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Sells more than 6 million euros in France through Ethereum tokens CryptoNews

Last week, Anna Villa, in Paris, France, became history by becoming the first European property to be sold in full through a blocked block transaction made on the Ethereum network.

The luxurious building is located in Boulogne-Billancourt in the French city. It was estimated at 6.5m euros and was sold to French real estate firms Sapeb Immobilier and Valorcim. The process involved the first transfer of ownership of the building into a limited liability company (SAPEB AnnA). Then the company was divided into 100 tokens for distribution to the owners. Each character can be divided into 100,000 units. This means that the individual shares of the building can be purchased and sold for only EUR 6.50.

Property negotiations were managed by an investment blocking platform established in France Equisafe and was based on a token in the Ethereum network. It was the last of several global efforts to sell real estate in blockade. Last year, a $ 30 million property in Manhattan (New York, United States) was also marked in Eterium. In January this year, a luxurious resort in Aspen, Colorado, raised $ 18 million by offering security tokens.

Real estate is often considered a mature tokenization industry, as its low liquidity and high barriers to entry are deterred by many potential investors. The division of real estate into fractional ownership will allow the general public to easily access small actions, allowing the properties to be exchanged in a similar way and to other value-based exchanges.

Requests for real estate tokens reveal that dozens are already bargaining in secondary markets. For example, the Digital Capital Investment Group "Returned Returns" plans to mark real estate in Thailand for $ 100 million. BRIKCOIN, based in the United Kingdom, also hopes to use block technology to build affordable housing.

Beyond the advantages of liquidity, the streaming of the real estate process offers many other advantages over the traditionally outdated process. For example, in the sale of Anna Villa, much of the problematic legal documentation related to the sale of property (such as notarial works and proof of identity) was encrypted and recorded in the block-chain. If it is effectively reduced, time and costs saved by not having to manually verify this information can be huge. Equisafe has even stated that people can create investor profiles and affordable bids in less than half an hour.

The real estate industry is still very new in blockade. However, there seems to be a constant interest in what technology can provide to move forward. With several experiments that may be mentioned, it is likely that this agreement has many eyes waiting to see the results.

Translated version of Cameron Rossen's article published by Forbes.

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