Inveniam Capital Partners (ICP) announced that it has plans on creating a standardized process for debt and real estate transactions with the help of blockchain. To achieve that, the company--according to Coingeek--is going ahead with the tokenization of $260 million worth of deals; four of them, to be exact.

Tokenization of assets on a blockchain isn't as innovative as it was before, but it's still unheard of in mainstream transactions. However, ICP CEO and chairman Patrick O'Meara believe in the power of change in the real estate industry, saying that the tokenization of assets will create "a whole different world" for everybody.

ICP made an initial deposit on a building in Miami, Florida to demonstrate the power of tokenization. Using Bitcoin Core (BTC), they bought shares from the building for an undisclosed amount. The building is occupied by the workspace-sharing company WeWork at an amount of $65.5 million.

The blockchain is not the only cryptocurrency on the mind of ICP so far, though. According to Bitcoin Exchange Guide, tokens are also made available through the Ethereum blockchain, the sale of which will go through a Dutch auction. Interested bidders for the Miami building can join the bidding through making public their specified number of tokens.

The sale will accept cryptocurrency payments in any form--most particularly the top 50 tokens available in circulation today. Once bidding is over, the shares will be given in order, from the highest winning bidders to the lowest bidders. Prices will depend on the lowest price of the last successful bid, dependent upon the said bidder's fiat-to-crypto conversion rate limit.

Not everyone can join the bidding, though. The rules require interested bidders to at least have $10 million in cryptocurrency. Minimum purchase of $500,000 is also a strict requirement. The bidding, managed by ICP, will also be carried out under SEC guidelines.

There are other auctions following the Miami property. At least three other transactions--still in the works--will also be put up for bidding through the same Dutch auction.

The bidding is big in showcasing how crypto-tokens can be used in real-world applications. ICP is also looking at the bigger picture; all the data gathered will be useful even 30 or more years from now, placed on the platform and providing insights to viewers who will look at the transactions from the future.