Roofstock onChain sells housing in Alabama as an NFT, purchased with Stablecoins on Ethereum
Roofstock to leverage Origin Story and Teller Protocol to enable real estate NFT brokerage.
Roof covering on chain
Counter protocol
Protocol of origin
SAN FRANCISCO, Feb. 6, 2023 (GLOBE NEWSWIRE) — Ceiling carpetthe leading digital real estate platform specializing in single family rentals (SFRs), today announced the sale of an Alabama rental property via a non-fungible token (NFT) enabled by Roof covering on chain (ROC), its web3 subsidiary. Unlike commemorative NFTs which are used as a marketing tactic to sell homes, ROC uses the technology to settle real estate transactions via an NFT marketplace on the Ethereum Blockchain built by Protocol of origina web3 pioneer bringing real NFT use cases to market. Counter protocol provides flexible, asset-based Decentralized Finance (DeFi) lending options, with property loans available via USDC.Homea real estate finance marketplace powered by the Teller protocol.
“Going from our first sale in South Carolina to our second sale in Alabama in just a few months has proven that the model is scalable across different real estate markets,” said Geoff Thompson, Chief Blockchain Officer at Roofstock onChain. “We are excited to continue to innovate in the real estate industry by harnessing the power of blockchain technology. Buyers and sellers can benefit from instant sales and settlement of rental properties, with flexible asset-based DeFi leverage options, all while providing transparency and security in the transaction process is maintained, says Sanjay Raghavan, head of web3 Initiatives at Roofstock onChain.
ROC facilitates the immediate sale and settlement of detached house (SFR) properties listed on its NFT marketplace powered by Origin Protocol’s NFT arm Story. Located in Harvest, Alabama, the property is among the first real estate sales to occur on a blockchain via NFTs. Using blockchain technology makes it possible to buy properties more efficiently and transparently, compared to conventional residential real estate transactions.
“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 more widely, users will begin to adopt the technology to reap the benefits of NFTs. When where real estate is concerned, transactions will become much cheaper, more transparent and far faster through the use of blockchain,” said Matthew Liu, co-founder of Origin Protocol.
Roofstock onChain links home ownership to non-fungible tokens by holding each property in a limited liability company. The LLC is then wrapped into an NFT on Ethereum, called a “unique Home onChain.” From funding to ownership, the entire transaction happened peer-to-peer on Ethereum. Non-fungible token transfers allow for seamless and transparent transactions on Ethereum’s blockchain.
Counter protocol has enabled DeFi liquidity providers to leverage this NFT property purchase. Buyers can apply for a loan for up to 80% of the loan value of the sale price of NFT with USDC home, a DeFi lending marketplace built on the Teller protocol. USDC Homes is not affiliated with Circle, the issuer of USD Coin (USDC) and Euro Coin (EUROC). USDC Homes works with a network of underwriters and data providers to verify identity and provide credit ratings for lenders.
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. The NFT is then transferred to a smart escrow vault until the borrower repays the entire loan plus interest.
About Roofstock onChain
Roofstock onChain is the web3 subsidiary of Roofstock, the leading digital real estate investment platform for the $4 trillion single-family home sector. Using blockchain technology, Roofstock onChain allows investors to purchase tokenized single-family rental properties with one click, and to transact with crypto, reducing the time and costs incurred by legacy systems.
Roofstock provides comprehensive resources for investors to actively participate in the SFR space, including data analysis, links 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 get started with Roofstock onChain, please visit onchain.roofstock.com.
About the 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 (NFT) and decentralized finance (DeFi). Origins NFT Platform, History of origin, the platform’s NFT product, has powered NFT sales such as 3LAU’s record-breaking $11.7 million music sale, Charlie Bit My Finger viral video sales that generated global headlines, Paris Hilton’s iconic “Past Lives, New Beginnings” streak, and many more. Origin has worked with top NFT creators such as Trevor Jones and Alotta Money as well as brands such as the Rolling Stones and Inspiration4/SpaceX, as well as developing marked marketplaces for beloved NFT collections including Pudgy Penguins and Karafuru.
About Teller Protocol
Teller Protocol is a decentralized, non-custodial lending ledger that allows users to lend and borrow any crypto-asset without price-based settlement. Teller brings to light the first use case of chain credit in DeFi, which provides liquidity providers with insight into the probability of wallet repayment, which then allows returns above money market rates. Teller is live on both the Ethereum and Polygon blockchains.
Media contacts
Roofstock onChain Media Contact
Kayla Gill, [email protected]
Origin Protocol Media contact
Peter Padovano, [email protected]
Counter Protocol Media Contact
Seth Franke, [email protected]
Images accompanying this announcement are available at
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