Using NFT's to buy a house

[PizzaPuntThomas]

Summary

In Florida, a house is being sold as a NFT, the benefit of this would be to make selling real estate easier. 

 

Quotes

Quote

"A house along the Gulf Coast in southeast Florida will be auctioned on the NFT (Non-Fungible Token) platform in the coming week. This is believed to be the first such transaction in the US. NFT will open the way for technology to owners and brokers, with the auction of two residential properties located in Florida on February 8 as part of the real estate service. Vermont and Arizona are both passing such laws." -Newsbuzz 

"Buying or selling a house in seconds, without too much fuss, who wouldn't want that? According to a real estate company in Florida, that's the future of the housing market, and they're happy to give it a go. A home in Gulfport, on the Florida coast, will likely be the first American home ever to be sold as a non-fungible token (NFT), a non-exchangeable and unique digital certificate of ownership." -Trouw, translated to english. 

 

My thoughts

I think that it is a bit stupid to sell an ownership document as a NFT, because, as said in other TechLinked videos, you can copy NFT's and sell them, and then there would be one fake owner, who thinks they are the owner, but they aren't, which is a problem. 

 

Sources

https://newsbuzz.live/world-news/for-the-first-time-in-florida-luxury-property-will-be-auctioned-through-nft/ 

https://www.trouw.nl/buitenland/je-huis-verkopen-als-unieke-digitale-token-in-florida-kan-het~bcf6c0e0/?referrer=https%3A%2F%2Fwww.google.com%2F (Dutch news site where I read about this topic, I think you can probably translate it.)

[GorujoCY]

at least a house has more value than an NFT image, also no, ownership isn't easily taken as the previous owner of the house can check the ownership on the Blockchain and not rely on stolen ownerships

[mr moose]

We've all heard stories of how the Eiffel tower was sold,  the digital equivalent is on its way.

[GorujoCY]

Just now, mr moose said:

We've all heard stories of how the Eiffel tower was sold,  the digital equivalent is on its way.

so an image or fake ownership

 

I would be okay with a house, it has a way better value than a bloody shitty NFT image, but even an Eiffel tower? please.

[mr moose]

Just now, GorujoCY said:

at least a house has more value than an NFT image, also no, ownership isn't easily taken as the previous owner of the house can check the ownership on the Blockchain and not rely on stolen ownerships

 

So long as they are checking the right fork with a not dodgy app/exchange/service and the people signing all the paper work are also not just pulling the wool.  So far blockchain is not shaping up to be a solid as first made out.  I wouldn't trust any of this with something as valuable as a house, unlike fat cats able to leverage the gullible, I can't afford to lose that much.

[GorujoCY]

Just now, mr moose said:

 

So long as they are checking the right fork with a not dodgy app/exchange/service and the people signing all the paper work are also not just pulling the wool.  So far blockchain is not shaping up to be a solid as first made out.  I wouldn't trust any of this with something as valuable as a house, unlike fat cats able to leverage the gullible, I can't afford to lose that much.

true though, true

[mr moose]

Just now, GorujoCY said:

so an image or fake ownership

 

I would be okay with a house, it has a way better value than a bloody shitty NFT image, but even an Eiffel tower? please.

 

There was a con-man who sold the Eiffel tower twice,  eventually (if not already) there will be digital cons involving real property just like it. 

[RejZoR]

Can't wait until someone copy & pastes the house lol

[PizzaPuntThomas]

19 minutes ago, GorujoCY said:

at least a house has more value than an NFT image, also no, ownership isn't easily taken as the previous owner of the house can check the ownership on the Blockchain and not rely on stolen ownerships

True, I didn't think of that. The blockchain is pretty useful. 

[it_dont_work]

Titles, deeds, encumbrances, a lot more to changing the ownership of a property than simply paying for it.  Depending on your country also money laundering laws, registers for capital value changes (as in changing hands), Taxes related to the 'sale' of property (stamp duty, capital gains).

 

Anyone selling shit in australia should know the issues of gaining section 32 can be a fucking nightmare. 

 

 

 

 

[Arika]

Quote

The home’s current owner, Leslie Alessandra, told the New York Times that placing property rights in NFTs would allow owners to quickly trade-in as an NFT transaction.

spoken like someone who has no idea about how house titles work......

