A South Carolina House Sold As An NFT

Source: Roofstock

Using the platform Roofstock, established in 2015, with over $5 billion in investment deals so far, a South Carolina investor, Adam Slipakoff bought a three-bedroom home as an NFT (Non-Fungible Token). The transaction specifically went through Roofstock onChain, the web3 arm of real estate company, and the first sale of its kind for Roofstock.

NFT's are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. The ownership of these NFTs is transferred and verified through the blockchain—a decentralized and secured log on the internet. While many think of NFT's as digital artwork or music, with real estate, the NFT holder will own the property via a limited liability company (LLC) that houses the crypto asset. The LLC of the company that sold the home creates an NFT representing ownership of the home, and whoever purchases that NFT then has ownership of the property.

Source: Roofstock

149 Cottage Lake Way, Columbia, SC 29209 was sold for $175,000 USDC (United States Dollar Coin). USDC is digital currency fully backed by U.S. dollar assets. USDC is a tokenized U.S. dollar, with the value of one USDC coin pegged 1:1 to the value of one U.S. dollar. The value of USDC is designed to remain stable, making USDC a stablecoin.

The purchase also included one year of property management, one year of prepaid property insurance, and an NFT illustration of the house. Here are some additional characteristics of the property per its listing notes:

Newly renovated three-bedroom home in a great central location.

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. 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.

The sprawling master suite comes equipped with a double vanity, soaking tub, and huge walk-in closet. Less than a 5 minute drive to restaurants, groceries, Walmart, Lowes, and more.

"I never imagined I could buy and finance a house with a simple click, rather than going through the time-consuming and cumbersome traditional settlement and mortgage process," Mr. Slipakoff said in a press release.

"Instead of waiting months for underwriting, appraisals, title searches and preparing deeds, I was able to buy a fully title-insured, rent-ready property with one click."

Geoff Thompson, Roofstock onChain'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.

As buyers' names need to be made public due to legal requirements, there is an initial set-up process for would-be buyers joining the site in which they mint a non-transferrable membership token.

This marks the membership token with a "verified buyer" flag, after which buyers can connect to an NFT marketplace and purchase a Home onChain NFT with a single click, resulting in sale and settlement.

So there you have it, the possible future of real estate transactions. A completely title-insured, rent-ready home purchased by Adam Slipakoff, with a single click!

Joe Steele
In addition to investing in and selling real estate, Joe is also a crypto investor, running a blog and YouTube Channel, “Crypto and the House”, focusing on all things real estate and crypto.
United States