Origin Protocol, a Web3 pioneer in NFTs and DeFi, has partnered with the online real estate investment platform Roofstock to bring blockchain innovation to the real estate industry.
Origin’s technology will power Roofstock’s Web3 subsidiary Roofstock onChain (ROC) with a non-fungible token marketplace for tokenized real estate investments.
At present, the real estate industry suffers from many inefficiencies. Sellers pay up to 10% the value of their property in closing costs, and transactions often take several months to close. By using blockchain technology, RoofStock onChain said it lets users buy and sell real estate for 2.5% in brokerage fees and 0.5% in marketplace fees, undercutting traditional sellers’ fees in the industry.
The platform supports the USDC stablecoin, a fully collateralized stablecoin pegged to the U.S dollar. Thanks to its extremely low volatility and widespread adoption, USDC USDC/USD is the preferred medium of exchange for many real-world blockchain transactions.
The NFT Backdrop: The non-fungible token market is synonymous with digital art and expensive profile pictures crypto-savvy users boast on social media. Yet NFTs have vast applications beyond digital art, and the veteran team at Origin Protocol recognizes this.
“At Origin we recognise that innovation in the non-fungible token space remains in its infancy – a prospect that exhilarates us,” says Matthew Liu, co-founder of Origin Protocol.
“The power of digitally verifiable ownership through NFTs has many powerful potential real-world applications. In reality, we’ve barely scratched the surface of this nascent technology’s potential. We anticipate trillions of dollars of real-world assets will be tokenized as NFTs in the next decade. ”
Roofstock's Real Estate Solutions: Roofstock OnChain aims to make real estate investments more accessible, affordable, and transparent through its modified ERC-721 smart contracts built by Origin Protocol.
Since its founding in 2015, Roofstock has provided innovative solutions to improve the real estate investing experience — tokenizing real estate on Ethereum ETH/USD may be the largest stride made by the platform to date. Earlier this year, Roofstock raised its Series E funding round led by Softbank at a $1.94-billion valuation.
RoofStock’s Head of Web3 Initiatives Sanjay Raghavan spoke about the benefits of tokenizing real estate investments.
“Investing in real estate is often considered a cumbersome process with high fees and lengthy transaction processes. “ROC’s partnership with Origin further simplifies the process of purchasing a property. Now, anyone is able to purchase and sell a property through one of the first NFT marketplaces dedicated to tokenized real estate.”
How It Works: ROC ties property deeds to single purpose limited liability companies (LLC). By tokenizing the sole membership of each LLC as a NFT, full ownership of the corresponding property can be authentically transferred on-chain.
Although ownership is documented on-chain, all tokenized properties undergo comprehensive inspections and document verification, affording buyers peace of mind to embrace this new chapter in digitized asset exchange.
Full property and LLC details will be accessible via the marketplace, giving users all the necessary information to conduct their own due diligence.
Blockchain enthusiasts have united around the principles of transparency, decentralization and digital property rights.
Yet digital property rights that offer real-world benefits to end users have yet to be fully realized, and tokenizing real-world properties via NFTs brings us one step closer to realizing this goal.
About Roofstock onChain: Roofstock onChain is the web3 subsidiary of Roofstock, the leading digital real estate investing platform for the $4 trillion single-family rental home sector. Using blockchain technology, Roofstock onChain provides investors the ability to purchase tokenized single family rental properties in minutes, cutting the time and cost incurred by the use of intermediaries.
The company provides extensive resources for investors to buy, manage, and sell investment homes online, including data analytics, property management oversight, and other tools.
About Origin Protocol: Founded in 2017, Origin Protocol is a Web3 developer in the verticals of non-fungible tokens and decentralized finance. Origin’s NFT platform, Origin Story, the platform’s NFT product, has powered NFT sales like 3LAU's $11.7-million record-breaking music sale, the Charlie Bit My Finger viral video sale that generated global headlines, Paris Hilton’s “Past Lives, New Beginnings” series drop and many more.
The company is the creator of the Origin Dollar OUSD/USD, the first stablecoin to automatically accrue compelling DeFi yields while being passively held in user wallets. The native token of the entire Origin commerce platform is the Origin Token OGN/USD.
Courtesy photo.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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