SNEAK PEEK
- Digital Real Estate platform, Roofstock, listed a $175,000 house located in South Carolina.
- Its web3 subsidiary OnChain first listed the house on its NFT marketplace.
- Roofstock sold this $175,000 house via NFT using USDC, a stablecoin.
Roofstock, a digital real estate platform, sold a $175,000 home in South Carolina via NFT, leading to a spurring debate online over whether NFT technology even smoothens the property purchasing process or does it further complicate it.
OnChain, a Roofstock Web3 subsidiary, first listed this South Carolina housing property on its NFT marketplace and then sold it for a whopping $175,000 using USDC, a stablecoin.
Adam Slipakoff, who bought this house, stated that he didn’t have to wait for months of underwriting, title searches, appraisals, and preparing deeds, as he was simply able to buy a complete title-insured rent-ready property with just one click.
One person tweeted asking who actually is the owner of the property and does the token holder also own the token or the property. This tweet made quite a wave in no time and got a lot of attention on Twitter.
I just really would like people to understand that the transfer of real property ownership is highly regulated and you will not own what you think you own. https://t.co/H8KCFNIKUo
— Courtney Milan 🦖 (@courtneymilan) October 18, 2022
Raghavan assured that the operating agreement contains data which suggests that the owner of the token is also the owner of the property, and firmly asserted that it is legally established in the LLC operating agreement.
Although the statement above cleared the air about the ownership, it also raised questions about the security of such real estate agreements.
Raghavan further added that if the owner of the NFT is not anonymous then hackers are not even a concern.
