DeFi DeBrief #11: House sells on OpenSea 🤯

Welcome to issue #11 of the DeFi DeBrief, your weekly digest of the biggest news in DeFi.

TL;DR:

  • OpenSea starts selling houses
  • Reddit onboards 3m new NFT users
  • Tether available on 24,000 ATMs

 

Onwards 👇

 

TAKE NOTE

House-hunting? Why not check OpenSea 🏡

Blockchain fans have long talked about using non-fungible tokens for real estate, but no one quite knew if, let alone when, we’d see a house sold as an NFT. Then someone listed their 3-bedroom home on OpenSea, and guess what?

The property, located in Columbia, South Carolina, just sold for $175,000. It features a large living room, a dining area, a galley-style kitchen, and a walkout patio, all listed in the ‘properties’ section of the NFT marketplace.

The sale was made possible by Roofstock onChain, the web3 subsidiary of real estate company Roofstock, with the transaction processed in USDC.

Why should you care?

Non-fungible tokens (NFTs) hit the headlines throughout 2021, yet most people couldn’t see the utility of something that resembled little more than a JPEG. 

But now we’re seeing more real-world use cases for a fascinating technology, helping clarify what NFTs can actually do. There’s some debate about what happens if the token itself gets stolen, but that’s likely for another day.

For now, it’s worth celebrating a watershed moment in real estate.

 

IN THE HEADLINES

Redditors go wild for NFTs 🕺

Reddit was one corner of the internet that had shown no interest in NFTs. But earlier in July, the alternative social network launched its first round of ‘Digital Collectables’ on Polygon; some sold, others airdropped.

Reddit users have since created upwards of 3 million crypto wallets to buy the avatars in a red-hot embrace of NFTs, showing the community is just as excited about PFPs as the rest of Crypto Twitter.

The price of the collectables has popped in recent days, proving that interest in the collection has only grown, but who knows if it will last.

 

IN THE HEADLINES

Tether comes to 24,000 ATMs in Brazil 🌎

Tether (USDT), the world’s largest stablecoin by market cap, will be available at 24,000 ATMs throughout Brazil from Thursday next week. Users will be able to send USDT from any wallet to one of the ATMs.

Crypto service provider SmartPay will then convert the stablecoin into Brazilian reals, allowing users to withdraw funds right away (or users can deposit reals into the ATM, receiving USDT in their wallet).

In a world of currency turbulence, this could mark an exciting step-change in how people choose to store their money.

 

TAKE FIVE

Five short reads catching our eye this week:

  1. A controversial take on crypto regulation
  2. Even Western Union is checking out web3
  3. UK lawmakers recognise crypto as a financial instrument
  4. Nearly 50% of young people want crypto in their retirement plan
  5. Twitter might soon add a native crypto wallet

 

TEMPERATURE CHECK 🔥

  • BTC: $20,634.25 (7.01%, 7 days)
  • ETH: $1,534.08 (14.19%, 7 days)
  • TVL in DeFi: $54.53bn (2.42%, 7 days)
  • Fear & Greed: 33 (fear)

 

*Data last updated at 08:00 on 26th October.

 

TWEET CHECK 🐦

 

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