在巴黎区块链周期间，证券化首席运营官Michael Sonnenshein通过驳回房地产而成为头条新闻

在巴黎区块链周期间，证券化首席运营官Michael Sonnenshein通过驳回房地产而成为头条新闻

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.

在巴黎区块链周期间，证券化首席运营官迈克尔·索尼舍因（Michael Sonnenshein）的说法是，房地产是一个最佳的代币化资产类别，引起了Metawealth的联合创始人兼联合首席执行官Darren Carvalho的批评。 Sonnenschein的评估未能考虑令牌化解决的基本问题及其对创造财富民主化的巨大潜力。

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.

尽管Sonnenschein对数字资产采用的贡献很有价值，但他的分析却忽略了这一目标。房地产是世界上最大的资产类别，根据Statista的数据，2024年将达到654.39万亿美元。声称这不适合执政化忽略当今迅速发展的基础设施和超越流动性的核心价值主张。

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断言，传统资产已经存在“良好的系统”，这一观察结果错过了这一点。他似乎暗示，令牌化充其量充其量提供了渐进式的改进，该评估无视当今房地产市场中深处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.

每项交易通常涉及文书工作数周，英国的购买费至少10％，定居期限跨月几个月以及跨境交易成倍增加的复杂性。这些不是较小的缺陷；是系统性失败，即代币化技术是独特地解决的。

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.

考虑智能合约的合规能力，立即进行验证和付款分配，同时通过不可分割的记录保存减少欺诈。这不是科幻小说；这是区块链的核心功能。

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的声明说，“ Onchain经济要求更多的流动资产”也误解了日常投资者的要求。对于从机构级房地产投资中排除的99％的人来说，主要任务不是比特币样流动性；它可以有意义地获得比过去一个世纪其他任何其他资产类别的资产类别。

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.

传统的房地产投资工具需要大量款项（例如，汉密尔顿巷的最低投资25万美元），认可的投资者身份和多年资本锁定期。这些障碍有效地将教师，护士和中产阶级家庭排除在参与主要房地产物业之外，例如一个耗资5000万美元的住宅发展项目，该项目的最低投资期限为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.

令牌化从根本上改变了此方程。通过将所有权的所有权和利用Defi协议用于流动性提供，投资者可以以低至100美元的价格参与，获得比例的收入分配（例如，租金支付），并最终在特殊的二级市场上进行交易，例如Atomoic和AEGIS开发的二级市场。即使二级市场流动性最初落后于液体市场，对这种民主化的访问的需求也是巨大的。

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的建议是，令牌化并不能“转化为代表房地产的所有权”，进一步强调了对区块链潜力缺乏了解。

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.

该技术擅长于创造透明，安全的分数投资机会，并以最小的间接开销。一个耗资5000万美元的住宅开发项目可以分为50万个令牌，每个代币都获得了同等的租金收入和潜在的赞赏。这大大减少了进入障碍，同时将房地产作为资产类别的核心收益。

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.

这种分数化能力从根本上改变了人们如何通过房地产建立财富的方法。以前，REIT提供了唯一的现实途径通往多元化的财产敞口，通常具有高费用，没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.

代币化使投资者可以在多种物业类型上建立个性化投资组合，这些投资组合都是通过单个数字钱包管理的。这不是一个假设。这是像Harvest这样的项目的运营现实，该项目已经在关注美国商业房地产的Chainlink网络上建立了一个令牌间隔基金。

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“翻译好”的不是技术。这是生态系统在持续怀疑的景观中的快速发展。阿联酋政府在形成鲜明的对比时，认识到了这一必要性，并由其最近的倡议支持10亿美元的房地产资产。

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增长预测的保守派立场也错过了加速的基础设施发展。贝莱德（Blackrock）的标记货币市场基金Buidl迅速接近30亿美元的资产，表明对标记投资工具的机构需求很大。

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.

这不是孤立的情况。瑞银资产管理，汉密尔顿巷，富兰克林·邓普顿等人推出了令牌化的投资工具，这表明传统金融意见象征技术的基本转变。

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.

批评家始终低估了金融基础设施的网络效应。每个机构参与者不仅是线性添加到生态系统中的。它指数级增加了连通性和流动性库。我们正在见证一个自我增强周期的早期阶段，每个新参与者都会减少随后进入者的摩擦。

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

叙述不应以当前限制为中心；相反，应该关注正在建造的东西。针对实际资产优化的次要市场正在出现，监管清晰度在关键司法管辖区和每个开发方面都在增加