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The First Real Estate Sale via NFT Marketplace: Executed on Origin Protocol’s Story Marketplace
The recently launched NFT marketplace for physical property exchange developed by Origin Protocol for Roofstock OnChain has seen the completion of its first home sale. This transaction is the first instantaneous sale and settlement of real estate on an NFT marketplace.
The beautiful three bedroom home in Columbia, SC, was purchased for $175,000 using USDC. Both parties were able to reap the benefits of on-chain transacting, with ownership being transferred instantly and fees totalling 3% — well below norms in traditional real estate.
Representing Real Estate as NFTs
By tokenizing property ownership in the form of NFTs, Origin and Roofstock are disintermediating the legacy mechanics of property exchange plaguing the multi-trillion dollar real estate industry.
Between agents, conveyancers, and other intermediaries, home sales can incur fees exceeding 10% with ownership transfer often taking a month or longer to finalize.
The new marketplace for physical property exchange represents a bold foray into an industry ripe for disruption, bolstered by Origin’s wealth of blockchain expertise and Roofstock’s unique industry insights. The time and resource savings observed during the execution of this first sale sounds a fair warning to legacy real estate — investors are no longer at the whim of opaque red tape and exorbitant redundancies.
Rather, individuals are now empowered to invest in property on their terms, with frictionless mechanics that serve to increase liquidity in an historically illiquid market.
Decentralized value exchange should be as seamless as communication in 2022. Origin and Roofstock are bringing this utility to fruition with a fresh value offering poised to usher in a new era for NFT technology.
About Roofstock onChain & Origin Protocol
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 in minutes, cutting 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.
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.
The company is also the creator of the Origin Dollar (OUSD), the first stablecoin to automatically accrue compelling DeFi yields while being passively held in user wallets. The native token of the entire Origin commerce platform is the Origin Token (OGN).
Origin was founded by serial entrepreneurs, Matthew Liu and Joshua Fraser, and also counts the first employee at YouTube, and product and engineering leader from Google, Dropbox, and Coinbase amongst its team members.