The real estate in North Hollywood, Los Angeles, dubbed “Crypto House” received less traction from individual and institutional investors. The buyers have refused the place over alleged observable reasons as the owner decreased the initial price to a 20% decrease, a complete failure in the real estate property.
Crypto Hollywood house drops in price
The famous Crypto House listed on property site Zillow gets no bids as investors reject it for undoubted reasons. The property in Los Angeles, a few meters from North Hollywood, has seen its price drop 20% as its initial price was worth over $1.2 million. Recent data depicts the house to cost an asking price of $949,000, a difference of $251,000.
The house is described as containing four bedrooms, with three bathrooms. It is a few meters away from the North Hollywood shopping center. Spectacular shops, entertainment choices, and dining also surround it. As of the time of writing, it has been updated with a kitchen that overflows into the dining and living sections, vaulted ceilings, and a planned spacious open floor.
Crypto house has a variety of wallpapers on the walls. There are non-fungible tokens with Bored Ape Yacht Club (BAYC) paintings. Crypto punk clusters are showcased in the dining and living room.
The property also has a combination of ethereum, bitcoin, and dogecoin themed wallpapers in the four rooms each. The other room is decorated with multiple tweets that promote blockchain NFT projects.
The property is stated to have not only been rejected by investors but by Airbnb as well. According to its page, there isn’t any booking at the current state nor even for the foreseeable future since nobody would like to stay at the place temporarily. However, the Crypto House has 18 reviews, with one of them claiming that the outdoor pool should be cleaned.
In a brief outlook, the NFT-themed house was sold for $520k in 2016. In September 2021, the current property owners rented the place for $960k to a term defined as content space which was a weird buying price over the $858k in the previous month.
NFT projects suffer in the crypto winter
The prolonged crypto winter has influenced further NFT initiatives in recent months. For instance, Super Rare, a non-fungible token marketplace, affirmed this past week that it was laying off 30% of its workforce due to similar considerations.
Last month, Donald Trump debuted his NFT catalog, which included 45,000 NFT cards. Former US president cards’ sales have dropped by more than 98% since their pinnacle.