Crucial Ideas

• Homebase listed their NFT that is backed by real estate on Solana.
• Homebase wants to make wealth-building through on-chain real estate more accessible.
• The company ensures the tokenized residences are both legally sound and compliant and adhere to existing securities law.

A property-backed NFT on Solana was launched by real estate giant Homebase, letting users purchase tokenized properties.

Via the system, consumers can invest in single-family rental properties. A limited liability corporation with Homebase NFTs as its owners retains title to each residence. A firm release claims that after the investment, they would start earning monthly rent in USDC.

One of our co-founders @0xDomingo was recently on the @morethanblckchn podcast talking about what we’re building at Homebase and our origin story.

If you’re bullish on web3 x real estate, make sure to take a listen 👇 https://t.co/JIxfRwxFvd

— Homebase🏠 (@HomebaseDAO) February 28, 2023

According to the company, the goal is to improve access to wealth-building through on-chain real estate.

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In McAllen, Texas, Homebase is presenting its debut product: fractional house ownership. The three-bedroom home is anticipated to have an IRR of 10.13 percent. A token sale is currently taking place. Since it is being sold in accordance with Regulation D, approved investors are the only ones who can access the security.

You can purchase a portion of the three-bedroom McAllen, Texas, home that is the first house on the platform for $100. There are 2,468 tokens in all, valued at $246,800.

Alex Kim, the co-founder of the company, said in the release:

“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.”

Domingo Valadez, a co-founder of Homebase and a former Googler, says:

“Real estate has always been viewed as one of the best pathways to build wealth in America– it is part of achieving the American dream. Sadly today, owning real estate is harder than ever. The median home now costs $429k, out of reach for most Americans, especially young first-time buyers. With our platform, anyone in the US can invest in residential property, regardless of their financial background or location, for as little as $100.”

Kim underlined the importance of making sure the tokenized homes were both legally sound and compliance with existing securities regulation. Homebase may at some point in the future offer shares under Reg A+, opening up the market to non-accredited investors, according to information obtained on the company website.