12.06.2025 11:16

A one-bedroom apartment in Dubai's Kensington Waters complex sold remarkably fast, finding a buyer in a mere minute and 58 seconds. This tokenized property, listed by the Dubai Land Department (DLD) and the PRYPCO Mint platform, commanded a price of $653,000 – mirroring the value of the first tokenized property sold through this innovative system.

This swift transaction underscores the growing success of Dubai's initiative to tokenize real estate. The DLD and PRYPCO Mint have collectively facilitated the sale of over $1.3 billion worth of tokenized properties in Dubai, a testament to the burgeoning market's potential. This second project, following closely on the heels of a first, attracted a diverse investor base comprising 149 individuals from 35 different countries, each contributing an average of $2,900.

Unlike the first tokenized property, which sold within 24 hours, this recent offering benefited from a strategic pricing strategy. Priced at Dh1.5 million, slightly discounted from its market valuation of Dh1.875 million, and with fractional shares available starting at Dh2,000, the initiative proved highly accessible to a wider range of investors. The first sale attracted 224 investors from more than 40 nationalities.

The underlying technology facilitating this remarkable speed and efficiency is noteworthy. PRYPCO Mint leverages the Ctrl Alt blockchain platform, powered by XRP, and utilizes Zand Bank for secure payment processing. The collaboration between DLD and Ctrl Alt has resulted in a robust and legally sound framework for the tokenization, minting, and secure on-chain placement of real estate title deeds, solidifying Dubai's position as a leader in digital real estate innovation. Information from internet sources indicates that a substantial waiting list for the second property existed.