Home News Digital Platform Sells House as an NFT on OpenSea

Digital Platform Sells House as an NFT on OpenSea

by admin
0 comment

$175,000 Home Sale Settled in USDC Stablecoin

In the latest sign that the real estate industry is recognizing NFTs as a new sales tool, digital real estate platform Roofstock has launched a single-family home in South Carolina. $175,000 Via OpenSea.

The sale was settled using USDC stablecoins and funded by USDC Homes, a lending pool that operates on Teller’s Polygon deployment, a decentralized lending marketplace.

Lending option

USDC Homes works with a network of underwriters and data providers to verify the identity and creditworthiness of borrowers. The platform offers both secure and unsecured lending options with ETH, BTC, USDC and other cryptocurrencies supported as collateral. Borrowers can send off-chain data to support their creditworthiness when applying for a loan.

Veteran real estate investor and property buyer Adam Slipakoff said: press release. “Instead of waiting months for underwriting, appraisals, title searches and preparing deeds, I was able to buy a property with full title protection and ready to rent with one click. ”

Governance Project Uses “Contests” to Help DAOs Improve Decision Making

Maker, Polygon, and Aave Test Jokedao’s Humorous Approach to Governance

On August 18th, Roofstock onChain, Roofstock’s web3 subsidiary, also launched an NFT marketplace using non-fungible tokens to facilitate the sale of real estate. The marketplace is operated by Origin Protocol.

USDC Homes also offers financing options for sales on the Roofstock onChain marketplace. Prospective purchasers can apply for a loan with a loan ratio of up to 80%.

multisig wallet

Each house is owned by a limited liability company and associated with a unique NFT on the Ethereum blockchain.

Once the lender approves and funds the borrower’s request on Teller, the USDC Homes platform uses the funds to purchase LLC NFTs. The NFT is then transferred to a multisig wallet. The multisig wallet acts as an escrow her account until the borrower repays the loan and accrued interest in full.

exciting milestone

Teller founder and CEO Ryan Berkun said: “Now their users will be able to finance property purchases with on-chain crypto loans.”

Kash Razzaghi, chief revenue officer of Circle, the company behind the USDC stablecoin, described the sale of his South Carolina home as an “exciting milestone” for the NFT real estate sector.

While the NFT-based real estate transaction on OpenSea has made headlines on social media, it has raised concerns about what would happen if the wallet holding one of Roofstock’s NFTs were compromised.

NFT Roundup LastPoWNFT

Anthony Hopkins’ Metaverse Debut Sold Out in 7 Minutes

OpenSea adds Avalanche support to NFT’s blazing week

“Will the deed be transferred on a chain?” Asked Twitter user goof_eth. “If so, how do you plan to mitigate the risk of loss or theft of your ‘property’?”

“This seems like a very important question.” Added crypt0potamus. “Bored Apes needs to change the PFP if it’s hacked, but this forces me to leave the house.”Sanjay Raghavan, head of Roofstock’s web3 initiative, responded that NFTs can only be transferred to non-transferable owners. soul bound It’s a membership token, revealing your company and identity. “If you lose your private key, you can remove the previous token from the platform and issue a new one.” Said Raghavan.

You may also like