A real estate investor spent $175,000 in USDC to acquire a three-bedroom home in South Carolina via an NFT marketplace over the weekend.
The acquisition of 149 Cottage Lake Way, Columbia, was made possible by Roofstock onChain, a web3 subsidiary of the real estate company Roofstock. Adam Slipakoff, a real estate investor, said he was able to purchase a fully title-insured, rent-ready home with a single click.
An NFT tied to an actual house just sold for $175K.
Roofstock, established in 2015 and specialised in single-family rental buildings, has enabled more than $5 billion in investment deals.
This is the first sale of an NFT by the company. Geoff Thompson, the company’s chief blockchain officer, referred to the sale as a significant milestone in facilitating the acquisition of rental properties.
According to the corporation, each rental property leased on its platform via NFT is owned by a Wyoming-registered, single-purpose Limited Liability Company (LLC). The NFT sold is associated with the LLC’s exclusive ownership.
Due to legal constraints requiring buyers’ names to be public, prospective buyers must mint a non-transferable membership token during the site’s initial registration procedure.
This adds a verified buyer label to the membership token, allowing buyers to connect to an NFT marketplace and acquire a Home with a single click, resulting in a sale and settlement.
According to a company representative, the sale of the NFT leads to a change in the ownership of the LLC and, consequently, the underlying property.