Homes Accept Bitcoin From Buyers And Display NFT Art – The Hollywood Reporter

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The soaring contemporary architecture and breathtaking views of the Palazzo di Vista in Bel Air may seem well worth the $ 87.77 million it is listed for. But the lucky buyer will also acquire a $ 7 million art collection, including an NFT (non-fungible token) art gallery, curated by MDP Art Curators, with works by Ghost Girl and BigHead Music Producer.

“The art world is moving so fast in this digital world, so we thought, ‘Why not make it part of the home world? Says Aaron Kirman of Compass. He owns the list with Mauricio Umansky of The Agency, who says, “It adds another level of fun where you could attract the right buyer. And it’s a great marketing campaign.

Living space inside the house at 1250 Hilldale, built by Colossal Properties and designed by architect Hagy Belzberg Chris Nolasco

Developer Phillip Braunstein, president of Colossal Properties, was once an early developer of NFTs, and it’s already changed the way he views his homes. “Where I might have looked in the past for a really nice wall to put up a work of art, I will now focus on how to incorporate the digital art experience,” he says. As an NFT art collector, Braunstein sees huge benefits in incorporating NFTs into real estate portfolios. Not only is their provenance authenticated on blockchain, but they also avoid the hassle of maintaining traditional artwork.

Four pieces on a set of seven NFT works “Vandal Gummy” by WhIsBe at 1250 Hilldale, valued at $ 1 million; parts are displayed inside Netgear’s Meural Canvas II screens. Chris Nolasco

“NFT art is interesting because in a way it’s more durable. You can’t really get any dirt or damage from the sun. And it’s easy to take apart and take it off, ”he says. “I know friends where the majority of their [art] The collection is stored because they just don’t have wall space, but with NFT art you could have thousands of works of art that you could rotate using your phone. Colossal Properties’ 1250 Hilldale Residence in the Hollywood Hills, listed at $ 18 million, showcases Braunstein’s set of four Gummy Bear NFT works by artist WhIsBe.

Another sign of the changing times, Palazzo di Vista and 1108 Wallace Ridge (listed at $ 65 million by Kirman and Michael Chen of design-development firm Luxford Group) accept Bitcoin cryptocurrency at the rate equivalent to the asking price. . “This is just one more way for us to try to make it easier for potential buyers, because there are so many multimillionaires and billionaires invested in using crypto,” says Umansky.

Courtyard with an olive tree at 1108 Wallace Ridge in Beverly Hills. Douglas friedman

As new practices become more common and more accessible, the digitalization of real estate transactions could transform the industry. “Imagine if I could show you that I own my house with a simple QR code on my smartphone,” says Braunstein.

But many questions remain – as Umansky notes, there has not yet been a major real estate transaction in LA via Bitcoin. “It’s something new,” he said. “It’s exciting, but I think there is still a lot to learn. “

This story first appeared in the July 21 issue of The Hollywood Reporter magazine. Click here to subscribe.

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