It is not unusual for NFTs to be tied to physical items. We’ve seen this with art and fashion pieces, but what about houses? This may seem like a novel idea, but Ceilinga real estate technology company, has sold its second home as an NFT. This property is based in Alabama and sold for $180,000 on a marketplace associated with Origin Protocol.
At home with NFT
Given how diverse NFT applications have become, it’s not a surprise that even homes are getting the digital treatment. A sentiment reaffirmed by the company’s head of blockchain, Geoffrey Thompson, who believes that the underlying technology of NFTs has proven to be convenient for buyers.
“It all comes down to being able to transact a real-world house with a single click using NFT smart contracts,” he says.
Interestingly, the loan that was taken out to allow for the financing of the homes was arranged in association with the Teller protocol. Through the protocol, users can access DeFi lending services and these are backed by real-world assets. According to Sanjay Raghavan, head of Web3 initiatives at Roofstock, clients need to not only buy a property, but also title it as a single-purpose Limited Liability Company (LLC).
By selling the NFT, they are essentially selling the ownership of the LLC.
Learn More >> The Definitive Guide to NFT
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has been featured on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
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