Colorado Church tokens Chapel to Raise $2.5 Million
The Colorado House of Prayer, a network of affiliated church groups, has taken a unique step by utilizing blockchain technology to tokenize their main chapel, the “Old Stone Church.” The historic 11,457-square-foot building is being tokenized with the aim of raising $2.5 million to secure ownership.
This groundbreaking initiative is being spearheaded by Pastor Blake Bush, who claims that the idea to tokenize the building was divinely inspired. According to Bush, he received a spiritual directive to "tokenize the building" after years of prayer and spiritual reflection. He sees this project as a mission to reclaim what he believes to be “God’s house."
The Tokenization Concept
The innovative approach involves the creation of “Stone coin,” a digital asset specifically designed to finance the acquisition of the chapel. This digital token, backed by a real estate token from REtokens, operates on the Polymesh private blockchain. Through this tokenization process, the building can be divided into digital shares, allowing interested investors to purchase ownership stakes.
Despite the unconventional nature of this financing model, the project has already achieved considerable success, having raised approximately half of its target amount. The group is actively seeking additional investors to complete the fundraising goal and ensure the successful purchase of the property.
While the initiative is currently limited to the congregation and affiliated members, the group intends to open up the token sales to a broader audience, including individuals outside the church community. This expansion of investor participation could potentially expose the church to risks such as unwanted control by external groups. However, Pastor Bush remains confident in the project's mission, expressing his readiness to address any concerns that may arise.
Market Potential and Growth
Looking beyond this specific project, the global market for tokenized illiquid assets is poised for significant growth. Reports indicate that the market value of tokenized assets could reach an impressive $16 trillion by 2030, with both conservative and optimistic estimates pointing to substantial growth in the tokenization space.
Major financial institutions and companies are already making significant moves in the tokenization sector. For example, Goldman Sachs has announced plans to introduce three new tokenization products this year, driven by increased interest from clients. Additionally, various blockchain protocols and platforms focused on digital securities and asset tokenization are experiencing substantial user growth and adoption.
Notable examples include the expansion of asset classes on both public and private blockchains, with initiatives such as Franklin Templeton's U.S. Government Money Fund transitioning to Polygon, and UBS Asset Management deploying a tokenized money market fund on the ethereum blockchain.
As the tokenization market continues to evolve and attract more players, the Colorado House of Prayer's innovative approach could serve as a catalyst for further adoption of blockchain technology in traditional sectors. By combining faith, community, and technological advancements, this initiative exemplifies the spirit of innovation and progress in modern finance.
