In a landmark move, the real estate industry has adopted NFTs or non-fungible tokens. This means that property can now be bought and sold through blockchain technology. The first transaction to use this new system was a sale of a $175,000 house in South Carolina.<h2 id="header-0">Adopting NFTs</h2>The sale of a $175,000 home in South Carolina through a non-fungible token by Roofstock, a digital real estate platform, has motivated discussion over whether the technology streamlines the property-buying process or not.NFTs have been speculated to disrupt many industries and it was only a matter of time before the real estate industry followed suit. The pilot project by Roofstock is an important development as it may pave the way for more widespread adoption of NFTs. However, it is not without its critics.Confusion emerged about whether or not the property was truly owned by the Roofstock user who bought it. Sanjay Raghavan, the head of <a href="https://nftandgamefi.com/2022/10/26/web3-soccer-game-monkeyleague-kicks-off-nft-breeding-season/" rel="noopener noreferrer nofollow">Web3 initiatives</a> at Roofstock explained, “For the property itself, the title is an LLC, and all we’ve done with the NFT here is that the NFT represents the sole ownership of that LLC.”Through this project, Roofstock aimed to show that blockchain technology can be used to streamline the process of buying and selling property. Raghavan elaborates, “People have bought and sold properties through LLCs forever, right? That’s not new. All we did was make it easy to sell that LLC from person A to person B.”Other questions regarding security and homeowner transfers also came up. However, with <a href="https://nftandgamefi.com/2022/09/24/top-nft-collections/" rel="noopener noreferrer nofollow">public ownership of the NFT</a> and meta data being recorded both on and off the blockchain, these problems may be solved.Still, fears of regulation have some in the industry worried. As a new technology, it will take some time for NFTs to be accepted by the mainstream. In the meantime, projects like Roofstock’s will help to promote adoption and understanding.Read <a href="https://nftandgamefi.com/2022/11/02/real-estate-nft-sale/" rel="noopener noreferrer nofollow">full article on our site here</a>.

The real estate industry adopts NFTs in a $175,000 house sale

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