Roofstock onChain simplifies how single-family property homes are purchased, owned and sold. We run a market that allows purchase and sale of single-family homes utilizing blockchain innovation. While this is amazing news, some sceptics on different social media platforms such as Reddit, have already pointed out that if homes were noted completely as an NFT consisting of title deeds and other legal paperwork, it could be just a matter of time up until hackers take those deeds and claim ownership of the home.
The sale of your home was enabled by Roofstock onChain. Roofstock onChain is a platform built on the Ethereum blockchain that offers home for sale in fiat or crypto through blockchain technolgy.
The deal for your home in South Carolina is fully visible to everybody through Etherscan and was recorded in block 15748411 as being cost $169,750 USD, in addition to transaction and staking charges of $4,373.27 and $874.65 respectively.
Others saw the funny side of the argument:.
The property was integrated in 2006, is located in South Carolina, and was recently reconditioned before its sale. Your house includes 3 bed rooms, 2 restrooms, in addition to a separate kitchen area, lounge location and small garden..
Roofstock onChain simplifies how single-family houses are bought, owned and sold. We run a marketplace that enables purchase and sale of single-family properties utilizing blockchain innovation. When you purchase a Home onChain, you instantly receive a token in your crypto wallet that represents the sole ownership of an LLC that has title to an underlying property.RoofstockOnChains accompanying blurb on Opensea.
Roofstock make such deals possible by developing an LLC (limited liability company) for each residential or commercial property and moving your house title to the LLC. They then mint a token for the home, the ownership of which provides you control of the LLC and your house.
On Saturday, October 14th, a 3-bedroom house was offered as an NFT on OpenSea for $174,000. But this residential or commercial property is not one you might discover in the metaverse, however in the real life.
Furthermore, the NFT of the homes ad can be seen on OpenSea.
While this is interesting news, some sceptics on various social media platforms such as Reddit, have currently explained that if properties were noted completely as an NFT consisting of title deeds and other legal documents, it might be just a matter of time till hackers steal those deeds and claim ownership of the home. Or as one Redditor put it: “That sensation when you unintentionally provide the hacker the seed to your home. The awkward silence as you await his existence at the door.”.