Roofstock onChain has announced its first property deal via NFT

Roofstock announces the sale of its first property via (NFTs), facilitated by Roofstock onChain.On Tuesday, October 18th, 2022, Roofstock – a digital real estate platform known for selling single-family rental properties – announced that it had completed its first property sale via NFT.

The deal was made possible by ROOFSTOCK onChain (ROC), the company’s web3 subsidiary. According to a press handout from the team, this makes Roofstock the first “NFTRealty” marketplace in existence.

ROC makes it quick and easy to sell an SFR property. We list the property on our NFT marketplace, which is powered by Origin Protocol.

The sale of this property, located in Columbia, South Carolina, is the first time an NFT marketplace has been utilized to purchase a home. The property was purchased with Circle’s USD Coin (USDC).

By using web3 technology, properties can be bought less expensively and with more transparency than traditional residential real estate transactions.

Seasoned real estate investor, Adam Slipakoff commented on this latest development saying;

“I was grateful to find Roofstock because they made it possible to buy and finance a house with one click, instead of the inefficient process of going through traditional settlement and mortgage companies. I would have had to wait months for underwriting, appraisals, title searches, and preparing deeds if not for Roofstock. And anyone can use their onChain platform – you don’t need be a web3 expert.”

Roofstock stated that every home is identified with a particular Home onChain, an NFT located on the Ethereum blockchain. All transactions are executed by employing smart contracts placed on the Ethereum network.

Geoff Thompson, Chief Blockchain Officer at Roofstock onChain states that;

“This is a huge milestone for Roofstock, as we are now providing a much simpler way to purchase and sell SFR properties using web3 technology.”

Sanjay Raghavan, Head of web3 Initiatives at Roofstock onChain, adds that;

“We’re thrilled to enable home buyers to have access to a range of web3 financing options through our collaboration with Teller. This will enable people to own physical assets in the real world like never before!”

The Rootstock team announces that the Teller Protocol would be used to offer financing options for this and future properties. With USDC Homes, a DeFi lending pool powered by the Teller Protocol, buyers can obtain loans worth up to 80% of the sale price of an NFT.

Roofstock remarked that buyers could effortlessly convert USD to USDC through Wyre. Teller has aligned with Polygon to provide loans because of Polygon’s low gas fees and decentralized network.

By eliminating intermediary fees, this initiative is important in the Web3 space, according to Matthew Liu, co-founder of Origin Protocol.

About Roofstock onChain

Roofstock onChain was founded in 2019 as a joint venture between Roofstock, the leading online marketplace for investment properties, and Origin Protocol, a decentralized marketplace platform. The team aims to bring liquidity and tokenization to the real estate market using blockchain technology.

This property deal marks Roofstock onChain’s first successful venture in tokenizing real estate assets. The property, located in Los Angeles, California, was purchased using NFT tokens and will now be managed and sold using the same method.

Tokenization in Real Estate

Tokenization, or the process of converting physical assets into digital tokens, has the potential to revolutionize traditional industries such as real estate. By using blockchain technology, tokenization can increase liquidity and access for investors, as well as offer greater transparency and security.

This partnership between Roofstock and Origin Protocol marks a significant step towards the mainstream adoption of tokenized assets in the real estate industry.

What do you think about this new development? Please share your thoughts with us in the comment section!