- 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.
A church group called the “Colorado House of Prayer” has tokenized their main chapel building to allow investors to own it fractionally by taking it onchain as a Real World Asset (RWA). The building, referred to as the “Old Stone Church,” is presently owned by a local Colorado businessman who runs a car dealership and is rented by the Colorado House of Prayer. He bought it for $2.2 million, and the church wants to take it from his hands for $2.5 million.
The efforts stem from pastor Blake Bush, who told Forbes that he was compelled by God to purchase the building utilizing the powers delivered by blockchain technology. According to the Forbes report, Bush said, “I heard the Lord say, ‘tokenize the building.’” He also mentioned that God asked him to “go get my house.”
The 11,457 square feet building was tokenized onchain, with the church creating its own token, the ‘Stone Coin,’ to help fund the purchase. A project called REtoken helped tokenize the property using the private blockchain Polymesh. The success of this experiment depends on the funds flowing into the project and the reactive value.
Bush Welcomes Those Wanting to Take Over the Church Building Onchain
So far, Bush’s idea is going great, with more than half the needed value raised. The church is looking for more investors. Once it has acquired the real estate, Bush and those associated with this project from his church will allow non-parishioners to purchase shares of the RWA. When asked what he thinks of a takeover, orchestrated by groups like the Satanists, which is highly possible onchain, Bush mentioned he would happily welcome them. “Let’s introduce you to Jesus,” he said to such groups.
The tokenization market is slated to hit $16 trillion by 2030, a report from Boston Consulting Group (BCG) and Global Financial Markets Association speculated. Real estate has become a tremendous part of the tokenization niche.
