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NFTs continue to test the boundaries of what the technology is capable of, and now, one company has sold an NFT that comes with a house! Roofstock, a real estate technology company, combines NFTs with physical property. Last week, they sold a home in South Carolina, USA, for $175 thousand. The NFT holder has full rights to the property, and the sale on OpenSea shows the house’s traits. These traits include the number of bedrooms, lot size, and property location. Now you can buy IRL real estate along with metaverse property!
NFT house by Roofstock sells for $175K
Earlier this year, Roofstock raised $1.9 billion in a Series E funding round. They also teamed up with Origin Protocol to launch an expansive and innovative real estate project using tokenized technology.
Origin Protocol and Roofstock have created an NFT marketplace that focuses on physical real estate. They claim that it cuts seller’s fees by up to 50% and offers more value than traditional real estate.
Geoffrey Thompson, the chief blockchain officer of Roofstock, said, “Tokenizing real estate creates frictionless transactions, simplifies the process, and makes information more readily available. The whole ecosystem exists for one purpose: for the buyer and seller to have a trusted relationship.”
NFT technology continues to find new use-cases
The $175K NFT house Roofstock just sold is not some little gimmick; it is part of a vast plan to revolutionize the real estate market.
The house in question, 149 Cottage Lake Way, is a lovely three-bedroom home in a picturesque Columbia, South Carolina neighborhood. This is the first of many NFT homes that Roofstock intends to sell. There is a video tour available for those keen to see the NFT house.
Finally, this is not the first IRL real estate NFT sale. However, with the amount of money raised in series rounds of funding, Roofstock has the resources to impact the traditional real estate market hugely.
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This article is educational material.
As always, make your own research prior to making any kind of investment.