According to Coindesk, TechCrunch founder and cryptocurrency investor Michael Arrington is selling an NFT-backed apartment in Kiev, Ukraine. 2017, Michael Arrington purchased the Ukrainian apartment through real estate platform Propy, using ethereum and smart contracts to settle transactions . This time Propy will auction the same property, but this time with real estate-backed NFT. the auction process will involve the seller signing proprietary legal documents for NFT to transfer ownership to a future buyer. upon completion of the auction, the seller will receive payment in cryptocurrency, Propy said.