Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Technology https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ The technology investor from San Francisco offers apartments for rent such as NFT

The technology investor from San Francisco offers apartments for rent such as NFT

The highly competitive rental market in San Francisco slowed significantly during the pandemic, especially for non-traditional housing for many people. One owner of a cohabitation space in the Mission is trying to create an innovative solution for signing leasing contracts, based on the growing popularity of NFT and cryptocurrency.

This Bay Area solution to a Bay Area problem will be tested from May 5 by early cryptocurrency evangelist Jared Kena. On that date, room rents in his community living together will be auctioned off, starting at $ 300,000 (or about 108 Ethereum coins), as first reported by the San Francisco Business Times.

Long-term leases will be converted into non-flammable tokens or NFTs, and the highest biders will receive exclusive digital rights to the space for 75 years. There are about 20 rooms available, although none include a private bathroom or kitchen.


7;m going to auction NFT and whatever’s for sale is for sale,” Kena told the Business Times. “Will it be a million dollars? I doubt it. Will it be hundreds of thousands of dollars? I guess so.”

Kena said the tenants are essentially the owners of the new agreement. One of the advertised advantages of NFT is their blockchain-based portability, which will allow leaseholders to transfer their rooms as a sublind if needed.

While Kena was an early bitcoin investor and even once owned a bitcoin exchange, he had a difficult year in 2016, when his identity was stolen and hackers allegedly took off with all his bitcoins, robbing him of millions. He hopes to use the proceeds from the NFT auction to pay off the building debt.

The shared living space, called 20Mission, has 41 rooms and is located on the corner of Mission and 20th Street. Kena converted the former single-room hotel in 2012 to create a space for technicians and artists. Single rooms are usually rented for about $ 2,000 a month.

While $ 300,000 isn’t cheap for a room without its own kitchen or bathroom, Kena still thinks it’s a bargain. “Show me what else you can get for 300 bucks in San Francisco,” he told the Business Times.

Jared Kena did not respond to a request for comment from SFGATE.

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