Propy (PRO) is a digital asset that operates on the Ethereum platform, with the aim of transforming the real estate industry by introducing blockchain technology. It seeks to encapsulate ownership rights of real estate properties into Non-Fungible Tokens (NFTs), thereby striving to facilitate the transfer of these rights in a trustless and efficient manner. Propy aims to make real estate transactions as easy and accessible as e-commerce, by digitizing the entire process. The Propy token (PRO) is an integral part of this ecosystem, used for transaction settlements and data access within the Propy network.

Propy works by encapsulating the ownership rights of real estate properties into NFTs. These NFTs are then listed on the Propy marketplace, where they can be bought and sold. The transfer of an NFT equates to the transfer of ownership rights of the corresponding property. Propy has developed a legal framework that aims to facilitate the transfer of ownership rights via NFTs, without the need for government land registration processes. The platform also incorporates Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols to ensure compliance with regulatory regimes.

Propy's primary use case is to facilitate the buying and selling of real estate properties in a more efficient and transparent manner. By encapsulating property rights into NFTs, Propy aims to make real estate transactions as simple as trading digital assets. This could potentially open up the real estate market to a wider audience, including those in the cryptocurrency community. Additionally, Propy's price prediction feature aims to provide users with insights into potential future real estate prices, providing valuable insights for buyers and investors. The platform also offers potential benefits for real estate agents, who could receive royalty fees from future sales if they are the first to NFT a property.

Propy was conceived with the vision of aiming to transform the real estate industry by leveraging blockchain technology. The platform was developed to automate the real estate transaction process and make it more transparent and efficient. Propy's infrastructure aims to facilitate three types of transactions: traditional deals using fiat payments, deals using cryptocurrencies, and deals involving the sale of NFTs representing real estate properties. Over time, Propy has integrated various features into its platform, including KYC and AML protocols, a price prediction tool, and a legal framework for transacting real estate via NFTs.

Propy utilizes blockchain-based smart contracts to automatically update the property register once certain conditions are met. This aims to eliminate the need for physical delivery of documents and accelerate the filing process. The blockchain entry is witnessed by decentralized actors and cryptographically secured, striving to make it resistant to falsification or erasure. This aims to bring transparency to the deed registration process. Propy facilitates the tokenization of real estate, representing properties as unique, non-fungible tokens (NFTs) on the blockchain. This intends to facilitate transparent transactions and the storage of data on an immutable ledger. Propy's approach seeks to present an alternative to traditional property transaction processes.

Propy aspires to bring changes to the real estate industry by providing a blockchain-enabled platform that facilitates online real estate transactions. This platform provides several aspects to real estate professionals. It is designed with a focus on transaction management, reducing the need for physical paperwork and in-person meetings. This can save agents and brokers considerable time and effort. Propy's platform provides transparency and real-time access to transactions, which can be particularly useful for professionals working with overseas clients. Propy's platform integrates with other digital tools, making it easier for agents and brokers to manage documents and contracts. Propy's platform is intuitive, making it easy for real estate professionals to adapt to and engage with the digital transformation of the industry.

Tokenizing real estate assets on the Propy platform involves a process that transforms a physical property into a digital asset represented by tokens on a blockchain. This process, known as tokenization, begins with the division of the property into digital tokens. Each token signifies a portion of the underlying property, including all its rights and obligations. Smart contracts, which are automated pieces of code residing on a blockchain, serve to outline the specifics of the contract. For example, a smart contract can facilitate a transfer in the land register without any human intervention. It validates the actions and automatically generates another block, adding it to the blockchain. The process of tokenizing real estate has parallels with crowdfunding, where an asset is divided into small fractions. Anyone who acquires a token holds a fraction of the real estate and is linked to the underlying asset and the associated non-monetary outcomes. This process seeks to foster transparency, efficiency, and fluidity in real estate transactions.

The platform is particularly known for its innovative use of Non-Fungible Tokens (NFTs) to encapsulate property rights into a US-based legislation entity. This allows for the transfer of ownership rights to real property via the "encapsulation" of those rights into an NFT. The transfer of possession of the NFT acts as a proxy for the acquisition of the real estate rights. This concept includes maintaining an electronic version of the Propy NFT ownership proprietary paperwork "on-chain" where the NFT smart contract can change the name of the legal entity owner as a result of a transfer of the NFT from a seller to a buyer on a platform facilitating NFT transactions. This approach seeks to establish a framework that could potentially facilitate the frequent transfer of ownership rights to real property.

Propy strives to optimize the closing process for real estate transactions by utilizing blockchain technology to create an efficient and user-friendly platform. It seeks to eliminate the need for physical paperwork by enabling all necessary documentation to be uploaded, reviewed, and signed digitally. Propy provides an immutable and tamper-proof record of all transactions, aiming to enhance security and reduce the risk of fraud. The platform facilitates real-time collaboration, enabling seamless communication between all stakeholders involved in the transaction. Propy is designed to operate across multiple states, with a focus on local regulation compliance. It utilizes AI to automate the transaction timeline, providing guidance on key transaction milestones. This approach seeks to optimize the closing process, traditionally known to take 45 to 60 days.

Engaging in real estate deals through Propy requires a due diligence process. This process seeks to uncover key information that may not be readily apparent or available when evaluating the value of a property or portfolio. The due diligence process involves inspecting the fundamentals of the property, seller, financing, and compliance obligations to reduce uncertainties. Prospective buyers must examine zoning restrictions, potential liens, and possible encroachments on the property. Existing structures must be fully inspected to discern needed repairs and their costs. Buyers must also determine whether they will absorb legacy liabilities from prior owners' legal and regulatory violations. If the property is largely financed, they need to address their ongoing ability to meet required payments. The due diligence process also extends to investigating the standing, reputation, and track record of the seller. This process requires a careful approach to ensure a smooth transaction process.