Real estate

Propy and Parcl announce collaboration to bring analytics to NFT real estate

What happens when you combine a decentralized application (dApp) tokenization platform with a decentralized finance (DeFi) protocol built on real-time data?

Intriguing word salad aside, two real estate proptech startups believe this means very good things for property owners using non-fungible tokens (NFTs).

Propy And Parcl announced a strategic partnership on Thursday in which they hope Parcl’s data integrations will improve analytics for assessing properties minted on the dApp PropyKeys.

According to the companies, $10 billion worth of homes have been minted and ready for tokenization in the US, with that value expected to reach $50 billion by the end of this year.

The partnership gives Propy access to Parcl Labs’ advanced programming interface (API). With its valuation and analysis tools, Propy hopes to bring more real estate markets onto its blockchain. Propy deployed Parcl’s token – $PRCL – to access the API.

PropyKeys has brought 200,000 addresses to its blockchain, including 80,000 in the US minted by the actual owners of the homes at corresponding addresses in the real world.

Parcl is building a platform for real-time housing data on market analysis, real estate valuation and advanced analytics. It collects data from more than 5,000 sources on rental, advertising and sales activities.

Parcl doesn’t lack the bravado of players in the NFT space, but said in the announcement that the partnership will propel the company to become “the real estate data layer of the world.”

“By leveraging Parcl’s advanced analytics and real-time housing data, we provide unparalleled accuracy and transparency in property valuations, giving our users the best possible tools to navigate the on-chain real estate landscape,” said Propy CEO Natalia Karayaneva in a statement rack.

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“We expect the partnership will unlock more use cases for Propy and demonstrate what is possible for others looking to innovate in real estate,” Parcl CEO Trevor Bacon said in a statement.

During the 2022 cryptocurrency boom, Propy partnered with Abra to provide home loans that use crypto as collateral.

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