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.
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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.
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Source: OpenSea
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Journalist at Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that stem from the blockchain and I like to find the most crispy information to share with you.
Marine Debelloir
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