Real estate platform Roofstock has completed the sale of a three-bedroom property as a non-fungible token (NFT) for $175,000.
The rental property located at 149 Cottage Lake Way, Columbia 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.
Roofstock explained that each rental property is owned by a limited liability company whose details are encoded as an NFT (Home onChain) on the Ethereum blockchain. The Home onChain identity can be easily transferred whenever ownership of the underlying property is changed.
Adam Slipakoff said that the process of acquiring his new property using NFTs was less cumbersome than the traditional mortgage process.
“Instead of waiting months for underwriting, appraisals. title searches and preparing deads, I was able to buy a full title-insured, rent-ready property with one click. Best of all, I am no web3 expert.”
Roofstock onChain Chief Blockchain Officer Geoff Thompson said that web3 technology has helped the company develop a novel system where real estate investors can complete their deals seamlessly.
Roofstock confirmed that it has teamed up with Teller protocol to offer loans of up to 80% to investors purchasing rental properties via NFTs.
NFTs going beyond JPEGs
From the early days of CryptoKitties in 2017, NFTs have evolved from a joke to an asset class whose utility span has reached different sectors of the economy.
Since the start of 2021, NFT adoption has grown significantly in the Sports industry as fans pay to acquire digital collectibles of their memorable sports events. As a result, the market for Sports NFTs has also grown from about $1.3 billion in 2021 to over $2.6 billion by Q3, 2022.
Companies like Starbucks have also leveraged NFTs to reward their loyal customers. The leading coffee company partnered with Polygon network to launch a loyalty program that allowed customers to earn and trade NFTs with access to exclusive rewards.
Toxica creator Rona McGunn told CryptoSlate that NFTs have paved a new way for independent filmmakers to create and fund their passion without signing off their artistic freedom and copyright.