Blockchain in Real Estate: A $ 30 million luxury building was tokenized on the Ethereum blockchain
EVERYONE CAN BUY PART
The luxury building worth $ 30 million located in Manhattan, New York, became the first New York building tokenized on blockchain. The property in East Village has 12 floors, each 1700 square foot condos. The property is now owned by an unspecified number of token holders on a public blockchain, each token represents the ownership of part of the building.
Tokenization of real estate will allow investment for people with a small amount of money. This is a turning point especially for those who live in cities where real estate prices are high. Ryan Serhant, a broker who negotiate that deal, said that tokenization of real estate on the blockchain would remove the pressure of traditional bank financing, which is according his view, healthier.
BLOCKCHAIN PROVIDES REVOLUTION TO FINANCING PROPERTY
This new method, which digitally represents the ownership of tangible property on a blockchain, has already taken on the world of fine arts. Andy Warhol’s image was recently auctioned for $ 5.6 million through the Ethereum blockchain.
Real estate Tokenization in New York was the result of a collaboration between experts for Tokenization and Blockchain from Fluidity and Propellr, company focused on digital assets. Chief Executive Officer Propellr Todd Lippiatt believes that blockchain and tokenization assets will change the real estate and securities market, as traditional securities structures and their issuance have not evolved for a long time.