New York, September 02, 2022:
Developer, Azul NYC, purchased the first-ever non-fungible token (NFT) of a New York City high-rise at 44 West 37th Street—a 16-story, 50,000 square foot office building.
According to public sales records on the NFT marketplace Opensea, "44W37" was purchased for 1 ETH—with another “sizeable undisclosed sum” invested in creating the digital building assets unlocked by the NFT.
44W37, created by spatial intelligence company Integrated Projects, serves as an immutable digital asset minted on the Ethereum blockchain.
As owners of 44W37, Azul NYC holds privileged access and rights to the collection of digital building files unlocked by the NFT. These unlocked files are viewable, shareable, and leasable to the building’s tenants via Integrated Projects' platform, IPx. Within the platform, tenants have the ability to view, share, and use their leased space's 3D scans, plans, virtual tours, and location reports.
Collectively, these unlocked assets save tenants the time, expense, and coordination involved in re-producing the accurate existing conditions of their physical space by painting a survey-grade picture of the building’s physical characteristics—architecture, equipment and mechanical.
“NFT’s are not new. 3D scans of buildings are not new,” says Jose Cruz Jr, Founder of Integrated Projects, “...what’s new is the merging of these technologies with blockchain utility, enabling building owner's to create, own, transact, and monetize their digital assets—similar to how we do so with our physical assets.”
“The digital transformation of commercial real estate is going to fundamentally change how we design, build, operate and monetize our spaces,” says Jack Ezon, Principal of Azul NYC, “this is still day one.”
About Azul NYC:
Azul NYC is a real estate development firm and owners of 44 West 37th Street, a 16-story office building in Midtown Manhattan.
About Integrated Projects:
Integrated Projects is a spatial intelligence company focused on the digital transformation of the built environment. IP's services empower owners, operators, and real estate professionals to accurately see, verify, and quantify their buildings.