Mike Majlak Claims To Buy $4.1m House In LA Using NFTs

Mike Majlak has allegedly bought his first home in Los Angeles, California, worth $4.1 million. 

He claims he used his Bored Ape Yacht Club NFT as leverage to buy the house.

Majlak paid $700,000 for his Bored Ape in April 2022, which astonished even devoted NFT collector Logan Paul.

While the entire crypto market is plummeting at the time of writing, with the Bored Ape floor price dropping substantially, there is still some intrinsic value in the NFT, which Mike exploited.

Majlak even conducted a tour of his new home, claiming to be the "first person to leverage an NFT to buy a house."

Majlak explained the process of using his BAYC NFT to help him buy the house, which involved putting it on a separate platform that then offered him a loan.

“The deal went like this,” he explained. “I would lock my Bored Ape NFT into Arcade’s [the name of the platform] protocol. They would then give me a loan of USD Coin against it, then convert that USDC into American dollars to help pay my downpayment on my mortgage.

“They were about to make the transfer when the unimaginable happened… Yeah, the crypto and NFT market sh*t the f**king bed, but because Apes are such a strong project, I was still able to make the loan happen. I was able to pull a $200k USDC loan against it, which was enough to scrape together the $1.2m downpayment to secure my mortgage.”

He then demonstrated some of the house's attractions, such as a large pool in the yard, a massive open-plan living space, vistas of Los Angeles, and even a climate-controlled wine room.