Prospective buyers can save 10% on the asking price of house listing if they pay in Dogecoin, according to the influencer marketer.
As the acceptance of digital currencies for business transactions continues to take shape, cryptocurrency as a payment option for real estate is gaining steam.
According to a report by Fox 13 on Sunday, Scott Paul, the creator of Utah-based marketing agency Wooly, has put his Saratoga Springs property on the market, accepting Dogecoin (DOGE) as a form of payment.
Despite the fact that the listing price is $399,000, Paul is reportedly willing to grant a 10 percent reduction if the purchase is done using Dogecoin as payment. “I am a very risky person,” Paul admitted when asked about the potential volatility risk involved with a real estate transaction performed through DOGE. Dogecoin is more likely to appreciate by 20%, 30%, or 40% if I sell it in Dogecoin.
Given the current value of Dogecoin, Paul’s house listing at a 10 percent discount will be worth 1,734,782.60 DOGE, according to the current exchange rate. As of the time of writing, the eighth-ranked cryptocurrency had fallen by 72 percent from its all-time high reached in May.
The Wooly founder’s previous experience in brand awareness and viral marketing may possibly be a contributing factor to his choice to accept Dogecoin as a payment method.
When it comes to cryptocurrency, DOGE is unquestionably the greatest viral meme coin in existence, with its price growth frequently powered by the same strategies that are common in the influencer marketing industry.
For Paul, the choice to accept Dogecoin as payment for his house is also a continuation of a long-standing interest in cryptocurrencies that began in 2015 and continues today. Paul informed Fox 13 that he was an early adopter of Bitcoin (BTC) and Ether (ETH), among other cryptocurrencies (ETH).
As previously reported by Cointelegraph, the use of Bitcoin to pay for real estate is becoming more popular. A luxury condo developer in Miami, E11even Hotel and Residences, said in June that it had received its first cryptocurrency deposit for the purpose of purchasing property.