- A house in South Carolina was used to prove the importance of NFT as it sold as a tokenised property for $175,000 (N76,483,750)
- The purchase is different from common NFT sales where an owner only has rights to a digital version
- With the sale, the NFT serves as a receipt to the ownership of the physical property, making it the first of its kind in Web 3.0
Non Fungible Tokens (NFT) have been partly criticised for how they are not connected to real-world ownership.
NFTs, which are tokens minted on a blockchain to create ownership of digital works, got the attention of many some months ago when a Nigerian photographer, Adisa Omashile, took a photo of a drummer, minted it and sold it for millions of naira.
NFT linked to real world
A latest development reported by @unusual_whales has shown how NFT and physical ownership could be linked.
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A real estate company, Rookfstock, minted the digital identity of a South Carolina building on the Ethereum blockchain and offered it for sale, Entrepreneur reports.
Physical and digital ownership
With the way it was made, the person who bought the NFT of the house would also own the physical property.
The mansion later sold for a whopping sum of $175,000 (N76,483,750.) to Adam Slipakoff, giving him full ownership of the property. A Web 3.0 expert, Connor Borrego, said:
"“We could say that the Internet is in its 'Wild West' stage, meaning there is little regulation and protection for users. However, now more government entities and people are demanding limits and increased regulation. Additionally, as cyberattacks increase in severity and frequency, we are also seeing a growing demand for more secure and private data."
Below are some of the reactions:
"Not saying that the house buying process is perfect, but this is the dumbest thing I’ve ever heard."
"Nice to see Alex Jones’s attorneys got a new gig as real estate advisors."
"So if someone steals your nft, they now own your house?"
"So if some hacker phishes your crypto wallet and gets your NFT they can kick you out of your home lol."
"This... THIS is what Web3 and Blockchain technology is about. Get ready for an awakening, not just some flashy graphics and player cards."
"So if you get hacked there goes your house?"
"This is what NFTs are about. Not bored apes."
Nigerian photographer mints NFT
"It's only God": Nigerian man upgrades mum's roadside shop into gigantic shopping mall, sparks reactions
Titling the collection Thirst in Uzamagu, the young man said he would like to sell them for 0.5 Ethereum (N908,892.74). He added that 100% of the money will go into building a water well for the people of the community.
Sharing the story of the people in the community on his Twitter page, he said the residents rely on dirty water for their personal use.