Credit: Foretoken
Real estate is the largest asset class on the planet, roughly $330 trillion in value globally, larger than equities, bonds, and all crypto combined. It is also, by design, among the most illiquid. A commercial property in Ljubljana or a retail plaza in Fort Lauderdale might transact once a decade. The capital locked inside those assets does not move, does not compound, and does not reach the investors who might want access to it.
Tokenisation promises to change that equation, and the money flowing toward that promise is no longer speculative. BlackRock is tokenising. JPMorgan has moved its first tokenised money market fund onto Ethereum. MiCA came into full force in December 2024 and gave European crypto infrastructure its clearest regulatory footing in years. The $65 billion surge in total tokenised RWA value locked across 2025, an 800% increase in a single year, is not hype. It is the opening innings of a structural shift in how property capital is allocated.
Blocksquare has been building for this moment since 2018.
But here is what most coverage misses: Blocksquare is not a real estate platform. It is not a fund. It does not own properties, manage tenants, or make underwriting decisions. It is an infrastructure provider, the rails underneath a growing network of white-label marketplaces that collectively tokenised over $200 million in real estate by mid-2025. That distinction is not semantic. It shapes everything from where the risk actually lives, to why the protocol's DeFi engagement has collapsed even as its tokenised asset volume has grown, to whether the $1 billion US expansion announced with Vera Capital in April 2025 means what the headlines implied.
The infrastructure bet has real merit. It also has real gaps, and one of them is wide enough to drive a truck through.
Preliminary Pillar Assessment
Pillar | Assessment | Comment |
|---|---|---|
Credit Risk | High | Revenue rights model is structurally sound but underwriting is entirely partner-dependent. No public yield data, no disclosed rejection rate. Off-chain distribution introduces trusted-administrator risk no audit can fully resolve. |
Transparency | Moderate | On-chain property registry and IPFS-stored corporate resolutions are genuine differentiators. Individual property financial disclosures vary by marketplace operator. Three historical Hacken audit reports are currently inaccessible. |
Liquidity | Critical | Oceanpoint, the protocol's DeFi liquidity layer, has collapsed from ~$10M TVL at peak to effectively zero. Secondary markets for individual property tokens are thin with no on-chain backstop. The architectural fix (POINT token) is not yet live. |
Macro Exposure | Elevated | European commercial real estate absorbed significant rate pressure through 2022–2024. Cross-jurisdictional exposure across 29 countries amplifies both regulatory and macroeconomic complexity. |
Operational Strength | Moderate | Seven years of consistent development and a clean 2024 Hacken audit are credible signals. DAO governance activity has stalled since May 2024. The B2B infrastructure model limits operational concentration risk. |
The infrastructure layer is cleaner than the numbers suggest. The liquidity layer is in worse shape than the marketing acknowledges. Which one matters more depends entirely on what Blocksquare actually is. Most analysts have not decided.
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