First NFT Real Estate Sold by Roofstock on Chain Using On Chain Home Financing
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Roofstock, the top single-family rental (SFR) real estate platform, announced the first home sale using a non-fungible token (NFT) made possible by Roofstock onChain (ROC), a web3 subsidiary. Single-family rental (SFR) homes listed on ROC’s NFT marketplace, enabled by Origin Protocol, can be sold and settled instantly. This property, which is situated in Columbia, South Carolina, represents the first onchain USDC sale. When compared to traditional residential real estate transactions, using web3 technology makes it possible to buy houses more cheaply, transparently, and efficiently.
“I never thought I’d be able to purchase and finance a home with just one click, as opposed to going through the lengthy and time-consuming traditional settlement and mortgage procedure”. As a seasoned real estate investor who purchased the SFR property in South Carolina, Adam Slipakoff remarked, “I’m thankful Roofstock opened the path for the rest of the market, With just one click, I was able to purchase a completely title-insured, rent-ready home rather than having to wait months for underwriting, appraisals, title searches, and deed preparation”.
To facilitate financing of tokenized real estate projects with the USDC Homes loan pool, Roofstock will use the Teller Protocol
Each house is registered as a limited liability corporation with a specific Home onChain, an NFT on the Ethereum blockchain, identifying ownership. Smart contracts, which are implemented on the Ethereum network, are used to transfer each Home on Chain, and the entire transaction is recorded transparently on the blockchain. As the chief blockchain officer of Roofstock onChain, Geoff Thompson, put it, “Providing a radically simple mechanism for SFR homes to be purchased and sold with one-click using web3 technology is a huge milestone for Roofstock. Sanjay Raghavan, Head of web3 Initiatives at Roofstock onChain, stated, “We’re pleased to give home purchasers access to multiple web3 financing choices, ushering in a new era of real-world asset ownership with our cooperation with Teller.”
For this property as well as future ones, funding options will be provided using the Teller Protocol. With USDC Homes, a DeFi lending pool run on the Teller Protocol, buyers can apply for a loan for up to 80% loan-to-value of the NFT’s retail price. Circle, the company that produces the USD Coin (USDC) and Euro Coin, is not associated with USDC Homes (EUROC). For the purpose of confirming identity and offering creditworthiness assessments to lenders, USDC Homes collaborates with a network of underwriters and data providers. Through Wyre, buyers may easily change USD into USDC. Due to Polygon’s affordable gas prices and decentralized network, Teller has chosen Polygon to help with loan facilitation.
Teller’s USDC Homes lending pool links the housing sector to DeFi, according to the statement. We are thrilled that USDC Homes will drive the financing options on Roofstock on Chain’s real estate marketplace. According to Ryan Berkun, founder and CEO of Teller, “their consumers will now be able to fund real estate purchases using cryptocurrency loans on-chain.
Kash Razzaghi, Chief Revenue Officer at Circle, noted that “this sale is a great milestone for Roofstock and their commitment to making the process of purchasing real estate more accessible.” Circle is excited to collaborate with Roofstock and introduce USDC, a more effective, safe, and transparent way of value exchange via the internet, to the real estate industry.
Through the USDC Homes pool on Teller, liquidity providers make individual property-backed loans to borrowers. Additionally, USDC Homes provides unsecured and secured loan options, accepting ETH, BTC, USDC, and other well-known coins as collateral. Although all loan-related transactions take place on-chain, applicants may also supply off-chain information, such as their credit score.
One of the cornerstones of Web3 is eliminating intermediate fees, and this is just the beginning. We will observe more effective and liquid markets for these typically illiquid assets as more and more real estate is brought on-chain through NFTs, said Matthew Liu, co-founder of Origin Protocol.
Users have the option to join as lenders or borrowers in every Teller pool. Borrowers can submit a loan request on USDC Homes to pay for the purchase of a Home on Chain (an NFT linked to the underlying SFR property). “The Roofstock team is innovating on the cutting edge of real estate financing.
Once the lender approves and funds the borrower’s request, the USDC Homes platform will use the funds to buy the LLC NFT and then transfer the NFT to an escrow account, a multisig wallet, until the borrower pays back the entire loan with interest on the Polygon network. Buyers can efficiently finance SFR properties with Roofstock onChain without going through the standard settlement procedure. We are happy to serve as the cornerstone of this new phase of DeFi thanks to Polygon’s affordable gas prices and strong security, said Hamzah Khan, Head of DeFi at Polygon.
According to Yanni Giannaros, CEO and co-founder of Wyre, “We are pleased to be the fiat to crypto on-ramp for a real estate NFT acquired with USDC, and to continue to bridge the gap between traditional and digital economies.”
About Roofstock on Chain
The premier digital real estate investing platform for the $4 trillion single-family rental house market, Roofstock, has a web3 subsidiary called Roofstock onChain. Roofstock onChain uses blockchain technology to give investors the ability to buy tokenized single family rental properties with just one click and to conduct transactions in cryptocurrency, reducing the time and expense associated with using older methods.
Roofstock offers a wealth of services for investors to engage in the SFR market, including data analyses, contacts to contractors and property management firms, and other management tools. Since its founding in 2015, Roofstock has brokered more than $5 billion worth of investment deals.
Unsecured lending and borrowing of digital assets is made possible through the Teller DeFi (“Decentralized Finance”) protocol, which is driven by market participants. The Teller Protocol does this by allowing users to exchange frequently used off-chain credit data with on-chain loan requests through an open order book mechanism.
The Teller Protocol can be integrated into marketplaces and lending platforms to fulfill loan requests, enabling lenders to select which loans to fulfill depending on the added borrower data. By accelerating DeFi adoption and expanding the pool of potential market players in digital asset lending, the Teller Protocol eventually makes it possible to create a new class of cryptocurrency loan products that are related to both off-chain and on-chain credit signals.
About Origin Protocol
Origin Protocol, a web3 pioneer founded in 2017, creates cutting-edge technologies in the non-fungible tokens (NFTs) and decentralized finance sectors, two of the crypto industry’s fastest expanding subsectors (DeFi). Origin’s NFT platform, Origin Story, the NFT product on the platform, has driven NFT sales such as 3LAU’s $11.7M record-breaking music sale, the Charlie Bit My Finger viral video sale that made international headlines, Paris Hilton’s landmark “Past Lives, New Beginnings” series drop, and many others. Along with building branded marketplaces for well-liked NFT collections like Pudgy Penguins and Karafuru, Origin has collaborated with prominent NFT developers like Trevor Jones and Alotta Money as well as companies like Rolling Stones and Inspiration4/SpaceX.
The premier provider of payment infrastructure for the cryptocurrency industry is Wyre. With a developer-centric approach, the business offers simple-to-integrate APIs that let thousands of developers spread crypto among the general public. Since its founding, the company has processed over $10 billion in payments and “on-ramped” over 15 million end customers to its partners. The world’s fastest fiat-to-crypto gateway, “Checkout,” is Wyre’s flagship product and has aided hundreds of cryptocurrency applications in better connecting with their users. Since 2013, Wyre has been a significant player in the cryptocurrency industry, assisting clients in more than 100 nations and providing them with simple access to blockchain technology.
The top blockchain development platform is Polygon, which provides Web3 blockchains that are scalable, inexpensive, safe, and sustainable. Developers get quick access to L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, as well as data availability, thanks to its expanding range of products. With over 53,000 decentralized applications hosted, 2.1 billion transactions completed, 174.9 million unique user addresses, and over $5 billion in assets secured, Polygon’s scaling solutions have been widely adopted.
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