Preface by Silke Brand |This is a milestone. A physical house has been sold for $175,000 as an NFT on OpenSea on 14th October 2022 for the first time – marking what could be the future trend for the real estate industry. The 3-bedroom house is located in Columbia, South Carolina. The sale was enabled by Roofstock onChain. This NFT marketplace simplifies how single-family residential properties are bought, owned, and sold. The buyer is Adam Spipakoff, who received an NFT called “149 Cottage Lake Way” to his Ethereum address to prove ownership. Roofstock sees this as the first of many in what should become the norm in the near future, given the simplicity and many benefits accompanying NFT ownership.The question is:When will the real estate regulation and state legislation adjust their processes to this new era?Rory Kejzerko explains the current proceedings in his article.
NFT utility is undoubtedly an exciting topic of discussion that will continue to drive the industry in the right direction. With areas of multimedia entertainment taking much of the attention – such as GameFi, IRL events, and the new ‘creators economy’ – many forget to acknowledge the power in which blockchain technology can have when it comes to the ‘more mundane’ aspects of 21st century living.
As showcased by Romania, which has started using NFTs as a medium for storing citizen’s government documents, NFTs can be used in complex real-life contexts by leveraging their most fundamental technological attribute: proof-of-ownership.
