Skip to main content

A $30 Million Manhattan Condo Was Just Tokenized on Public Ethereum Blockchain

Manhattan’s first major asset to be tokenized on the blockchain is a luxury condo recently valued at $30 million.
The East Village building contains 12 condos, each with 1700 square feet of space and each now tokenized on the Ethereum blockchain. The real estate property is now represented with a sum of tokens available for purchase on the blockchain. A token represents a portion of the value of the property, allowing people to invest in luxury condos even with a small investment, something which was previously very difficult if not impossible.
Bestselling author Ryan Serhant brokered the deal and favors tokenization as a viable modern financing method. Speaking to Forbes, Serhant said:
“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 unruly 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.”
Digital assets firm Propellr partnered with tokenization specialists Fluidity to tokenize the real estate and the firms will continue to collaborate in future. Propellr is a FINRA registered broker-dealer and will use its experience in capital markets to sell securities (both traditional and tokenized) under Reg D rule 506(c). Fluidity, on the other hand, offers tech services to broker-dealers and other financial institutions dealing in tokenized securities. The parent company of AirSwap, Fluidity ensures that Propellr can accept fiat payments in exchange for securities in a way that is legally compliant.
“Going to market with a landmark deal allows us to make a statement—that this technology is now real. With the right partners and an optimized structure, we are bringing a major real world asset online.  We are grateful we have the opportunity to lead the blockchain community in this new paradigm,” says Michael Oved, co-founder of Fluidity.

Tokenizing Everything

Real estate tokenization
 has been on the horizon for some time, and the tokenization
 of the luxury condo complex is a major step in seeing that use case realized. tokenization
 can be applied to numerous other asset classes to increase liquidity and provide investment opportunities for smaller investors, potentially revolutionizing the investment industry.
In 2014, Visa CEO Charles Schaff stated the case for asset Tokenization
. Four years later, there are companies like ArtPro which will allow investors to purchase a sum of tokens representing an investment in classic and modern art pieces, whereas other projects like Inveniam are tokenizing global debt markets for investors to buy into. Binance recently led a $12 million funding round in tokenization startup Republic which aims to identify other tokenization investment opportunities as the list of use cases in asset tokenization continues to grow, providing new investment opportunities to the world through blockchain technology.

Comments

Popular posts from this blog

  Pick a niche The Blockchain and Crypto space is large and full of opportunities. Most people limit the industry to just a place to trade and make quick cash little do they know that you can actually build a career and achieve much more. There's a lot of skills required in blockchain technology. Firstly, you can become a trader, a day time trader or night trade it all depends on your schedule. You can actually make 10 to 20% of your capital daily or even more depending on the volume of your capital and trading strategy. you can become an investor who spots good coins and invests in a project you believe will do well, you can hodl, meaning you can buy and hold for short or long term period.  OTC trading is actually underrated, you can become an over the counter trader by just buying and selling cryptocurrency through the P2P Platforms or escrow groups, there's a lot of money to be made here if you move volumes on a daily. You can become an expert in technical analysis and give
WHAT YOU NEED TO KNOW ABOUT  NON FUNGIBLE TOKENS NFTs (or "non-fungible tokens") are a kind of digital asset with a unique kind of token-unlike other assets like bitcoin and dollar bills which have a particular and fixed amount that is accepted by all, NTFS have a unique price for every token. Every NFT is Unique, they can be used to authenticate ownership of digital assets like musical records, artwork, virtual real estates and pets. NFTs could be likened to a kind of certificate of authenticity for digital artefacts. They're are actually been used to sell a huge range of collectables currently including: *A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban. *Video art by Grimes *The Original "Nyan cat" meme *Virtual real Estate in a place called Decentraland  and others...   As other digital assets like Bitcoin and other cryptos has grown in popularity over the years, NFTs have also soared — growing to an estimated $338 million in 2020. Each NFT is s

Differentiating Scam Crypto Projects And Legit Projects

Since Bitcoin became mainstream, we have seen countless scam schemes that claim to be crypto projects but are just scam projects that seek to cart away with investors money. a whole lot of them have succeed and are still succeeding in doing this. the reason why they keep getting away with this schemes, is that a lot of crypto enthusiasts and investors don't have a proper knowledge of how the cryptocurrency space works. This is the reason why we have decided to put some contents together both on our YouTube channel and podcast to give investors and especially newbies the heads up to figure out when scam projects come knocking. The crypto space is in its early stage with peculiar opportunities as well as challenges. There are scammers in probably every walk of life, seeking and exploring new ways and opportunities to extort their victims. below we will discuss give key points to figure out a scam or ponzi project. Five ways to know scam or crypto projects Important to