- Magma, a real estate tokenization platform building its solutions on the VeChain blockchain, has announced a new partnership with T-Blocks, a property tokenization solution.
- The partnership targets real estate in Albania, digitizing construction lifecycles and enhancing traceability and transparency with Magma’s digital twin tokens.
Magma and T-Blocks, two of the leading property tokenization solutions providers, have announced a new partnership targeting real estate in Albania.
Announcing the deal, Magma stated that it would bring “trust, transparency and traceability to real estate investments.”
🚀 Exciting Partnership Announcement!
We are thrilled to announce that Magma has partnered with @tblocks_io to bring 𝘁𝗿𝘂𝘀𝘁, 𝘁𝗿𝗮𝗻𝘀𝗽𝗮𝗿𝗲𝗻𝗰𝘆, 𝗮𝗻𝗱 𝘁𝗿𝗮𝗰𝗲𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝘁𝗼 𝗿𝗲𝗮𝗹 𝗲𝘀𝘁𝗮𝘁𝗲 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁𝘀 for T-Blocks tokenized asset portfolios… pic.twitter.com/bgNsRaiG9H
— MAGMA – Real Estate Agility (@magmarealestate) July 16, 2024
On its part, T-Blocks said that the partnership “will enhance the value and efficiency of tokenized assets by integrating advanced technology and expansive network reach.”
Magma offers NFTs for existing real estate, which it calls digital twin tokens (DTT). Through a combination of cold data and data from systems such as BIM and BMS, the NFTs enable users to have a better understanding of their assets and even create automated contracts for things like carbon credits and green bonds. Magma issues the tokens on VeChain, one of the leading networks in the tokenization of real-world assets (RWAs).
T-Blocks, on the other hand, focuses on leveraging DLT to tokenize real estate in Albania and other Balkan nations, thus opening up the market to a global customer base.
Under the partnership, the two will digitize entire real estate construction lifecycles, transforming how these projects are financed, managed, tracked, and validated. This will be done by integrating Magma’s DTT tokens on the T-Blocks platform to track aspects such as CO2 emissions, recycling and reuse of materials, energy optimization, and more.
In turn, Magma will push T-Blocks’ tokenized assets on its network and in France, where it’s based. Overall, both companies will tap into each other’s network to open up a broader target market.
“We’re excited to leverage our extensive networks to offer new investment opportunities and promote industry growth,” T-Blocks said on Twitter while announcing the new partnership.
Commenting on the partnership, T-Blocks co-founder Henri Ndreca expressed his company’s excitement at what the two ambitious companies could do together.
Integrating Magma’s technology will provide digital and verifiable traceability in the lifecycle of construction, resulting in more trust and credibility for global investors who often feel uncertain about investing in emerging markets.
While T-Blocks offers its services to customers globally, its biggest market is in its native Albania. The country’s real estate industry is expected to hit $75 billion this year and nearly $100 billion in four years.
But the most significant catalyst will be in 5-7 years when the country finally becomes a member of the EU. In 2013, when neighboring Croatia joined the regional bloc, its real estate industry soared by up to 1,000%. T-Blocks believes a similar path awaits Albania’s real estate, especially properties along the coastline, and it wants to be prepared for the surge.
Commenting on the partnership, Magma CEO Matthieu Merchadou Melki stated:
T-Blocks pre-vetted pipeline of premium assets in an attractive, high-growth market can benefit greatly from our prop-tech solution, raising transparency standards and providing robust investment opportunities.
The partnership will be the latest project to leverage VeChain’s blockchain in tokenizing RWAs. As we reported, the network has thrived in two main fields—tokenization and sustainability. The two sectors are expected to be worth a combined $94 trillion by 2030, which some analysts say could be a big boom for VeChain.
Beyond these two, VeChain is also going big on digital identity and supply chain management.
VET trades at $0.03226, gaining just over 3% in the past day to bring its weekly gains to 26%.
