Berlin-based tech startup Brickblock announced on Thursday it has successfully tokenized and sold approximately €2 million worth of real estate in Europe.

Brickblock uses its in-house developed Automated Clearing Registry consisting of 15 Ethereum smart contracts — audited by Consensys Diligence last September — to register real estate shares as digital ERC-20 tokens on the blockchain. These tokens represent a share of ownership, entitling the holder to a share of rent, interest, and other benefits the underlying asset might provide.

The sale, which is the first of its kind in the European Union, was available only to eligible investors, and carried a residential property in Wiesbaden, Germany, worth roughly €2 million.

In a press release, CEO Jakob Drzazga revealed he is “excited about the future impact of tokenization”, citing blockchain’s potential to streamline the global financial markets. He continued:

“Once a property, real estate fund, or financial instrument is tokenized, the real advantages come into play: subsequent transactions are instant, nearly free of charge, and, if done properly, without counterparty risk. This is an absolute game-changer for the industry.”

Brickblock made headlines in October 2018 when it partnered with leading German real estate investors Peakside Capital. The partnership seeks to utilize Brickblock’s technology to establish an income-oriented real estate fund on the blockchain.

Tokenize the World

More and more assets continue to make their way to the blockchain as tokens, from Paxos’ tokenization of gold to the tokenization of stocks and ETFs on NASDAQ-powered DX.Exchange. Most recently, CEDEX launched their exchange with $50 million worth of tokenized diamonds. Indeed, it is possible that the world is heading towards a fully blockchain-based economy.