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Roofstock has announced that it has sold its first asset via a non-fungible token (NFT) powered by Roofstock onChain.
Roofstock, a leading digital real estate platform specializing in Single Family Rental (SFR) properties, announced Tuesday, October 18, 2022, that it has sold its first property via NFT.
In a press release shared with Coinjournal, the team said the deal was made possible by the company’s web3 subsidiary, Roofstock onChain (ROC).
The ROC will facilitate the instant sale and settlement of single-family rental (SFR) properties listed on NFT marketplaces powered by the Origin Protocol, the team explained.
The property is located in Columbia, South Carolina. Roofstock explained that the property is the first home ownership sale utilizing his NFT marketplace, purchased with Circle’s USD Coin (USDC).
Enabling web3 technology makes buying properties more efficient, transparent and cheaper than traditional residential real estate transactions.
While commenting on this latest development, SFR South Carolina property buyer and veteran real estate investor Adam Slipakoff said:
I never imagined that I could buy and finance a home with just a click without going through the time-consuming and cumbersome traditional payment and mortgage process. Pave the way for the rest of the market. Instead of waiting months for underwriting, appraisals, title searches and preparing deeds, Roofstock is one click away from buying a property that is fully titled and ready to rent. Best of all, I’m no web3 expert, and the Roofstock onChain platform has made Web3 simple and easy.”
Each house is associated with a unique home on-chain, which is an NFT on the Ethereum blockchain, Roofstock added. Transactions are completed using smart contracts deployed on the Ethereum network.
Geoff Thompson, Chief Blockchain Officer at Roofstock onChain, commented:
It is a major milestone for Roofstock to offer a radically simple way to buy and sell SFR properties with one click using web3 technology.
Sanjay Raghavan, head of the web3 initiative at Roofstock onChain, added:
Through our partnership with Teller, we are excited to usher in a new era of real-world property ownership by giving homebuyers access to a variety of web3 financing options.
Rootstock added that it will use the Teller Protocol to provide financing options for current and future properties. Buyers can seek loans up to 80% of the NFT’s selling price using USDC Homes, a DeFi lending pool maintained on the Teller Protocol, the team added.
Roofstock also explained that buyers can seamlessly convert USD to USDC through Wire. Teller partners with Polygon to facilitate loans with Polygon’s low gas rates and decentralized network.
Matthew Liu, co-founder of Origin Protocol, praised the initiative, saying it has become a significant project in the Web3 space as it eliminates the need for brokerage fees.
