Homebase’s First Tokenized Rental Property on Solana Sells Out at $235k
Homebase, a digital platform that fractionalizes residential real estate via NFTs, has sold out its first tokenized rental property on Solana in under two weeks.
The property, a $235k single-family rental named The Cardinal, was listed for sale as an experiment to gauge interest in tokenized real estate. Investors who purchased the NFTs representing a fractional share in the property will receive rent directly to their crypto wallets via USDC.
🚨Homebase Sells Out 1st Tokenized Home on @solana 🚨
We’re excited to share that our first tokenized rental property sold out in < 2 weeks
Investors will begin to receive rent directly to their crypto wallet via USDC 😎
Learn how you too can become a property owner ⬇️
— Homebase🏠 (@HomebaseDAO) March 28, 2023
The success of this sale has shown that there is a demand for DeFi in the real estate industry. Homebase’s platform allows users to invest in cash-flowing rental properties directly from their crypto wallets without needing approval from banks. Users can browse the property, view its projected financials, and invest from the comfort of their own homes.
Homebase handles all property management and home improvements, ensuring that investors don’t have to. Properties listed on the platform are vetted by their team, and all home information is publicly available for review. They prioritize transparency, trust, and equality of home information, making user security their number one priority.
Homebase has developed Solana’s first security token offering (STO) built on the @metaplex SPL protocol, and their tokens are registered with the SEC and filed under Reg D 506(b). They have also established processes for token recovery in case a user’s wallet is hacked.
Homebase’s vision is to create a fractional economy for homes, allowing users to use home NFTs as collateral to take out a loan via DeFi protocols or tokenize their homes and sell 20-30% of it online without requiring a bank or credit score. The platform aims to democratize access to real estate investing and give everyone the opportunity to get involved, especially disenfranchised communities who have been barred from homeownership.
Overall, Homebase’s success with their first tokenized rental property sale has shown that there is a market for DeFi in the real estate industry, and their platform has the potential to revolutionize the way people invest in and own property.
Read more:
- This Is Why Solana (SOL) Can Rise To $40 In The Near Term
- You Can Now Invest In Real Estate In The Form Of NFTs On The Solana Today