First Real Estate Property is Tokenized and is available
While the internet is buzzing about the legitimacy or the potential of blockchain technology, the Propeller and Fluidity companies partnership created and launched first $30M luxury Manhattan property on Ethereum blockchain.
The property composed from 12 units, total 1700sq ft located in the East Village of Manhattan. It’s the first major property tokenized on Ethereum.
“The market in New York is always strong, but it can take some time to sell for the right price in a new construction building. With blockchain tokenization, we can remove the regular pressure of traditional bank financing, which is much healthier for the project and all of the stakeholders. Tokenization is paving the way for a new forefront in real estate development,” Ryan Serhant, the bestselling author of Sell It Like Serhant and star of Bravo’s Million Dollar Listing New York, is the listing broker on the deal.
As we all know tokenization is a process of representing the ownership of real-world assets digitally and is one of the essential functions that provide blockchain technology.
The property market built on blockchain can gain a massive boost because it’s fully transparent and controlled way to confirm property ownership.
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