The New York Times said in its most recent report that Christie International Real Estate has unveiled a dedicated crypto real estate division, becoming the 1st United States brokerage firm to facilitate real estate transactions exclusively in Bitcoin and Ethereum, eliminating the traditional finance system.
NYT also quoted that Christie International Real Estate has formed a dedicated team of lawyers, crypto experts, and analysts to oversee the digital asset transactions.
Aaron Kirman, the Chief Executive Officer of Christie, argued that the move to launch a separate crypto division came after the firm completed several high-profile crypto transactions.
Kirman exemplified a deal in which a property was bought for $60 million in Beverly Hills using Bitcoin, the oldest and most prominent crypto in the digital asset market.
Christie’s clients are open to accepting crypto in payment
It is worth noting that the division manages a portfolio of over $1 billion in luxury properties open to crypto-only offers, including high-profile listings such as Bel Air estate La Fin valued at $118 million.
Some other top properties include the $63 million Nightingale in Beverly Hills and the Joshua Tree property, and the Invisible house for $18 million.
While talking to the NYT, Kirman quotes that, “ The trend was obvious — crypto is here to stay. It’s only going to get bigger over the next few years.”
However, experts see this move by Christie as a global shift from traditional finance towards cryptocurrencies and a decentralized economy.
Real estate is now switching towards digital assets
The global real estate market is increasingly integrating digital assets and has continued to embrace decentralization and blockchain technology.
The shift from fiat to crypto in real estate will change the buying and selling experience of customers and will open several new options for them, which will eliminate the interference of a central entity.
Over the last few quarters, tokenization in real estate has grown, which involves converting property ownership into a digital token on a blockchain, enabling investors to buy fractional shares of high-value assets.
The convergence of 5G, decentralized technology, and Artificial Intelligence is transforming real estate globally, and in regions like Singapore and Dubai, there are now homes with AI automated houses becoming standard.
According to ScienceSoft, the tokenized real estate is expected to reach a mark of $3 trillion by 2030, which makes up 15% of global real estate under management.
A quick overview of the crypto market
According to the data from CoinMarketCap, the crypto market cap is $3.79 trillion with a loss of 1.34% in the past 24 hours, and the trading volume is $218.52 billion. At the same time, the crypto fear and greed index was at 66, still indicating greed in the market sentiment.
Bitcoin is exchanging hands at $115,379 with a loss of 2.91% in the past 24 hours. Its market cap reached $2.29 trillion with a decline of 2.72% and trading volume has reached $89.5 billion with a surge of 24.12%.
The intraday gainers list has been ruled by Maple Finance, followed by Ethena, Cronos, Curve DAO token, Bitcoin Cash, XDC Network, and Tron. Yet the losers in the same time frame are Pump token mimicked by Pudgy Penguins, Stacks, Fartcoin, Solana, Dogwifhat, and Virtual Protocol.
