0

WHY THIS MATTERS IN BRIEF

NFT’s are incredibly versatile and opening up a whole new way to buy all manner of things, from Tweets to houses …

 

Love the Exponential Future? Join our XPotential Community, future proof yourself with courses from XPotential University, read about exponential tech and trendsconnect, watch a keynote, or browse my blog.

Despite their often wildly fluctuating value Non-Fungible Tokens (NFT’s), which have been used to sell everything from art and Tweets to virtual sneakers, and other digital collectibles, are still popular. And now, Web 3.0 and the Metaverse, are staking a claim in a new frontier – real estate.

 

RELATED
Canadian province votes to trial Universal Basic Income

 

While we’ve seen a realtor in the US trying to sell an NFT that then “came with a free house,” as well as crypto mortgages, and virtual real estate, this time the NFT twist is slightly different after an NFT of a real-world home was sold for $175,000 over the weekend in Columbia, South Carolina.

 

Learn more about NFT’s and the Metaverse, by keynote speaker Matthew Griffin

 

The home boasts three bedrooms and was recently renovated, featuring a large living room and dining room area complete with a galley-style kitchen and walkout patio, as you can see from the video. There’s also a master suite complete with a walk-in closet and double vanity.

In this case the rental property “was sold on the Roofstock onChain NFT marketplace by transferring the Home onChain identity to an Ethereum address owned by the house buyer Adam Slipakoff,” Unusual Whales reported.

 

RELATED
Green Bitcoin alternative Chia causes global hard drive shortages

 

Now, all that might sound fairly straight forwards, but here’s where it gets odder and who knows, maybe this will be the way all properties are sold in the future. In this case the LLC of the company that sold the home created an NFT representing ownership of the home. Then, whoever bought that NFT then has ownership of the property, and even though the purchase is digital the ownership is very real -whoever owns the NFT owns the physical home in the real world.

 

Just an ordinary house, but bought in a new way …

 

Furthermore, by creating an LLC for the home on the blockchain it also means that in the future any and all maintenance and property records, from bills to tax payments, could be saved to the blockchain as a digital record of that homes unique economic and physical history.

 

RELATED
The world's first NFT mortgage lets you buy real property in new ways

 

The historic purchase marks the start of what could potentially be the future of real estate as NFTs, possibly opening doors to make crypto purchases for real estate a viable source of funding for a wide range of people.

About author

Matthew Griffin

Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the World Futures Forum and the 311 Institute, a global Futures and Deep Futures consultancy working between the dates of 2020 to 2070, and is an award winning futurist, and author of “Codex of the Future” series. Regularly featured in the global media, including AP, BBC, Bloomberg, CNBC, Discovery, RT, Viacom, and WIRED, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future. A rare talent Matthew’s recent work includes mentoring Lunar XPrize teams, re-envisioning global education and training with the G20, and helping the world’s largest organisations envision and ideate the future of their products and services, industries, and countries. Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Aon, Bain & Co, BCG, Credit Suisse, Dell EMC, Dentons, Deloitte, E&Y, GEMS, Huawei, JPMorgan Chase, KPMG, Lego, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, T-Mobile, and many more.

Your email address will not be published. Required fields are marked *