Carolina Real Estate For Sale For $175,000 Through NFT Marketplace

Over the weekend, a real estate investor paid $175,000 in USDC for a three-bedroom property in South Carolina via an NFT marketplace.

Roofstock onChain, the Web3 subsidiary of real estate giant Roofstock, facilitated the acquisition of 149 Cottage Lake Way in Columbia. Adam Slipakoff, a real estate investor, said he was able to acquire a fully title-insured, rent-ready home with one click.

Roofstock, which was founded in 2015, specializes in single-family rental buildings and has brokered over $5 billion in investment transactions so far.

This is the company’s first NFT sale. Geoff Thompson, the company’s chief blockchain officer, termed the transaction a major milestone in offering a straightforward way for customers to purchase rental homes.

Each rental property offered via NFT on its platform is owned by a single-purpose Limited Liability Company (LLC) registered in Wyoming, and the sold is connected with the LLC’s exclusive ownership.

Due to legal constraints, purchasers’ names must be made public. Therefore, there is an initial set-up procedure for would-be buyers joining the site in which they mint a non-transferable membership token.

This adds a verified buyer indicator to the membership token, allowing purchasers to connect to an NFT marketplace and acquire a Home onChain NFT with a single click, resulting in a sale and settlement. A company spokesperson said:

“The sale of the NFT results in a change in the ownership of the LLC, and thus the underlying property.”

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