Specialized fintech
BlockBR
has launched the DeFi T-Propt fund, aimed at tokenizing luxuryreal estate in tourist locations. Under the project, each property will be divided into Non-Fungible Tokens(NFTs), which will be sold to people who want to use the houses for leisure.
“Each house is a [Sociedade de Propósito Específico] SPE that has from eight to twelve fractions, except the one in Fernando de Noronha (PE), which has 32. Each fraction entitles the NFT buyer to a certain number of days of use per year based on the total number of fractions available. For a house of eight fractions, for example, one token gives the right to 44 days of use per year, or 12.5% of the property,” explains Cassio Krupinsk, BlockBR’s CEO. Krupinsk clarifies that tokenists can purchase more than one fraction to get a larger number of days of enjoyment.
The houses were made available by the developer T-Properties, and are projects by the architects Gui Mattos, Felipe Diniz, Arthur Casas, and Thiago Bernardes.
So far, there are projects for four properties, one in Cruz (CE), called Casa Preá, valued at R$ 7 million, another in Campos do Jordão (SP), for R$8 million, a house in Fernando de Noronha for R$10 million, and one in Trancoso, in the municipality of Porto Seguro (BA), which should be worth R$22 million when ready. In total, the four projects amount to R$47 million. To make the initiative viable, a fund of R$50 million was raised.
The most advanced property is Casa Preá, which already has two fractions sold to private investors and should be launched by the end of 2022, followed by Campos do Jordão, which will be released to the public early next year. Patricia Lopes, COO of BlockBR, explains that due to the more restricted nature of the product, the divulgation will be made through the channels of T-Properties, BlockBR’s client in the project, and
According to Krupinsk, the idea of tokenizing fractions of luxury homes comes from examples abroad where this model has been adopted, but without the intermediation of blockchain. These are cases where the fractionation was established by means of a traditional contract and using fiat currency. “The younger generation, and even our generation of people up to 50 years old, doesn’t see any sense in buying a $10 million summer property unless you are a billionaire. Doing market research and knowing where the market for fractional ownership of luxury homes was going to go, we saw that it was a trend that was happening all over the world,” he explains. In Brazil, it is the first tokenization of this kind.
The idea, he says, is to give the tokenist the possibility to live the unique experience of the properties, which are different from each other. Some houses will have kitesurfing instructors and the possibility of using quad bikes, for example.
“The big reason for the token being born inside from BlockBR was to see a way to make it happen a operation physical without vices, without having which adjust a tokenization to around from an project already existing.” comments Patricia Lopes.
Within BlockBR’s strategy, the goal is to expand the initiative to more properties, including outside the national territory, tokenizing homes in countries like the United States and Indonesia. “The expectation is to reach R$1 billion in properties in the next two years,” says Krupinsk.
In the future, with an established regulation of cryptocurrencies and tokens in Brazil, BlockBR’s CEO hopes that it will be possible for the owner of T-Propt tokens to sell to other people their fractions of the houses on a secondary market. “The token is a replacement for a fund, and in the future, perhaps the user can offer the token itself by selling it. The houses, as they have been developed by great architects, have the value of art, making the potential for token appreciation immeasurable,” he argues.
The price of each token will depend on the value of the house in question. For Casa Preá, for example, the estimate is that the cryptoactive will be launched for R$750,000 a fraction.
Source: Valor Econômico
