NBH welcomes Blocksquare to the NEAR Tribe
NBH is thrilled to partner with Blocksquare as a grantee, and just as excited to sit down and answer all burning questions about everything Blocksquare.
Sally Meouche, NBH lead business developer, sits down with Denis Petrovčić, CEO of Blocksquare, to discuss how real-estate tokenization is the future of the Blockchain industry, how their business model works, as well as the illustrious OceanPoint DAO their integration in the NEAR tribe.
Before we dive into the AMA, let’s take a brief look into what Blocksquare is and what its impact and role are in the real estate industry.
What is Blocksquare?
Blocksquare is a Slovenian-built technology company building infrastructure to transfer real estate assets to the internet. It allows startups and large enterprises to use Its solutions and APIs to digitize the value of real estate properties, launch their investment platforms and connect people to tokenized real estate deals online.
The idea here is to connect investors to real estate opportunities in their region while providing them with state-of-the-art technology to do so.
Better yet, hear it from the CEO himself as we begin the AMA session.
Q. Let’s kick off with a simple one, what is Blocksquare?
A. Blocksquare was founded in 2018 with a mission to facilitate the transfer of real estate value on-chain. So we sought to find a recipe for how you can transfer this, and we did. Our goal is to make it as simple as possible for any company in the real estate industry to be able to achieve this and tap into web3 without hiring developers and building custom solutions and using something reliable and tested across the industry
Q. Why real estate on the blockchain in the first place?
A. Real estate is one of the largest asset classes, so there’s a lot of value there. Now, web3 is an emerging market, and you have Defi space being one of the pillars. Its counterpart, traditional finance, relies heavily on real estate. That’s why it was able to grow so immensely. The whole financial industry is piggybacking on the value of real estate. On the other hand, we have this emerging new market that is trying to utilize real estate. So we’re here to make that happen and give it a chance to grow in a decentralized environment and benefit the average people.
Q. How does one go about digitizing a property, and if I have a home, how do I tokenize it ?
A. First of all, it’s important to understand the concept of ownership of physical property and real estate assets. Most of us understand the concept of owning our own homes. So once you purchase a home, no matter how you finance it, once you own that title that’s registered by law, the government and community can agree that you now own that piece of property.
Ownership, therefore, means you have a bundle of rights -You can use it, change it, sell it, lease it, dispose of it – within the boundaries of the law, of course. Now, unfortunately, after failed attempts, the file bundle of rights cannot be tokenized.
We specialize in fungible tokens. So fractionalizing the asset itself. We’re focusing on the economic value of that asset – any revenue the asset generated as well as asset appreciation and depreciation. We’re able to capture this through a corporate resolution signed by the owner, into which those economic rights are transferred to whoever holds the token in proportion to how many tokens they hold.
Q. What exact solutions does Blocksquare with its features, spring tokenization protocol, white label platform solutions and DeFi bridges?
A. In real estate tokenization, there is a life cycle throughout the entire process. If you tokenize property, you also need to be able to de-tokenize it, and this journey needs to be supported by products. Those are simply product lines that support the whole life cycle, from issuance to token sale, revenue distributions, buy back, etc.
Q. BST is coming to NEAR! But what role does NEAR play in your system?
A. Real estate tokenization combined with Defi is something we’re bullish on and the Blocksquate team. Since our inception in Slovenia in 2018, Blocksquare has sought a backend platform not just for its name but for fees as well. We were originally built on Ethereum, but we realized that NEAR is cheaper, faster, and more scalable for their business. We were always researching different alternatives to Ethereum, and NEAR reaching out just sealed the deal for us.
Clients want a platform that has been on the market for a long time, and as we researched, our focal point was not robustness alone but also fee costs. The beauty of it from a technology point of view is that it is a true alternative to Ethereum. For now, the Token on the NEAR platform is a fraction, but we intend to port 50 million work of real estate onto NEAR.
“We are very excited to have Blocksquare on NEAR. It’s a platform with a solid use case, and it will undoubtedly further enrich the ecosystem NEAR’s grant program intends to aid web3-based developers and creators in the region and existing projects such as Blocksquare who wish to integrate into NEAR in a super seamless way.” stated Sally Meouche, NBH lead business developer.
This is a big milestone we intend to reach, and after this, possibly, the entire Blocksquare platform will import into NEAR.
Blocksqure has tokenized buildings and apartments in France, UAE, Dubai, Mauritius, Slovenia, Croatia, Vienna, Germany, and Australia and intends to expand to the farthest parts of the globe. Wanna hear it all for yourself? Visit here or watch it on Twitter as well:
Great stuff from our guests! Click here to get Blocksquare’s whitepaper for a better understanding of how real-estate tokenization is the future of the industry, how their business model works, their several real estate software solutions, and why they decided to join the NEAR tribe.
NBH continues to facilitate the growth of several regional projects giving them the best opportunity to build from end-to-end. With Blocksquare in our corner, we’re one step closer to achieving global growth adoption.
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