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Will Tokenized Deeds Push Propy Higher?

PRO climbs as RWA fervor juices PropyKeys launch
Jack Inabinet Jack Inabinet Mar 27, 20242 min read
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market analysis Will Tokenized Deeds Push Propy Higher?

Real estate tokenization platform Propy (PRO) has made monstrous gains in the past two weeks, up 240% to a cycle high of $2.50! What development turned the tide for Propy, and can the PRO token sustain the momentum?

Unlike many tokenized asset projects, whose gains over the past week can be largely attributed to a resurgence in the real world asset narratives ignited by BlackRock’s decision to launch its first onchain fund, Propy is pumping on internal catalysts.

On March 13, Propy unveiled its newest offering to the public: PropyKeys.

Unlike the namesake Propy, which functions as a platform for tokenized real estate transactions, PropyKeys will be something akin to an RWA x ENS cross, enabling users to mint digital addresses that correspond to tangible properties.

PropyKeys come in three different tiers and the upgrade introduces multiple changes to Propy’s tokenomics, requiring varying amounts of PRO tokens to mint different tiers of PropyKeys and bringing enhanced token utility through staking.

Source: PropyKeys

To encourage speculation on PropyKeys, Propy is rewarding digital address holders with 50 PRO in tokens if their NFT claimed by its real owner and upgraded into a deed NFT, with an additional $1k reward if their address is turned into a real world asset and sold on Propy.

While the changes introduced by PropyKeys are unlikely to directly increase the demand for Propy’s core products or value proposition behind tokenizing your residence, it provides a potentially lucrative task for degens to perform on Base, a hot spot for onchain activity in recent weeks, and is providing direct utility for the PRO token.

If we are merely at the onset of an impending tokenization hype cycle, as indicated by BlackRock’s decision to launch its first tokenized fund, the PRO token could experience significant further upside, however, it is crucial to recognize that in the absence of actual interest to tokenize from the owners of properties attached to digital addresses – an issue not addressed by PropyKeys – the speculative fervor around PRO could wane as digital address minters come to the realization that no one is coming to claim it and no rewards will flow their way.

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Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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