[mr moose]

4 minutes ago, it_dont_work said:

Titles, deeds, encumbrances, a lot more to changing the ownership of a property than simply paying for it.  Depending on your country also money laundering laws, registers for capital value changes (as in changing hands), Taxes related to the 'sale' of property (stamp duty, capital gains).

 

Anyone selling shit in australia should know the issues of gaining section 32 can be a fucking nightmare. 

 

 

 

 

been there done that.  And with all these new winfall taxes in Vic it's about to get harder again (and a lot less profitable).

[Taf the Ghost]

1 minute ago, it_dont_work said:

Titles, deeds, encumbrances, a lot more to changing the ownership of a property than simply paying for it.  Depending on your country also money laundering laws, registers for capital value changes (as in changing hands), Taxes related to the 'sale' of property (stamp duty, capital gains).

 

Anyone selling shit in australia should know the issues of gaining section 32 can be a fucking nightmare. 

 

 

 

 

The NFTBros too much think they have a solution to very complex issues that have been developed over 100s of years. It's both sort of hilarious and incredibly sad to watch it all play out.

 

That said, as a technical point that'll I'll be bringing up for probably the next 3 years on this forum, there's already plenty of "NFT" systems. Property Titles are already one of them in most modern countries. They just aren't easily accessible public ledgers. (You normally have to physically go to search for it or pay a service that's built the systems for it.)  Event Tickets (Concert, movie or sports) are already NFTs and mostly digital already. This entire movement is basically a solution in search of a problem, which is why it's Scam Central right now.

[Taf the Ghost]

Thinking about this a little more, there's actually a lot of money to be made for selling a Ledger-based Title System in a chunk of the world. Anyone that knows about a lot of the "less developed world' knows that property ownership issues are a massive reason for the much less development. There really is an "economic miracle" available to someone that wants to create it.

[it_dont_work]

30 minutes ago, mr moose said:

been there done that.  And with all these new winfall taxes in Vic it's about to get harder again (and a lot less profitable).

Don't get me started, Still arguing with BS 'cost' increase with my builder. 

[mr moose]

33 minutes ago, it_dont_work said:

Don't get me started, Still arguing with BS 'cost' increase with my builder. 

Oh, your poor c$%#. 

 

VCAT I hear is still majority win for the underdog.  worth keeping in mind.

[darknessblade]

3 hours ago, PizzaPuntThomas said:

My thoughts

I think that it is a bit stupid to sell an ownership document as a NFT, because, as said in other TechLinked videos, you can copy NFT's and sell them, and then there would be one fake owner, who thinks they are the owner, but they aren't, which is a problem. 

 

Not forgetting as 99,99% of all NFT's are publicly visible, its very easy to copy it, and make clone NFT's

--------

then it will be a hilarious lengthy court battle, where the fake owners have nothing to loose, and the real owner has everything to loose.

 

Just make a billion copies, cutting up the NFT, so instead of buying the "whole house" you sell pieces the size of a square inch. making it even more divided. and near impossible to determine who owns what.

 

----------

stealing houses has also become easier, as someone would just have to spoof a domain and send the "owner" a mail saying there is a potential security breach on "marketplace the nft is stored" causing said owner to login into the fake page. where the hackers/scammers login to the real page, stealing the "NFT and thus the house"

 

[soldier_ph]

Waiting on the day where people sell their Kidneys as NFTs.

[Needfuldoer]

3 hours ago, Taf the Ghost said:

That said, as a technical point that'll I'll be bringing up for probably the next 3 years on this forum, there's already plenty of "NFT" systems. Property Titles are already one of them in most modern countries. They just aren't easily accessible public ledgers. (You normally have to physically go to search for it or pay a service that's built the systems for it.)

I've noticed a lot of county deed registries have been digitizing their books and opening them up for public consumption online. (Not just OCR, but fax-quality scans of entire pages.)

 

The sites are usually clunky to use and would have looked outdated 20 years ago, but they're there.

[Taf the Ghost]

8 minutes ago, Needfuldoer said:

I've noticed a lot of county deed registries have been digitizing their books and opening them up for public consumption online. (Not just OCR, but fax-quality scans of entire pages.)

 

The sites are usually clunky to use and would have looked outdated 20 years ago, but they're there.

