
The next evolution in real estate ownership is taking shape through tokenization, where high-value properties can be split into digital shares and traded globally. In this model, a physical asset (like an office tower or luxury villa) is held via a special-purpose entity and then represented by blockchain-based tokens that confer ownership or economic rights. The appeal is clear: investors gain fractional access to prime real estate opportunities that were once out of reach, while owners tap into a broader capital pool. As financial technology matures, 2025 is emerging as a tipping point when tokenized real estate could move from niche experiment to mainstream strategy in both the U.S. and international markets.
Market Landscape & Forecasted Growth
Global Market Projections: Recent forecasts anticipate explosive growth in tokenized property markets over the next decade. A report by Deloitte projects that tokenized real estate could surge from under $300 billion in 2024 to about $4 trillion by 2035 – a 27% compound annual growth rate1. Other analysts are similarly optimistic: studies by Boston Consulting Group and Roland Berger have estimated the market may reach on the order of $3 trillion by 2030, which would imply exceptionally high growth (on the order of 50–60% annually) in the latter half of this decade2. Even if actual outcomes fall short of these lofty figures, the direction is unmistakable – tokenization is rapidly gaining ground as a new paradigm for real estate finance.
Adoption Rates & Institutional Interest: Uptake of real estate tokenization has accelerated among both industry firms and investors. As of mid-2024, roughly 12% of real estate companies worldwide had already implemented some form of tokenization, and another 46% were running pilot programs, indicating that nearly half the industry is actively exploring the concept2. On the investor side, surveys by wealth management consultants found that about 80% of high-net-worth investors and two-thirds of institutional investors were already investing in or planning to invest in tokenized assets2. Notably, real estate is consistently ranked among the top two most attractive asset categories for tokenization by these investors, often second only to private equity. This convergence of supply and demand signals a broader acceptance: large asset managers, family offices, and even pension funds are beginning to view tokenized real estate as a legitimate complement to traditional property holdings.
Regional Momentum & Case Studies: Real-world successes across various regions have underscored tokenization’s potential. In Dubai, for example, a tokenization platform recently sold out a luxury villa offering (valued at AED 1.75 million, or around $480,000) in under five minutes, with 169 investors from 40 different nationalities each buying a fractional stake on the blockchain3. Such instant, cross-border demand for a Dubai property – facilitated entirely via digital tokens – highlights how global the investor base for real estate can become. In the United States, one of the earliest landmark projects was the tokenization of the St. Regis Aspen Resort. In 2018, the Aspen hotel’s owners (Elevated Returns) raised $18 million by selling tokenized shares representing nearly 19% of the property’s equity. The Aspen “Coin” offering was conducted under SEC-compliant rules for security tokens, and investors could even purchase their shares using cryptocurrency (the sale accepted U.S. dollars as well as Bitcoin and Ether)4. That deal – effectively a digital IPO of a trophy asset – proved the concept and paved the way for further experimentation. Since then, numerous platforms have launched and more success stories have emerged. In Switzerland, for instance, fintech firm BrickMark completed a CHF 130 million ($134 million) commercial property acquisition on Zurich’s Bahnhofstrasse, financing about 20% of the purchase by issuing digital tokens to the seller as part of the deal. In that transaction, the seller chose to accept tokens (backed by future rental income from the building) in lieu of cash for a portion of the price – an unprecedented move that showcased tokenization’s flexibility in high-end commercial real estate5. Each of these examples, whether in Dubai, Aspen, or Zurich, demonstrates growing confidence that fractional, blockchain-based ownership can work at scale in different markets.
Tokenization Mechanics
How It Works: Structure and Token Types
At its core, real estate tokenization involves wrapping an asset in a legal and technical structure that can issue digital shares. Typically, the property (or portfolio) is placed into a dedicated holding vehicle – often a Special Purpose Vehicle (SPV) such as an LLC or trust. Investors then purchase digital tokens that represent ownership interest or economic rights in that vehicle, rather than directly in the real estate title. This indirection is critical: it ensures that traditional legal ownership is clearly defined (the SPV owns the property, and token holders own the SPV’s equity or debt), while the blockchain token serves as a transferable proof of that interest. Tokens can be structured in a couple of ways. Some offerings use non-fungible tokens (NFTs) to denote whole ownership of a single asset (for example, one NFT = one entire building), but in commercial real estate the more common approach is issuing fungible security tokens – essentially many interchangeable shares in the asset. For instance, a building might be divided into 1,000 equal tokens, each representing 0.1% of the asset’s value and entitling the holder to 0.1% of rental income and proceeds. These security tokens are generally created via smart contracts on a blockchain (often on Ethereum or similar networks that support programmable tokens). They embed rules and metadata (e.g. who is allowed to hold or trade them, what rights they confer) in code. By tying the SPV’s ownership shares to digital tokens, sponsors create a direct linkage between real estate cash flows and blockchain-based units that investors can buy, sell, or hold in digital wallets.
Tokenization Step-by-Step
- Asset selection and due diligence: The process begins with identifying a suitable property or portfolio to tokenize. Sponsors will perform valuation, inspect title, and craft a compelling investment thesis (just as they would in a traditional syndication or fund). Not every asset is a good candidate – ideally it has a stable income or clear value proposition to attract token investors.
- Legal structuring and compliance: Next, a legal entity and framework are set up. This often means forming an SPV (LLC, LP, trust, etc.) to hold the asset, and structuring the token offering under the appropriate securities laws or exemptions. Legal documents (offering memorandum, subscription agreements, token holder rights) are prepared. Regulatory compliance is crucial at this stage: in the U.S., most real estate tokens are offered under Reg D (accredited investors only) or Reg S (offshore investors), treating the tokens as securities. Other jurisdictions may have sandbox regimes or specific tokenization regulations to follow.
- Token creation on blockchain: With legal groundwork laid, the sponsor mints the digital tokens via a smart contract. This involves coding the token’s properties (total supply, divisibility, transfer restrictions, etc.) and deploying it to a blockchain network. The token might be an ERC-1400 or ERC-20 standard token (if on Ethereum, for example) or could be issued on a permissioned ledger if a private platform is used. Security measures, audits of the smart contract, and integration with compliance checks (like whitelisting verified investor wallets) are implemented to prevent unauthorized transfers.
