Homebase, a digital platform that fractionalizes residential real estate via NFTs, has sold out its first tokenized rental property on Solana in under two weeks.

The property, a $235k single-family rental named The Cardinal, was listed for sale as an experiment to gauge interest in tokenized real estate. Investors who purchased the NFTs representing a fractional share in the property will receive rent directly to their crypto wallets via USDC.

The success of this sale has shown that there is a demand for DeFi in the real estate industry. Homebase’s platform allows users to invest in cash-flowing rental properties directly from their crypto wallets without needing approval from banks. Users can browse the property, view its projected financials, and invest from the comfort of their own homes.

Homebase handles all property management and home improvements, ensuring that investors don’t have to. Properties listed on the platform are vetted by their team, and all home information is publicly available for review. They prioritize transparency, trust, and equality of home information, making user security their number one priority.

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Homebase has developed Solana’s first security token offering (STO) built on the @metaplex SPL protocol, and their tokens are registered with the SEC and filed under Reg D 506(b). They have also established processes for token recovery in case a user’s wallet is hacked.

Homebase’s vision is to create a fractional economy for homes, allowing users to use home NFTs as collateral to take out a loan via DeFi protocols or tokenize their homes and sell 20-30% of it online without requiring a bank or credit score. The platform aims to democratize access to real estate investing and give everyone the opportunity to get involved, especially disenfranchised communities who have been barred from homeownership.

Overall, Homebase’s success with their first tokenized rental property sale has shown that there is a market for DeFi in the real estate industry, and their platform has the potential to revolutionize the way people invest in and own property.

#Solana #SolanaNFTs #SOL #NFT #azcoinnews

This article was republished from azcoinnews.com

The Solana Foundation has responded to the SEC's claim that SOL is not a security. In a tweet, the foundation said it "strongly disagrees" with the SEC's assessment and believes SOL is an "open source decentralized project" not subject to securities laws. The foundation also said that it is "committed to working with regulators" to ensure that SOL is "properly understood and regulated."

In this tweet we can see Fundacion Solana's response to the SEC

The SEC's claim that SOL is a security is important because it could have far-reaching implications for the cryptocurrency industry. If the SEC is successful in its argument, it could mean that other cryptocurrencies could also be considered securities, subjecting them to a series of regulations.

The Solana Foundation's response is a sign that the cryptocurrency industry will not accept the SEC's lawsuit. The foundation's statement is a clear indication that it is prepared to fight the SEC's assessment in court. The outcome of this case could have a major impact on the future of the cryptocurrency industry.

Here are some of the key points from the Solana Foundation's response:

The foundation "strongly disagrees" with the SEC's assessment that SOL is a security.

SOL is an "open source decentralized project" that is not subject to securities laws.

The foundation is "committed to working with regulators" to ensure that SOL is "properly understood and regulated."

The Solana Foundation's response is a significant breakthrough in the ongoing battle between the SEC and the cryptocurrency industry. How the SEC will respond to the foundation's challenge remains to be seen, but it is clear that the cryptocurrency industry will not go down without a fight.

Source:

Twitter

@SolanaFndn

https://twitter.com/SolanaFndn/status/1667578529612017666

#solana #Sol #SEC #SolanaNFTs $SOL

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Solana’s prominent NFT marketplace is causing a stir, with its daily trading volume nearly matching that of all Ethereum-based NFT platforms combined. This achievement highlights the impressive harmony between Solana’s user-friendly, cost-effective blockchain and the ever-popular world of NFTs.

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What makes this noteworthy? Well, Solana’s blockchain doesn’t just boast speed; it’s also exceptionally accessible. When you combine this with the universal appeal of NFTs, you have a recipe for widespread adoption.

While Ethereum’s NFT marketplaces are still going strong, the sheer level of activity on Solana’s leading NFT platform is turning heads and making waves in the crypto world.

Let’s dive into the numbers. Solana currently boasts a Total Value Locked (TVL) of around $306.8 million, as reported by Defilama. This robust DeFi ecosystem enhances the appeal of Solana’s NFT marketplace, positioning it as a comprehensive hub for all things related to Solana.

Solana’s current price is approximately $18 per SOL, which, while not reaching its all-time high, displays resilience and growth potential. This is particularly noteworthy due to the proactive measures taken by Solana influencers to counteract the potential impact of the upcoming FTX liquidation.

