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A South Carolina Home Sells as an NFT
Austin Miller & John Meyer
October 21, 2022
GM, this is The Mint. It's almost the end of the work week, so let's give you something to smile about.
Today's Agenda
An NFT Attached to a Home IRL Just Sold for $175K 🏘️
Reddit > OpenSea 👑
LOTR NFT is an Epic Fail 💍
DeadFellaz x DraftKings Collab 🧟♂️
ABCs of NFTs - O 🏪
Your Next Home Purchase Could Be Through an NFT
Over the weekend, a home in Columbia, South Carolina sold for $175,000. The kicker? It sold as an NFT.
The transaction was completed on Roofstock onChain, a real estate marketplace. This home was the first to sell on their "onChain" platform.
How it works →
onChain selects houses to list, inspects them (and sometimes rehabs them), and tokenizes them.
To tokenize a house, Roofstock onChain:
Creates an onChain LLC to own the house, and transfers the house title to it.
Mints a new Home onChain Token for each house.
Once the onChain token is made and the home is posted, anyone can purchase the NFT and trade it on marketplaces. There is financing available through Teller, so you don't have to pay to purchase the home outright.
As weird as this entire thing is, it seems much easier than the traditional mortgage process and could be the primary way that homes are bought and sold in the future. I don't know about you, but I'd rather purchase an NFT than go through the stresses of dealing with a real-estate agency.
Is Reddit the On-Ramp to Crypto Onboarding?
Folks in Web3 love to speculate what will be the next big thing that onboards millions of people into Web3. The most favorite speculative guesses are a decentralized social network or a blockchain video game, but could it be existing social networks?
It was recently revealed that over three million Reddit users have created a crypto wallet on their platform. Specifically, 2.5 million wallets were made to buy a Reddit NFT.
Boom! Over 1 million users.
Now, Reddit is already home to many crypto users, so we don't know if those are all new crypto users or not, but what makes these numbers especially interesting is that OpenSea (the major NFT marketplace) has 2.3 million active wallets. Imagine if (and I will say WHEN) Facebook or Instagram or Twitter integrates a crypto wallet! How many millions of users will be onboarding into the blockchain world? It's coming.
An NFT Fail
As reported by Variety, Lord of the Rings and Warner Brothers partnered with Eluvio to release an NFT collection called the "Fellowship of the Ring - Web3 Movie Experience" that is attached to the classic LOTR films.
The Web3 experience contains the film in 4k UHD, special features, and an image gallery from the shooting locations.
You might be sitting there saying, "this does not sound like an NFT; it sounds like a nice DVD collection!"
And you'd be right. Even WE think this is bad, and we're usually pretty open-minded.
The NFT doesn't really have any utility, and it costs between $30 and $100, depending on the one you buy. So unless you're a super fan of the movies, this doesn't really make any sense.
Not all NFTs are created equal.
Something Fun
One of the Mint Staff's favorite NFT collections, DeadFellaz, is going to the major leagues — literally.
DeadFellaz has partnered with Draft Kings and the NFL to turn some of the league's best players into DeadFellaz Zombies.
The collection will live on the DraftKings Reignmakers Game. The game is a premium fantasy football game with a $1m prize purse that is distributed throughout the NFL season. Although the cards aren't actual NFTs, it's cool to see such a notable company make use of DeadFellaz fun art and IP.
ABCs of NFTs
O is for OpenSea
OpenSea is like eBay for NFTs. It’s a marketplace where you can buy and sell NFTs. It’s the major force in the space today and with the massive growth of NFTs in 2021, OpenSea went to the moon.
Go to OpenSea to browse NFTs and get a sense of what’s out there. It's pretty fun to look at what's currently popular and noteworthy. Who knows, you might end up buying your first NFT!
For more information on OpenSea, watch this video, or if you'd rather read, check out this article!
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That concludes this week's version of The Mint! Thanks for reading, and make sure to share your freshly-minted knowledge with your friends and coworkers.