- Offering and distribution: The tokenized shares are then sold to investors to raise capital. This may occur through a private sale, a crowdfund-like online platform, or a registered security token exchange/marketplace. Investors go through KYC/AML verification and agree to the terms before receiving tokens in their digital wallets. The offering can be structured as an IPO-style one-time sale or as a continuous issuance. In some high-profile cases, offerings have sold out extremely quickly due to investor demand (for example, the Dubai villa token sale noted earlier). The initial offering sets the stage for a diverse investor base – often including investors from multiple countries – to co-own the asset.
- Secondary trading and liquidity management: Once issued, the tokens can potentially trade on secondary markets. Depending on the jurisdiction, this might mean listing on an alternative trading system (ATS) or regulated digital securities exchange where accredited or qualified investors can trade tokens peer-to-peer. In other setups, trading might be facilitated on a bulletin board or even decentralized exchanges if legally permitted. Market makers or liquidity providers may get involved to ensure there are buy/sell quotes for the tokens. The goal is to provide holders with an avenue to liquidate or acquire more tokens beyond the initial sale – an improvement over traditional real estate partnerships that often lock investors in for years. It’s worth noting, however, that secondary market activity for security tokens is still nascent and may be limited until the ecosystem matures (more on liquidity considerations later).
- Ongoing asset management and governance: Finally, post-issuance, the real estate asset continues to be managed as usual (tenants pay rent, property managers handle operations). The innovation is in how investor relations and economics are handled. Smart contracts can automate the distribution of rental income to token holders (for instance, converting monthly rent into a stablecoin and programmatically paying each holder’s share to their wallet). Key decisions – such as approving major capital expenditures or a sale of the property – can be structured to include token holder votes, potentially executed via on-chain governance tokens. The sponsor or a board may still handle day-to-day decisions, but token holders might have certain voting or consent rights, much like limited partners in a fund. All transactions (rental distributions, token transfers, etc.) are recorded transparently on the blockchain ledger. In effect, the ongoing management of a tokenized asset blends traditional real estate operations with a digital investor interface, increasing transparency and potentially reducing administrative overhead through automation.
Benefits & Strategic Use Cases
- Enhanced Liquidity & Exit Flexibility: Tokenization aims to transform real estate from an inherently illiquid asset into something closer to a liquid security. By dividing ownership into tradable slices, investors are not locked in until a property sale or fund liquidation – they can potentially sell their tokenized stake at any time on secondary markets. This ability to seek liquidity in near real-time or on short notice is a major shift from the traditional paradigm where selling a property (or even a limited partnership interest) can take months. For property owners and sponsors, fractional tokens also provide flexible exit options – for example, they might gradually sell token stakes to reduce exposure or to raise capital, rather than undertaking a full asset sale. In essence, tokenization introduces a continuous market for real estate equity, reducing the “illiquidity discount” that investors often demand and allowing value to be unlocked more readily.
- Lower Investment Barriers: A tokenized approach drastically lowers the minimum capital needed to invest in high-end real estate. Instead of needing hundreds of thousands or millions of dollars to buy an entire property or a large fund stake, token investors might participate with as little as a few hundred dollars or a few thousand, depending on how the tokens are denominated. It’s now common to see token offerings with minimums in the $500 to $10,000 range, opening the door to a much broader base of investors. For example, consider a $2 million rental villa that is tokenized into 200 tokens of $10,000 each – an individual could buy a single $10k token and become a fractional owner, receiving a proportional share of rental income. In some cases, those rental distributions can even be configured to pay out in digital currency (such as stablecoins or Bitcoin), adding an extra layer of accessibility for crypto-native investors. By lowering entry thresholds, tokenization democratizes access to assets that were traditionally the domain of institutional capital or the ultra-wealthy.
- Global Investor Access & Diversification: One of the most powerful aspects of real estate tokenization is the globalization of the investor pool. Because tokens can be bought and sold over the internet and settled on public blockchains, geographic barriers are drastically reduced (within the limits of securities laws). We have already seen examples of properties in one country being co-owned by individuals from dozens of other countries via tokens. This borderless reach means a property in New York or Dubai can attract capital from Singapore, London, or anywhere with interested investors, and vice versa. For investors, this is strategically valuable: an individual in Europe can easily allocate a portion of their portfolio into, say, a tokenized office building in Asia or a resort in the U.S., achieving international diversification without navigating the complexities of foreign property purchases. Likewise, sponsors benefit from tapping into global demand – they are not restricted to local capital markets or traditional fundraising channels. Over time, this could lead to a more internationally diverse ownership structure for prime assets and enable investors to construct truly global real estate portfolios with relative ease.
- Operational Efficiency & Transparency: Blockchain technology introduces new efficiencies in how real estate deals are executed and managed. Smart contracts can automate many processes that once required layers of intermediaries – distribution of cash flows, enforcement of transfer restrictions, cap table management, and even certain reporting obligations. This can lower administrative costs and reduce the potential for human error. For instance, instead of an accounting team preparing dividend wires to dozens of investors, a smart contract could automatically distribute a cryptocurrency payment to all token holders in seconds. The transparency of an immutable ledger also means every token transaction and ownership change is recorded and auditable in real time. Investors gain greater visibility into their assets (e.g., they can see the token holder registry on-chain) and sponsors can save time on reconciliations and investor communications. This operational streamlining can make managing a large base of fractional investors feasible in a way that would have been costly and cumbersome via traditional methods.
- Innovative Financing & Development Strategies: Tokenization isn’t only about existing stabilized properties – it also opens up creative financing avenues for new developments and projects. Developers can raise capital in stages by tokenizing an under-construction project, selling tokens to early backers who effectively fund the development in return for future equity or income. This can be seen as a modern twist on syndication or crowdfunding, but with the liquidity and transparency benefits of tokens. It enables risk-sharing and potentially allows a project to secure funding from a diverse pool of smaller investors who believe in the project’s vision. Additionally, because tokens can be programmed with various rights, a project might issue different tranches of tokens (debt-like vs equity-like) to suit different risk appetites. From a strategic standpoint, tokenization could reduce reliance on traditional bank financing or large institutional mezzanine capital – a developer might finance part of a construction budget by pre-selling tokenized interests to investors who are willing to bet on the project’s completion and success. In the long run, this capability could spur more development in markets or asset classes that struggle to obtain conventional financing, by directly connecting projects with global investors eager for real estate exposure.
