Now you can buy a $4 million Millcreek in Utah as an NFT. There has been a dramatic change in the real estate markets, while the most significant changes being the recent rise of blockchain technology. Many buyers are not paying in cryptocurrency and their numbers are rising.
Local developer Dave Wilkes is building the $4 million luxury custom home in Millcreek, interested buyers can exchange cryptocurrency for ownership of the property’s NFT.
According to Wilkes, “Everything about the house—real estate property, the design of the house, the plans, the architecture, you know, all of the work that’s gone into the home, will be included in the NFT transaction with the buyer.”
The NFT will have both physical and virtual art, and the owner will have control of the property, a 1,000 square foot mid-century modern home with a pool house, spa, saltwater pool, sauna, and rooftop deck.
Wilkes has also created an LLC to simplify the transfer of ownership for the home. This means buyers will not have to worry about all the paperwork.
He further explained that currently the property is owned by someone, the LLC will remain on the title and they will tokenize the equity for that entity. This will enable the person in possession of the NFT the control the property.
Buyers of the NFT can also decide to resale it later, as the transaction will be digital; all this can be done without having to go through the entire title process. The digital transaction is identical to an NFT you want to buy and resell today. It’s like buying a token for the house and reselling it in the future digitally.
You can purchase the NFTs and manage ownership of the Millcreek home through a smart contract on the Ethereum network. They are a type of on-chain technology, they occur on a blockchain and are reflected publicly. Smart contracts offer quick and transparent real estate transactions which don’t require any third-party involvement like a title company, potentially cutting closing costs for both buyers and sellers.
The house is still under construction and will take a few more months to complete, potential buyers are already showing interest in it.
Wilkes said, “This is an exciting area of real estate because of so many different facets. Stakeholders involved in real estate are moving into a new world of on-chain title insurance. I think this will be the first of many, many homes that are sold as what we call a smart contract that manages the property moving forward in perpetuity. All elements involved in real estate transactions could, should, and most likely will exist on-chain in the future.”
The use of blockchain technology will help find new ways to make homeownership more affordable, especially with many homebuyers being priced out of the market. It will make it easier for buyers to enter the housing market as fractional owners of properties.
He added, “I definitely think as we look forward into the future that there will be many, many different types of ownership structures for housing. I think the way that these next generations are going to own and occupy homes is going to be very different than what’s been done over the last 100 years.”
He concluded by saying, “There’s no question that it will continue to change everything about decentralized finance, how transactions are done, how money is, and what happens in our world.”
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