For $175k, a House South Carolina Was Sold as an NFT

During the weekend, a property investor spent $175,000 in USDC for a three-bedroom home in South Carolina through an NFT marketplace.

Through Roofstock onChain, a web3 division of the real estate firm Roofstock, the acquisition of 149 Cottage Lake Way in Columbia was largely facilitated. A completely title-insured, rent-ready home was purchased by the buyer, property investor Adam Slipakoff, with a single click, according to him.

Roofstock, a single-family rental property specialist established in 2015, has enabled over $5 billion in investment deals so far.

The business has now sold its first NFT. Geoff Thompson, the company’s chief blockchain officer, referred to the sale as a monumental achievement in the development of a straightforward platform for purchasers to buy rental homes.

The company said that each rental property offered on its platform using NFT is owned by a unique, standard Limited Liability Company (LLC) formed in Wyoming, and the NFT sold is connected to the exclusive ownership of the LLC.

There is a preliminary setup step for potential purchasers entering the site in which they generate a non-transferrable members token because buyers’ names must be made public owing to legal reasons.

This adds a confirmed buyer label to the membership token, enabling customers to link to an NFT marketplace and buy a Home on Chain NFT which is a click away, culminating in a transaction and agreement.

A representative of the enterprise noted that “the sale of the NFT results in a change in the ownership of the LLC, and thus the underlying property.”