Value for Key Stakeholders
Brokers & Developers
For real estate developers and brokers, tokenization creates new avenues to raise capital and close deals. A developer can effectively “syndicate” a project via tokens, reaching investors beyond the usual network of private equity or local buyers. This can be especially useful for large or phased developments: rather than selling whole buildings or taking on onerous debt, a developer could tokenize individual phases or components of a project and fund them sequentially. Brokers, on the other hand, may find tokenization expands their product offerings – instead of merely brokering physical properties, they could broker tokenized shares of properties (subject to having the proper securities licenses). This can lead to faster transactions (as digital share transfers are quicker than property closings) and potentially more volume in deals. Additionally, brokers who embrace tokenized platforms might capture a younger or more tech-oriented client segment interested in fractional investments. Importantly, real estate professionals will need to educate themselves on the legal and technical aspects, but those who do stand to differentiate themselves. In summary, tokenization offers the real estate industry’s deal-makers a novel tool: the ability to fractionalize and monetize assets in new ways, whether it’s selling 10% of an existing building to free up cash or raising equity for a new development from a global investor pool.
Institutional Investors & HNW Individuals
For institutional investors (funds, REITs, insurance companies) and high-net-worth individuals, tokenized real estate provides enhanced strategic flexibility. Institutions can deploy smaller increments of capital across a wider array of assets, achieving granular diversification that was previously impractical. For example, rather than buying a $50 million building outright, an institution could spread that capital across token stakes in ten buildings globally, tailoring exposure by sector or region. This also facilitates cross-border investment – a pension fund in one country could more easily take a $5 million tokenized position in a prime office tower abroad without engaging in a full property acquisition process. Many institutions are also intrigued by the possibility of improved liquidity; even if they plan to hold long-term, knowing that an exit could be faster if needed (via selling tokens) is valuable for risk management. High-net-worth investors similarly gain more control over their real estate allocation. They can rebalance portfolios by buying or selling token positions without the friction of selling whole properties. Another benefit is potential governance rights: some token structures include voting or governance tokens that let investors have a say in major decisions (like approving a sale or selecting property managers). This can give sophisticated investors a level of control similar to being a limited partner in a private fund or a shareholder in a REIT, but with more direct line-of-sight to the underlying asset. Overall, for this audience, tokenization combines the tangibility and inflation-hedging appeal of real estate with the flexibility and transparency of a digital asset – a compelling mix when executed with proper safeguards.
CRE Technology & Service Providers
The rise of tokenized real estate is also creating a burgeoning ecosystem for commercial real estate (CRE) technology professionals and service providers. Firms that specialize in blockchain tech, digital securities issuance, and online investment platforms are finding strong demand from property owners looking to tokenize. These tech providers are building the interfaces and infrastructure – from investor onboarding portals with embedded compliance checks to blockchain custody solutions for tokens. There is a significant need for integration expertise: ensuring that the tokenization platform ties in with traditional property management systems, legal record-keeping, and banking channels (for when fiat rent needs to be converted to crypto distributions, for example). Additionally, companies focusing on security (auditing smart contracts, cyber-secure storage of private keys) provide critical services to safeguard tokenized assets. Custodians and trustees may evolve their offerings to hold digital asset interests on behalf of more conservative clients. We’re also seeing new opportunities in data and analytics – tracking token trading activity, valuations, and performance requires blending real estate analytics with blockchain data. In sum, tokenization is blurring the line between real estate and fintech, and professionals who can navigate both realms are in high demand. This opens up roles for blockchain developers in CRE, consultants who advise on tokenomics, and even new brokerage models (such as online exchanges for trading property tokens). It’s a chance for the real estate tech community to drive innovation that directly impacts capital markets and ownership models in the industry.
Macro Strategists & Cross-Border Investors
On a macro level, tokenized real estate offers new strategic possibilities for investors concerned with currency risk, inflation, and geopolitical diversification. Because tokens allow for fractional ownership across borders, an investor can allocate capital into different cities and countries with ease, thus spreading exposure across multiple economies and currencies. This can act as a hedge: for instance, if one country faces a downturn or depreciation of its currency, the impact on a globally diversified token portfolio is cushioned by holdings in other regions. Some see tokenized assets as a way to circumvent certain capital controls or barriers – while always adhering to regulations, the concept of a globally accessible marketplace means that capital from jurisdictions with low yields can more readily flow into markets with higher yields, balancing global real estate values. For macro strategists, tokenization also presents an interesting alignment with the trend towards real assets in portfolios. In an environment where inflation worries persist, having the inflation-protected income of real estate combined with easier liquidity (via tokens) could be attractive. Additionally, tokens could, in theory, trade 24/7 on digital exchanges; this around-the-clock market means that price discovery for real estate might become more continuous, and investors can react faster to macro news (contrast this with physical real estate markets that are slow to adjust). While we are still early in seeing these macro advantages fully play out, forward-thinking investors are monitoring tokenization as part of a broader strategy to enhance resilience and flexibility in their allocations. It’s not a magic bullet for macro risks, but it provides one more lever – the ability to fine-tune real estate exposure almost as dynamically as one would manage a stock or bond portfolio, which is unprecedented in the history of the asset class.
Risks & Regulatory Considerations
- Regulatory Classification & Legal Complexity: Real estate tokens almost always fall under the purview of securities law. In jurisdictions like the United States, a fractional interest in a property offered to investors for profit is deemed a security (per SEC’s definitions), which means token issuers must comply with a host of regulations. This entails investor eligibility restrictions (e.g. many U.S. offerings are limited to accredited investors), robust KYC/AML processes, and possibly registration or exemption filings (Reg D, Reg A+, etc.). Navigating these laws is complex, especially when offering tokens globally – what’s allowed in one country might be restricted in another. For example, Singapore’s Monetary Authority (MAS) has created a specific licensing framework for digital securities platforms, enabling more controlled public offerings, whereas the U.S. relies on existing securities exemptions that keep most offerings semi-private6. New regulatory sandboxes, such as those in the UAE or India’s GIFT City, are emerging to facilitate tokenization pilots under closer oversight7. The bottom line: sponsors and investors must understand the legal status of the tokens they deal with. Failing to comply with securities laws can result in severe penalties and even render tokens non-tradable. As this field evolves, regulators are actively debating how to update rules – uncertainty remains a risk until clearer, globally harmonized frameworks develop.
