GULFPORT, Fla. (AP) — A home along Florida’s Gulf Coast will be auctioned off in the upcoming week as a non-fungible token in what is believed to be among the first such transactions in the U.S.
Non-fungible tokens — or NFTs — use a version of the encryption technology employed to secure cryptocurrencies to create one-of-a-kind digital objects. The technology provides digital creations a kind of certificate of authenticity, allowing ownership of something that could otherwise be replicated endlessly.
In the case of the four-bedroom home in Gulfport, Florida, a California-based real estate technology company, Propy, will mint the property rights into a digital token and host an online auction, with bids starting at $650,000.
Minting property rights into an NFT would allow owners to sell a home as quickly as a Venmo transaction, Leslie Alessandra, the home’s current owner, told the Tampa Bay Times.
Christopher Vasilakis, a local real estate and virtual-reality expert, described such a transaction as “essentially just selling a company and a company owns that house.”
There could also be challenges given the volatility of cryptocurrency, and it’s not yet clear if the value of a house tied to an NFT would be affected by the crypto market, Vasilakis said.
The biotechnology (biotech) sector was one of the best performing sectors in 2020. Many companies saw their stock prices rise as the race was on for a Covid-19 vaccine.
However, many of these companies were pre-revenue companies. Or they were companies that only had one or two in-market products or therapies. And as the calendar turned to 2021, investors took notice. And what went up quickly went down. And in the case of the biotech sector, it came down hard.
One way to tell is to look at biotech ETFs. One of the most popular ETFs, the VanEck Vectors Biotech ETF (NYSEARCA:BBH) is down more than 15%. So you can imagine what it’s been like for many individual biotech stocks. If you’re a buy-and-hold investor, you’re licking some wounds right about now.
But investors who knew what companies to buy have done well. And many of those names will continue to lead the biotech sector in 2022. In this special presentation, we give investors seven biotech stocks that represent different aspects of this diverse sector. We’re confident there’s something for investors of all risk tolerances.