Real Estate Security Token Offerings and the Secondary Market: Driven by Crypto Hype or Fundamentals?

URN to cite this document:: urn:nbn:de:bvb:355-epub-543939
DOI to cite this document:: 10.5283/epub.54393

Kreppmeier, Julia ; Laschinger, Ralf ; Steininger, Bertram I. ; Dorfleitner, Gregor

License: Creative Commons Attribution 4.0
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Date of publication of this fulltext: 21 Jun 2023 08:09

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Abstract

Tokens, the digital form of assets, are an innovation that has the potential to disrupt how to transfer and own financial instruments. We hand-collected data on 173 real estate tokens in the USA between 2019 and 2021 and trace back 238,433 blockchain transactions. We find that tokens provide broad real estate ownership to many small investors through digital fractional ownership and low entry ...