Tokenized Texan house listed for sale on Solana

A company called Homebase listed a property-backed NFT on Solana, allowing consumers to invest in a tokenized house. 

Buying a share of the three-bed house in McAllen, Texas — the first on the platform — will set you back $100. There are 2,468 tokens on offer, worth a total $246,800.

Users can invest in single family rental properties through the program. Each home is held in a limited liability company whose ownership is associated with Homebase NFTs. After investment, they will begin to receive rent monthly in the form of USDC, according to a company release. 

The idea, the company says, is to give better access to wealth-building via real estate on-chain. 

The NFTs that are issued via a security token offering and are registered as securities with the SEC, filed under Regulation D. “We decided to take one of the most conservative legal approaches with our home offerings and thus decided to register them as securities from day one,” said Alex Kim, co-founder of Homebase, in the release.

This isn’t the first time real estate has been touted for sale on the blockchain. This time last year, Vesta Equity set out to sell fractionalized shares of houses on Algorand. It seems this failed to take hold, though, as the platform suggests that none of the houses listed have managed to attract any investment. Roofstock onChain, a marketplace for real estate NFTs had more luck in October, when a South Carolina house was sold via an NFT for $175,000.