Roofstock onChain Announces Sale of Alabama Rental Property via NFT on Ethereum Blockchain

Digital real estate platform Roofstock on Friday announced the successful sale of a rental property in Alabama via a non-fungible token (NFT) enabled by Roofstock onChain (ROC), its Web3 subsidiary.

What happened: The transaction was settled via an NFT marketplace on the Ethereum ETH/USD blockchain built by Origin Protocol.

Teller Protocol, a decentralized finance (DeFi) lending platform, provided flexible asset-based lending options for the real estate transaction.

The company said this is the second sale of a rental property via NFT enabled by Roofstock onChain.

Roofstock onChain connects home ownership to NFTs by holding each property in a limited liability company, which is then wrapped in an NFT on Ethereum, called "Unique Home onChain".

The entire transaction, from funding to security ownership, is done peer-to-peer on the Ethereum blockchain.

Buyers can also seek financing for the purchase of an NFT property through USDC USDC/USD Homes, a DeFi lending marketplace based on the Teller protocol.

Sanjay Raghavan, Head of Web3 Initiatives at Roofstock onChain, added: "Buyers and sellers can benefit from instant sale and settlement of rental properties, with options for flexible asset-based DeFi leverage, while maintaining transparency and security in the transaction process.”

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Roofstock onChain facilitates the instant sale and settlement of SFR properties listed on its NFT marketplace powered by Origin Protocol's NFT branch, Story.

Borrowers can use Teller to apply for a loan and finance a home purchase onChain through USDC Homes.

Once a lender has funded the borrower's application, USDC Homes Protocol uses the funds to purchase the NFT LLC and transfer it to a smart contract vault until that the borrower repays the entire loan plus interest.< /p>

Why it matters: Matthew Liu, co-founder of Origin Protocol, said, "Non-fungible tokens are rapidly gaining utility when most of the world no longer looks at them. As decentralized solutions begin to have a greater impact on traditional industries, users will begin to embrace technology to reap the benefits of NFTs.In the case of real estate, transactions will become much cheaper, more transparent, and much faster thanks to the use of the blockchain."

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Photo: lp-studio via Shutterstock.

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