Mid-October 2022, Prop Tech unicorn, Roofstock, completed their very first NFT-based Single-Family Home sale on its newly developed web3 subsidiary, Roofstock onChain powered by Origin Protocol. The subject property (3 beds / 2.5 baths) locating in Columbia, SC was sold for $175,000 to Adam Slipakoff, an experienced Real Estate investor.
Adam stated that his transaction was done through a “simple click” and not the traditional and time-consuming mortgage underwriting way while the Roofstock team coordinated the sale and closing process by transferring ownership using USDC, a digital stable coin. And yes, the home is fully title-insured and rent-ready.
The Cross-functional Future of Real Estate and Cryptocurrency
To most buyers and sellers, this may sound insane but not only transacting small assets, but also Real Estate NFTs, has gained tons of industry experts’, entrepreneurs’, and investors’ attentions as many claimed this can potentially take over the ways of doing business in the future.
Roofstock onChain Chief Blockchain Officer, Geoff Thompson, stated that this transaction has given the company a huge momentum to push things toward something big, yet very ambitious due to expected ongoing regulations of the crypto world. As the current developing stage for Roofstock onChain, the company teamed up with Teller protocol, a NFT-specialized lender, to offer products up to 80% to investors who’s looking to purchase investment homes using NFT.
My Personal Takeaway!
There are many similar concepts and companies out there but Roofstock is working toward something tremendous here by making it extremely convenient and transparent for buyers and sellers that operate in this space.
As the Blockchain and NFT space still have lots of nuances and developing regulations, it’ll be interesting to see how the process and cross-functional industry of real estate and blockchain makes progress within the next couple decades. By all means, I am just a casual investor in the Cryptocurrency world and not an expert so my language on this subject matter might not be 100% entirely accurate. So don’t come after me!
So would you buy your next home with Etherium? To learn more about the process, you can reach out to our team by emailing chad@chadvorealestate.com
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