Digital real estate platform Ceiling carpet announced on Friday the successful sale of a rental property in Alabama through a non-fungible token (NFT) enabled by Roofstock onChain (ROC), its Web3 subsidiary.
What happened: The transaction was settled via an NFT marketplace at Ethereum (CRYPTO: ETH) blockchain built by Protocol of origin.
Counter protocol, a Decentralized Finance (DeFi) lending platform, provided flexible asset-based lending options for the real estate transaction.
The company said it is the second sale of a rental property via NFT enabled by Roofstock onChain.
Roofstock onChain links home ownership to NFTs by holding each property in a limited liability company, which is then packaged into an NFT on Ethereum, referred to as a “Unique Home onChain.”
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The entire transaction, from funding to ownership, takes place peer-to-peer on the Ethereum blockchain.
Buyers can also apply for financing for the NFT property purchase through USDC (CRYPTO: USDC) Home, a DeFi lending marketplace built on the Teller protocol.
Sanjay Raghavanhead of Web3 Initiatives at Roofstock onChain, added, “Buyers and sellers can benefit from instant sale and settlement of rental properties, with flexible asset-based DeFi leverage options, all 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 the NFT marketplace powered by Origin Protocol’s NFT arm, Story.
Borrowers can use Teller to raise a loan request and finance the purchase of a Home onChain through USDC Homes.
When a lender funds the borrower’s request, the USDC Homes protocol uses funds to purchase the LLC NFT and transfer it to a smart contract deposit until the borrower repays the entire loan plus interest.
Why it matters: Matthew Liuthe co-founder of Origin Protocol, said: “Non-fungible tokens are rapidly gaining new uses while most of the world is no longer watching. As decentralized solutions begin to impact traditional industries to a greater extent, users will begin to adopt the technology for to reap the benefits of NFTs When it comes to real estate, transactions will be much cheaper, more transparent and far faster using blockchain.
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Photo: lp-studio via Shutterstock.
