Digital asset platform Smartlands and UK Sotheby’s International Realty have agreed to experiment on the tokenization of luxury properties, according to a note from Smartlands.
The tokenization platform said that blockchain technology can facilitate access to exclusive opportunities for a new generation of investors worldwide. First up in the queue will be a “prestigious duplex in London.”
Smartlands said they were selected by UK Sotheby’s International Realty to explore the opportunities related to the issuance of digital securities representing ownership rights for luxury real estate properties managed by the firm.
The pilot project will be a newly-built duplex apartment at Lillie Sq., near Hyde Park in London. The property expecte to be complete in Q1 2020. Once construction is complete details of the securities offering will be released.
Robin Paterson, Joint Chairman & CEO, UK Sotheby’s International Realty, said that his firm is proud to work with some of the wealthiest individuals in the world and their customers need to evolve with the advent of technology.
“Collaboration with Smartlands will help us explore how innovative tech can help us add value to our proposition. With this approach, the benefits for international sellers and buyers are immense,” said Paterson. “Smartlands is transforming the value exchange on a global level creating a wide array of opportunities for private high-net-worth individuals the world over by allowing them to find each other easily, create offers, issue equity, diversify their portfolios, and grow their wealth without ever having to lift their fingers off the computer keyboard or a mobile device.”
Smartlands CEO Ilia Obraztsov said they were honoured to collaborate with Sotheby’s. Obraztsov said the high earning consumers from around the world are looking for new ways to invest in luxury property.
“We open the way to a new generation of investors – early adopters who successfully leverage tech innovations to make investment decisions and diversify their portfolio. The option to invest using fiat currency or cryptocurrency makes it an especially lucrative opportunity for overseas investors. The Sotheby’s centuries-old tradition and Smartlands’ technological edge is a perfect combination for creating a completely transparent global network of highly sophisticated investors in luxury property markets.”
Smartlands is built on the Stellar network and is designed to provide low cost, high security issuance, management sand secondary trading of any issued digital asset. The first use case by Smarlands took place this summer with tokenised student housing in Nottingham, UK. In the US Smartlands has formed a partnership with a FINRA-licensed broker-dealer.
