|Creation Date||Q4 2017|
Imbrex is the new name for the 2017 ICO Rex. Imbrex is founded by Stephen King, a professional realtor. He has his own real estate company (King Realty Group) since 2013 and aims to offer a real estate listing platform over Ethereum blockchain. The developer team seem to be barely active and only use rarely Twitter and Telegram for communication. There is very low trading volume on the token (mostly only a couple hundred dollars a day) and the platform isn’t live yet.
|Block Time / Transaction Fee||–|
|Current Value (Total)||$ 2,220,419|
Imbrex are creating a real estate listing platform, on the blockchain, offering nominal fees (US$ 0.10- 0.20) per listing. They are also creating a marketplace where ‘users can buy, sell and license real estate data’. They propose that all data of their property listings would be stored on the Ethereum blockchain.
Imbrex aim to offer the same service as offered by any other real estate listing site (such as Rightmove, Zoopla, Zillow, even Propy) but via a decentralized platform. Any landlord or estate agency would be able to list their properties, with sales and rental listings being charged and listed in US$. The sole purpose of the REX token seems to be as a reward tool, for fighting with spam listings and providing accurate information on the site.
How the Imbrex platform and the REX token work:
- Listing a property on Imbrex platform will require a fee that is paid in Fiat currencies. This is normal, all real estate portals ask a similar fee from landlords and agencies. The Imbrex will be very low, around $.10-$.20 per listing.
- It will also be free for users to search the platform and access all information of a property
- Since the listing fees are low, Imbrex assumes that there will be lots of spam listings that don’t provide correct information about a property. Users of the platform are encouraged to report the spam listings. They are also encouraged to add information about properties. For example, users can comment on how good the schools are around a specific property. For these contributions, the users will be rewarded REX tokens. This is the primary function of the token: rewarding the users for their positive contributions.
- Buyers and sellers can upload their documents that are needed to buy and/or rent a property to the blockchain (i.e. sales/lease contract, bank statements, inspection reports). This will reduce the time for making transactions, since collecting all of these documents every time can otherwise take months. The documents will be encrypted and stored on the blockchain.
- Imbrex will also offer a marketplace for real estate data. For example, you can create a report that shows the overall rental prices of houses in a specific area and sell this data in exchange for REX tokens. This is the secondary usage of the token.
Note that Imbrex platform will use IPFS protocol, so it will be truly decentralized.
Value and uses of the REX Token?
Whilst the REX token will be needed on the Imbrex platform, there doesn’t seem to be any profit sharing or benefits for token holders.
The key issue we can see for now with investing in the REX token is the low daily transaction volume – which frequently is only a couple hundred dollars – which means the token is barely being bought or traded so there would be almost no liquidity in the market and any sale could easily crash the market.
|Can Be Traded In||Coin Exchange, IDEX|
|Can It Be Used in Real World?||No|
Unfortunately, Imbrex project has no roadmap, and the platform isn’t live yet.
The project sounds good on paper: As far as we know, this is the only decentralized real estate portal that works entirely on the blockchain and uses IPFS protocol. As of now, the main reason for landlords and agencies to be interested in using this platform will be the low listing fees, although there will be a growing percentage of homebuyers and renters interested in buying or renting in crypto. It won’t be easy to compete with the already well established real estate listing platforms.