Home NFT Revolutionizing Real Estate Transactions Through NFTs: Origin Protocol Partners With Roofstock onChain

Revolutionizing Real Estate Transactions Through NFTs: Origin Protocol Partners With Roofstock onChain

by Lottar

SAN FRANCISCO & OAKLAND, CA–(BUSINESS THREAD)–Origin Protocol, a web3 pioneer bringing NFTs and DeFi to the masses, has partnered with leading online real estate investment platform Roofstock to bring blockchain innovation to the real estate industry. Origin’s technology will power Roofstock’s web3 subsidiary, Roofstock onChain, with an NFT marketplace for tokenized real estate. Roofstock onChain’s ERC-721 smart contracts will be integrated into the market to facilitate the purchase and sale of tokenized properties in the form of NFTs.

Why it matters: At the moment, the $11T global real estate market remains a much talked about industry for streamlining ownership, reducing friction and democratizing access.

By incorporating Roofstock onChain’s modified smart contracts into a branded marketplace developed and hosted by Origin’s veteran team, users will be able to list and buy homes in USD Coin (USDC). One of the largest stablecoins, USDC is pegged to the US dollar and is fully backed by USD and treasury reserves, making it one of the preferred exchanges in crypto. This collaboration delivers the benefits and efficiencies of blockchain technology directly to end users. Prospective sellers will only have to pay 3% in fees when selling a property, well below the norms in the traditional real estate market.

Bringing tokenized homes to the masses

“At Origin, we recognize that innovation in the non-fungible token space is still in its infancy – a prospect that excites us,” said Matthew Liu, co-founder of Origin Protocol. “The power of digitally verifiable ownership through NFTs has very powerful potential real-world applications. In fact, we’ve barely scratched the surface of this emerging technology’s potential. We expect trillions of dollars of real-world assets to be denominated as NFTs in the next decade.”

Since its founding in 2015, Roofstock has offered technology-enabled solutions to dramatically improve the real estate investment experience for single-family rental homes. Roofstock raised a Series E funding round led by Softbank at a $1.94B valuation in March. Roofstock OnChain’s partnership with Origin aims to make property transfers seamless, transparent and affordable through Roofstock onChain’s modified ERC-721 smart contracts.

“Investing in property is often seen as a cumbersome process with high fees and long transaction processes. By knowing properties on the blockchain, Roofstock onChain aims to radically simplify the way single-family rental homes are bought and sold,” said Geoff Thompson, Chief Blockchain Officer of Roofstock. “Roofstock onChain’s partnership with Origin further simplifies the process of buying a property. Now anyone can buy and sell a property through one of the first NFT marketplaces dedicated to tokenized real estate,” added Sanjay Raghavan, Head of web3 Initiatives at Roofstock..

How Origin and Roofstock onChain Connect Real World Properties to the Blockchain

How it works: Roofstock onChain names each house in a single member limited liability company (LLC). By using a blockchain to represent the ownership interest of each LLC in the form of an NFT, ownership of the corresponding property can be transferred to the chain in a legally enforceable manner.

Facilitated by Roofstock’s deep expertise in all aspects of real estate transactions, all tagged properties undergo comprehensive inspections and document verification, giving buyers much-needed peace of mind to embrace this new chapter in digitized asset exchange. Full property and LLC details will be accessible via the marketplace, giving users all the information they need to do their own due diligence. Owners will have full management control over the properties and can choose to manage them themselves or hire a third-party property manager.

Potential buyers and sellers will go through traditional identity verification processes through Roofstock onChain, ensuring compliance with legislation and providing an important layer of security when dealing with high-value, real-world assets.

Liu continues, “Origin is committed to affirming transparency and autonomy in crypto. Having been entrenched in the space for over five years, we understand the importance of cultivating innovative, secure and accessible platforms through robust decentralized technology. We are proud to embark on this new journey with Roofstock onChain, uniting and empowering our vibrant web3 communities.”

“We are excited for crypto native individuals and crypto institutions to have direct access to the real estate sector without getting into fiat. Origin and Roofstock onChain have designed a solution that empowers individuals, crypto treasures, DAOs and protocols to create real estate portfolios buy and build with confidence,” said Geoff Thompson.

Looking forward

Since its inception, the promise of crypto has been real decentralization and digital property rights that provide real benefits to end users. With the launch of this partnership with Roofstock onChain, Origin is taking an important step towards realizing that vision. Featured real estate exchange, entirely on chain, offers a tantalizing glimpse into the endless horizons of real asset classes ripe for disruption.

About Roofstock onChain

Roofstock onChain is the web3 subsidiary of Roofstock, the leading digital real estate investment platform for the $4 trillion single-family rental housing sector. Using blockchain technology, Roofstock onChain offers investors the ability to purchase tagged single-family rental properties within minutes, reducing the time and cost incurred by legacy systems.

Roofstock provides extensive resources for investors to buy, manage and sell investment homes online, including data analytics, connections to property management companies and contractors, and other management tools. Roofstock’s transparent, innovative marketplace empowers investors to own cash-flowing rental properties, diversify their investment portfolios and build long-term wealth through real estate. 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 story, the platform’s NFT product, has powered NFT sales such as 3LAU’s record-breaking $11.7M music sale, the Charlie Bit My Finger viral video sale that generated global headlines, Paris Hilton’s iconic “Past Lives, New Beginnings” series, and many more. Origin has worked with top NFT creators such as Trevor Jones and Alotta Money, as well as brands such as Rolling Stones and Inspiration4/SpaceX, in addition to developing branded marketplaces for beloved NFT collections including Pudgy Penguins and Karafuru.

The company is also the creator of the Origin Dollar (OUSD), the first stablecoin that automatically obtains compelling DeFi returns while passively held in user wallets. The original token of the entire Origin trading platform is the Origin Token (OGN).

Founded by serial entrepreneurs Matthew Liu and Joshua Fraser, Origin also counts the first employee at YouTube, and product and engineering lead from Google, Dropbox and Coinbase among its team members.

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