Homebase lists the first real estate-backed NFT on Solana

Homebase has listed a real estate-backed NFT on Solana, allowing consumers to invest in a tokenized home.

Those in need are paying $100 for a stake in a three-bedroom home in McAllen, Texas β€” the first home on the platform.2,468 tokens offered with a total value of $246,800

Users can invest in a family’s rental property through the program. Each home is held by a limited liability company whose ownership is attached to the Homebase NFT. According to a release from the company, once invested, they will start collecting monthly rent in USDC.

The idea, the company said, is to provide a better path to asset accumulation through on-chain real estate.

Every asset on the Homebase platform is forked into NFT, which is issued through Regulation D security token issuance in accordance with the securities law.

Alex Kim, one of the co-founders of Homebase, explained:

β€œIt was important to us to make sure that the homes we marked on the platform were legal and compliant with securities laws from day one.”

This isn’t the first time real estate has been listed for sale on the blockchain. This time last year, Vesta Equity began selling some homes on Algorand. However, it doesn’t appear to have been successful as the platform shows that none of the homes listed are likely to attract any investment.

NFT real estate marketplace Roofstock onChain had better luck in October, when a South Carolina home sold via NFT for $175,000.

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