The Colorado Church Tokenization Of Historic Chapels, Targets Funds Of IDR 38.7 Billion

Colorado Church tokenization of historic Chapel, targets IDR 38.7 billion (Photo; Doc. Colorado House of Prayer)

JAKARTA - A church network in Colorado, United States, decided to token a historic chapel in an effort to raise funds of 2.5 million US Dollars (approximately IDR 38.5 billion). The Chapel, known as the name 'Old Stone Church', is an area of 11,457 square feet that has long been home to congregants and related church groups.

This initiative was spearheaded by Father Blake Bush of the Colorado House of Prayer, who claimed to have received divine inspiration for tokenizing the building. I heard God say, tokenization of this building, Bush said in an interview with Forbes. He believes that this project is a mission to reclaim what he calls God's house.

This building tokenization involves the creation of a Stone Coin, a digital asset specifically designed to fund the purchase of the chapel. This coin is attached to a real estate token created by Retokens and operates on the Polymesh private blockchain. Through tokenization, this chapel is broken down into digital shares that investors can buy, enabling fractional ownership of the building.

So far, the project has managed to raise about half of the required fund targets and is still actively looking for additional investors to achieve its ultimate goal. Interestingly, the sale of these tokens is also open to people outside the congregation, including those who are not members of the church. When asked about the possibility of unwanted groups, such as Satanis, who may have bought tokens, Bush confidently replied, "Let's introduce them to Jesus."

This property tokenization can be the first step of a larger trend in the future. Reports from the Global Financial Markets Association (GFMA) and the Boston Consulting Group predict that the global value of the tokenized non-liquid assets will reach 16 trillion US Dollars (approximately IDR 246 quadrillion) by 2030.

In fact, a more conservative estimate of Citigroup states that tokenized digital assets could be worth between 4 to 5 trillion US Dollars (around Rp61.7 to Rp77.1 quadrillion) in the same year. This potential has prompted large companies to plunge into tokenization space.

Goldman Sachs, for example, plans to launch three new tokenization products by the end of this year, driven by the growing interest of their clients. In addition, the real estate tokenization protocol such as Propy has also experienced significant user growth.