Roofstock sells first on-chain house as NFT for $175K
The rental property located at 149 Cottage Lake Way, Colombia was sold by transferring the Home on Chain identity to an Ethereum address owned by home buyer Adam Slipkoff.
Real estate platform is in roofstock That which has been completed Sale of the three-bedroom property for $175,000 as non-fungible tokens (NFTs).
rental property located at 149 Cottage Lake WayColombia was sold on the Roofstock Onchain NFT Marketplace by transferring the home onchain identity to one. ethereum address Owned by home buyer Adam Slipkoff.
Roofstock explained that each rental property is owned by a limited liability company whose details are encoded as NFTs (Home on Chain) on the Ethereum blockchain. Whenever the ownership of the underlying asset is changed, the Home on Chain identity can be easily transferred.
Adam Slipkoff said that the process of obtaining his new asset using NFTs was less cumbersome than the traditional mortgage process.
“Instead of waiting months for underwriting, evaluation. Title searching and preparing for the dead, I was able to purchase a full title-insured, ready-to-rent property with one click. The best part is that I’m no Web3 expert.”
Geoff Thompson, Chief Blockchain Officer, Roofstock on Chain, said Web3 technology has helped the company develop a new system where real estate investors can close their deals seamlessly.
Roofstock confirms they have teamed up Taylor Protocol Offering loans up to 80% to investors buying rental properties through NFTs.
NFTs going beyond JPEG
Since the early days of cryptocurrency in 2017, NFTs have evolved from a joke to an asset class whose utility span has reached various sectors of the economy.
Since the beginning of 2021, NFT adoption in the sports industry has increased significantly as fans pay to receive digital archives of their memorable sporting events. As a result, the sports NFT market has also grown from around $1.3 billion in 2021 to over $2.6 billion by Q3, 2022.
Companies like Starbucks have also taken advantage of NFTs to reward their loyal customers. The leading coffee company partnered with Polygon Networks to launch a loyalty program that allowed customers to earn and trade NFTs with access to exclusive rewards.
Toxica producer Ronna McGunn told Cryptooshala that NFTs have paved a new way for independent filmmakers to create and fund their passion without having to sign their artistic freedom and copyright.
Credit : cryptoslate.com