- House in South Carolina sold through NFT documents
- This is the first transaction on the Roofstock real estate marketplace
An American bought a house in South Carolina through an NFT deal. The three-bedroom mansion cost him $175,000.
The seller was the real estate company Roofstock. She lists real estate on her own Home onChain NFT marketplace. The Origin Protocol provider provides payments.
What NFT Ownership Looks Like
The new homeowner received a non-fungible token that proves ownership. As the realtor promises, such a transaction is executed with one click. But there is a nuance here.
The legislation requires that the parties’ names to the transaction be made public. Therefore, at the first stage, a potential buyer must register on a site where such NFTs are minted. He receives a membership token marked verified buyer.
Next, the user connects to the NFT marketplace, where he can view available houses. Well, only then should the purchase itself.
When paying, NFT changes the owner – therefore, the property itself passes into the new buyer’s ownership.
