A Real Estate Company launches NFTs for Real Homes

The first NFT home was sold for $175,000 in Columbia, South Carolina, marking a new beginning of real estate properties in the Web3 space. The NFT was minted on the Roofstock onChain NFT marketplace.

The real estate company used tokenization to turn the property into an NFT with digital ownership. So, the property is real and the proof of ownership is stored on the blockchain.

According to Roofstock, the real estate NFTs are stored as Home onChain on Ethereum. Once a buyer purchases the house, the identity is transferred to their ETH address.

The NFT contains all the details about the home, just like any other real estate website does but the difference is you can directly own a home in digital form and keep it safe in your possession.

The first house bought by Adam Slipakoff also received the identity ownership on their Ethereum address as proof of their purchase of the real-world house.

The NFT house is located at 149 Cottage Lake Way in Columbia. It is a newly renovated house having three bedrooms, a living room, a dining room, a kitchen, and a patio.

Seeing the successful property sale, NFTs seem to be expanding their reach beyond artworks and PFP avatars. The real estate company proved that properties can also be NFTs.