AnnA Villa in Paris, was sold for 6.5 million Euro through blockchain transaction. This big news is meaningful that it was traded only through the blockchain for the first time in Europe.
A corporation named SAPEB AnnA divided the ownership of the building into 100 tokens and distributed according to the ownership. The tokens can be sliced into 100,000 pieces again. This is equivalent to buying and selling ownership of the building for 6.5 Euro.
Token sales were made through Equisafe, an Ethereum-based French blockchain investment platform, which was bought by two local real estate companies.
The real estate sector is one of the industries suitable for tokenization. Expensive real estate has been difficult for ordinary investors to participate because of the difficulty of cashing and the need for a lot of funds at once. However, tokenizing real estate allows you to invest with very little money and trade easily.
Tokenizing real estate also has the advantage of streamlining the real estate transaction process. Anna Villa also skipped the uncomfortable legal documents (notarization or identity verification) resulting from the sale of real estate, and encrypted everything on the blockchain. This has saved us tremendous time and money.