The Colorado House of Prayer, a network of affiliated church groups, has embarked on an initiative to purchase their main chapel by tokenizing their chapel.
The group has tokenized the “Old Stone Church,” a historic 11,457-square-foot building, in an effort to raise $2.5 million to secure ownership.
A Colorado church has made history by tokenizing its $2.5M chapel on the blockchain. This innovative move allows fractional ownership through blockchain technology, potentially paving the way for more real estate tokenization in the future. #Blockchain #RealEstate #Innovation pic.twitter.com/nOXNJUUcTf
— Crypto Comedian LOVE YOU (@RostislavT3) August 19, 2024
The initiative is spearheaded by Pastor Blake Bush, who believes that this innovative approach was divinely inspired, according to a report from Forbes.
The Tokenization Idea Was Divinely Inspired
According to Bush, the idea to tokenize the building came to him during a spiritual experience.
“I heard the Lord say, ‘tokenize the building,’” Bush told Forbes, emphasizing that this direction was the culmination of years of prayer.
He firmly believes that this project is a mission to reclaim what he refers to as “God’s house.”
The Old Stone Church, known for its distinctive stone exterior, has been home to Bush’s congregation and other affiliated church groups for some time.
The building’s current owner, a local businessperson who also owns a car dealership, purchased the property in 2022 for $2.2 million.
Now, the Colorado House of Prayer aims to buy it for $2.5 million.
To achieve this, the group created “Stone Coin,” a digital asset specifically designed to fund the purchase.
The coin is tied to a real estate token, created by REtokens, and operates on the Polymesh private blockchain.
The tokenization of the chapel allows for the building to be divided into digital shares, which can be purchased by investors.
The success of this initiative hinges on the flow of positive investments and the reactive value of the tokens.
So far, the project has raised about half of its target and is actively seeking additional investors to meet its goal.
The group plans to open up token sales to individuals outside the congregation, including non-parishioners.
While this decision could potentially expose the church to the risk of outsiders gaining control of the tokens, Bush remains unfazed.
When asked about the possibility of unwelcome groups, such as Satanists, acquiring tokens, Bush responded confidently, saying, “Let’s introduce you to Jesus.”
Tokenization Market Could Reach $16T by 2030
A report by the Global Financial Markets Association (GFMA) and Boston Consulting Group estimates the global value of tokenized illiquid assets will reach $16 trillion by 2030.
Even more conservative estimates from Citigroup suggest that $4 trillion to $5 trillion worth of tokenized digital securities could be minted by 2030.
Recognizing this potential, major companies are making significant moves in the tokenization space.
Goldman Sachs, for instance, plans to launch three new tokenization products later this year, driven by growing client interest.
Some protocols have played a significant role in driving this growth, particularly in terms of active users.
Digital carbon market platforms like Toucan and KlimaDAO, as well as the real estate tokenization protocol Propy, have experienced substantial user growth.
It is worth noting that both public and private blockchains are witnessing the inclusion of various assets.
Some of the more notable examples include Franklin Templeton’s U.S. Government Money Fund expanding from Stellar to Polygon, Backed Finance launching a tokenized short-term U.S. treasury bond exchange-traded fund (ETF), and UBS Asset Management deploying a tokenized money market fund (MMF) on the Ethereum blockchain.
