Forget Ape And Punk NFTs, An Actual House Sold On OpenSea For $175,000

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.

See More: HOW TO MINT NFTS

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. 

Read Next: Celsius Faces Federal Investigations In 40 States For Suspending Crypto Withdrawals