House in the US sold as NFT for $175 000

The purchase was made through the marketplace of the real estate company Roofstock onChain

19.10.2022 - 10:25

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What’s new? Roofstock, a real estate company, sold a house in South Carolina as a non-fungible token (NFT) for $175 000. Buyer Adam Slipakoff noted that he was able to buy “a full title-insured, rent-ready property with one click.” The purchase itself was paid for with USD Coin (USDC) stablecoins through the Roofstock onChain platform.

Lot on Roofstock onChain

More details about the deal. For the company, this was the first sale of a house in the form of an NFT. According to The Block, Geoff Thompson, chief blockchain officer at Roofstock, called the deal a “major milestone” in providing buyers with an easy way to purchase real estate.

“Real estate tokenization creates smooth transactions, simplifies the process and makes information more readily available. The entire ecosystem exists for one purpose: so that buyers and sellers can have a trusting relationship,” he added.

What is known about Roofstock? The real estate company was founded in 2015. Over the entire period of its activity, it has conducted more than $5 billion in investment transactions. The company also has its own NFT marketplace for real estate, Roofstock onChain.

Since buyers’ names need to be made public according to legal requirements, an initial setup and registration process is required for potential buyers. By joining the site, the user receives a special non-transferrable membership token that marks them as “verified.”

In February, for the first time in the US, a home in Gulfport was sold as an NFT on an online auction. The auction was organized by Propy, a real estate transaction platform, and it also issued digital documents confirming the ownership of the house.

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