Resimax Group, one of Australia's most dynamic and diversified property groups, has partnered with Singapore-based metaverse blockchain firm Marvion to launch its first web3 brand activation. Through this partnership, Resimax Group is introducing the world's first digital property membership token in the form of digital ownership tokens (DOTs).
"We have decided to embrace web3 technology to enhance our Resimax Membership program with the launch of the Resimax Property Digital Membership program. This will provide our members with a cutting-edge, secure, and transparent platform for property investing. By leveraging web3 technology, Resimax Group can offer our members a unique and innovative investment experience that differentiates from traditional property investment companies," Resimax Group Sales & Marketing Director Andrew Ladd told Digital Life Asia.
Digital ownership tokens
The DOTs, which are a proprietary format developed by Marvion, will be available for purchase on Marvion's Metastudio. This will make it easier for people to own a piece of the digital world, while enhancing the value of Resimax's existing rewards program.
"Each DOT contains a smart contract that can execute transactions and specific legal terms related to the ownership and licensing of the intellectual property. The DOT also includes evidence or warranty of ownership, as well as details of the sub-license that specifies the rights of the token holder.
"In addition, DOTs may contain a copy of the sale and purchase agreement for the master license and an image, video, music file, or other asset that represents the intellectual property. By holding a DOT, the owner has proof of ownership and can use it to execute transactions related to the underlying asset, such as licensing or selling the intellectual property," Ladd said.
Asked how the partnership with Marvion came about, he replied: "Resimax Group was looking for a way to innovate and add value to our existing Resimax Group Investor rewards membership program. With over 4,000 property members across Southeast Asia, we needed a strong Asian business partner who understands our customers and can add value to our brand internationally. We felt that Marvion would have the expertise to elevate our membership program with their suite of web3 technologies and services."
Blockchain and real estate
Just as with other sectors, blockchain technology is disrupting the real estate industry.
"Real estate is an enormous and expensive market, making it challenging for novice investors to participate in significant projects. With tokenization, multiple investors can own a part of a property, making real estate contributions more accessible to a wider audience. In addition, tokenization streamlines the automatic income distribution between stakeholders, deals with property-related rights, such as inheritance, and facilitates liquidity for real estate operations."
Ladd emphasized that we will continue to see this disruption in the real estate industry and that companies will need to adapt and innovate.
"Companies in the property industry should start exploring blockchain technology and its potential applications. This could involve partnering with blockchain companies or investing in their own blockchain development teams. It's also important for companies to stay up-to-date with regulatory developments and comply with any new regulations related to blockchain technology.
"Additionally, companies should educate themselves on the potential benefits and challenges of implementing blockchain technology, including issues related to data privacy, security, and interoperability. They should also consider how they can leverage blockchain technology to improve customer experiences and differentiate themselves from competitors," he said.
After all, the metaverse may be virtual, but the benefits are very real.