First home sale as NFT on OpenSea – NFT News Today

A physical house sold for $175,000 as an NFT on OpenSea for the first time, marking what could be future trends in the real estate industry.

The 3-bedroom home in Columbia, South Carolina features a large living room, a dining area, a galley-style kitchen and a walkout patio. The sale was made possible thanks to Roofstock on Chain. This NFT marketplace simplifies how single-family residential properties are bought, owned and sold.

The The sale occurred Last weekend to one Adam Spipakoff, who received an NFT on his Ethereum address to prove ownership. Given the simplicity and many benefits of NFT ownership, Roofstock sees it as the first of many that will become the norm in the near future.

This home sold over the weekend for $175,000 as a real word NFT.

Here’s how it works:
– LLC owns the property
– They tokenize property and mint an NFT that represents home ownership
– Holding NFTs will give you real home ownership pic.twitter.com/fuUl3oGCHx

— unusual_whales (@unusual_whales) October 18, 2022

The process is simple, as the company that wants to sell will go to the LLC Roofstock platform and tokenize the property by minting an NFT representing the ownership of the house. Whoever buys the house will get the NFT as proof of ownership.

NFT has become popular in OpenSea

This is another use case for NFTs, which have gained popularity in the last few years thanks to the fact that they empower various groups such as artists, musicians, creators and many others.

NFTs, at a basic level, represent digital smart contracts that prove ownership of a digital or physical item in this case. These are made possible thanks to blockchain technology that allows for the creation of decentralized systems that boast persistent and immutable databases.

Industries that have benefited greatly from the technology include the real estate sector, where buyers can connect directly with sellers without the need for intermediaries, reducing costs and speeding up the process.

The house sale may be the first as an NFT on OpenSea but expect to see more similar sales. At least that’s the sentiment of Geoffrey Thompson, chief blockchain officer at Roofstock, who sees many benefits to tokenizing assets as the process allows for frictionless transactions, simplifies things and encourages transparency.

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