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Roofstock onChain sell property as NFT for $175,000



For the first time, a property is represented as a real token. This allows Web3 and the real estate market to merge.


A 2.5 bathroom, 3 bedroom home in Columbia, South Carolina, built in 2006, 1,500 square feet of living space and 5,000 square feet of lot is the first home real estate agent Roofstock is listing as an NFT.


Roofstock onChain is the Web3 platform of Roofstock, a major US real estate brokerage company that has sold more than $5 billion across 70 US real estate markets since 2015. With onChain he is taking a bold step forward that can shake up the global real estate markets.


You can check out the house on OpenSea , the largest marketplace for NFTs. The NFT can also be found on the Blockexplorer Etherscan . There you can also see the transaction with which the NFT changed hands 10 days ago. Payment was made with USDC dollar stablecoins.


The payment is interesting: $169,000 goes to the seller, as well as two smaller amounts - $4,379 and $875 - to other parties. I assume these are broker, notary and land register fees, as well as taxes.


Roofstock onChain registers an LLC (Limited Liability Company, similar to a GmbH) for each property. This becomes the owner of the property; ownership of it is represented by an NFT. Potential buyers can view offers on the Roofstock onChain marketplace and then buy with one click.


The idea has its charm. First of all, because it makes everything so much easier. The transaction merges payment, fees and delivery of ownership. The many small inconveniences that often make a real estate transaction so tough are eliminated with a single swipe. A process that normally consists of many individual operations and takes weeks is compressed into a few clicks and minutes.


The first real tokenization of a property

As far as I know, Roofstock onChain is the first company to succeed in what has been planned and attempted for a long time.


But it's far from the only thing trying. Numerous projects and startups want to tokenize real estate. For example Bonfire and realio, or the German real estate platform Exporo . But at least at Exporo, the tokens are more of a facade. They are neither interoperable nor transparent, but rather serve as a nice upgrade for the internal database.


Only Roofstock really maps real estate as a token. Onchain, transparent, interoperable, stand-alone. Only then does the true potential of tokenized real estate open up, which goes far beyond small and large process optimizations.


Roofstock onChain hints at what is possible on its website. Not only are the fees for sellers low and the transaction is completed immediately, but above all: the houses become "Web3-enabled" via tokens.


One can immediately exchange the property for cryptocurrencies and trade on an NFT marketplace of their choice. In the future, OpenSea could also become a marketplace for real estate, where you can buy it with just a few clicks. "Balance your portfolio with real-world assets, stable values ​​and an income in crypto when you rent it out," the broker promises to the Web3 community.


More than you can imagine

At this point you can imagine so much that is suddenly within reach: You can fractionalize real estate as you wish, for example by dividing the NFT into 175,000 fungible tokens. You can also deposit the NFT – or parts of it – as collateral, for example to borrow dollars.


The Maker DAO, which issues the stablecoin DAI Dollar, should also prick up their ears. Because the DAO is already in the process of filling its treasury, which underpins the value of Dai dollars, with real-world assets . Properties – or parts of them – that live as tokens on the blockchain are just the right thing. They allow the property to be integrated into the logic of smart contracts.


At this point it becomes possible for the Maker DAO – or any other decentralized organization – to own and also rent real estate. The rental income could ideally be paid as ETH or USDC directly by the tenant to the DAO, or it could be translated through an intermediary. You could also use a smart contract to set aside a certain part of the rental income for repairs.


All of these are just a few vague ideas. As usual, reality will probably take a little longer than you expect, but it will be more fantastic than you can imagine.

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