The Dubai Land Department expects the market value for tokenized real estate to reach over $16 billion in 2033.
The Dubai government started the pilot phase of a project that would convert real estate assets into digital tokens on the blockchain.
The Dubai Land Department (DLD), a government entity responsible for registering, organizing and promoting Dubai real estate, announced that it started the pilot phase of its real-estate tokenization project.
The project was launched in collaboration with the Dubai Future Foundation (DFF) and the Virtual Assets Regulatory Authority (VARA), Dubai’s crypto regulator.
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