The Colorado House of Prayer is making waves in the world of real estate and blockchain technology as it embarks on a groundbreaking journey to tokenize its principal place of worship. The church, known for its iconic “Old Stone Church,” is aiming to raise funds to purchase the 11,457-square-foot property it has been renting since 2022.
Lead pastor Blake Bush revealed to Forbes that the decision to tokenize the building came after a profound spiritual experience, where he felt compelled to heed the Lord’s call to “tokenize the building.” This move marks a significant shift in the church’s fundraising strategy, as it turns to blockchain technology to achieve its financial goal.
By launching its digital asset, Stone Coin, on Polymesh’s distributed ledger with the help of REtokens, the church has already raised nearly $1.5 million from its parishioners. While there are plans to expand the token sale to non-parishioners in the future, concerns about a potential takeover by Satanists have surfaced. However, Pastor Bush remains optimistic, seeing it as an opportunity to introduce them to Jesus.
Beyond the religious implications, the decision to tokenize the building holds several economic benefits for the church. Tokenization allows for fractional ownership of the property, improving liquidity and enabling church members to have a stake in the building. Additionally, blockchain-based real estate transactions can be settled faster and without intermediaries, paving the way for 24/7 trading of tokenized assets.
The trend of tokenizing real-world assets is gaining momentum, with analysts predicting a $15 trillion market by 2030. Countries like Japan and Israel have already begun experimenting with real estate tokenization, recognizing the potential of blockchain technology to revolutionize the sector. By eliminating broker fees and enhancing liquidity, blockchain-based transactions offer a more efficient and transparent way to conduct real estate deals.
As the Colorado House of Prayer continues on its tokenization journey, the church is not only raising funds for its cherished “Old Stone Church” but also embracing the future of finance and technology. With the potential to reach a global audience and streamline operations, the church’s foray into blockchain technology marks a significant step forward in the world of real estate fundraising.
