Crypto as a payment option for real estate continues to gain traction as the adoption of virtual currencies for both commercial transactions continues to take shape.
Scott Paul, the founder of Utah-based marketing agency Wooly, put up his Saratoga Springs home for sale with Dogecoin (DOGE) as an acceptable payment method, according to a report by Fox 13 on Sunday.
While the listing price is set at $399,000, Paul is reportedly ready to offer a 10% discount if the purchase is made via Dogecoin. Commenting on the potential volatility risk associated with a real estate deal conducted via DOGE, Paul remarked: “I’m a very risky person. I think the chances of me selling it in Dogecoin and having it go up by 20%, 30% or 40% is more likely.”
Given the current price of Dogecoin, Paul’s house listing at a 10% discount will amount to 1,734,782.60 DOGE. The eight-ranked crypto is down 72% from its May all-time high as of the time of writing.
The Wooly founder’s background in brand recognition and viral marketing also offers a likely explanation for the decision to accept Dogecoin as a payment option. DOGE is arguably the largest viral meme coin in the crypto space, with its price growth often fueled by the same techniques ubiquitous in the influencer marketing arena.
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For Paul, the decision to accept Dogecoin for his house is also part of a longstanding interest in cryptocurrencies dating back to 2015. Paul told Fox 13 that he was an early adopter of Bitcoin (BTC) and Ether (ETH).
As previously reported by Cointelegraph, Bitcoin payments for real estate are on the rise. In June, E11EVEN Hotel and Residences, a Miami-based luxury condo developer announced the receipt of its first crypto deposit for property purchases.