Despite the impressive growth of Solana’s NFT platform, Ethereum still possesses its own strengths, and its NFT market remains significant. However, Solana’s rapid ascent serves as a reminder that the cryptocurrency space is constantly evolving, with trends changing quickly.

In summary, Solana and its NFT marketplace have harnessed speed, cost-efficiency, and broad appeal, making them a formidable presence. Ethereum will continue to hold a prominent position in the NFT landscape, but it may now find itself sharing the stage with Solana for the foreseeable future.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoNews #cryptomarket #Solana #SolanaNFTs #Ethereum

Solana has just launched a state compression function that promises to make it even cheaper to build user-first web3 projects. The Solana ecosystem engineering team announced the new feature, which enables data to be stored directly on-chain, cutting down on storage costs by magnitudes of scale.

State compression is already being used by a number of projects in the Solana ecosystem, including Dialect, a blockchain-based messaging service, and Crossmint, an NFT and API tooling company, to power large, user-friendly experiences. Helium, a user-owned wireless network, and Wordcel, an on-chain publisher, are also using state compression to bring their scalable, user-first experiences to Solana.

The first use of state compression is for compressed NFTs. These are similar to regular NFTs, but drastically cheaper. Minting 100 million compressed NFTs costs only about $50 to store on-chain, compared to $1.2 million for their uncompressed counterpart.

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State compression uses Merkle trees, a compression-friendly data structure that allows developers to store a small bit of data on-chain and update it directly in the Solana ledger. This technology cuts the data storage cost down dramatically while still using the security and decentralization of Solana’s base layer.

Jon Wong, the technical lead on the ecosystem engineering team at the Solana Foundation, said that state compression makes elegant use of a well-known data structure and brings it to bear at the speed of Solana, proving once again that Solana is the best place to build scalable, user-first web3 products.

State compression is a true cross-ecosystem effort, built by developers at Solana Labs and Metaplex, powered by RPC providers and indexers Helius, Triton, and SimpleHash, and with support from Phantom, Solflare, and the Solana Foundation.

The launch of state compression is set to make it even more affordable for developers to create web3 projects on Solana, cementing the platform’s position as the industry leader. With its unparalleled speed, minimal environmental impact, composability, and low gas fees, Solana is the go-to platform for anyone looking to build user-first web3 experiences at scale.

#Solana #SolanaNFTs #SOL #crypto2023 #azcoinnews

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Magic Eden has announced the launch of its Ordinals Launchpad to help creators successfully register their Bitcoin NFT collections on the platform.

Magic Eden is a well-known NFT platform that has sold out over 300 projects and is now branching out to support the Bitcoin NFT ecosystem with its new Ordinals Launchpad. The launchpad has already partnered with 17 ETH Launchpad creators and will be providing all ETH Launchpad partners with royalties and a 2% fee for the first six months.

Magic Eden’s CEO and Co-founder, Zhuoxun Yin, believes that supporting Bitcoin NFT creators will promote the development of a larger market for encrypted assets on the Bitcoin network. “Bitcoin is at the forefront of all blockchains, and we believe it can be the home of pure digital artworks. With Ordinals, content can be stored permanently, and Magic Eden is proud to support creators and the Ordinals community in developing together,” Yin said.

The Ordinals Launchpad has several options for ETH creators to collaborate with Magic Eden, such as launching their project on the platform using the custom contract or bringing their own contract. Creators can also launch on Ordinals with Magic Eden, with deeper integrations for collections looking for a platform partner. The platform also offers the opportunity to create content with Magic Eden.

To kick off the launch, Magic Eden is offering two free ETH mints today, with 17 partner collections launching with them through the end of April. The Bitcoin Launchpad will go live tomorrow, allowing users to mint, buy and sell NFTs across four chains on Magic Eden.

Magic Eden’s ETH platform is still an MVP, but more features will be added soon. The platform plans to aggregate ETH platforms soon to provide a full view of the market, with royalties being respected on native Magic Eden listings. Additionally, the platform is developing NFT use cases outside of trading.

In conclusion, Magic Eden’s Ordinals Launchpad is a significant development in the world of Bitcoin NFTs, providing creators with new opportunities to showcase their work on a reputable platform. The launchpad will undoubtedly contribute to the growth and development of the Bitcoin NFT ecosystem, and we can’t wait to see what the future holds.

#MagicEden #Magic #NFT #SolanaNFTs #azcoinnews

This article was republished from azcoinnews.com