A house in South Carolina was just sold on OpenSea as a nonfungible token for 175,000 USD Coin USDC/USD, changing the way real estate is bought. USDC is a stablecoin, pegged to the US dollar.
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The trade was facilitated by Roofstock, an online real estate marketplace that has been in operation since 2015. When you buy real estate on OpenSea, you instantly receive a token in your cryptocurrency wallet that represents the sole ownership of an LLC that has title to an underlying property.
“I never imagined I could buy and finance a house with a simple click, rather than going through the time-consuming and cumbersome traditional settlement and mortgage process,” said Adam Slipakoff, the buyer of the property in a press release.
“Instead of waiting months for underwriting, appraisals, title searches and preparing deeds, I was able to buy a fully title-insured, rent-ready property with one click.”
The house bought is a newly renovated three-bedroom apartment. The main level features all updated flooring, a combination of wood laminate and tile. The galley-style kitchen includes updated appliances and sliding glass door access to the walkout patio.
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