You might have never thought this would happen but it is. It turns out that a major Australian real estate group is holding a luxury home auction that can be bought with two cryptocurrencies.
And, more importantly, this time it is not digital!
LJ Hooker is one of Australia’s largest real estate groups and they have been preparing for a live luxury real estate auction for cryptocurrencies with a LIVE auctioneer.
The two parties that making this happen along with LJ Hooker are James Pratt Auctions and blockchain company Nuyen. These two will facilitate online bidding for the luxury house.
The auctioneer will call bids in cryptocurrency, with the price to be converted and displayed in AUD and USD on a live screen. Payments can be made in both bitcoin (BTC) and binance coin (BNB).
About LJ Hooker
So a little about the company that is holding this auction. LJ Hooker was founded in 1928. It is one of the best known and renowned in Australia. They have their offices in China, New Zealand, Indonesia, Vanuatu, Papua New Guinea other than Australia.
The auction is set to take place on 8th April. The property is located on the coast about 60 miles south of Brisbane where there will be a live auctioneer.
How will they handle the process you ask?
Well, Nuyen Vice President Ryan Lee described the post-auction process telling people that:
Once the sale has been completed, Nuyen’s internal and secure exchange will then be responsible for facilitating the liquidation of the coins themselves and of course releasing them back to the market.
This property is owned by the president of Nuyen himself, Grey Costello. The auction has attracted buyers from across the world. Buyers are coming in from the United States, China, Canada, and Australia.
Costello was quoted saying:
We have already had parties register for the auction in less than 5 days of it being released … There has been a lot of international interest and publicity and I expect to see this grow and grow as the auction gets closer.”
This paves way for more live auctions such as these especially with cryptocurrencies as a source of payment. This makes it all the easier for bidders to participate from all over the world.
All signs point to a borderless system where digital assets are traded for real assets.
The response has been overwhelming and this just goes to show that cryptocurrencies are gradually integrating into our real lives.