- Liquidity and Market Depth: While improved liquidity is a key promise of tokenization, the reality today is that many real estate tokens still face limited secondary market activity. The pool of active buyers and sellers in any given token can be small, especially if the asset is niche or investor access is restricted to certain platforms. This can lead to wide bid-ask spreads or difficulty exiting a position quickly at a fair price. In essence, a token might be technically tradeable 24/7, but if trading volume is low, an investor could be stuck waiting for a buyer (not too different from traditional real estate, albeit on a shorter timeframe). Moreover, the first generation of security token exchanges and bulletin boards are in their infancy – some have very fragmented liquidity or remain in beta stages. There’s also the factor of holding period restrictions: many tokens offered under exemptions cannot be freely traded for a year or more (per regulatory lockup rules). All of this means that, at present, token holders should be cautious about assuming they can liquidate on demand. It may take time (and growth of the investor base) before the “liquidity premium” fully materializes. Sponsors looking to promote the liquidity of their token offerings need to invest in fostering a secondary market – perhaps by liaising with multiple exchanges, market makers, or even providing periodic buybacks to support prices.
- Technology Risks (Security & Reliability): Relying on blockchain and smart contracts introduces a new set of technical risks to real estate investment. Smart contract bugs or vulnerabilities can potentially lead to catastrophic outcomes – for example, an error in code could theoretically lock up investor funds or allow an exploit where tokens are stolen or duplicated. While such incidents have been rare in regulated security tokens (due in part to rigorous audits), the risk is not zero. Additionally, blockchain infrastructure itself can pose issues: if the underlying network experiences downtime, congestion, or a chain split, token transactions could be temporarily disrupted. There’s also the matter of digital asset custody. Investors need to securely store their tokens (often in crypto wallets protected by private keys). Losing access to one’s keys or wallet could mean losing the investment irretrievably – a very different risk profile than a lost share certificate that can be reissued. Custodial solutions (third-party digital custodians) can mitigate this but then reintroduce counterparty risk (what if the custodian is hacked?). Cybersecurity is paramount: both the platforms hosting token offerings and the investors themselves must guard against phishing, hacks, and fraud. As the industry matures, we expect best practices like insured custody, multi-signature controls, and rigorous smart contract audits to become standard. But until then, participants in tokenized real estate must be mindful that the technological backbone, while innovative, adds an extra layer of risk beyond the usual real estate considerations.
- Governance & Alignment of Interests: Fractionalizing ownership among potentially hundreds of token holders creates questions around decision-making and control. Who has the authority to make key asset management decisions in a tokenized property? In many structures, the original sponsor or a management company retains operational control (similar to a GP in a fund), and token holders are passive. However, the interests of token holders and the sponsor might diverge – for instance, token investors might prefer a quick sale if they see market conditions weakening, while the sponsor might be incentivized to hold longer for fees. Establishing clear governance mechanisms is vital. Some token frameworks give voting rights to holders on major decisions (like a sale or refinancing), or even elect a token holders’ representative committee. But coordinating a large number of distributed investors can be challenging in practice (think of how hard it can be to get a quorum in homeowner associations or REIT shareholder votes). There’s also risk of token holder apathy – many may not vote or engage at all, leaving decisions to a small subset. Misalignment can also occur in terms of information: if the sponsor has more information than token holders and there aren’t strong disclosure practices, holders may feel disadvantaged. To mitigate these issues, it’s important that token issuance terms spell out the governance process and that sponsors maintain transparency (providing regular updates, financial reports, etc.). We’re effectively transplanting a corporate governance model into individual real estate assets, which is novel territory. Getting that balance right – empowering investors without hampering professional management – is a work in progress for the industry.
- Taxation & Accounting Complexities: Introducing a blockchain wrapper around real estate doesn’t eliminate the tax obligations that come with property investments – and in some cases it can complicate them. Token holders still ultimately derive income from rent and capital gains from property sales, which means they owe any applicable taxes on those earnings in their home jurisdiction (and possibly the property’s jurisdiction). For example, a U.S. investor holding tokens in a fund that owns German real estate might face German withholding taxes on distributed income and need to navigate foreign tax credits. Cross-border tax treaties and reporting requirements (like FATCA or CRS) come into play when you have a globally distributed investor base. There are also questions about how certain tax benefits or treatments apply: can token holders depreciate a property for tax purposes as a direct owner might? Usually not directly – depreciation happens at the SPV level – but the benefits might flow through if structured as equity in a pass-through entity. Another consideration is transfer taxes or stamp duties: if tokens represent direct property interests in some jurisdictions, might trades of tokens trigger transfer taxes each time? (Generally the SPV structure avoids this, but it’s a point to clarify with local counsel.) From an accounting perspective, sponsors have to determine how to treat token issuance on their books (likely as equity or debt depending on structure), and auditors will want to verify tokenholder lists and distributions, which is a new process for many. In the US, the IRS has begun to issue guidance on digital assets, but much of it centers on cryptocurrencies – not specifically security tokens. The lack of specific guidance can create uncertainty in reporting. To prevent unpleasant surprises, sponsors and investors should involve tax advisors early. In some cases, using established structures (like REITs or limited partnerships) within the tokenization framework can preserve familiar tax treatment. But one should assume that any tax optimization that applies in traditional real estate still needs to be carefully replicated (if possible) in the token setup – the blockchain doesn’t magically remove tax liabilities, and improper structuring could even lead to double taxation if not careful.
Pilot Use Cases & Best Practices
- Elevated Returns – Aspen Coin (USA): This pioneering case involved tokenizing equity in the St. Regis Aspen Resort. Elevated Returns offered Aspen Coin security tokens representing nearly 19% ownership in the luxury hotel and raised $18 million from accredited investors. The tokens were issued via a U.S. SEC-compliant offering and later traded on a registered alternative trading system. Best practice takeaway: use a robust legal structure (they created a single-asset REIT for the hotel) and work with regulated platforms for both the offering and secondary trading to ensure investor protection and liquidity.
- Prypco – Dubai Villa Sale (UAE): Dubai’s Proptech startup Prypco Mint has completed several tokenized property sales, including a villa that sold out in minutes to 169 investors as noted earlier. They are licensed under Dubai’s Virtual Assets Regulatory Authority (VARA) and work in partnership with the Dubai Land Department to ensure tokens are recognized within the local property registry system. Best practice takeaway: regulatory backing and integration with existing real estate authorities (like land departments) can lend credibility and trust to tokenized offerings, making retail investors more comfortable. Additionally, keeping minimum investments low (Prypco’s offerings start at roughly $540) proved effective in attracting a diverse retail investor base.
