A $30 million development in the East Village in Manhattan, N.Y., became the first major asset in the borough to be tokenized on the worldwide Ethereum blockchain, Forbes reported.
The 12-unit condominium at 436 and 442 E. 13th St. was digitally represented on a blockchain as part of a deal that was brokered by Ryan Serhant, according to the publication.
Tokenization is a means of representing ownership of real assets digitally on a blockchain. The tokenization method results from a partnership between Propellr LLC and Fluidity. Blockchain tokenization, Serhant told Forbes, can help remove the pressures of traditional bank financing and could be a more attractive option for both the project and its stakeholders.