A three-bedroomed house in South Carolina has just been purchased by a real estate investor through the OpenSea non-fungible token (NFT) marketplace. The NFT was sold last weekend for $175,000 in USDC tokens.
NFT house in South Carolina sold for $175K
The buying of this NFT house was made possible by Roofstock OnChain, a web3 branch of Roofstock. Roofstock focuses on listing single-family rental homes. Founded in 2015, the company has facilitated over $5 billion in investment deals, making it one of the biggest names in real estate.
The buyer of this NFT house is Adam Slipakoff, a real estate investor. Slipakoff mentioned that he could purchase the house with just one click. The house was completely title-insured and ready for renting. The simplicity of Slipakoff’s purchase showcases the effectiveness of the technology behind web 3.0 & crypto projects.
The sale marks the first NFT deal the real estate company has made. The chief blockchain officer at the company, Geoff Thompson, commented on this sale, saying that it was a “major milestone” that gives buyers a simple way to buy rental properties.
The initiative has bridged the gap between the virtual and the real world. Every buyer holding an NFT of a house listed by the company will instantly have ownership of the actual property.
The rental properties sold on the platform through the NFT are owned by an individual single-purpose Limited Liability Company (LLC) registered in the state of Wyoming. The sold NFTs are linked with the sole ownership of this LLC.
The buyers’ names must be revealed to the public because of legal requirements. There is a process that is followed by the buyers that want to join the site. The setup process requires that the buyers mint a non-transferable membership token.
The membership token will be accompanied by a “verified buyer” flag that allows the buyers to connect to an NFT marketplace and buy a Home OnChain NFT in one click. This will result in the sale and settlement of the property.
A spokesperson from the company commented on this innovative approach to real estate sales, saying, “The sale of the NFT results in a change in the ownership of the LLC, and thus the underlying property.”
Roofstock brings NFTs into real estate
Roofstock secured $1.9 billion in a Series E funding round conducted earlier this year. The series of funding rounds conducted by the company have provided Roofstock with the resources needed to transform the traditional real estate market.
Roofstock has also partnered with the Origin Protocol to unveil an innovative real estate project that relies on tokenized technology. The Origin Protocol and Roofstock have launched an NFT marketplace focused on physical real estate. The company claims it lowers seller fees by up to 50% while giving more value than traditional real estate.
According to the chief blockchain officer at Roofstock, Geoffrey Thompson, tokenizing the real estate sector created frictionless transactions that simplified the process and made information readily available. “The whole ecosystem exists for one purpose: for the buyer and seller to have a trusted relationship,” Thompson added.
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