- BrickMark – Commercial Building in Zurich (Switzerland): BrickMark AG executed one of the largest tokenized real estate transactions by acquiring a CHF 130 million building and paying roughly 20% of the price in the form of newly issued tokens to the seller. The tokens, structured as a bond paying yields from the building’s rent, gave the seller an ongoing stake. BrickMark’s model demonstrates a creative use of tokenization as a deal facilitation tool – essentially using tokens as currency for part of a purchase. Best practice takeaway: when structuring tokens, consider aligning incentives – in this case, the seller became a token holder, ensuring they remain invested in the asset’s performance. It also shows the importance of flexibility: tailoring the token structure (equity, debt, revenue-share, etc.) to suit the deal’s participants can unlock transactions that might not happen otherwise.
- Fraxtor – Fractional Funds Platform (Singapore): Fraxtor is a MAS-licensed real estate tokenization platform that allows accredited investors to co-invest in property deals via tokens. The company has tokenized assets in multiple countries (Singapore, Australia, UK, Canada) under a framework that treats token offerings like private fund units. Fraxtor’s platform emphasizes compliance – every investor is verified, and tokens are only tradeable among qualified parties – and they operate under a Capital Markets Services license from the Monetary Authority of Singapore6. Best practice takeaway: working proactively with regulators to obtain the proper licensing can greatly expand what a platform is allowed to do (for example, Fraxtor can legally solicit accredited investors and offer them tokenized securities, much like a traditional fund manager). Also, their model shows the benefit of a curated approach: they vet each deal carefully and integrate legal, tax, and investor relations processes around the tokens, delivering a more institution-friendly experience.
Tax, Compliance & Cross-Border Strategy
Implementing tokenized real estate requires careful planning on several fronts beyond the technology. On the tax side, sponsors should structure offerings to avoid unnecessary tax drag. Using pass-through entities (like LLCs or LPs in the U.S., or REIT-like structures where available) can ensure that rental income and capital gains flow through to token holders in a manner similar to traditional real estate investments. One has to consider withholding taxes for international investors – for example, U.S. property income paid to foreign token holders may be subject to FIRPTA withholding or other treaties. Some token platforms facilitate tax reporting by providing each investor with breakdowns of income types, but this can get complex when token holders come from dozens of jurisdictions. It’s wise to engage international tax experts to map out scenarios if the investor base will be global.
From a compliance perspective, ensuring robust AML/KYC is non-negotiable. Every jurisdiction expects that platforms verify investor identities and source of funds, especially given concerns around money laundering through crypto channels. This means token issuance platforms need integrated KYC pipelines – investors might upload passports, proof of address, and go through screening just as they would when opening a brokerage account. Additionally, operating across borders may involve compliance with multiple regimes: a platform might need to comply with EU’s MiFID rules for European investors, SEC rules for U.S. investors, and similar regulations elsewhere simultaneously. Some issuers address this by geo-fencing (only allowing certain investors) or by doing separate offerings (one for U.S. under Reg D, one for non-U.S. under Reg S, etc.). Others, like those in Singapore or Abu Dhabi’s ADGM, work within special frameworks that accommodate global participation under one regulatory umbrella.
A key strategic decision is choosing where to host the platform and under which law the tokens are issued. Some jurisdictions are positioning themselves as friendly hubs for tokenization – for instance, entities in the Abu Dhabi Global Market or Switzerland can tokenize assets globally with clear legal recognition of digital securities. In India, the GIFT City financial zone is developing a regulated tokenization exchange aimed at attracting foreign investors for Indian real estate in a controlled environment7. Sponsors should leverage such environments when beneficial, or otherwise ensure they are not inadvertently violating any country’s solicitation laws when marketing tokens internationally.
Another consideration is how to handle the secondary trading from a regulatory and tax standpoint. If tokens are traded peer-to-peer on a blockchain, is each trade a taxable event (like selling a stock)? Generally, yes – if you sell a token at a gain, you’d owe capital gains tax. But there may be nuances: if the token represents an interest in a partnership, some jurisdictions might treat secondary sales as a transfer of partnership interest, requiring certain filings. Strategically, some issuers partner with regulated exchanges or broker-dealers who can facilitate trading in a way that provides transparency and reporting for tax purposes. Issuers themselves might maintain an internal register even beyond the blockchain to know who the beneficial owners are at any time – this can help in issuing tax forms (such as a U.S. K-1 form to each token holder in an LLC).
Overall, the cross-border nature of tokenized real estate is a double-edged sword: it unlocks vast opportunities, but also requires a sophisticated strategy to navigate the patchwork of global regulations and tax regimes. The best practice is to design the offering with compliance in mind from day one. Many successful tokenization projects involve a multi-disciplinary team – lawyers from multiple countries, tax advisors, compliance officers, blockchain experts – collaborating to ensure that when the token goes live, it operates smoothly within all applicable rules. Those who underestimate these complexities risk legal complications that could undermine the very advantages tokenization seeks to provide.
Strategy & Platform Considerations
When launching a tokenized real estate platform or offering, several strategic design decisions will determine its success and longevity. One major consideration is the choice between a centralized vs. decentralized trading model. A centralized exchange (or ATS) model means that token trades happen on a platform operated by a licensed intermediary (much like how NASDAQ or a crowdfunding portal operates). This route offers more control, compliance enforcement (the platform can vet every trade), and potentially smoother user experience for newcomers. It’s the approach favored by many institutional players – for example, tokens might trade on a registered platform where trades can be monitored and even reversed if needed. On the other hand, a decentralized approach would allow tokens to trade on public blockchain marketplaces without middlemen. This aligns with the crypto ethos of open markets but poses regulatory challenges (how to prevent an unaccredited investor from acquiring a token on a decentralized exchange?). In practice, many are pursuing a hybrid path: allowing peer-to-peer transfers but within a permissioned framework, or using smart contracts that will only let whitelisted addresses transact the tokens. Strategically, finding the right balance ensures liquidity while staying compliant.
Another key element is token design and economics (tokenomics). Real estate tokens can be structured to have different rights and features. Some are pure equity – one token = one share in the SPV, with proportional voting and dividend rights. Others may confer no voting rights to keep management centralized. There are also innovative structures where tokens are programmable to automatically distribute dividends or where holding a token for longer might grant certain rewards (for instance, loyalty bonuses or fee reductions, akin to staking in crypto). Deciding on fungible vs. non-fungible is also strategic: fungible tokens make trading easier and are better for homogenous shares, whereas an NFT structure might be used if each token represents a unique slice (less common in real estate unless dealing with unique units). Importantly, tokenomics should align with investor expectations – if it’s meant to attract yield-focused investors, the token could be designed like a bond (fixed distributions). If targeting those who want upside, an equity token with voting might be better. Clear communication of token rights in plain language is vital so investors know what they’re buying.
