Real Estate Investors Buy Solana NFT Home for $246,800
Real Estate Investors Buy Solana NFT Home for $246,800
The McAllen, TX, single-family home was valued at $235,000. Homebase drummed up $246,800 in about two weeks by tokenizing the residence on Solana (SOL) via a smart contract tied to an NFT created for the purpose: “Homebase 1 [The Cardinal].” The total amount raised includes $11,800 set aside to “to account for maintenance and other issues,” a spokesperson said in a statement. Homebase, according to Domingo Valadez, the company’s chief executive and one of three co-founders, spent seven months getting just the legal and compliance details of its real estate offering ready for market. The overall effort took a year and involved the regulatory and fiat side of things: filing the SEC paperwork to market security tokens to both retail and accredited investors.
