Real estate platform Roofstock completion Sale of a 3 bedroom property as a non-fungible token (NFT) for $175,000.
Roofstock explained that each rental property is owned by a limited liability company whose details are encoded as NFT (Home on Chain) on the Ethereum blockchain. The Home onChain ID can easily be transferred whenever ownership of the underlying property changes.
Adam Slipakoff said the process of acquiring new properties with NFTs is less cumbersome than the traditional mortgage process.
“Instead of waiting months for underwriting, appraisals. Searching for titles and prepping for dead allowed me to buy a rental property with full title insurance in one click. I am not an expert.”
Geoff Thompson, Chief Blockchain Officer at Roofstock onChain, said web3 technology has helped develop a new system that allows real estate investors to seamlessly complete transactions.
Roofstock has confirmed it has partnered contact protocol We offer up to 80% loans for investors who buy rental property through NFT.
NFT over JPEG
Since the early days of CryptoKitties in 2017, NFTs have evolved from a joke to an asset class, with their utility reaching various sectors of the economy.
Since early 2021, NFT adoption has increased significantly in the sports industry as fans pay to purchase digital collections of memorable sporting events. As a result, the market for sports NFTs has also grown from around $1.3 billion in 2021 to more than $2.6 billion by Q3 2022.
Companies like Starbucks are also leveraging NFTs to reward loyal customers. A major coffee company has partnered with the Polygon network to launch a loyalty program that allows customers to access exclusive rewards to earn and trade NFTs.
Toxica creator Rona McGunn told CryptoSlate that NFTs have opened up new avenues for independent filmmakers to create and fund their passion without acknowledging artistic freedom and copyright.