在巴黎區塊鏈週期間，證券化首席運營官Michael Sonnenshein通過駁回房地產而成為頭條新聞

在巴黎區塊鏈週期間，證券化首席運營官Michael Sonnenshein通過駁回房地產而成為頭條新聞

During Paris Blockchain Week, Securitize Chief Operating Officer Michael Sonnenshein's claim that real estate is a sub-optimal asset class for tokenization drew criticism from Darren Carvalho, Co-Founder and Co-CEO of MetaWealth. Sonnenschein's assessment fails to consider the fundamental problems that tokenization solves and the vast potential it holds for democratizing wealth creation.

在巴黎區塊鏈週期間，證券化首席運營官邁克爾·索尼舍因（Michael Sonnenshein）的說法是，房地產是一個最佳的代幣化資產類別，引起了Metawealth的聯合創始人兼聯合首席執行官Darren Carvalho的批評。 Sonnenschein的評估未能考慮令牌化解決的基本問題及其對創造財富民主化的巨大潛力。

While Sonnenschein's contributions to digital asset adoption are valuable, his analysis misses the mark. Real estate is the world's largest asset class, set to reach $654.39 trillion in 2024 according to Statista. To claim it's unsuitable for tokenization ignores today's rapidly advancing infrastructure and the core value proposition that goes beyond liquidity.

儘管Sonnenschein對數字資產採用的貢獻很有價值，但他的分析卻忽略了這一目標。房地產是世界上最大的資產類別，根據Statista的數據，2024年將達到654.39萬億美元。聲稱這不適合執政化忽略當今迅速發展的基礎設施和超越流動性的核心價值主張。

Sonnenschein asserts that "good systems" already exist for traditional assets, an observation that misses the point. He seems to imply that tokenization offers incremental improvements at best, an assessment that disregards the deep-seated inefficiencies in today's real estate market.

Sonnenschein斷言，傳統資產已經存在“良好的系統”，這一觀察結果錯過了這一點。他似乎暗示，令牌化充其量充其量提供了漸進式的改進，該評估無視當今房地產市場中深處效率低下的效率低下。

Each transaction typically involves weeks of paperwork, a minimum of 10% in purchasing fees in the UK, settlement periods spanning months and complexity multiplying exponentially for cross-border transactions. These aren't minor flaws; they're systemic failures that tokenization technology is uniquely positioned to solve.

每項交易通常涉及文書工作數週，英國的購買費至少10％，定居期限跨月幾個月以及跨境交易成倍增加的複雜性。這些不是較小的缺陷；是系統性失敗，即代幣化技術是獨特地解決的。

Consider smart contracts' ability to automate compliance, enabling immediate verification and payment distribution while reducing fraud through immutable record-keeping. This isn't science fiction; it's the core functionality of the blockchain.

考慮智能合約的合規能力，立即進行驗證和付款分配，同時通過不可分割的記錄保存減少欺詐。這不是科幻小說；這是區塊鏈的核心功能。

Sonnenschein's statement that "the onchain economy is demanding more liquid assets" also misinterprets what everyday investors are demanding. For the 99% excluded from institutional-grade real estate investments, the primary task isn't Bitcoin-like liquidity; it's meaningful access to an asset class that has built more wealth than any other over the past century.

Sonnenschein的聲明說，“ Onchain經濟要求更多的流動資產”也誤解了日常投資者的要求。對於從機構級房地產投資中排除的99％的人來說，主要任務不是比特幣樣流動性；它可以有意義地獲得比過去一個世紀其他任何其他資產類別的資產類別。

Traditional real estate investment vehicles require substantial sums (e.g., $250,000 minimum investment from Hamilton Lane), accredited investor status and multi-year capital lockup periods. These barriers effectively exclude teachers, nurses and middle-class families from participating in prime real estate properties, such as a $50 million residential development project, which usually come with minimum investment periods of 3-5 years.

傳統的房地產投資工具需要大量款項（例如，漢密爾頓巷的最低投資25萬美元），認可的投資者身份和多年資本鎖定期。這些障礙有效地將教師，護士和中產階級家庭排除在參與主要房地產物業之外，例如一個耗資5000萬美元的住宅發展項目，該項目的最低投資期限為3 - 5年。

Tokenization fundamentally changes this equation. Through fractionalizing ownership and leveraging DeFi protocols for liquidity provision, investors can participate with as little as $100, receive proportional income distributions (e.g., from rent payments) and eventually trade their positions on specialized secondary markets like those being developed by Atomoic and Aegis. The demand for this democratized access is enormous, even if secondary market liquidity initially lags behind liquid markets.

