GoKey is the latest entrant into the ‘real’ real estate sector of crypto.
Covered:
- Real Estate Protocols Making a Splash
- What is GoKey?
- The $GOKEY Token and Roadmap
Real Estate Protocols Making a Splash
Last week we published an article about Lofty, a protocol running on top of Algorand that allows users to buy fractional shares of real properties using crypto. In the article, we mention the prospects of how such protocols can disrupt the real estate market. Cardano’s GoKey is throwing its hat in the ring with a similar concept.
It’s happening…#Cardano‘s first NFT representing real property ownership.https://t.co/yB6gbeClIs pic.twitter.com/3K7tWHlH63
— GoKey (@GoKeyNetwork) March 13, 2022
Much like Lofty, GoKey has not enjoyed much mainstream coverage, but it appears we will see more and more of these types of projects launch — and it could be a taste of a new trend burgeoning. Maybe “Real Estate Summer” 2022? The positive element about the prospects of this trend is that blockchain and crypto really do have the ability to transform the real estate market, and open up doors that allow for anyone to invest from their couch.
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What is GoKey?
As their ‘litepaper’ states: “GoKey gives owners and renters of real estate the ability to create, store and transfer equity and liquidity in ways never before possible.” They seek to disrupt the 485 billion dollar rental market by unlocking liquidity in real estate by tokenizing property equity in the form of NFTs on the Cardano blockchain.
Of course, a lot of the viability of these projects is to eradicate the middlemen and connects sellers to buyers in a peer-to-peer fashion. GoKey also seeks to “bundle” all the aspects of ownership such as “deeds, titles, mortgages, leases, easements, and licenses” in the form of an NFT.
Per the litepaper: “it is now possible to efficiently and cost-effectively represent and record these valuable rights in a secure, immutable digital format (such as a “bundle of NFTs”), and to exchange individually tokenized rights within the “bundle” for specific periods of time, and amongst multiple parties, unlocking liquidity and optionality never before possible.”
The GOKEY Token and Roadmap
The GoKey ($GOKEY) token, which is now live on SundaeSwap, is the native payment and utility token of the GoKey Network, “designed to help fill the growing gap in value between rising property prices and your local currency.” The token is designed to be a scarce asset that tracks the value of the U.S. housing market “by continuously adjusting the total token
supply at a rate proportional to a trusted US housing cost index.”
2/Intro
The GoKey token is a type of scarce digital asset that will use stablecoin principles to link its value to a price index of US residential real estate
In addition, GoKey will enable the creation of a marketplace for property rights attached to participating properties pic.twitter.com/01GTRM1RfH
— GoKey (@GoKeyNetwork) March 9, 2022
Below is an updated version of their roadmap.
Credit: GoKeyCardano continues to build behind the scenes and foster a community that is building protocols that are of actual utility, such as GoKey. Hopefully, these types of projects will shine a light on the real utility crypto can provide to the average Joe.
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