Hypermode created a pod team of 5 professionals that was tasked to build and ship a product prototype. The team worked on real estate tokenization. Real estate tokenization refers to the process of dividing ownership of a real estate asset into digital tokens, which can then be bought and sold on a blockchain. This process allows investors to easily buy and sell fractional ownership in real estate assets, which can be particularly useful for those who may not have the resources to purchase an entire property outright. The breakdown of each of these pods is as follows.
One potential use case for real estate tokenization is to allow small investors to participate in the ownership of high-end properties. For example, let’s say a group of investors wanted to purchase a luxury vacation home in a desirable location. Without tokenization, each investor may have to contribute a large sum of money to be a part of the ownership group. With tokenization, however, the property can be divided into digital tokens, and each investor can purchase a smaller number of tokens, allowing them to participate in the ownership of the property without having to invest as much money upfront.
In 2022, the first real estate tokenization platform was launched in Asia, Xstate, allowing investors in the region to easily buy and sell fractional ownership in a variety of properties. The platform has already seen significant interest from investors, with millions of dollars’ worth of properties being tokenized in the first few months of operation.
Hypermode and IEC collaborated in an R&D effort to work on a real estate tokenization platform. The problem they were targeting was that many real estate companies have shifted their focus to digital media, such as online portals, websites, and social media. This brings in a set of problems like lack if digitization, scams, and lack of awareness. Moreover, people must do a lot of documentation, paper-based legalization and handbook registration is still being carried out which is an outdated and prone to scams approach.
Based on this, a site map was created, and style guide was designed. This led to the designing of the website as shown below.