Origin Protocol and Roofstock collaborate to introduce a new disruption in real estate tokenization

Author: Origin Protocol

Compiled by: ChainCatcher

Since the launch of the NFT Collections product in June, Origin Protocol's Story platform has seen significant growth, recently launching a leading NFT project marketplace, including Pudgy Penguins, Sappy Seals, and Karafuru.

While we are proud to contribute to the vibrant communities cultivated by pfp-based projects, we have been inspired by the tremendous potential of NFTs to disrupt real-world asset classes.

We are excited to announce a new partnership with the real estate investment platform Roofstock to bring physical assets onto the blockchain.

Since its launch in 2015, Roofstock has pioneered technology-based solutions to improve the real estate investment experience. After raising Series E funding at a valuation of $1.9B in March, Roofstock has solidified its position as a leader in real estate investment technology.

Benefits of Tokenized Real Estate

The $11 billion real estate market remains a highly scrutinized industry in terms of simplifying ownership, reducing friction, and democratizing access.

Together with Roofstock's Web3 subsidiary Roofstock onChain, we are expanding a new vertical that enables seamless, transparent, and affordable property transfers for everyone. The modified ERC-721 smart contract from Roofstock onChain will be integrated into a custom marketplace developed by Origin to facilitate the buying and selling of tokenized properties in the form of NFTs.

In stark contrast to the high costs of traditional real estate, we are pleased to confirm that users of the Roofstock onChain marketplace will only pay a 3% fee.

How Tokenized Real Estate Works

Roofstock onChain grants ownership for each home within a single-member limited liability company (LLC). By using Ethereum to represent ownership interests of each LLC in the form of NFTs, ownership of the corresponding property can be transferred on-chain in a legally enforceable manner.

Roofstock's experienced team conducts thorough inspections and document verification for all potential listings, with all information accessible directly through the new marketplace. We are acutely aware of the scams that have proliferated in the art-based NFT space. Therefore, we believe that due diligence, compliance, and robust verification are particularly necessary in real estate.

As a result, users must complete full KYC verification on the Roofstock onChain website to transact on the marketplace. The KYC process verifies the user's identity using Soulbound Tokens (SBT) before purchasing real estate through Roofstock onChain.

Links to complete property details provide users with all the necessary information to conduct due diligence—equipping buyers with the tools to make safe and informed decisions.

Once verified on Roofstock onChain, potential buyers will be able to transact on the marketplace using their corresponding Ethereum wallet address.

Sellers need to complete verification and prepare all details to list on Roofstock onChain in order to mint their property's NFT into their web3 wallet. Finally, sellers will be guided to the marketplace to select their USDC fixed price and sales duration before confirming the listing through wallet approval.

A Step Towards Real-World NFT Utility

Since the inception of cryptocurrency, there has been a desire for true decentralization. As we embark on this new journey with Roofstock onChain, we are opening the door to new disruptions by introducing digital property rights onto the blockchain and emphasizing accessibility and ease of use.

The potential applications of NFTs are limitless and exciting, and we are committed to driving innovation and adoption to empower individuals across various industries, one use case at a time.