Roofstock says it has sold another tokenized home. The property is located in Georgia and leveraged RealT – a real estate tokenization service = to assist in the transaction. The settlement was via an NFT sold on OpenSea “enabled by”Roofstock onChain – part of Roofstock.
This is not the first time that Roofstock has sold a home as an NFT, but it is the first time they used RealT, which is described as “the beginning of a promising partnership.
As part of the collaboration, Roofstock will provide its expertise in sourcing single-family rental (SFT) homes and RealT will provide the tokenization process.
Roofstock describes the process as a significant step in modernizing the SFR real estate industry.
“Traditional SFR sales are lengthy and complex, and we have reduced that process to one click using smart contracts,” said Geoff Thompson, Chief Blockchain Officer.
Sanjay Raghavan, VP of web3 Initiatives at Roofstock, said the tokenization and fractional ownership model creates a streamlined model for international investors who want to tap into the US rental market.
Roofstock onChain links home ownership to NFTs by titling each property in a limited liability company. The ownership of the LLC is then associated with an NFT. The digital asset representing the home can then be bought and sold on various NFT marketplaces.
RealT is said to have already tokenized more than $70 million in real estate investments. But there is a long way to go as the SFR market is said to be worth over $7 trillion.
