A House in South Carolina sold as an NFT

House in South Carolina sold as an NFT

A three-bedroom house in South Carolina has been purchased by a real estate investor via an NFT marketplace for $175,000, paid in USDC.

The sale of the house as an NFT was done via the web3 subsidiary, Roofstock onChain, of real-estate company Roofstock. 

The investor, Adam Slipakoff said that “instead of waiting months for underwriting, appraisals, title searches and preparing deeds, I was able to buy a fully title-insured, rent-ready property with one click. Best of all, I am no web3 expert – the Roofstock onChain platform made it simple and easy.”

This marks the first NFT sale of Roofstock. The company’s chief blockchain officer, Geoff Thompson said that this sale was a ‘major milestone’ in providing buyers with a simple way to purchase rental properties.

Each rental property that is listed as an NFT is owned by an individual single-purpose LLC registered in Wyoming.

When buyers join the site, they are required to mint a non-transferable membership token. Each Home onChain is transferred using smart contracts, which are deployed on the Ethereum network, and the entire transaction takes place transparently on the blockchain.

This token is marked with a ‘verified buyer’ flag, allowing buyers to connect to the marketplace and buy home NFTs.

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