MADRID--(BUSINESS WIRE)--Please replace the release issued on 5 July at 9:30am ET with the following corrected version due to multiple revisions.
The updated release reads:
PROMETHEUS INTERNATIONAL LAUNCHES FIRST OF ITS KIND CRYPTOCURRENCY REAL ESTATE PROJECT
In 2021 Prometheus International sold the first villas in Madeira, Portugal, paid in cryptocurrency.
"Project Blockchain - The Royal Blockhouse" is the new property launch
Prometheus International, the first property business to accept payment in cryptocurrencies, has just announced a new project: The Royal Blockhouse. It has been created in partnership with some of Europe's most prominent digital influencers, cryptoasset institutions and experts in the field of cryptocurrencies.
Priyesh Patel, founder and CEO of Prometheus International, says: "The Royal Blockhouse combines two aspects of the blockchain revolution: ownership through non-fungible tokens (NFT), but also infrastructure design; something that is happening for the first time in the world of luxury real estate."
The villas will be fully operational on the blockchain, from smart home features to aspects related to licensing, entitlements, rent, fees, access, payment records, etc. Prometheus International identifies the main points of the project:
- The Royal Blockhouse will be available for purchase as an NFT. 8760 NFTs will be issued for 24 properties; each token will represent access for a single day of the calendar year to any of the villas in one of the 27 EU countries, including the UK.
- If a single investor owns more than 365 NFTs at any given time, he/she will be transformed into ALPHA and become the owner of one of the villas in the project of his/her choice; that villa will be removed from the pool of properties for all other NFT investors.
- The goal will be to reach 24 ALPHA for these individual properties, creating 24 owners over time through NFT secondary trading.
- NFTs will have dynamic "on-chain" images and metadata that will change based on the weight of their owner's NFT tokens.
- After construction, the entire project will be managed by a consortium of independent legal counsel members on behalf of all NFT owners until all homes are transferred to ALPHA owners.
- The 8670 NFTs will be available for purchase on the day of minting, starting at €20,000 each.
In Madeira, Prometheus International revolutionized the sector last year with the sale of luxury villas in cryptocurrency of which, four are still available for purchase; now Prometheus is pioneering the blockchain market, marking the beginning of a revolution for crypto-friendly markets in Europe and the world.
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