Despite fluctuating value, NFTS, “one-of-a-kind” digital artifacts, are still popular, with items ranging from videos to Tweets to paintings having been sold as digital collectibles. Now, Web3 and the Metaverse are staking a claim in a new frontier — real estate.
An NFT of a real-world home was sold for $175,000 over the weekend in Columbia, South Carolina.
The home boasts three bedrooms and was recently renovated, featuring a large living room and dining room area complete with a galley-style kitchen and walkout patio.
There’s also a master suite complete with a walk-in closet and double vanity.
The rental property “was sold on the Roofstock onChain NFT marketplace by transferring the Home onChain identity to an Ethereum address owned by the house buyer Adam Slipakoff,” Unusual Whales reported.
How Does NFT Home Ownership Work?
The LLC of the company that wishes to sell the home creates an NFT representing ownership of the home. Whoever purchases that NFT then has ownership of the property. Though the purchase is digital, the ownership is very real — whoever owns the NFT owns the physical home in the real world.
The historic purchase marks the start of what could potentially be the future of real estate as NFTs, possibly opening doors to make crypto purchases for real estate a viable source of funding.