In partnership with Origin Story, Roofstock onChain launched its NFT marketplace for physical real estate earlier this month. - by OriginProtocol virtualrealestate nonfungibletokens
The $11 trillion real estate market remains a much talked about industry for streamlining access, reducing transaction friction, and democratizing ownership. Real estate technology company Roofstock aims to do just that, launching a marketplace for physical real estateThe nascent “NFT industry”,but what many fail to realize is NFTs aren’t an industry itself.
“I wouldn’t think of it as cutting out intermediaries. The property has to be titled. You have to have someone getting this information the buyer needs. This will always be there. It’s about creating a transparent, immediate system that reduces the information asymmetries between parties.” - Geoffrey Thompson
Once physical assets like real estate are represented on-chain, they can be used for on-chain financial transactions. Some examples of this could be using an NFT of a real estate building as collateral for a loan to replace a home equity loan in the real world. Or fractionalization of a real estate NFT so that many parties can invest . Although these aren’t currently offered by Roofstock onChain, they’re interesting ideas to think about.
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