One of the many markets that have benefited from the technology behind cryptocurrencies is the real estate market. In addition to some real estate companies already accepting crypto payments, the sector is being revolutionized by the technology known as “Utility Tokens”. This innovation, provided by blockchain technology, is shortening the time that the process of buying or selling real estate traditionally takes. As highlighted by Marcelo Magalhães, CEO of the blockchain integration platform for the real estate market Ribus, the inclusion of blockchain in the real estate market solves two crucial points for the sector: “The first one, of course, concerns the costs and bureaucracy involved in negotiations of buying and selling real estate. The transaction passes through different actors in this ecosystem, such as construction companies, notaries, lawyers, banks, among others. What could be a quick process turns out to be quite slow and costly. After all, there are fees and taxes for each trip.” As the tokens are governed by a “smart contract”, the process is no longer dependent on external validators. And this leads to the second point: “This decentralization leads to the second solution that tokens offer to the real estate market: greater democratization in people’s access to services and goods”, highlighted Magalhães.
Utility tokens in the real estate market
Tokens are able to involve different actors of the real estate ecosystem in the same solution. In this way, they guarantee the transaction and the conclusion of the deal. At the same time, they may include engineering, architecture, interior design, law, notary services, among others. Furthermore, there is the possibility of guaranteeing the presence of construction companies and developers in this digital structure. The use of utility tokens is gaining ground in the real estate market and the trend is for growth. According to MarketsandMarkets, the segment is expected to jump from US$2.3 billion in 2021 to US$5.6 billion in 2026. The average annual growth is estimated to be 19%. “Tokens and blockchain are already a reality around the world and are used with increasing frequency by society. Thus, it is up to companies inserted in the real estate market to decide what they want from the future. Either they adapt to the demands that arise daily and adopt digital assets in their trading, or they will be swallowed up by the advance of digitization and tokenization”, concluded the CEO of Ribus.
Real estate tokenization is featured at BitSampa 2022
Next Saturday (26), during BitSampa 2022, one of the biggest events about the crypto universe in the country, Ribus CEO Marcelo Magalhães and Daniel Carius, COO of the company, will talk about real estate tokenization. “Tokenization is changing the way assets are bought, sold and rented, democratizing the process of owning. Thus, it becomes a simple and efficient alternative for the real estate market, as a way of being part of the property and facilitating negotiation”, highlights Carius. Also read: Organize your finances with these 5 apps Also read: How to get NFT almost for free