Investing In Montreal Real Estate With Crypto: A Thriving Trend – Business leadership man hand holding house model with green digital finance growth graph. Real estate investing in the metaverse computing concept.

Twin brothers Eric and Evan Klein have launched the first tokenized metaverse REIT, giving investors easy access to virtual real estate.

Investing In Montreal Real Estate With Crypto: A Thriving Trend

Investing In Montreal Real Estate With Crypto: A Thriving Trend

Take MetaSpace Real Estate Investment Trust (MREIT), which is the first tokenized real estate investment trust in the metaverse, according to the company. It was launched in December 2021 by twin brothers Eric and Evan Klein, each with a background in real estate: Eric on the commercial side, Evan on the residential side.

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The goal of MREIT is to allow anyone interested in investing in metaverse real estate the ability to do so by purchasing the company’s native token (MREIT).

Eric, who has over 10 years of real estate experience and has advised clients including Mortgage Architects, Chestnut Park and Sotheby’s International Realty, came up with the idea of ​​tokenizing real estate via blockchain. In 2019 he founded KleinCap Investments, a cryptocurrency and blockchain investment company. MREIT, launched on Unicrypt, one of the first platforms for venture capital investors, is a subsidiary of KleinCap. Evan, who previously worked with Compass, Sotheby’s and most recently as head of brand at Keller Williams in Toronto, has joined to help with brand strategy.

While many companies working in the metaverse come from venture capital and tech backgrounds, Eric says he and his brother’s experience in traditional real estate, in addition to their background in cryptocurrencies, is a big plus.

“Many of the projects you see in the metaverse and in crypto have totally anonymous teams, especially blockchain companies and tokens, so you don’t know who is leading the project,” Eric says. “But with mREIT, the first thing we did was undergo an audit, followed by a know-your-customer (KYC).”

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(A KYC is a process in which a company verifies the identity and risk associated with its customers, to protect against money laundering and illegal transactions.)

MREITs focus on buying, leasing, and minting virtual real estate in the metaverse, with profits connecting back to token holders via smart contracts (programs stored on a blockchain that execute when pre-determined conditions are met). Every time a new token or pair is released, companies will have their smart contracts verified and publicly displayed. The audit verifies security features and executions and, if performed correctly, allows everyday investors to freely buy, sell and trade virtual assets. MREIT’s smart contracts (tokens) were audited by SolidProof, a blockchain auditing firm based in Germany.

To participate you must be a token holder. A token is a blockchain-based unit of value issued by an organization. Token holders then “retain and get placed in a reward pool and whitelist for anything the company does,” Eric says. MREIT purchases digital assets entirely on the blockchain, so value and revenue can be tracked via transactions made on the Ethereum blockchain, including its prize pool.

Investing In Montreal Real Estate With Crypto: A Thriving Trend

“You receive fractions of tokens based on the amount you put in, just like Bitcoin,” says Eric, adding that the average token holder’s investment is between $1,000 and $3,000. Currently, there are about 900 investors participating in the mREIT platform, he says.

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This is similar to buying and selling, where you can trade cryptocurrency like Ethereum (ETH) for MREIT, thus eliminating MREIT from the publicly available tokens, which limits the supply and therefore drives the price up.

The cost of constructing a building depends on its size and memory, and REITs share the rental income, while the company shares a portion of all revenue, Eric says. Investors do not have any capital in the assets and are advised to only invest what they are willing to lose, just like any investment model.

“If you look at the traditional real estate model, it would take 25 years to pay the taxes, whereas we can pay them in 18-24 months, plus we own that land. After that everything is profitable,” Eric says. “A token holder is part of the project, which is different from a VC firm that plays in their own big pool, goes out and buys, and then investors get all the profit.”

MREIT advises which virtual world, such as The Sandbox or Decentraland, would be best for a company’s agenda and then acts as the host of the metaverse. They help them build a business model and determine their strategy in the metaverse. For example, Sandbox is better for a “destination brand”, as you’re stuck inside that lot until you get out and can’t run around, so it’s better for companies looking for office space or concert property, says Evan.

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The mREIT charges development fees and receives royalties on sales of non-fungible tokens (NFTs). They then pool 25% of that together and convert it back into the MREIT token, which is then dispersed among token holders. The company can build a building, an NFT collection, or rent space to brands, generating revenue through a rental agreement or advertising.

“Our first thing is monetization: we want the companies we partner with to make money,” says Eric, who shows demos to companies and then determines an e-commerce play. Klein also brought in Joshua Chisvin, a partner at PSR Brokerage, to kickstart investor relations at mREIT.

“We don’t build in Decentraland like most people do. We use software called Blender, which I work with,” says Evan. “Create realistic buildings that you can design however you want. I built our headquarters in Blender and then published it on Decentraland.”

Investing In Montreal Real Estate With Crypto: A Thriving Trend

The main floor of the headquarters is dedicated to the team. The upper floors are dedicated NFT spaces for brands that want to enter the metaverse.

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The brothers say they use Discord as a way to connect with their users, answering questions and providing information on whether virtual resources are actually useful. MREIT uses Rentible to manage its real estate listings and transactions.

“We have four times more demand from brands than land,” says Eric, pointing out that Decentraland only has 90,000 parcels of land available, with much of the space not for sale (e.g. rivers, trees).

Evan says he’s very excited about how virtual reality (VR) will help build labs and spaces for those working in the metaverse.

“I think integrating virtual reality on a broader level will provide a huge opportunity for offices, virtual coworking and work in general,” he says.

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Although they declined to mention names, the Klein brothers said they are working with four “well-known Canadian and U.S. brands to build a product in the metaverse” and “we will act as their owners and operators to get them started.”

“I don’t think you can apply real-world rules to the metaverse, that’s not how it works. So, I think we’ll see a hybrid situation in how real estate agents sell products or educate clients on how to produce products,” Evan says. “We are working with companies to do both.”

MREIT will release three million tokens in March 2022. Currently, transactions are carried out on the Ethereum blockchain (MREIT ERC-20). Read the whitepaper here.

Investing In Montreal Real Estate With Crypto: A Thriving Trend

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