rentable office space and co-working desk, a similar concept exercised by the SOHO neighborhood of New York City just 2 months ago.