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Roofstock Sells First Real Estate NFT for $175,000

News
Roofstock Sells First Real Estate NFT for $175,000

Roofstock onChain has successfully sold an apartment worth $175,000 with its proof of ownership represented with an NFT.

Blockchain Technology in Real Estate

Roofstock onChain, a popular real estate firm, successfully sold a three-bedroom apartment located at 149 cottage way, Columbia, SC 29209, for the sum of $175,000 on the 12th of September, 2022. After the payment, the house owner is given a token transferred to the individual’s crypto wallet on October 14, 2022, as proof of ownership rather than physical documents. 

Blockchain technology is making tremendous waves in the business industry, especially when making payments and serving as proof of ownership for certain commodities and popularly used items. It is being incorporated into nearly everything and is perceived as a safe and healthy form of payment for various types of financial transactions.

Blockchain has successfully transformed the mode of operations in the real estate industry. Clients can pay their real estate agents with NFTs and receive NFTs as their proof of ownership rather than being handed a physical document that attests to the fact that the apartment belongs to them.

It is a known fact that technology makes everything better and easier. Since the application of this technology-inclined payment method into the real estate industry, real estate firms have been able to reduce fraud in the industry and speed up transactions.

Additionally, since these transactions are verified on a network of computers, real estate transactions can be finalized within minutes or even seconds. Instead of constantly relying on people’s reviews of the transactions and operating within normal business hours, these businesses can happen anywhere at any time; this speeds up the process. 

Furthermore, the blockchain is an effective tamper-proof means of storing information, which makes it a secure means of doing business. Blockchain technology has brought colour to the real estate industry by making the sales of properties seamless and also fraud-proof. 

Revolutionizing Real Estate

Although blockchain technology will revolutionize the real estate industry, it will take time to develop and implement fully. For example, it was relatively simple to implement blockchain for cryptocurrencies. However, it is not easy to implement the same in the real estate industry, which has already proven difficult due to a slower rate of technological adoption.

When blockchain technology is fully implemented in the real estate industry, it has the potential to outperform the finance industry. The main challenge in the industry right now is determining the best technology adoption path.

Roofstock onChain Applying Blockchain

Roofstock onChain, like many others, simplifies the process of buying, owning, and selling single-family residential properties. Unlike the traditional method, which has flaws and time constraints, this real estate company operates an efficient marketplace designed to purchase and sell single-family properties using blockchain technology.

The transaction process is very simple. When a client buys a Home onChain, the individual instantly receives a token in their crypto wallet, representing the sole ownership of an LLC with title to an underlying property. The token the client receives is associated with a Home onChain, a newly renovated three-bedroom, two-and-a-half bath.

With this token, the client has access to the property, and as long as the token is still in the client’s possession, They remain the sole owner. This method of payment applies to all their available apartments. Most clients find this means of transaction appealing and safe, encouraging, and accepting it.