Ellen Britt for CNT #NFT
We recently reported on a soon-to-be-constructed luxury home in Miami that would be sold as an NFT. Now, another customer luxury home in Utah is about to follow suit.
As the number of real estate buyers willing to pay for real world homes in cryptocurrency rises, developers are beginning to take notice. A local developer in Millcreek, Utah is building a $4 million dollar luxury home that will be sold as an NFT in exchange for cryptocurrency.
Developers Are Getting Creative
Currently, developers can’t directly turn a home into an NFT, so they have to be a bit creative. In most cases, an LLC is created and the LLC actually “owns” the home, along with the actual property on which the home is built, plus in the case of the Millcreek home, the architectural plans as well as virtual art.
The home will be a 1000 square foot mid-century modern construction with spa, pool house, a saltwater pool, sauna and a rooftop deck. The buyer will purchase the NFT which then gives them control over the property. Later, if the buyer wishes to resell they will not have to go back through the title process and can just resell the token for the house digitally.
Opens The Door For New Types Of Real Estate Ownership
The Millcreek house will be the first in the state of Utah to be sold this way and is unlikely to be the last, as traditional real estate is due for a major shakeup from the blockchain. The technology also opens the doors to other ownership models, such as fractional ownership.
Note: The home in the photograph used to illustrate this article is not the Millcreek, Utah home, but is used simply to illustrate this article.
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