A Man’s Attempt of Selling House through NFT Did Not Go as Planned

Ever since the non-fungible token (NFT) business has kicked off, many people are constantly monitoring the business from outside. Many have found themselves interested in either becoming collectors or the ones creating the NFTs.

Then there are people who are new to the sector but want to avail from it as much and as fast as they can. This is the story of Shane Dulgeroff who also found himself attracted by the high profits being generated through the NFT business.

Dulgeroff informed the media sources he had been monitoring the NFT industry for some time and found it to be very profitable. He had been monitoring the market and saw baseball cards, digital artwork pieces, and other collectibles were doing on the platform.

He could see how artists and creators of such non-fungible token (NFT) collectibles were doing in the market. He was mesmerized by the amount of money the non-fungible token (NFT) deals were bringing in for the creators.

Being a 27-year-old real estate broker in California, Dulgeroff wanted to have a piece of the profits from the NFT technology. Therefore, Dulgeroff decided that he was going to avail himself of the opportunity and see how it turns out for him.

Dulgeroff had monitored the NFT market enough to establish that the industry was full of commissions and profits. He was confident that if he converts the sale of one of the houses into NFTs and tries selling them, he would be able to generate as much money as other NFTs.

Therefore, the next thing he did was to collaborate with one of the major artists known for creating and launching NFTs. The name of the artist was Kii Arens who is also known as a major graphic designer and a pop artist.

Dulgeroff had Kii Arens create artwork and had it incorporated with a property at Thousand Oaks. The property he had incorporated for sale through the NFT technology was a two-unit duplex.

After the creation of the NFT, he also went ahead and added something new to make the NFT even more interesting. In the NFT deal, he added that the property could bring in $60,000 annually in the form of income.

Later on, the particular non-fungible token (NFT) was put up for sale through one of the NFT marketplaces, OpenSea. It is currently one of the highly adopted platforms (marketplace) used for selling/auctioning digital assets. The platform is based on blockchain technology, which is similar to the Ethereum blockchain.

According to Dulgeroff, he had expected that the minimum price of the property would be $2 million. However, things did not work out as planned as after the first bid of 48 Ether (ETH), translating to $110,000. After that no bid was offered by any other user, so what Dulgeroff had hoped never came to fruition.