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.
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