digital real estate platform Roofstock On Friday, Roofstock announced the successful sale of a rental property in Alabama via a non-fungible token (NFT) enabled by OnChain (ROC), its Web3 subsidiary.
What happened: The transaction was settled through the NFT marketplace Ethereum ETH/USD built by blockchain Origin Protocol.
taylor protocol, A decentralized finance (DeFi) lending platform providing flexible asset-based lending options for real estate transactions.
The company said this is the second sale of a rental property via NFTs enabled by the Roofstock onchain.
Roofstock Onchain links home ownership to NFTs by holding each asset in a limited liability company, which is then wrapped in an NFT. EthereumWhich is called “Unique House on a Chain”.
The entire transaction, from financing to title ownership, occurs peer-to-peer on the Ethereum blockchain.
Buyers can also seek financing for nft buy property through usdc USDC/USD Holmes, DeFi lending marketplace built on the Teller Protocol.
Sanjay Raghavan“Buyers and sellers can benefit from the instant sale and settlement of rental properties, as well as flexible asset-based DeFi leverage,” said Head of Web3 Initiatives at Roofstock onChain alternativeAll while maintaining transparency and security in the transaction process.
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Roofstock, the NFT arm of the Onchain Origin Protocol, facilitates the instantaneous sale and settlement of listed SFR assets on its NFT marketplace powered by Story.
Borrowers can use Teller to make loan requests and finance the purchase of a home on-chain through USDC Homes.
Once a lender funds a borrower’s request, USDC Homes Protocol LLC uses the funds to purchase NFTs and transfers it to a smart contract escrow vault until the borrower has repaid the entire loan and interest.
Why It Matters: Matthew Liu“Never-fungible tokens are rapidly gaining new utility while most of the world is no longer seeing it,” said the Origin Protocol co-founder. As decentralized solutions begin to impact traditional industries to a greater extent, Users will start adopting the technology to reap the benefits of NFTs.In the case of real estate, transactions through the use of blockchain will become much cheaper, more transparent and much faster.
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photo: lp studio via shutterstock.