- The Colorado House of Prayer has tokenized the chapel it rents to raise money and buy the premises.
- It has collected investments of more than half of what is needed to acquire the chapel.
As a researcher with a background in both religion and blockchain technology, I find the story of the Colorado House of Prayer intriguing. The concept of tokenizing a physical building to raise funds is innovative and aligns well with the digital age we live in.
The “Colorado House of Prayer” religious organization has converted their primary place of worship, known as the “Old Stone Church,” into a fractionally-owned asset through tokenization on the blockchain. This businessman based in Colorado currently owns the building and leases it to the church; he initially purchased it for $2.2 million, but they aim to buy it from him at an asking price of $2.5 million.
The initiatives originate from Pastor Blake Blush, who stated to Forbes that he felt guided by God to acquire the building leveraging the capabilities of blockchain technology. As reported by Forbes, Bush explained, “The Lord told me, ‘tokenize the building.'” He also revealed that God instructed him to “retrieve my property.”
As a researcher, I’ve been involved in an innovative project where we’ve successfully tokenized a 11,457 square feet building. This church-owned property now has its own digital currency, affectionately dubbed ‘Stone Coin.’ The primary goal is to leverage this unique financial tool to facilitate the purchase process. REtoken, our trusted partner, orchestrated this operation using the secure and efficient private blockchain platform, Polymesh. The success of this pioneering experiment hinges on the influx of funds into the project and the responsive market value.
Bush Welcomes Those Wanting to Take Over the Church Building Onchain
To date, Bush’s plan is progressing well, as they have already surpassed half the required funds. The church is actively seeking additional investors. Once they secure the property, Bush and his fellow church members will provide the opportunity for non-parishioners to invest in the RWA by purchasing shares. When questioned about potential takeovers led by groups like the Satanists, Bush expressed a welcoming attitude. “I’d be delighted to introduce you to Jesus,” he said to such groups.
According to a prediction made by the Boston Consulting Group (BCG) and Global Financial Markets Association, the tokenization market is expected to reach an astonishing $16 trillion by the year 2030. Notably, the real estate sector has emerged as a significant segment within the realm of tokenization.
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2024-08-20 00:03