The Dubai Land Department (DLD) has announced the launch of a pilot project for real estate tokenization.

The Dubai Land Department (DLD) has announced the launch of a pilot project for real estate tokenization, aiming to convert property assets into digital tokens using blockchain technology. This project is being advanced in collaboration with the Dubai Future Foundation and the Virtual Assets Regulatory Authority, and it is expected that by 2033, the market size will exceed $16 billion, accounting for 7% of Dubai’s total real estate transaction volume. (Cointelegraph)

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