Leading real estate investment platform Roofstock announced its 1st property sale via Ethereum’s blockchain, enabled by Roofstock onChain (ROC), its web3 subsidiary. Roofstock onChain is a real estate brokerage alternative powered by an NFT marketplace built by Origin Protocol. While physical real estate has sold in crypto before, this sale is the most crypto-native real estate sale to-date, and it’s the 1st property sale that was instantly settled on an NFT marketplace. Moreover, the sale used Circle’s USDC stablecoin instead of volatile crypto assets––eliminating a key barrier for web3 adoption.

“Cutting out intermediary fees is one of the pillars of web3, and this is just the beginning. As more and more real estate is brought on chain through NFTs, we will see more efficient and liquid markets for these traditionally illiquid assets,” said Matthew Liu, co-founder of Origin Protocol.

When most people hear the term NFT , they think of crypto-rich 20-something year olds with a monkey picture on their Twitter profile. Roofstock and Origin Protocol extend the use case of non-fungible tokens beyond what’s commonly seen, eliminating the most prevalent pain points in real estate brokerage.

Located in Columbia, South Carolina, the property sold last Friday, October 10th for $175,000. Unlike traditional real estate brokerages, ROC transactions are instantaneous, and there is no escrow involved. During the sale, the homebuyer Adam Slipakoff saved weeks of closing time, and the seller saved over $5,000 in closing costs.

“I never imagined I could buy and finance a house with a simple click, rather than going through the time-consuming and cumbersome traditional settlement and mortgage process. I’m grateful Roofstock paved the way for the rest of the market,” said Adam Slipakoff, a seasoned real estate investor. “Instead of waiting months for underwriting, appraisals, title searches and preparing deeds, I was able to buy a fully title-insured, rent-ready property with one click. Best of all, I am no web3 expert – the Roofstock onChain platform made it simple and easy.”

Home ownership was transferred entirely through smart contracts, utilizing the NFT marketplace built by Origin Protocol. NFTs on the marketplace are associated with a limited liability company that holds the title to each respective home. Moreover, Roofstock onChain utilizes Ethereum’s blockchain past home brokerage. In partnership with Teller Protocol, Slipakoff was able to get financing for the property via a bespoke DeFi lending pool.

“For Roofstock it is a major milestone to provide a radically simple way for single-family rental (SFR) properties to be purchased and sold with one-click using web3 technology,” said Geoff Thompson, Chief Blockchain Officer at Roofstock onChain. “We’re excited to enable home buyers to have access to various web3 financing options , ushering a new era of real-world asset ownership through our partnership with Teller,” added Sanjay Raghavan, Head of web3 Initiatives at Roofstock onChain.

Using Teller Protocol, buyers can seek a loan for up to 80% loan-to-value of the sale price of the NFT with USDC Homes, a DeFi lending pool maintained on the protocol. Once approved for a loan, the buyer used Wyre to transfer USD into USDC before proceeding with the purchase. To purchase the home, Teller Protocol’s USDC Homes uses the funds to purchase the LLC NFT, transferring the NFT into a multisig wallet until the buyer pays back the entire loan amount, and interest, via Polygon’s network.

“The Roofstock team is innovating on the bleeding edge of real estate financing. Roofstock onChain allows buyers to finance SFR properties efficiently without going through the traditional settlement process. With Polygon’s low gas fees and robust security, we are delighted to be the bedrock of this next stage in DeFi.” said Hamzah Khan, Head of DeFi at Polygon.

About Roofstock onChain

Roofstock onChain is the web3 subsidiary of Roofstock, the leading digital real estate investing platform for the $4 trillion single-family rental home sector. Using blockchain technology, Roofstock onChain provides investors the ability to purchase tokenized single family rental properties with one click, and to transact with crypto, cutting the time and cost incurred by legacy systems.

Roofstock provides extensive resources for investors to actively participate in the SFR space, including data analytics, connections to property management companies and contractors, and other management tools. Founded in 2015, Roofstock has facilitated more than $5 billion in investment transactions to date.

To learn more or to get started with Roofstock onChain, please visit onchain.roofstock.com.

About Origin Protocol

Founded in 2017, Origin Protocol is a web3 pioneer developing innovative products in the crypto industry’s fastest growing verticals of non-fungible tokens (NFTs) and decentralized finance (DeFi). Origin’s NFT platform, Origin […]

source Roofstock onChain Sells 1st Real Estate Property On Ethereum, Powered by Origin Protocol NFTs and Teller DeFi

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