- Roofstock has made its first NFT building sales.
- The real estate company sold the token via their Ethereum marketplace.
- Real estate NFT sales may boom in the metaverse.
Real Estate is Slowly Spreading in The NFT Space
Hearing the term real estate often drops the investors’ jaws considering the market’s massive potential to deliver profits. The global real estate sector reached a whopping $6,883 Billion in 2021. After conquering the physical world, the industry is slowly setting their foot in the virtual realm. Recently, Roofstock, an Oakland-based real estate company, sold its initial property through NFTs.
The transaction was done through their Ethereum-based web3 marketplace Roofstock On-Chain (ROC). The company sold a Single Family Rental on their platform against stablecoin USDC. The buyer was quite excited regarding this unique transaction.
He expressed his excitement by saying that “ He could not believe that he was a part of such a unique transaction. Usually, it takes days or even months to finalize the deals, but all he has to do is just click on the screen and it’s done.” The buyer added that “Initiative executed by Roofstock eliminates the traditional time consuming approaches, where the individuals have to go through a lot of complex processes before taking over a property.
Real Estate is among the sectors which experts believe will only boom in the future. This creates some interesting opportunities for people in the metaverse sector. Following the emergence of metaverse and NFT use cases in the space, folks can buy virtual land plots to create structures and sell/rent them to others.
This concept is similar to the gaming guilds. They acquire the premium NFTs from play-to-earn games. These communities then offer tokens to the players looking to generate income from these games. The guild takes a percentage cut from the gamer earnings and produces a revenue stream for themselves too.
Real Estate NFTs in The Metaverse
Real Estate NFTs will have a secure and immutable record of property ownership in the metaverse. This will ensure prevention from any malicious attack similar to the real life acquisitions via fraudulent activities. The use of smart contracts will increase the efficiency in operations as the parties do not need to execute the agreement in-person. Another benefit remains the fractional ownership, which the folks can carry out by splitting a deed into multiple tokens to create a joint ownership.
Recently, a platform sold an office building NFT dubbed “44W37,” considering its location at 44 West 37th Street. The people can use the virtual space according to their own accords. Another platform, MetaMundo, revealed an Ocean Adjacent Villa NFT in September 2022. The creator said that this initiative was created by keeping the role of metavere in mind rather than its mechanics.
The Roofstock NFT sales show some positive signs for the non-fungible tokens as well as the metaverse sector in future. The market is going through really harsh times where none of the crypto assets in the space have seen any significant gain in recent times.
Source: https://www.thecoinrepublic.com/2022/10/29/roofstock-marks-its-first-nft-property-sale/