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 …
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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.
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.
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.
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.