Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Blockchain Makes Deeper Inroads Into Real Estate As Roofstock Announces Its First NFT Home Sale

by Index Investing News
October 26, 2022
in Property
Reading Time: 3 mins read
A A
0
Home Property
Share on FacebookShare on Twitter


The home in Columbia, SC which sold as an NFT for $175,000.

Roofstock/Matterport

Roofstock, the online platform for investing in single family rental homes, announced last week they completed the sale of one their homes via a non-fungible token through their subsidiary Roofstock onChain. The Columbia, South Carolina home sold for $175,000 to local real estate investor Adam Slipakoff.

As one of the first NFT-based residential home sales for the US, the purchase took multiple players in the blockchain landscape to reach completion.

To start, the home is titled under a limited liability company whose ownership is linked to Home onChain, an NFT on Ethereum blockchain. The transaction took place on the Origin Protocol marketplace using the stablecoin USDC from Circle, which was converted from US dollars using Wyre. Financing was facilitated via Teller Protocol, a fintech platform that maintains the decentralized finance lending pool USDC Homes (which is not connected to the similarly named USDC, mentioned above). The buyer used a ‘multi-sig’ wallet on Origin, requiring two parties to sign off on the transaction before funds were released.

“The marketplace smart contract that we use instantaneously did that swap,” said Matthew Liu, cofounder of Origin Protocol. “The NFT shows up into this new multi-sig wallet and the USDC that the buyer paid was split [to different parties]. That all simultaneously happened in one on chain transaction.”

The transfer of funds were simultaneously sent to the seller, minus Origin’s standard fee of .5%, and Roofstock onChain’s fee of 2.5%. Prior to the transaction, USDC Homes required an underwriter fee and transacting on most blockchain platforms, including Ethereum, comes with what’s known as a ‘gas fee’ to pay for the cost of using the platform.

“The dream from our side is at some point in the future this technology can power a user experience that looks pretty equivalent to what like Roofstock’s existing business looks like,” said Liu, referring to how Roofstock’s investment process takes place fully online. “A lot of the difficult parts of the blockchain—fiat on ramps to crypto, the actual smart contracts, the selling of these entities, etcetera—get simplified so that traditional home buyers and sellers don’t need to fully understand this technology. This is laying the early groundwork for all of us as a collaborative industry to eventually disrupt traditional real estate. It may take five years, 10 years. But that’s what we’re most excited about.”

Before the transaction could take place the buyer had to have their identity verified in a traditional ‘offline’ manner so they could have a whitelisted wallet on Origin.

Liu envisions a future where these NFTs can be sold to additional parties saying, “Because NFT’s are interoperable and they can be easily transacted, in theory they can also be fractionalized. So you could turn one home into many small homes. That creates better market efficiency, price discovery, liquidity and also access to more people.”

There are other players in the blockchain space when it comes to buying and selling physical properties. Real estate startup Propy has completed several sales, most recently in Gulfport, Florida and has more coming. Another $4 million home under construction in Utah is planned for an NFT sale later this year.



Source link

Tags: AnnouncesBlockchaindeeperEstatehomeInroadsNFTRealRoofstockSale
ShareTweetShareShare
Previous Post

Harley-Davidson, Visa, Microsoft, Biogen and more

Next Post

Dabur India to acquire majority stake in Badshah Masala for Rs 587 crore

Related Posts

WA renters, landlords put together for brand new cap on lease hikes

WA renters, landlords put together for brand new cap on lease hikes

by Index Investing News
May 24, 2025
0

A monumental change hit Washington’s rental market this month, one within the works for years: caps on lease hikes.However what...

Magnificent Spanish Mediterranean Property within the Coronary heart of Denver

Magnificent Spanish Mediterranean Property within the Coronary heart of Denver

by Index Investing News
May 24, 2025
0

6 Ivy Lane, within the Outdated Crestmoor neighborhood, is well recognizable by its iconic blue tile roof and Spanish Mediterranean...

New-home gross sales climb practically 11%, however figures could also be ‘overestimated’

New-home gross sales climb practically 11%, however figures could also be ‘overestimated’

by Index Investing News
May 23, 2025
0

Gross sales of newly constructed single-family houses rose in April, pointing to continued purchaser engagement through the spring homebuying season,...

Goodyear to Promote A part of Chemical Enterprise for 0M

Goodyear to Promote A part of Chemical Enterprise for $650M

by Index Investing News
May 24, 2025
0

This 640,000-square-foot property situated in Akron, Ohio, serves as Goodyear’s headquarters. Picture courtesy of Goodyear Goodyear will promote nearly all...

Seattle Metropolis Council advances on controversial ethics invoice

Seattle Metropolis Council advances on controversial ethics invoice

by Index Investing News
May 24, 2025
0

A Seattle Metropolis Council committee voted 2-0 Thursday, with three abstentions, on a controversial revision to town’s ethics code, permitting...

Next Post
Dabur India to acquire majority stake in Badshah Masala for Rs 587 crore

Dabur India to acquire majority stake in Badshah Masala for Rs 587 crore

Ebola infects 6 schoolkids in Uganda as outbreak grows

Ebola infects 6 schoolkids in Uganda as outbreak grows

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Revenge of the Dow Jones!

Revenge of the Dow Jones!

November 1, 2022
Oppenheimer Wins First Oscar At 2024 Academy Awards

Oppenheimer Wins First Oscar At 2024 Academy Awards

March 11, 2024
Luke Littler knocks Rob Cross for six in a shocking Gamers Championship Finals debut | Darts Information

Luke Littler knocks Rob Cross for six in a shocking Gamers Championship Finals debut | Darts Information

November 23, 2024
AMC Entertainment gets approval for revised investor settlement, preferred stock soars By Reuters

AMC Entertainment gets approval for revised investor settlement, preferred stock soars By Reuters

August 11, 2023
Alice Tan Ridley, Subway Singer on ‘America’s Received Expertise,’ Dies at 72

Alice Tan Ridley, Subway Singer on ‘America’s Received Expertise,’ Dies at 72

April 12, 2025
T20 World Cup 2022: “I see only one of the teams from Pakistan and India going to the semi-finals”

T20 World Cup 2022: “I see only one of the teams from Pakistan and India going to the semi-finals”

October 21, 2022
Right here’s What Comes After NVDA’s 780% Run

Right here’s What Comes After NVDA’s 780% Run

August 1, 2024
Russians cast ballots on Day 2 of an election preordained to extend Putin’s rule

Russians cast ballots on Day 2 of an election preordained to extend Putin’s rule

March 16, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In