According to data from the trading aggregation platform NFTGo.io, Roofstock bought a house in Columbia, SC, for $175K. But, it was not just a regular purchase; it was purchased with USDC. This makes Rooftstock Onchain’s first blockchain transaction using Teller, a no-collateral DeFi protocol, and paid with Wyre, a crypto stacking building tool.
Zillow, a buy-and-sell property website, revealed that the house at 149 Cottage Lake Way, Columbia, SC, was bought. The 1,494 sqft property has humble features, including three bedrooms, two bathrooms, two floors, one kitchen, one garage, and one expansive backyard.
Roofstock is a marketplace for buying and selling rental investment properties in America. It recently released its Web3 division, Roofstock Onchain, where the company can trade real-world assets in the blockchain. The house in South Carolina marks the first on-chain transaction from Rootstock.
Buying on the Blockchain Brings New Clients
While the house in Columbia may not be significant, it certainly gives everyone a signal that there is a future in Web3 and blockchain. On-chain purchases such as this one mean that people can liquidate their cryptocurrencies and NFTs into stablecoins which they can use to buy real-world items through valid marketplaces such as Roofstock.
Some property investment firms already accept crypto and stablecoins as payment. With services from fintech, including BitPay, OpenNode, and BTCPay, new customers now have more access than ever.
Some house sellers know that people who can afford a house do not just exist in the traditional markets anymore; they live in blockchains too. However, mortgages conflict with the idea of using crypto as payment, just like what happened with United Wholesale Mortgage last year but stopped immediately after realizing the gas fees and continuous government regulation demand.
Even so, cryptocurrencies now have crypto lenders like Unchained Capital and BlockFi if a person wants to buy a house as soon as possible from the block. Using crypto to buy a home is also a legit arbitrage for the person’s portfolio.
Adoption Slowly Happening
Perhaps the purchase of Rooftstock on the block could ignite a newfound adoption for investors, retailers, and familiar visitors. While it may look unnecessary for the company to buy using USDC, it shows that the economy works alright with the inclusion of Web3 and blockchain.
If payment services like PayPal and Wise exist because of the current age of the internet, then on-chain payments should come as no surprise. This also means that if the metaverse goes full speed ahead and gets normalized, people will naturally want easy methods of purchasing real-world assets and products from the blockchain.
Numerous tech companies like Apple and Meta continue to fund their Web3 projects and metaverses to introduce a new reality for consumers. Those that come along with the ride may soon understand that the future brings new purchasing options and buying opportunities without the fear of carbon footprints for the government to investigate.
The actual use case of decentralized finance means a new barrier of safety for both the producers of digital assets and the people who pay for them. Simultaneously, companies reward their customers with newfound NFTs that come as the digital version of the physical items they buy.