- Mike Majlak bought the NFT for $700,000 in April.
- He shared the highlights of his new home through a YouTube video.
- The property is an updated mid-century home in the upscale foothills above L.A.’s famous Studio City.
NFTs are taking the world by storm and successfully securing their place in people’s lives for genuine reasons. For instance, Mike Majlak has purchased his first-ever home in Los Angeles, California, for a hefty $4.1 million. And for those who can’t digest it yet, here comes another fact- he used his BAYC NFT as leverage to make the house his own.
The YouTube star shared his excitement through a post on Twitter:
Probably the first person to buy a house through an NFT, he gave a tour of his latest possession, and without a doubt, it is wow.
News and entertainment website Clout News too shared the update on the web. Explaining the process of using his NFT to buy the house, Majlak explained that he had to lock his Bored Ape NFT into Arcade’s protocol. This way, he got a loan of USD coin against it and converted that USDC into American dollars to pay the downpayment of the mortgage.
He also shared that the transfer was when the crypto and NFT market fell; however, thanks to the Apes for being a solid project, the loan happened, and he got a $200k USDC loan against it, allowing him to pay $1.2m down payments.
Majlak gave a tour of his home through a YouTube video:
Showing the highlights of the house, he led the big pool in the garden, the vast open-plan living area, the climate-controlled wine room, and views of Los Angeles. The beautiful kitchen has polished marble counters and designer appliances, a linear fireplace flanked in the living area, and the master bedroom spills out to the backyard via a pair of disappearing glass banks. The mansion also includes a camera-equipped security system, an integrated home automation system, and much more.