Platform infrastructure requirements are another consideration. Operating a tokenized vehicle means one must maintain blockchain nodes or use a reliable blockchain-as-a-service provider to ensure the network is always accessible for transactions. Oracles might be needed if smart contracts require external data (though in real estate tokens, oracles are less common unless automating something like interest rate feeds for mortgages). Smart contract auditing is essential every time a new token is created – no shortcuts here, as an undetected bug could be devastating. Scalability is also a point: if a platform tokenizes hundreds of properties, it should be prepared to handle potentially thousands of token holders and frequent transactions, so robust backend systems and cybersecurity defenses must be in place. Some platforms are exploring multi-chain interoperability – for instance, a token could exist on Ethereum but also be mirrored on a faster chain for easier trading. This adds complexity but might improve user experience (as seen by BlackRock’s approach of expanding its tokenized fund across multiple blockchains to reach different ecosystems).
Partnership and ecosystem strategy is crucial as well. Real estate tokenization sits at the crossroads of property, finance, and tech, so partnerships help cover all bases. Successful initiatives often involve collaboration between a real estate firm (that sources deals and manages properties), a fintech/blockchain firm (that provides the tokenization technology and exchange platform), and legal/accounting advisors (to handle compliance and trust matters). We see examples of this: BlackRock partnered with digital asset firm Securitize to tokenize a money market fund, marrying BlackRock’s asset management expertise with Securitize’s blockchain infrastructure8. Similarly, some real estate developers partner with tokenization startups to launch offerings, ensuring the developer focuses on what they know (real estate) while the tech partner handles the blockchain aspects. Building a broad network – including custody providers, banks willing to interface with crypto, and perhaps insurance companies to insure digital assets – can significantly enhance a platform’s credibility and resilience. No single player can do it all in this space; a strategic web of partnerships accelerates go-to-market and instills confidence for investors who might be wary of a pure-tech player handling their real estate money.
In summary, launching a tokenized real estate venture is as much a strategic business exercise as it is a technical deployment. Decisions around how investors will trade, what rights they have, how the system will scale, and who will be involved in delivering the service all need to be thought through. The end goal should be a platform that seamlessly blends into the existing financial ecosystem (so that institutional and individual investors alike are comfortable) while still delivering the novel advantages of blockchain (efficiency, transparency, global reach). Achieving that means planning beyond the code – it requires foresight in regulatory strategy, investor relations, and operational robustness.
Frequently Asked Questions
What is real estate tokenization?Real estate tokenization is the process of converting ownership of a property (or an interest in a property) into digital tokens on a blockchain. Each token represents a fractional share or economic right in the real estate asset. By tokenizing, a large asset can be divided into many smaller pieces, allowing multiple investors to own fractions of it. These tokens can then be bought, sold, or traded, much like stocks, but with the blockchain ensuring a secure and transparent ledger of ownership. In essence, tokenization combines traditional real estate investment with cryptocurrency technology to enable fractional, programmable ownership and potentially easier transfer of real estate interests. How is this different from investing via REITs or real estate funds?
Tokenized real estate shares some similarities with Real Estate Investment Trusts (REITs) or private real estate funds, in that all are fractional investments in property assets. However, there are key differences. REITs are typically traded on stock exchanges and represent a managed portfolio of properties; when you buy a REIT share, you’re investing in a company that owns real estate, and you usually have no say in which specific properties are bought or sold. Tokenization, on the other hand, can offer more direct exposure to a specific asset (e.g., tokens for one particular building) rather than a broad fund. In terms of affordability, publicly traded REITs have a low entry barrier (anyone can buy a single share, often for under $100), whereas many private real estate funds require large minimums (six or seven figures). Tokenized offerings often position themselves in between: minimum investment might be a few hundred or a few thousand dollars, making it accessible to a wider pool than private placements but still typically more than the price of a single REIT share. Another difference is liquidity and trading hours – REITs trade only during market hours and are subject to stock market volatility, while real estate tokens could trade 24/7 on digital exchanges and their price is tied more directly to the underlying property performance (though still influenced by supply-demand dynamics of the token market). Finally, token holders might sometimes have more transparency (through on-chain data) into the asset and potentially some governance rights, whereas REIT investors are further removed from the actual properties. That said, REITs benefit from well-established regulation and often better liquidity; tokenized real estate is newer and its liquidity can vary, so it complements rather than fully replaces these traditional vehicles at this stage. Which blockchain or token standard is best for real estate tokens?
There isn’t a one-size-fits-all answer – it depends on the goals and constraints of the project. Many real estate tokenizations to date have used the Ethereum blockchain due to its maturity and the widespread support for Ethereum token standards (ERC-20 for fungible tokens, ERC-721/1155 for NFTs, or specialized security token standards like ERC-1400). Ethereum has a large ecosystem of developers, exchanges, and wallet compatibility, which is advantageous. However, Ethereum’s main network can have high transaction fees, so some issuers opt for Layer-2 networks or alternative blockchains (like Polygon, Solana, Avalanche, etc.) that offer faster and cheaper transactions. In fact, large players have begun launching tokens on multiple chains to leverage different benefits – for example, a token might initially issue on Ethereum for security and decentralization, but be bridged to a faster chain for day-to-day trading liquidity8. The “best” choice also depends on regulatory considerations: some permissioned blockchains are designed specifically for compliance, where only verified participants can transact (this can be appealing for ensuring only eligible investors trade the tokens). As for token type, if you want each token to represent an interchangeable share, a fungible token standard is used; if you were tokenizing unique units (say each condo in a building as a separate token), NFTs would make more sense. But generally, fungible tokens are used for fractional ownership because they simplify the cap table (all tokens equal the same fraction). In summary, Ethereum remains a popular backbone, but many real estate projects choose a blockchain platform that balances security, cost, and compliance needs – some even build their own private blockchain if required. What matters most is that the chosen network is reliable and that the token smart contracts are properly audited and equipped with any necessary compliance controls. How liquid are real estate tokens, and how quickly can I sell?
