Could the blockchain and non-fungible tokens (NFT) be the new frontier in real estate? Technologies are increasingly used in this area, as in the United States where an NFT house has just been sold.
An NFT house visible on OpenSea
The “tokenization” of real estate is underway, if we are to believe the latest initiatives observed around the world. In South Carolina, the Roofstock company has understood this well, since it recently sold a house in the form of NFT.
Good was sold for $175,000, and the title deed is the non-fungible token registered on the blockchain. The transaction is visible on the OpenSea marketplace. The NFT listed under the name of the address, and the site lists the “properties” of the collection, such as the number of bedrooms and bathrooms.
For this sale to be legal, Roofstock had to open a “limited liability company” (LLC), the equivalent of limited liability companies in France. The company then takes possession of the property, then she tokenizes it and creates an NFT which represents the title deed.
👉 To go further – How can blockchain represent the future of real estate?
Investing in real estate with the blockchain
🏠 From just $50
Buy a house in one click?
What this means is that interested parties can consult the offers on the market places, and acquire the titles in question very easily. Sanjay Raghavan, Head of Web3 Initiatives at Roofstock, explained that the goal was precisely to simplify the purchase of real estate :
“Our goal was to reduce the sales and transaction time of a Web3 property to a few minutes (compared to three weeks usually). »
Roofstock also plans to rely on decentralized finance (DeFi) in the future to facilitate payments. Real estate is in any case one of the sectors where blockchain technologies seem to be integrated in the most fluid way. It is therefore likely that solutions based on NFTs will spread in the future.
👉 Read also – SeLoger launches into the metaverse to offer virtual real estate visits
Join Experts and a Premium Community
Invest in your crypto knowledge for the next bullrun
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.