Y Combinator-Backed Lofty AI Launches Tokenized, Liquid Marketplace for A.I.-Vetted Real Estate on Algorand
LOS ANGELES, Aug. 19, 2021 /CNW/ -- Lofty AI today announces the launch of its liquid real estate marketplace on the Algorand blockchain, including the introduction of a sixth tokenized property listing as it gains momentum in disrupting access to real estate ownership. Lofty AI's model allows anyone to become a direct owner in real estate and earn rental income for as little as $50 per token and in as few as five minutes, made possible with its blockchain-based solution on Algorand. Unique to Lofty AI, properties listed within the marketplace are vetted by both their local investment team and proprietary artificial intelligence, designed to more accurately evaluate market indicators that drive appreciation, including social media data, retail trends, and more.
Lofty AI's mission is to bring liquidity and accessibility to the notoriously illiquid real estate market. Algorand's blockchain technology enables this via minimal transaction fees, advanced smart contracts that allow for the automation of many functions, and industry-leading transaction throughput speed. These factors allow investors to participate with significantly lower minimums and to liquidate their investments at any time of their choosing, thereby reducing risk.
Property tokens on Lofty AI can be purchased via credit card or ACH transfer, and soon, will be eligible for purchase using Algorand-based currencies. Rental income is distributed to owners in USD, with forthcoming options for rental income to be sent directly to a user's Algorand wallet.
"We believe that real estate investing should not just be reserved for the ultra-wealthy. Our team ran into this issue when investing in real estate personally, so we set out to create a platform that makes it super easy to invest in vetted properties in minutes, for only $50," said Max Ball, COO of Lofty AI. "Building on top of Algorand was a no-brainer for us––honestly it was probably the easiest decision we've had to make so far."
"We are excited about Lofty AI's success on Algorand, and congratulate them on today's sixth tokenized property launch," said David Markley, Director of Business Solutions at Algorand. "We believe that blockchain technology is the key to democratizing finance, including real estate investment opportunities, and have designed our protocol to facilitate the ease of use, speed, scalability, and true decentralization needed to enable this future."
The sixth property to be listed on the Lofty AI marketplace goes live today, with 2509 tokens available for investment.
About Lofty AI
Lofty AI lets people invest in tokenized investment properties for only $50. All properties are vetted by their local investment team and proprietary artificial intelligence, and tokens can be sold anytime for no penalties or fees. Lofty AI has raised over $5M in total funding and is backed by leading investors including Y Combinator, Rebel Fund, Jason Calacanis, Hustle Fund, and more.
About Algorand Inc.
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi. The technology of choice for more than 700 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value. For more information, visit www.algorand.com.
Media contact:
Lofty AI
Max Ball
[email protected]
Algorand, Inc.
[email protected]
SOURCE Algorand; Lofty AI
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