Liquidity for real estate tokens today is variable and often limited. In theory, if a token is listed on a functioning exchange or marketplace, you could sell it within minutes by placing a sell order (much faster than selling a physical property, which takes weeks or months). In practice, however, the ease of selling will depend on the demand for that token and how many other investors are active in the market. Some high-profile tokens have seen active trading and you might be able to cash out a small position almost immediately. But for many tokens, especially those from smaller projects or those with restrictions (e.g. only accredited investors can buy), finding a buyer might take days or even longer, and you may have to accept a discount if there’s low liquidity. It’s also worth noting that initial offerings sometimes come with lock-up periods (e.g., you can’t resell for 6-12 months depending on the exemption used), so immediate trading might not be possible from day one. Over time, as secondary marketplaces grow and more investors participate, liquidity should improve. Projects can also enhance liquidity by listing tokens on multiple exchanges or utilizing market makers to provide continuous buy/sell quotes. Another factor is asset quality – a token backed by a trophy property with transparent financials might attract more consistent trading interest than one backed by a lesser-known asset. In summary, while tokens enable the possibility of much faster transactions, you should approach liquidity expectations cautiously: plan as if it’s a medium- to long-term investment, and treat any immediate liquidity as a bonus rather than a guarantee at this stage of the market’s development. How are tokenized real estate investments taxed in the U.S. versus elsewhere?
In the United States, tokenized real estate investments are typically taxed similarly to traditional real estate partnerships or securities, depending on how the deal is structured. If the token represents an equity share in an LLC that owns property, U.S. investors will receive a K-1 statement for their share of any rental income, deductions (like depreciation), and gains from sale – just as they would in a traditional real estate syndication. Those amounts flow through to their personal taxes. Rental income is taxable (after expenses/depreciation) at ordinary income rates, while long-term capital gains on the asset’s appreciation would be taxed at capital gains rates when the property is sold. If the structure is a REIT or C-corp, distributions might be treated as dividends, and corporate-level tax considerations come into play. For trading the tokens themselves, if you sell a token at a profit, that’s a capital gains event (short-term or long-term depending on holding period). What’s important for U.S. taxpayers is tracking their basis in the tokens and any taxable events, which can get complicated if there are lots of small transactions – but many platforms provide year-end tax reports. In Europe and other regions, the tax treatment will depend on local rules for securities or partnership interests. For example, in many European countries, a lot depends on whether the token is deemed more like a security (which might mean dividend taxes and capital gains taxes similar to stocks) or like a direct property share (where perhaps an opaque vehicle might incur corporate tax then distribute after-tax profits). Some countries have withholding taxes on real estate income paid to foreign investors – tokenization doesn’t exempt one from those, so a portion of a distribution might be withheld and remitted to the tax authority of the property’s country, pending any relief from tax treaties. Singapore currently has no capital gains tax, so selling a token at a profit there might not trigger tax, whereas in the U.S. it would. Each jurisdiction also has different stances on how to treat the tokens themselves – a country could say the token is a security, thus tax any income as dividends, or if it’s a debt-token, treat payments as interest. Given this patchwork, cross-border investors in tokenized real estate often seek professional tax advice and sometimes structure their investments through entities in favorable jurisdictions. On a bright note, because tokenization often uses established legal entities (LLCs, trusts, etc.), existing international tax treaties and principles usually apply – meaning double taxation can often be avoided by design. In summary: U.S. investors should expect the familiar regime of income and capital gains taxes on underlying earnings, while being mindful of reporting crypto asset holdings if required. Non-U.S. investors should consider both their home country’s rules and the property country’s rules. And everyone should keep good records of token transactions, as tax authorities will treat those similar to trades of any asset. What safeguards exist against fraud or hacking in tokenized real estate?
Protecting investors against fraud and technical mishaps is a top concern in this space, and multiple safeguards are employed. On the fraud prevention side, regulatory compliance is key: by treating tokens as securities, issuers and platforms must undergo disclosures, audits, and are subject to antifraud provisions of securities law. The projects that operate above-board will usually have offering memorandums or prospectuses, use licensed broker-dealers or funding platforms for the sale, and sometimes even provide third-party valuation or appraisal reports to back the asset value. Investors should be cautious of any tokenized real estate deal that lacks transparency about the property or the team – the same red flags as any investment offering (unrealistic promises, unknown operators, pressure tactics) apply here. The blockchain itself adds some protection in that the records of who invested and where the money went are transparent, reducing the chance of outright Ponzi schemes (it would be hard to fake the existence of a property or misuse funds without leaving a trace on-chain). For technical security, reputable tokenization platforms have their smart contracts audited by independent security firms to catch vulnerabilities. Assets (like the private keys controlling token contracts) are often kept in multisignature wallets or hardware secure modules to prevent a single point of failure hack. Many platforms also use whitelisting: only verified wallet addresses belonging to known investors can hold the tokens, so even if someone attempted to steal tokens, the system wouldn’t recognize an unverified wallet as a valid holder (or could freeze tokens that move to an unknown address). Additionally, insurance products are emerging – for example, a custodian might insure against theft of digital assets, or a title insurance-like product might insure the token holder’s claim on the underlying property. Another safeguard is the use of trusted oracles and administrators: some implementations have a manual check where a human trustee validates transactions involving the real asset (for instance, not allowing a property sale without aligning it with token holder approvals), serving as a fail-safe against purely code-driven outcomes. It’s also worth noting that while blockchains can be very secure, the interfaces (websites, apps) that investors use are potential attack surfaces – hence platforms put a lot of effort into cybersecurity, penetration testing, and investor education (to avoid phishing). In summary, while no system is 100% hack-proof or fraud-proof, the serious players in tokenized real estate deploy a multi-layered defense: legal oversight to deter and punish fraud, code audits and technical controls to prevent hacks, and insurance/backup procedures to protect investors if something does go wrong. As an investor, one should look for evidence of these safeguards (audits, regulatory approvals, insurance, etc.) as part of due diligence before participating in a token offering. Can rental income or yields be paid out in Bitcoin, and how does that work?