令牌化從根本上改變了此方程。通過將所有權的所有權和利用Defi協議用於流動性提供，投資者可以以低至100美元的價格參與，獲得比例的收入分配（例如，租金支付），並最終在特殊的二級市場上進行交易，例如Atomoic和AEGIS開發的二級市場。即使二級市場流動性最初落後於液體市場，對這種民主化的訪問的需求也是巨大的。

Sonnenschein's suggestion that tokenization does not "translate well" to representing ownership in real estate further highlights a lack of understanding regarding the blockchain's potential.

Sonnenschein的建議是，令牌化並不能“轉化為代表房地產的所有權”，進一步強調了對區塊鏈潛力缺乏了解。

The technology excels precisely at creating transparent, secure fractional investment opportunities with minimal overhead. A $50 million residential development project can be divided into 500,000 tokens, each getting an equal share of the rental income and potential appreciation. This dramatically lessens the barriers to entry while maintaining the core benefits of real estate as an asset class.

該技術擅長於創造透明，安全的分數投資機會，並以最小的間接開銷。一個耗資5000萬美元的住宅開發項目可以分為50萬個令牌，每個代幣都獲得了同等的租金收入和潛在的讚賞。這大大減少了進入障礙，同時將房地產作為資產類別的核心收益。

This fractionalization capability is what fundamentally transforms how people can build wealth through real estate. Previously, REITs offered the only realistic path to diversified property exposure, often with high fees, no control and limited transparency.

這種分數化能力從根本上改變了人們如何通過房地產建立財富的方法。以前，REIT提供了唯一的現實途徑通往多元化的財產敞口，通常具有高費用，沒有控制和有限的透明度。

Tokenization allows investors to build personalized portfolios across multiple property types, all managed through a single digital wallet. This isn't a hypothesis; it's the operational reality of projects like Harvest, which has already launched a tokenized interval fund on the Chainlink Network focusing on U.S. commercial real estate.

代幣化使投資者可以在多種物業類型上建立個性化投資組合，這些投資組合都是通過單個數字錢包管理的。這不是一個假設。這是像Harvest這樣的項目的運營現實，該項目已經在關注美國商業房地產的Chainlink網絡上建立了一個令牌間隔基金。

What does not "translate well" isn't the technology; it's the rapid evolution of the ecosystem in a landscape of persistent skepticism. The UAE government, in striking contrast, recognizes this necessity, supported by its recent initiative to tokenize $1 billion in real estate assets.

不是“翻譯好”的不是技術。這是生態系統在持續懷疑的景觀中的快速發展。阿聯酋政府在形成鮮明的對比時，認識到了這一必要性，並由其最近的倡議支持10億美元的房地產資產。

The conservative stance on RWA growth projections also misses the accelerating infrastructure development. BlackRock's tokenized money market fund BUIDL is quickly approaching $3 billion in assets, demonstrating a significant institutional appetite for tokenized investment vehicles.

RWA增長預測的保守派立場也錯過了加速的基礎設施發展。貝萊德（Blackrock）的標記貨幣市場基金Buidl迅速接近30億美元的資產，表明對標記投資工具的機構需求很大。

This isn't an isolated case. UBS Asset Management, Hamilton Lane, Franklin Templeton and many more have launched tokenized investment vehicles, signaling a fundamental shift in how traditional finance views tokenization technology.

這不是孤立的情況。瑞銀資產管理，漢密爾頓巷，富蘭克林·鄧普頓等人推出了令牌化的投資工具，這表明傳統金融意見象徵技術的基本轉變。

What critics consistently underestimate is the network effect of financial infrastructure. Each institutional entrant doesn't just add linearly to the ecosystem; it exponentially increases connectivity and liquidity pools. We're witnessing the early stages of a self-reinforcing cycle where each new participant reduces friction for subsequent entrants.

批評家始終低估了金融基礎設施的網絡效應。每個機構參與者不僅是線性添加到生態系統中的。它指數級增加了連通性和流動性庫。我們正在見證一個自我增強週期的早期階段，每個新參與者都會減少隨後進入者的摩擦。

The narrative shouldn't center on current limitations; rather, there should be a spotlight on what's being built. Secondary marketplaces optimized for real-world assets are emerging, regulatory clarity is increasing in key jurisdictions and each development

敘述不應以當前限制為中心；相反，應該關注正在建造的東西。針對實際資產優化的次要市場正在出現，監管清晰度在關鍵司法管轄區和每個開發方面都在增加