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One of the interesting applications of NFTs is the fact that they can be used to sell physical items. We’ve seen everything from artwork to sneakers sold as NFTs. But one real estate company, Roofstock, has found a very novel application of NFTs. The company recently sold a ‘house NFT’ for $175,000.
Contrary to what the name might imply, the NFT wasn’t of a digital house in a metaverse. Instead, it was the tokenized representation of a physical house in South Carolina. But by buying the NFT, its owner can now take possession of the house.
The asset proved to be a hit when listed on OpenSea, being purchased at a $175,000 price tag. According to reports, Roofstock is working towards tokenizing real estate and cutting down on the seller’s fees associated with buying property. In view of that, the company raised $240 million earlier this year, with a current valuation of $1.9 billion.
With this high-profile sale under its belt, we could be seeing even more property being tokenized and sold by the company.
According to Geoffrey Thompson, the chief blockchain officer of Roofstock, in a recent interview, the company believes that blockchain could go a long way in making property buying cheaper and more accessible.
“Tokenizing real estate creates frictionless transactions, simplifies the process, and makes information more readily available. The whole ecosystem exists for one purpose: so the buyer and seller can have a trusted relationship,” he said.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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