Yes, it’s possible for rental distributions or investment yields from a tokenized property to be paid out in Bitcoin (or other cryptocurrencies), although stablecoins (like USD-pegged tokens) are more commonly used for practicality. Here’s how it can work: The property generates rent in the local currency (say USD). The tokenization platform or property manager collects that rent and typically would convert it into a digital asset for distribution. If the goal is to pay in Bitcoin, the platform would take the USD, use a service or exchange to purchase Bitcoin equal to the distribution amount, and then send each investor their share of Bitcoin to their wallet addresses on file. Essentially, the platform is acting as a conversion agent – similar to how a company might pay international shareholders in their desired currency by converting it. Some platforms have done this with stablecoins like USDC or DAI (converting rent to a stablecoin, then automating the split via smart contract). Paying directly in Bitcoin adds a bit of complexity because Bitcoin operates on its own blockchain, separate from Ethereum or other chains where the tokens might reside. One approach is that the platform asks investors for a Bitcoin payout address and then manually (or programmatically via a Bitcoin payment processor) sends out payments to those addresses. Another approach is to use Bitcoin-pegged tokens on the same chain (like “Wrapped Bitcoin” on Ethereum), though that is essentially a stablecoin tied to Bitcoin’s value. The reason many prefer stablecoins for rent is to avoid subjecting the rent to BTC’s price volatility – for example, if rent is $1,000, the platform might convert it to exactly $1,000 worth of Bitcoin at that moment, but by the time the investor receives it, that could be $990 or $1,010 in value depending on Bitcoin’s movement. Some investors, however, are keen to accumulate BTC, so they accept that volatility. We’ve seen innovative setups like in Dubai where one tokenized property platform offered rental income distribution in cryptocurrency to appeal to crypto-savvy investors. For the investor, receiving rent in Bitcoin means they then hold that Bitcoin and can keep it or convert it as they wish. From a tax perspective, it may be treated as receiving income equal to the fiat value of the Bitcoin at receipt (and then any change in the BTC price afterward is their gain/loss). Technical details aside, incorporating Bitcoin is about catering to investor preference – it’s certainly doable and has been done in pilot cases. The key is having a reliable conversion and distribution process in place. As Brevitas and other marketplaces are Bitcoin-friendly, one could envision a future where rental payments flow directly through Bitcoin’s lightning network for speed and low fees. But currently, most projects start with a stablecoin because it offers the cryptocurrency benefits (speed, low cost, divisibility) without the price swings. Bitcoin distributions remain a niche offering used to attract crypto-oriented investors who see value in accumulating BTC yields from real estate. It underscores an interesting trend: the blending of a hard asset’s cash flow with a digital currency – truly the convergence of traditional real estate investing with the new world of crypto finance.
Strategic Outlook
As we look ahead, tokenized real estate is on the cusp of moving from experimental to essential in the commercial real estate landscape. The concept aligns well with enduring industry themes: investors perpetually seek liquidity, diversification, and higher efficiency, and tokenization directly addresses those needs. Over the next market cycle, we can expect tokenized ownership to increasingly feature in both boom periods (when global capital wants access to deals quickly) and downturns (when owners seek creative liquidity solutions). The involvement of major institutions lends credibility and momentum. It’s telling that firms like BlackRock – the world’s largest asset manager – are embracing tokenization, not just in real estate but across asset classes. BlackRock’s CEO recently highlighted the democratizing power of fractionalization, and the firm’s tokenized fund initiatives (which quickly amassed billions in AUM) signal that digital finance is merging with traditional finance at the highest levels8. This institutional validation is likely to spur more real estate fund managers and investment banks to develop tokenization strategies of their own, further integrating the technology into the fabric of capital markets.
That said, the road to a fully fractional and global real estate market is not without obstacles. Regulatory standardization is essential: many of the current limitations (like restricted liquidity or investor caps) stem from regulatory constraints. In the coming years, we anticipate more jurisdictions crafting tailored rules for tokenized securities, perhaps creating clearer paths for retail participation and international trading. Governments and regulators are actively studying tokenization – for instance, pilot programs in places like the EU and Asia are testing how secondary trading of security tokens can work within regulatory boundaries. If and when rules catch up (for example, if the SEC provides more guidance or new exemptions for digital asset securities), we could see an inflection point in adoption similar to how JOBS Act crowdfunding boosted online investment platforms. Infrastructure maturity is the other piece. This involves user-friendly digital wallets, secure custody solutions for institutions, interoperable exchanges, and even rating agencies or research coverage for tokenized offerings to help investors make informed decisions. The ecosystem being built now – often behind the scenes – will form the backbone of a future where trading a piece of a skyscraper is as straightforward as trading a stock.
In a fully realized vision a decade out, imagine a global real estate marketplace operating 24/7: an investor in Hong Kong could, with a few clicks, allocate $5,000 to a token that represents a slice of a London office building, while simultaneously selling $5,000 worth of a token from a New York apartment portfolio to a buyer in Dubai – all executed on digital exchanges with near-instant settlement. Title transfers, escrow, and lengthy bank wire timelines could be relics of the past as property ownership becomes more fluid. Importantly, this doesn’t mean the end of traditional real estate investment; rather, it augments it. We’ll likely see hybrid models where traditional funds offer tokenized feeder funds for smaller investors, and private equity real estate firms use token markets to exit positions or recapitalize assets more efficiently. Liquidity begets innovation: if assets are more liquid, new financial products can form around them (think of index funds of real estate tokens, or derivatives to hedge real estate exposure in real time).
To reach that horizon, stakeholders must continue collaborating – industry consortia to set standards, dialogues with regulators to ensure investor protection, and education for market participants to build trust. The early successes and lessons learned from the likes of Aspen Coin, BrickMark, and others provide a playbook to iterate upon. Perhaps most importantly, the mindset is shifting: property is being seen not just as bricks-and-mortar, but as a digitizable, divisible store of value that can plug into the online economy. In the long run, the phrase “global real estate market” may refer not only to the aggregate value of physical properties, but also to a connected network of digital marketplaces where those property values are continually traded and priced. In that future, the next cycle of ownership indeed looks fractional and global – a world where someone in one country can own and trade small stakes of properties worldwide with unprecedented ease. Tokenization is the bridge to that future, and its momentum suggests that the bridge is well under construction. Savvy investors and real estate professionals will watch this space closely, as it increasingly moves from theory to a practical component of modern portfolios.
References
- CoinDesk – Deloitte Predicts $4 Trillion Tokenized Real Estate Market by 2035
- ScienceSoft – Real Estate Tokenization in 2025: Facts and Trends
- Gulf News – Dubai Platform Sells Tokenized Villa in Under 5 Minutes
- Aspen Times – St. Regis Aspen Resort Tokenized Security Offering (2018)
- SWI Swissinfo – Prime Zurich Real Estate Sold via Blockchain Tokens
- Urban Land Institute – Singapore’s Fraxtor and Real Estate Tokenization
- Ledger Insights – India’s GIFT City to Launch Regulated Asset Tokenization
- Crypto Briefing – BlackRock’s $1.7B Tokenized Fund Expands to New Blockchains