Buy A Real House As NFT? A $175,000 House in South Carolina Sold as NFT.
During the weekend, an investor bought a three-bedroom house in South Carolina for $175,000 paid in USDC via the NFT marketplace.
Buying A House Through onChain As NFT
Roofstock onChain, a subsidiary of real estate company Roofstock, made possible the purchase of 149 Cottage Lake Way, Columbia.
“The main level features all updated flooring, a combination of wood laminate and tile, so you can easily keep a clean and beautiful living environment. The living room/dining room space is great for entertaining and relaxing with loved ones,” cited to the website.
The website further explained, “Cook up your favorite meals in the galley-style kitchen, offering updated appliances and sliding glass door access to the walkout patio. The cozy family room is perfect for kicking back and watching your favorite shows and movies.”
According to the buyer, real estate investor Adam Slipakoff, he bought a rent-ready, fully insured property in a single click.
Roofstock specializes in single-family rental properties and has processed more than $5 billion worth of transactions since it was launched in 2015.
It is the company’s first NFT sale, and its blockchain chief, Geoff Thompson, called this a “major milestone” for providing investors with a simple way to buy rental properties.
Each Property Sold is Owned by Single-purpose LLC
The company told The Block that each rental property sold on its platform via NFT is owned by an individual Wyoming-registered Limited Liability Company (LLC) and the NFT is associated with that LLC only.
Considering that buyers’ names must be made public due to legal requirements, there is a non-transferable membership token issued to the buyer during the initial registration process.
As soon as the membership token is verified, the buyer can connect to an NFT marketplace and purchase the Home onChain NFT with a single click, resulting in the sale and settlement.
“The sale of the NFT results in a change in the ownership of the LLC, and thus the underlying property,” said the company spokesperson.