South Carolina house sold as NFT for $175000
A real estate investor bought a three-bedroom home in South Carolina for $175,000 in USDC through an NFT over the weekend. The purchase of 149 Cottage Lake Way, Columbia was made possible by Roofstock onChain, the web3 subsidiary of Roofstock Real Estate.
The buyer, real estate investor Adam Slipakoff, said he could purchase a fully insured, ready-to-rent property with a single click. Founded in 2015, Roofstock specializes in single-family rental properties and has facilitated over $plus more than $5 billion in investment transactions to date. This is the company’s first sale of NFTs.
The company’s chief blockchain officer, Geoff Thompson, called the sale a “major milestone” in providing buyers with an easy way to purchase rental properties. The Property Liability Company (LLC) is incorporated in Wyoming and the NFT being sold is associated with the sole ownership of the LLC, the company announced to The Block.
Since buyer names are required by law to be published, there is an initial setup process for prospective buyers who join the site, where they mint a non-transferable membership token. This marks the membership token with a “buyer verified” flag, after which buyers can connect to an NFT marketplace and buy a Home onChain NFT with a single click, resulting in sale and settlement. “The sale of the NFT will result in a change in ownership of the LLC and therefore underlying ownership,” a company spokesman said.