A three-bedroom home in South Carolina, United States, was purchased by a real estate investor through a Non-Fungible Token (NFT) marketplace for $175,000, paid in the stable currency USD Coin (USDC).
The purchase of the home located in the residential complex 149 Cottage Lake Way, Columbia, was made by Roofstock onChain, a Web 3.0 subsidiary of the real estate company Roofstock, reported on its website.
1/ On a mission to radically simplify the way single-family homes are bought and sold through a web3-enabled real estate platform.
Follow us as we bring newfound innovation to the #realestate industry and find out when our next Homes onChain are coming! pic.twitter.com/C2J6AqllJY
— Roofstock onChain (@rsonchain) October 19, 2022
The use of Web 3.0 technology allowed Adam Slipakoff to acquire the property “more efficiently and transparently” at a lower cost compared to the traditional U.S. real estate market.
“I never imagined I could buy and finance a home with a simple click of a button, rather than going through the long and cumbersome traditional settlement and mortgage process. I’m grateful that Roofstock paved the way for the rest of the market,” Slipakoff said.
The investor stated that instead of waiting months for underwriting, title searches and deed preparation, he was able to purchase a fully insured property.
“Best of all, I’m not a Web 3.0 expert – the Roofstock onChain platform made it simple and easy,” he said.
Title to the property Home Onchain
According to the Roofstock onChain website, each home purchased has title to a limited liability company whose ownership is associated with a unique “Home onChain,” which is an NFT on the Ethereum blockchain.
Each Home onChain is transferred using smart contracts, which are implemented on the Ethereum network, and the entire transaction takes place transparently on the blockchain.
“For Roofstock it is a major milestone to provide a radically simple way for properties to be bought and sold at the click of a button using the technology brought by Web 3.0,” said Roofstock onChain Blockchain Director Geoff Thompson.
Meanwhile, director of Web3 initiatives at Roofstock onChain, Sanjay Raghavan, added that the real estate company is excited to give homebuyers access to various financing options on Web3.
“This is the beginning of a new era for acquiring real-world properties through digital assets and our partnership with Teller,” Raghavan noted.
The Teller protocol is used to provide financing options. Buyers can borrow up to 80% loan-to-value of NFT sales cost with USDC Homes, a DeFi lending group maintained under the Teller Protocol.
U.S. homebuyers can convert their dollars to USD Coin (USDC) through the Wyre platform. Teller turned to Polygon to facilitate the loans due to low gas rates and its decentralized network.
About Roofstock onChain
Roofstock onChain is the Web3 subsidiary of Roofstock, a real estate investment platform for the single-family housing sector.
Using blockchain technology, Roofstock onChain provides investors with the ability to purchase properties with cryptocurrencies.
Founded in 2015, Roofstock has realized over $5 billion in sales to date.
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