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. 

Each property on the Homebase platform is fractionalized by non-fungible tokens, which are issued through a Regulation D security token offering under the Securities Act. 

"It was critical for us to ensure that homes we tokenized on our platform were legally sound and complied with securities law from day one" explained Alex Kim, one of the co-founders of Homebase.

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. 

Update: This story has been updated to reflect a company clarification regarding securities law in the fifth and sixth paragraphs.