Roofstock onChain Sells Alabama Home as an NFT, Purchased With Stablecoins on Ethereum

Roofstock to leverage Origin Story and Teller Protocol to enable NFT brokerage for real-world property.


SAN FRANCISCO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Roofstock, the leading digital real estate platform specializing in single-family rental (SFR) properties, today announced the sale of an Alabama rental property via a non-fungible token (NFT) enabled by Roofstock onChain (ROC), its web3 subsidiary. Unlike commemorative NFTs that 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 Origin Protocol, a web3 pioneer bringing real world NFT use cases to the market. Teller Protocol provides flexible, asset-based Decentralized Finance (DeFi) lending options, with real estate lending accessible through USDC.Homes, a real estate financing 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’re excited to continue innovating in the real estate industry by leveraging the power of blockchain technology. Buyers and sellers can benefit from instantaneous sale and settlement of rental properties, with flexible asset-based DeFi leverage options, all while maintaining transparency and security in the transaction process,” added Sanjay Raghavan, Head of web3 Initiatives at Roofstock onChain.

ROC facilitates instantaneous sale and settlement of single-family rental (SFR) properties listed on its NFT marketplace powered by Origin Protocol’s NFT arm Story. Located in Harvest, Alabama, the home is among the first property sales to happen on a blockchain via NFTs. Utilizing blockchain technology enables properties to be purchased more efficiently and transparently, compared to conventional residential real estate transactions.

“Non-fungible tokens are quickly gaining fresh utility while most of the world is no longer watching. As decentralized solutions begin impacting traditional industries to a greater degree, users will begin adopting the technology to reap the benefits of NFTs. In the case of real estate, transactions will become much cheaper, more transparent, and far quicker 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 in an NFT on Ethereum, dubbed a “unique Home onChain.” From financing to title ownership, the entire transaction happened peer-to-peer on Ethereum. Non-fungible token transfers allow for seamless and transparent transactions on Ethereum’s blockchain.

Teller Protocol has enabled DeFi liquidity providers to provide leverage for this NFT property purchase. Buyers can seek a loan for up to 80% loan-to-value of the sale price of the NFT with USDC Homes, 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 partners with a network of underwriters and data providers to verify identity and provide creditworthiness reviews for lenders.

Borrowers can use Teller to raise a loan request and finance the purchase of a Home onChain through USDC Homes. Once a lender funds the borrower’s request, the USDC Homes protocol permissionlessly uses funds to purchase the LLC NFT. The NFT is then transferred to a smart contract escrow vault until the borrower pays back the entire loan plus interest.

About Roofstock onChain

Roofstock onChain is the web3 subsidiary of Roofstock, the leading digital real estate investing platform for the $4 trillion single-family rental home sector. Using blockchain technology, Roofstock onChain provides investors the ability to purchase tokenized single family rental properties with one click, and to transact with crypto, cutting the time and cost incurred by legacy systems.

Roofstock provides extensive resources for investors to actively participate in the SFR space, including data analytics, connections 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 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 like 3LAU's $11.7M record-breaking music sale, the Charlie Bit My Finger viral video sale that generated global headlines, Paris Hilton’s iconic “Past Lives, New Beginnings” series drop, and many more. Origin has worked with top NFT creators like Trevor Jones and Alotta Money as well as brands like Rolling Stones and Inspiration4/SpaceX, in addition to developing branded marketplaces for beloved NFT collections, including Pudgy Penguins and Karafuru.

About Teller Protocol

Teller Protocol is a decentralized, non-custodial lending book that allows users to lend and borrow any crypto asset with no price-based liquidation. Teller brings forth the first use case of on-chain credit in DeFi, which gives liquidity providers insights into wallet repayment probability which then allows yields above money market rates. Teller is live on both the Ethereum and Polygon blockchains.

Media Contacts

Roofstock onChain Media Contact
Kayla Gill, kayla@serotonin.co

Origin Protocol Media Contact
Peter Padovano, ppadovano@mgroupsc.com

Teller Protocol Media Contact
Seth Franke, seth@teller.org

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/8565145f-772e-4d3d-9e3d-f2ee022c14e8

https://www.globenewswire.com/NewsRoom/AttachmentNg/9478311a-cadb-4302-9106-fe71e872fb06

https://www.globenewswire.com/NewsRoom/AttachmentNg/13c1bd84-2d58-459d-9be3-87e7f9d111ae


Roofstock onChain Teller Protocol Origin Protocol