Team Expansion and Cohesion
Blocksquare embarked on the year with a strong team and successfully expanded it's ranks, fostering a community united by common ethos and goals. With several new team members on board, and more to come, Blocksquare is well-positioned for a promising 2024.
The team's dedication and hard work have led to the successful onboarding of new marketplace operators, establishment of valuable collaborations, and active participation in key industry events. This concerted effort has resulted in notable growth across all aspects of the company, representing a pivotal step in Blocksquare's ongoing development and industry standout.
Marketplace Operator Success
Signing up marketplace operators was identified as a key challenge, and the team's efforts, especially the sales team's execution, led to a notable increase in leads. The positive trend indicates that the industry is moving in the direction of tokenization and closer to launching online agencies and marketplaces, with Blocksquare’s goal of growing the ecosystem to around 30 marketplace operators in the coming year.
Tokenized Property Achievements
Blocksquare saw successes in the tokenized property realm with marketplace operators launching and concluding successful offerings. The total value of assets under tokenization quadrupled, showcasing the growing adoption of Blocksquare's technology. A shift toward greater decentralization occurred as operators introduced their tokenized real estate assets to different marketplaces.
Blocksquare's technology witnessed notable improvements throughout the year. The team streamlined the marketplace deployment process, reducing the timeline to as little as one day.
The composition of development teams allowed continuous progress on each product, from smart contract systems to the marketplace platform. The journey also involved overcoming challenges related to test environment migrations, ensuring a solid foundation for future developments.
The First Legal Blueprint for Property Tokenization in the EU
Earlier this year, Blocksquare became the first to successfully execute a notarized tokenization of a piece of real estate, which is now included in the land registry of Slovenia, an EU country. Blocksquare underwent an extensive process based on several years of legal and technical research, which comprised two key elements – a corporate resolution, establishing the rules of engagement between the property owner and the token holders, and a loan collateral agreement. A huge step in property tokenization.
Oceanpoint Version Iterations
Blocksquare launched multiple iterations of Oceanpoint, including liquidity staking (v0.3) and token purchases with staking rewards (v0.4). The upcoming version (v0.5) promises further advancements and features, set to be unveiled in January 2024.
Tokalytics: Enhancing Transparency
The introduction of Tokalytics marked a significant step in providing insights into underlying real estate, assessing risks, and offering transparency in the tokenized real estate world. Partnerships and discussions around Tokalytics are expected to take center stage in the first quarter of 2024.
Institutional Reach and Retail Growth
Blocksquare strategically positioned itself for growth on both institutional and retail levels. With a dedicated department targeting institutional partnerships, the goal is to align technology and know-how with the reach and credibility of institutions. On the retail front, a robust pipeline of marketplace operators, along with the launch of local initiatives, regional hubs, ambassador programs, and new reputable members of the team is set to empower local economies and create a global community.
As Blocksquare concludes 2023 on a high note, the team eagerly anticipates the challenges, projects and triumphs that 2024 will bring. The company's resilient and strategic approach, coupled with the continued support and conviction of the community, positions Blocksquare as a trailblazer in the tokenized real estate space. Here's to a successful and transformative 2024!