Tokenized Real Estate's Second Act
Past the hype, a narrower but real use case.
The first wave of real estate tokenization promised to democratize ownership and mostly delivered confusion. The second act is quieter, more institutional, and considerably more useful.
Plumbing, Not Revolution
The real value is in the back office: faster settlement, cleaner cap tables, programmable distributions. Tokenization is becoming infrastructure for how stakes are recorded and moved, not a retail casino.
The fractional-ownership dream is still mostly a dream. The operational efficiency, by contrast, is showing up in real funds today.
Founder & CEO of Sightline Data. Former head of data science at a top-5 multifamily REIT.
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