Abstract

The article analyzes how tokenization is presented in the real estate market in Chile and its potential implications for housing access in the context of a housing crisis. Tokenization, facilitated by blockchain technology, involves the fractionalization of properties into digital tokens that can be bought and sold, promising to democratize real estate investment. However, the study shows that this process also intensifies financialization and speculation, further detaching property from its social function and exacerbating housing accessibility issues. Through a quantitative and qualitative analysis of promotional texts from tokenization companies, narratives promoting investment and market liquidity are identified, but speculative risks are overlooked. The findings suggest that while tokenization may increase liquidity and allow small investors to participate, it fosters market volatility and could accelerate housing exclusion. In terms of public policy, the study emphasizes the need for regulations that mitigate speculative effects and protect the right to housing.