PropertyGRID platform - Who knows about it?

Question

What do you all know about PropertyGRID? https://propertygrid.com/

Someone told me about it and it uses blockchain technology and tokenization of ownership with the purported goal of enhancing the real estate transaction and opening up global markets. Sorry, I am not a marketer for them. I just watched their video. Who on BP has any insight into them or something similar?

Cheers,

Bill

Chris Seveney · Answer

@Bill Haley

Had a meeting this past week with some individuals who raise some serious $ and discussing what works and does not work in an offering and one of the things these people were saying is real estate offerings using crypto and blockchain / tokenization is not attracting many HNW individuals. It is attracting younger retail and a few firms but most shy away from it as they don’t see any added value in it and don’t trust it. If you have people cutting you large six digit and 7 digit checks, I keep my ears open to hear what they are saying.

Bill Haley · Answer

Great insights. Thank you for sharing. I agree with you as well and appreciate the clarity of your thoughts. Regarding #3 and what problem they are trying to solve, I'm not sure.

Chris Seveney · Answer

I am curious as blockchain has been talked about for a decade, can anyone share a case study / example where it has been made into an enterprise model and used successfully?

The issue with real estate transactions and why this is a century away and not decades is:

1. You would have to convince title companies who have a stronghold on the industry to adopt this.

2. You would have to convince the county recording offices, who are run by career employees who in some instances still are using fax machines and rotary dial phones.

Now some will look to "Fractional" ownership of a property through blockchain. I guess I am a pessimist but here is why this will struggle:

1. You already have this, its called being a shareholder of a company and a cap table.

2. If people do not understand it, they will not invest in it. Will some people invest, yes - but if you had two of the same products and one that was doing it the way it has been done for 100 years and one with the new technology for investing, the people with the $ typically will choose the old school way and not want to be caught up in the next FTX.

3. As it relates back to #1, what problem are they solving?