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Basic protocol and roofstock for tokenizing real estate assets
Origin Protocol, a leading Web3.0 protocol focused on non-fungible token (NFT) and decentralized finance (DeFi) has announced its partnership with real estate investment platform Roofstock.
As implied in a press release shared with CoinSpeaker, Origin Protocol will help build an NFT marketplace for on-chain Roofstock subsidiary Roofstock, which makes real estate investments accessible through its NFT token solution. Offshoot makes its real estate investments accessible through a modified ERC-721 smart contract created by Origin Protocol.
There are a lot of inherent challenges in the real estate industry and one of them lies in the cost of closing any transaction. In particular, property owners spend 10% of the total cost of their assets when selling them, as middlemen’s fees are often fictitious. This is in addition to the time and delays experienced across the board.
Roofstock OnChain is looking to change this narrative, providing an opportunity to close real estate transactions with a maximum expense of 2.5% in transaction costs. With Origin Protocol, Roofstock will look at expanding the utilities of Onchain NFTs beyond their current routine use as profile pictures.
“Basically we believe that innovation in the non-fungible token space remains in its infancy – a prospect that delights us,” says Matthew Liu, co-founder of Origin Protocol, adding that “via NFTs The power of digitally verifiable ownership has many powerful potential real-world applications. In fact, we have barely scratched the surface of the potential of this nascent technology. We expect billions of dollars in real-world assets to be generated over the next decade. will be marked as NFT.”
Basic Protocol and Operating Model of Roofstock on Chain Partnership
As described in the shared press release, the asset deeds are tied to a single-purpose limited liability company (LLC), which are then tokenized.
Ownership can then be exchanged on-chain and the acquisition can take place legitimately. After purchase, necessary verification and documentation can be done to sew up the validity of the entire deal.
Tokenization is considered the next frontier for digital collectibles, and with a real-world offering from Roofstock powered by the native protocol, greater value can be created for all users globally.
“Investing in real estate is often considered a cumbersome process with high fees and lengthy transaction processes.” ROC’s partnership with Origin further simplifies the property buying process. Now, anyone is able to buy and sell property through one of the first NFT marketplaces dedicated to real estate.”
All real estate deals will be displayed on the NFT marketplace which will be created by Origin Protocol, and potential buyers will be able to access all the information they need to make a decision about whether to initiate a transaction or not.
Founded in 2015, Roofstock has carved a niche for itself in the token world and it is Investor Support Featuring SoftBank Group At a valuation of $1.94 billion.
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