Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the first ever church to be tokenized, which has been done by the Colorado House of Prayer in an effort to raise $2.5 million for the "Old Stone Church," a historic 11,457-square-foot building.
Tokenized Church
The Colorado House of Prayer, a network of affiliated church groups, have began a process which they hope will end in them purchasing their main chapel. The initiative aims to leverage blockchain technology by tokenizing the “Old Stone Church,” a historic 11,457-square-foot building, in an effort to raise $2.5 million to secure ownership. It is being spearheaded by Pastor Blake Bush, who believes that this innovative approach was divinely inspired.
Pastor Bush believes the idea for the group to tokenize the building was brought about through a spiritual experience he had. Bush noted:
“I heard the Lord say, ‘tokenize the building.'”
He believes that this project is a mission to reclaim what he refers to as “God’s house.” The building, known as the Old Stone Church, is noted for its distinctive stone exterior and has been home to Bush’s congregation and other affiliated church groups for some time. Currently the building is owned by a local businessperson who also owns a car dealership, and he purchased the property in 2022 for $2.2 million.
The Colorado House of Prayer aims to buy it for $2.5 million and to achieve this feat they have created “Stone Coin,” a digital asset specifically designed to fund the purchase. The token is tied to a real estate token, created by REtokens, and operates on the Polymesh private blockchain. The idea is that the tokenization of the chapel allows the building to be divided into digital shares, which in turn can be purchased by investors.
Bush’s congregation and other church groups have been renting the 11,457-square-foot Old Stone Church but hope that success in their venture will allow them to outright own the property. Success for the tokenization project will depend on the amount of positive token flow and reactive value, while the project is reportedly seeking investors after having raised about half of its goal so far. These investors will hold the tokens for a year before selling them on a secondary market, primarily to Colorado residents.
For now investment is limited to local parishioners, in the future the group plans to open up token sales to individuals outside the congregation, including non-parishioners. This decision could potentially expose the church to the risk of outsiders gaining control of the tokens for an outsider takeover, but Bush seems unfazed by the idea.
The Head of Tokenization at Polymesh Association, Graeme Moore, noted that real estate is undergoing a transformation through real-world asset tokenization. He stated:
“One Hope of Colorado, as the first-ever tokenized church, is a great example of unlocking liquidity and fostering collaborative ownership,”
It was reported by the Global Financial Markets Association (GFMA) and Boston Consulting Group that the global value of tokenized illiquid assets will reach $16 trillion by 2030. More conservative estimates from Citigroup have suggested that $4 trillion to $5 trillion worth of tokenized digital securities could be minted by 2030. Major companies are therefore making significant moves into the tokenization space, such as Goldman Sachs who are planning to launch three new tokenization products in the latter half of 2024, which has been driven by growing client interest.
Have a great day.
Peace. CryptoGod-1.
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