"What happened to the utility?" people asked. It's been a vital component of the NFT controversy since the beginning, and more digital assets use cases emerge every week. This week, the internet has been buzzing about a specific South Carolina property that had its agreement tokenized and auctioned on OpenSea over the weekend.

Finally, a utility

Growth has begun with art, and utility will propel it forward. That in no way diminishes or diminishes art-driven digital assets; rather, it speaks to the momentum required to blow into even more mainstream applications. While utility-driven NFTs aren't new, we are still in the early hours of the day when growingly unique asset use cases emerge.

The most recent example is in real estate, where a Columbia, South Carolina home was sold after being listed on OpenSea. It was recognized by a web3 property powered by real estate fintech firm Roofstock, and the three-bedroom home auctioned for $175,000.

The transaction used OpenSea, and property features such as square footage and year built were displayed using OpenSea's NFT trait display. In addition, the company has a native Origin Protocol-powered marketplace dashboard. It is a set of new tools launched in the real estate market.

The Bottom Line

Roofstock Onchain's owned website listing provides a clean UI overlay over the entire thing while clearly and instantly introducing the Etherscan transaction. The transaction occurred on ERC-20 using USDC and represents yet another remarkable use case for NFTs.

There have been a number of real estate ventures rooted in web3 and NFTs, such as projects that mirror real-world property assets and projects that position properties as on-chain micro-investments, among others. Keep an eye out for more, as utility proceeds to be a central focus point for new NFT market players.

Do you think that OpenSea will eventually become the go-to platform for buying and selling a property? Let us know your thoughts by sharing this article online.

Oct 22, 2022
Digital Lifestyle

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