Real Estate meets Krypto-Lumia CEO and Polygon expert talk about tokenized Istanbul Twin-Towers
- The tokenization of real estate is expanding with a new mega project in the Turkish metropolis of Istanbul.
- With polygon, a preferred chain for assets token, innovators benefit from low costs.
Lumia and Polygon Labs, two remarkable players in the blockchain area, are in the process of changing the real estate industry through tokenization. Lumia CEO Kal Ali announced the cooperation with polygon, which will build the world’s first crypto real estate project that Lumia Towers.
Lumia und Polygon starten Tokenized Real Estate Towers
The Lumia Towers, the value of which is estimated at $ 220 million, are to be completed by the second quarter of 2026 and fully token. This massive infrastructure, a few skyscrapers with an area of over 50,000 square meters, is located in Istanbul, the largest city in Türkiye. It is said to house 300 residential and commercial units and is ready to become a global crypto center.
According to Ali, Lumia Towers represents a breakthrough in the way people tackle real estate ownership. By using the tokenization model, Lumia plans to openly access the real estate market for small investors.
After Declarations From Landshares tokenized real assets are rated at around $ 187 billion. In the Baisse scenario, they will increase between 3.5 trillion and $ 10 trillion dollars by 2030, which corresponds to potential 50-fold growth.
Companies that have set themselves the task of fractionating high-quality assets using blockchain technology are largely responsible for explosive expansion. They enable investors to have commercial and residential properties by buying token.
Despite the promise to democratize real estate investments, there are still challenges such as regulatory complexity and problems with market liquidity. As a result, this could lead to potential risks for Lumia. So it could be difficult for investors to buy or sell real estate tokens if there is no sufficient trading volume, which limits the expected liquidity advantages.
In previous cases, other tokenization projects focused on existing buildings. In the United States, tokeninvest has acquired a building in Longmont, Colorado, worth $ 740,000 and converted it into tokens. As a result, third -party investors were able to provide 97 % of the purchase capital.
Boris Spremo, Head of Enterprise and Financial Services at Polygon Labs, admitted that the entry barriers on the real estate market “Himmelhoch” are further increased in the real estate prices in Turkey, where the Lumia Towers are built.
Distribution of the Lumia Towers ownership
Ali explained that Lumia is awarded the property rights for the tokenized twin cloud scratches via purpose societies (Special Purpose Vehicles, SPVS). Users can receive shares in the SPVs that are shaped on the chain as ERC 20 tokens.
These tokens give the owners governance rights that enable them to coordinate on decisions regarding the use of the property, e.g. B. whether it should be rented or sold. Ali added that the Lumia Towers tokens are introduced on the Lumia chain in order to enable small investors to access them.
Polygon will play a key role in ensuring that developers like Lumia can adapt their blockchain for this special application. Boris Spremo explained that polygon will reduce the cost of token property at the $ 220 million infrastructure without affecting security.
Ali announced plans to expand the Lumia Towers model to other regions such as the Middle East and North Africa to expand the United States and Europe.
Lumia Towers’ announcement falls at a time when the tokenization of real estate increases. How CNF reportedTether has teamed up with Reelly Tech to integrate Usdt into the booming real estate market of the United Arab Emirates. Before this integration, the New York Real Estate Fund (NYREF) An $ 18 million real estate in New York City token.
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