Yeah, it's happening slowly and is a long-term process. Considering some property in a few Western countries have been owned by families since before regular records existed, it's also understandable why some of these systems are not in any interest to adopt new technology. 

[joaopt]

5 hours ago, PizzaPuntThomas said:

Summary

In Florida, a house is being sold as a NFT, the benefit of this would be to make selling real estate easier. 

 

Quotes

 

My thoughts

I think that it is a bit stupid to sell an ownership document as a NFT, because, as said in other TechLinked videos, you can copy NFT's and sell them, and then there would be one fake owner, who thinks they are the owner, but they aren't, which is a problem. 

 

Sources

https://newsbuzz.live/world-news/for-the-first-time-in-florida-luxury-property-will-be-auctioned-through-nft/ 

https://www.trouw.nl/buitenland/je-huis-verkopen-als-unieke-digitale-token-in-florida-kan-het~bcf6c0e0/?referrer=https%3A%2F%2Fwww.google.com%2F (Dutch news site where I read about this topic, I think you can probably translate it.)

i hate NFT's, they are idiotic, but this seems different, it's more like selling an house using blockchain. I would think it's pointless and a waste of energy, but that claim that there could be other owners is wrong, using blockchain or in this case the NFT there is a unique owner, that can't be copied.

There is some confusing as to what the NFT represents here. If it has a picture associated you can copy the picture but not the associated blockchain item.

[Sauron]

5 hours ago, PizzaPuntThomas said:

the benefit of this would be to make selling real estate easier. 

Except not really because NFTs are not recognized by the law and therefore don't spare you the legal hoops of buying a house. Plus the house itself is a physical object and therefore already "unique" so this is extremely dumb.

[tikker]

2 hours ago, darknessblade said:

Not forgetting as 99,99% of all NFT's are publicly visible, its very easy to copy it, and make clone NFT's

I can also copy the documents regarding your house, your receipt of something you bought etc. What you can't copy in this case is the transaction history of the NFT. If I transferred it to you, no other copy would reflect that transfer, similar to how the bank or real estate managery will only confirm or have records of transferring rights to you and not to someone else who happens to have a copy of the deed.

[BuckGup]

25 minutes ago, Sauron said:

Except not really because NFTs are not recognized by the law and therefore don't spare you the legal hoops of buying a house. Plus the house itself is a physical object and therefore already "unique" so this is extremely dumb.

Lmao what? You can privately sell your home however you please and you can have a contract that's legally binding regardless if it's physical or virtual. Most of the legal work done while selling a home is related to the banks and your mortgage. The banks really want to make sure you aren't frauding them so they end up twisting your arm for 30 days. Contrary to that I've watched someone buy a home fully in cash and they had the title within a business week. There was no realtor involved and no loans/banks getting in the way. 

 

As for your last sentence you are still confused on how NFTs work. They aren't the home they are the representative ownership of it or aka the title of the home. You might say we don't need NFT titles because we already have them but they are incredibly easy to fraud, expensive, and slow. 

 

A smart contract with an NFT is just as legally binding as a normal title. So I'm not really sure why people opt to pay more money, wait longer, and be more susceptible to fraud

[joaopt]

6 minutes ago, BuckGup said:

Lmao what? You can privately sell your home however you please and you can have a contract that's legally binding regardless if it's physical or virtual. Most of the legal work done while selling a home is related to the banks and your mortgage. The banks really want to make sure you aren't frauding them so they end up twisting your arm for 30 days. Contrary to that I've watched someone buy a home fully in cash and they had the title within a business week. There was no realtor involved and no loans/banks getting in the way. 

 

As for your last sentence you are still confused on how NFTs work. They aren't the home they are the representative ownership of it or aka the title of the home. You might say we don't need NFT titles because we already have them but they are incredibly easy to fraud, expensive, and slow. 

 

A smart contract with an NFT is just as legally binding as a normal title. So I'm not really sure why people opt to pay more money, wait longer, and be more susceptible to fraud

 

Is this true? i'm almost sure it isn't, unless it's a country it some weird laws. You can buy a house from someone but it's only legal if you register the purchase, and for that you need a legal document, and you have to register it in order to pay the taxes for example. I doubt anyone or any country has legalized NFT's as a house register. You can buy it with candy, but you still have to register it and to do it there are requirements and NFT's are certainly not among them.