NFT Utility Finally: Property sold on OpenSea attracts attention

“Where’s the tool?” they asked. It has been a core component of the NFT discussion since the earliest days, and increasing amounts of NFT use cases are unfolding every week. Look no further than the real estate market this week, as the internet has been brewing over a specific home in South Carolina that was tokenized and sold on OpenSea this past weekend.

Let’s take a closer look at some of the details surrounding the sale of the house, as well as how this may affect NFT and the housing market.

Utility, finally

Art has been the starting point for NFT growth, and utility will take that growth to the next level. It does not diminish or diminish art-driven NFTs in any way, but rather speaks to the momentum that NFTs need to break into even more mainstream applications. Although tool-driven NFTs are not entirely new, we are still in the hours where more and more unique use cases of NFTs are emerging.

The latest example of this is in real estate, as a home in Columbia, South Carolina closed through a listing on OpenSea. NFT was listed by a web3 property run by real estate fintech firm Roofstock, and the three-bedroom house sold for $175,000. The transaction used OpenSea and even had property features – such as square footage and year of construction – displayed through OpenSea’s NFT properties. In addition, the firm also has an original Origin Protocol-powered marketplace dashboard. It is a series of new tools introduced to the real estate market.

The real estate transaction in South Carolina took place via stablecoins on Ethereums ERC-20 network. | Source: ETH-USD on TradingView.com

The takeaway

The owned website listing from Roofstock subsidiary, Roofstock Onchain, provides a clean user interface over the whole thing – while even clearly and immediately presenting the Etherscan transaction. The transaction took place via USDC on ERC-20, and represents another unique use case for NFTs.

There have been a number of real estate projects rooted in web3 and NFTs, including projects that mirror real estate assets and projects that position real estate as on-chain micro-investments, among others. Be on the lookout as more make a splash, and as utility continues to be a gathering point for new NFT market players.

Featured image from Pixabay, Charts from TradingView.com

The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.

This op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.