It’s not unusual for NFTs to be tied to physical items. We’ve seen this with art and fashion pieces but what about houses? This might seem like a novel idea, but Roofstock, a property tech company, has sold its second house as an NFT. This property is based in Alabama and sold for $180,000 on an Origin Protocol-associated marketplace.
At Home with NFTs
Given how diverse the applications of NFTs have become, it is not too much of a surprise that even houses are getting the digital treatment. A sentiment reaffirmed by the company’s chief blockchain officer, Geoffrey Thompson, who believes that the underlying technology of NFTs has proven to be convenient for buyers.
“What it boils down to is being able to transact a real-world home with one click using NFT smart contracts,” he says.
Interestingly, the loan that was taken to allow for the financing of the homes was arranged in partnership with the Teller protocol. Through the protocol, users can access DeFi lending services and these are backed up by real-world assets. According to Sanjay Raghavan, head of Web3 initiatives at Roofstock, customers are required to not only buy a property but also title it as a single-purpose limited liability company (LLC).
By selling the NFT, they are essentially selling the ownership of the LLC.
Learn more >> The Ultimate NFT Guide
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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