Homebase, a real estate firm, has successfully registered its NFT (non-fungible token) on the Solana network with support from real estate investments. This development allows investors to invest in homes in the form of tokens. The first house sold on this platform was a three-bedroom home in McAllen, Texas, with each token worth $100. There were 2,468 tokens sold, with a total value of $246,800.
Investors can invest in single-family homes for rent via the Homebase program. Each house is owned by Homebase NFT after the investment. Investors will receive monthly rental payments in USDC according to the percentage specified in the contract.
The company said this new idea is about access and creating wealth through the real estate network, presented through NFTs, which are securities that are registered with the SEC.
Alex Kim, co-founder of Homebase, said, “We decided to use the most popular legal method with our home offer, so we decided to register as a security from day one.”
This is not the first time real estate has been announced for sale on the blockchain. Last year, Vesta Equity started selling separate housing shares on Algorand before failing due to the platform showing no properties that could attract investments.
However, Roofstock onChain, a popular NFT market for real estate, has gained popularity in recent months.
The Homebase initiative is a step towards democratizing real estate investments, making them more accessible to investors through blockchain technology. As the market expands and more investors jump on board, we can expect further innovations in the intersection of real estate and blockchain technology.
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