Digital real estate platform Roofstock announced on Friday the successful sale of a rental property in Alabama through a non-fungible token (NFT) enabled by Roofstock onChain (ROC), its Web3 subsidiary.
What Happened: The transaction was settled via an NFT marketplace on the Ethereum ETH/USD blockchain built by Origin Protocol.
Teller Protocol, a Decentralized Finance (DeFi) lending platform, provided flexible asset-based lending options for the real estate transaction.
The company said it is the second sale of a rental property via NFT enabled by Roofstock onChain.
Roofstock onChain links home ownership to NFTs by holding each property in a limited liability company, which is then wrapped in a NFT on Ethereum, referred to as a “Unique Home onChain.”
The entire transaction, from financing to title ownership, takes place peer-to-peer on the Ethereum blockchain.
Buyers can also seek financing for the NFT property purchase through USDC USDC/USD Homes, a DeFi lending marketplace built on the Teller Protocol.
Sanjay Raghavan, head of Web3 Initiatives at Roofstock onChain, added, “Buyers and sellers can benefit from instantaneous sale and settlement of rental properties, with flexible asset-based DeFi leverage options, all while maintaining transparency and security in the transaction process.”
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Roofstock onChain facilitates the instantaneous sale and settlement of SFR properties listed on its NFT marketplace powered by Origin Protocol’s NFT arm, Story.
Borrowers can use Teller to raise a loan request and finance the purchase of a Home onChain through USDC Homes.
Once a lender funds the borrower’s request, the USDC Homes protocol uses funds to purchase the LLC NFT and transfer it to a smart contract escrow vault until the borrower pays back the entire loan plus interest.
Why It Matters: Matthew Liu, the co-founder of Origin Protocol, said, “Non-fungible tokens are quickly gaining fresh utility while most of the world is no longer watching. As decentralized solutions begin impacting traditional industries to a greater degree, users will begin adopting the technology to reap the benefits of NFTs. In the case of real estate, transactions will become much cheaper, more transparent, and far quicker through the use of blockchain.”
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Photo: lp-studio via Shutterstock.
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