Homebase, a cryptocurrency startup that was established last year, has successfully tokenized its first NFT title deeds for a single-family home situated in south Texas. The tokenization was carried out on the Solana network using a smart contract tied to an NFT. Homebase was able to raise $246,800 for the property within two weeks, with an extra $11,800 set aside for maintenance and other expenses. The overall effort took a year, including spending seven months getting the legal and compliance details ready for this property. Homebase filed with the SEC to be allowed to market security tokens to both retail and accredited investors.
🚨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
Real estate tokenization offers several advantages for both homeowners and investors. It enables property owners to raise liquidity from these properties, and it provides anyone with the opportunity to invest in and profit from real estate. However, regulatory hurdles still need to be cleared before the full potential of real estate tokenization can be realized. Homebase notes that it chose Solana because of its ease of use and low gas prices. The company plans to tokenize its second property after the success of this sale. Users can purchase tokenized slices of property using USDC with just one click.