2018–2020
Proof-of-Concept Phase
Early tokenized real estate experiments on Ethereum. Harbor, Polymath, and tZERO pilot fractional property securities. Regulatory frameworks undefined but conversations begin with SEC and MAS.
2021–2022
Institutional Attention
JPMorgan launches Onyx. BlackRock files for tokenized fund infrastructure. Goldman Sachs, BNY Mellon, and DBS Bank begin tokenising bonds and commercial assets. The institutional floor firms up.
2023–2024
RWA Momentum Accelerates
BlackRock's BUIDL fund crosses $500M on-chain. Franklin Templeton's tokenized money market reaches $400M. RWA.xyz tracks $4B+ in real-world assets fully on-chain. Office tokenisation pilots launch in Dubai, Singapore, and New York.
2025–2027
Mainstream Adoption Window
MiCA fully in force across EU. US stablecoin legislation passes. Major REITs begin on-chain fractional share issuance. AI agents begin autonomous lease execution. The brand category crystallises — and category leaders capture outsized value.
2028–2030
The $5T On-Chain CRE Era
Industry consensus models project $4–6T in tokenised real estate by 2030. The dominant platforms and brands in this space will be household names in institutional finance. The category name is forming right now.