​A real-world home just sold as an NFT

Roofstock, a property technology company focused on selling single-family rental homes, just sold a house as an NFT, for $180K.

No realtor fees, no paper contracts, no lawyers.

And somehow fully compliant? Wild!

Here's how it works:

Users sign up and have their identities verified through generally accepted 'Know Your Customer' (KYC) processes.

Once verified, they're given a non-transferrable token, which grants them permission to buy/sell homes on Roofstock's marketplace.

...but the NFTs don't actually represent the homes.

They represent the ownership of the self-managed Limited Liability Company (LLC) that holds the title to the home.

(This is done to make sure everything is compliant with the SEC).

Self-managed is the key word here:

Basically, if you're buying tokens that give you ownership in a company, business, or scheme that promises monetary returns, that is managed by a third-party...

The SEC is going to want you to register it as a 'security' (aka a stock).

Ok, but what about hacks?

The NFTs can only be legitimately bought/sold through Roofstock's marketplace, by verified and traceable entities.

Which means, if someone hacks your wallet - they won't be able to sell your property or claim ownership over it, because they don't have your verification token (it's non-transferrable).

Now, it should be said...

We don't have enough of an understanding around property law to truly vet/poke holes in this concept, so maybe there's something we're missing?

But for now, we're impressed!