Roofstock Onchain Sales Real Estate as NFT for 175.$ $
The tokenized house on Etherscan.io
For the first time, a property is shown as a real token. This means that web3 and the real estate market can merge.
A house in Columbia, South Carolina, with 2.5 bathrooms and 3 bedrooms, built in 2006, on 138 square meters of living and a good 400 square meters of land: This is the first house that the real estate agent Roofstock depicts as NFT.
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Roofstock Onchain is the Roofstock Web3 platform, a large US real estate agent that has implemented more than $ 5 billion on 70 real estate markets in the USA since 2015. With Onchain he takes a brave step forward, which can whirl up the global real estate markets.
You can look at the house on OpenSea, the largest marketplace for NFTS. The NFT can also be found on the blockexplorer etherscan. There you can also see the transaction with which the NFT changed hands 10 days ago. Paid was paid with the dollar tablecoins USDC.
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The payment is interesting: 169.$,000 go to the seller and two smaller amounts – 4.379 and $ 875 – to other parties. I guess are fees for brokers, notary and land register, as well as taxes.
Roofstock Onchain reports an LLC for every property (Limited Liability Company, similar to a GmbH). This becomes the owner of the property; The right of ownership of it is mapped by a NFT. Potential buyers can watch offers on the Roofstock Onchain marketplace and then buy with one click.
The idea has its charm. First of all, because it makes everything much easier. In the transaction, payment, fees and delivery of property rights merge. The many small cumbersome, which often make a real estate transaction so tough, have been eliminated with a single blow. A process that normally consists of many individual operations and extends over weeks is compressed to a few clicks and minutes.
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The first real tokenization of a property
As far as I know, Roofstock Onchain is the first company to succeed in what has been planned and tried for a long time.
But it is far from the only one who tries. Numerous projects and startups want to tok real estate. For example Bonfire and Realio, or the German real estate platform Exporo. But at least with Exporo the tokens are more facade. They are neither interoperable nor transparent, but rather serve as a chic upgrade for the internal database.
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Only Roofstock really depicts real estate as a token. Onchain, transparent, interoperable, standing for yourself. This is the only way to open the true potential of tokenized real estate, which goes far beyond small and large process optimizations.
Roofstock Onchain indicates what is possible on his website. Not only are the fees for sellers low and the transaction is currently completed, but, above all, the houses are “web3-capable” via token.
You can immediately exchange the property for cryptocurrencies and act on an NFT marketplace of your choice. OpenSea could also become a marketplace for real estate in the future, where you can buy them with just a few clicks. “Balancing your portfolio with assets of the real world, stable values and an income in crypto, if you suspect it,” the broker promises to the web3 community turned.
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More than you can imagine
You can imagine so much at this point that suddenly moves within reach: Real estate can be fractionalized as you like by, for example, in 175.Divided 000 fungal tokens. You can also store the NFT – or parts of it – as a deposit, for example to borrow dollars.
Even with the Maker Dao, which publishes the StableCoin Dai dollar, the ears are likely. Because the DAO is already in the process of filling its treasury, which supports the value of the DAI dollar. Real estate – or parts of them – who live as tokens on the blockchain, come as called. You allow the property to integrate the property into the logic of smart contracts.
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It is possible at the point that the Maker Dao – or any other decentralized organization – has and also rented out real estate. Ideally, the rental income could be paid to the DAO as an ETH or USDC directly by the tenant, or they could be translated via a middleman man. One could also determine via Smart Contract that a certain part of the rental income is automatically covered for repairs.
All of these are just a few vague ideas. The reality will probably need a little longer than you expect, but be more fantastic than you can imagine.
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