The price of decentralized blockchain network Algorand (ALGO) surged after the announcement of a new strategic partnership with a real estate firm powered by artificial intelligence.
In a press release, the Algorand Foundation says it’s joining forces with Lofty AI to create a marketplace for investment in tokenized real estate.
According to the announcement,
“Lofty AI enables people to invest in fractions of investment properties via the Algorand blockchain for as little as $50… Every property has been vetted by the Lofty AI proprietary AI algorithm and their boots-on-the-ground acquisition teams.
Lofty AI tokens are 100% liquid and can be sold anytime for no fees or penalties. Investors receive daily rental income starting on the first day they invest and tokens appreciate in value on a monthly basis as the properties appreciate.”
Lofty AI was founded in 2019 with the goal of making investing in real estate as simple as buying stocks and cryptocurrencies. The Silicon Valley accelerator Y Combinator helped them raise $5 million in capital.
The company also seeks to alleviate the pressure renters feel due to the current housing crisis.
“Lofty AI hopes to help solve the current housing crisis by giving renters the ability to purchase tokens in the properties they’re renting – making them part-owners.”
Algorand’s head of global ecosystems and technical operations Addie Wagenknecht thinks that the alliance represents a use-case example of what the future of finances might look like.
“Algorand is a blockchain designed for the next generation of economic exchange and provides Lofty AI with the opportunity to build a highly scalable tokenized real estate marketplace on a chain which is guaranteed not to fork while enjoying exceptionally low transaction fees.”
ALGO leaped from a low of $1.60 on November 17th up to a high of $2.42 on November 18th. At time of writing, Algorand sits at $1.86.
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