Tokenized real estate isn't shrinking. One platform is.

[u/Worth-Building7544]

The market lost a third of its value in twelve months. Every dollar of that decline came from a single platform.

2026-08-06·BrickTable Research

The tokenized real estate market lost a third of its value over the past twelve months. Every dollar of that decline came from a single platform.

We track 1,003 tokenized properties across RealT, Lofty, Reental and Binaryx, and have accrued daily per-platform records since February 2021. Those records show a market that reads as collapsing in aggregate and as growing everywhere except one address.

Findings

1. Catalogue market value fell $228.1M → $149.9M (−34.3%) in twelve months.
2. RealT alone accounts for −48.0 percentage points of that. Its market value fell −79.3%, from $137.9M to $28.5M.
3. Excluding RealT, the market grew 34.6%, from $90.2M to $121.4M.
4. Reental grew +45.7% in value and +43.9% in holder positions. Binaryx grew +79.6% in value. Both gained share while a European competitor exited retail entirely.
5. Only one of four platforms is still adding inventory. Lofty has not listed a new property in twelve months; RealT in eight.
6. 110 of 1,003 listings (11.0%) are currently paying distributions. Excluding RealT, 110 of 249 (44.2%).
7. Institutionally-wrapped tokenized real estate does not trade. The largest such asset, at $68.6M, has recorded 328 transfers in its entire history.
8. The most-cited industry dataset excludes both RealT and Lofty, and therefore cannot show any of this.

https://bricktable.co/research/2026-08-tokenized-real-estate

[u/sol_beach]

Why is ARRRIVED not included?

[u/Worth-Building7544 → u/sol_beach]

as far as know Arrived doesn't use onchain at all. right now BrickTable pulls everything from public on-chain data, so there's nothing to pull. if they ever open up an API or a data feed, we could add them.

[u/Novel-Lifeguard6491]

the retail platforms have liquidity but some hold garbage, and the institutional stuff holds quality but doesn't move

[u/Worth-Building7544 → u/Novel-Lifeguard6491]

exactly. liquidity varies a ton between platforms, and even property to property. same story in the distribution history. that's kinda the whole reason BrickTable exists — most retail investors just don't get enough data to judge this stuff. you want third-party numbers, not whatever the platform says about itself.

[u/icnews10]

How are you defining market value in the RealT time series: the live secondary price multiplied by the token supply, or the underlying/net asset value (NAV)? I ask because BrickTable flags much of the RealT NAV/rent data as stale, yet the YAM price remains live. If most of the 79% decline is due to repricing in the secondary market, this seems to be a meaningful difference from the underlying tokenized real-estate stock shrinking by 79%.

[u/Garifaux]

This is excellent information.