Nonfungible tokens (NFTs) skyrocketed in popularity over the course of 2021 as the wider public became enthralled with projects like the Bored Ape Yacht Club and CryptoPunks, but these one-of-a-kind digital images are only scratching the surface of what NFT technology is capable of.
One project focused on expanding the functionality of NFTs beyond the digital art space is Propy, a protocol focused on the integration of blockchain technology with the real estate sector by automating the closing process of home buying to make the entire process faster, simpler and more secure.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $1.12 on Jan. 12, the price of PRO moved 227% higher to hit a daily high at $3.67 on Jan. 14 as its 24-hour trading volume spiked 452% to $29.3 million.
PRO/USDT 4-hour chart. Source: TradingView
Three reasons for the sudden surge in Propy price include the token being listed on Coinbase exchange, the successful completion of the first sale of a real estate NFT and growing potential of NFTs to be used in different use cases.
The Coinbase bump
The surge in the price of PRO on Jan. 14 was in large part due to the token listed on Coinbase, the largest cryptocurrency exchange in the United States.
INV, LQTY, NCT and PRO are now live on https://t.co/iQARfimGvY & in the Coinbase iOS & Android apps.
Coinbase customers can log in now to buy, sell, convert, send, receive or store.https://t.co/Yhm3KRFbAr pic.twitter.com/TFzIoqhQG4
— Coinbase (@coinbase) January 13, 2022
Prior to the Coinbase listing, the PRO token was only available on a limited number of exchanges including Huobi Global, Bitrue and the decentralized exchange Uniswap.
Coinbase is the second-largest cryptocurrency exchange by volume globally and the main exchange serving U.S.-based investors who have historically conducted the highest volume of cryptocurrency trading.
The first real estate NFT in the U.S.
A second development that is helping to boost the price and trading volume of PRO is the…