Blockchain Firm Labs Group Taps Enjin to Tokenize Real Estate Assets

The year began with a number of announcements of tokenization in various sectors. On the occasion, the blockchain gaming platform announced a partnership with Labs Group to produce non-displayable tokens (NFT) for real estate.

The global real estate market is estimated at $228 trillion.

According to the announcement, the blockchain real estate company will use Enjin’s platform to store and issue NFTs. People will be able to buy condominiums for as little as $100 and take the first step toward real estate investment.

With the global real estate market currently valued at $228 trillion, making it the largest asset class in the world, Enjin expects the token portion to increase liquidity.

All tokens processed on the Enjin platform run on the Ethereum blockchain. Enjin also claims that it can avoid settlement deadlines by passing these transactions to this network.

Maxim Blagov, CEO of Enjin, commented on the gaming company’s interest in using blockchain in the real estate market:

The real estate sector offers a product that is fundamental to our survival, which explains the stability of the market. It’s only a matter of time before real estate becomes symbolic. With Labs, we can be one of the first to shake up one of the oldest markets in the world.

What specific assets are covered by the tokens?

It is precisely the landowners, land groups and permitted developers who can shape an LMS. According to the announcement, these tokens represent fragments of residential units, hotel rooms or entire buildings. NFTs can then be traded by holders through the Labs stock exchange.

Yuen Wong, CEO of Labs Group, stated:

We knew Enjin was the right choice when selecting a blockchain integration partner for our property. The team’s experience in building technology and its partnerships made this project a no-brainer for us.

It was recently reported that Swiss digital asset bank Sygnum and Fine Wine Capital AG have launched premium collectible wine tokens, the first under the new blockchain rules.

What about the symbolism of real estate? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

Related Tags:

labs group token,enjin nft,what is enjin coin used for,labs group crypto,tokenized assets,enjin wallet,Privacy settings,How Search works,is enjin coin a good investment,enjin coin background

More from author

Related posts

Latest posts

The Complete Guide to Coinbase Fees (and How to Avoid Them)

Coinbase is one of the most popular cryptocurrency exchanges in the world. It’s also one of the more expensive ones. If you’re looking to...

BakerySwap Review 2021 (BAKE): [Tough Competition for Other NFTs?]

BakerySwap is a platform where users can swap their baked goods with other members. The company is currently in the process of launching its...

SushiSwap Price Prediction (SUSHI) for 2021, 2022, & 2025

SushiSwap is a cryptocurrency that was created in 2018. It has an initial coin offering (ICO) price of $0.00026 and a market cap of...