Project 3 – ESTOKEN – Tokenized Real Estate

In September 2021 Luke was approached by Cole Abbot, the CEO of ESTOKEN, to help develop the real estate relations and sales pipeline of ESTOKEN. After a month of back and forth Luke started with Cole and the team as the Director of Sales and Business Development. 

ESTOKEN is a virtual marketplace where you can trade fractionalized shares of commercial real estate projects. The secret sauce of the platform is that it runs on block chain. Every transaction that could happen on the platform would be recorded and secure because of this technology. 

The goals of ESTOKEN are to speed up the velocity of raising capital for commercial real estate projects because of the network of accredited investors on the ESTOKEN platform. Shares of projects were also tokenized, which meant that if a share-holder needed to liquidate their ownership percentage before the deals maturity they could sell it on the marketplace to a willing buyer; all recorded on the block chain. 

While working at Estoken Luke helped create the sales and onboarding process for the company. The sales team generated $698M in LOI commitments for the the ESTOKEN platform prior to its launch. This would represent a potential revenue of $6.9M for the company. Luke personally contributed $579M in LOI commitments for the company.

In late 2022, times started to change. Funding for tech start ups was shrinking as the economy slipped into a recession. With the collapse of FTX anything crypto or block chain related had a bad name. Angel funding for the company was getting low. Luke had various real estate projects going on at the time and decided it was best for the company to take him off of payroll while they sought for more venture funding. With that Luke started his journey of being completely self employed.

The ESTOKEN platform still has incredible potential in the marketplace, however the timing will need to wait for more favorable market conditions. 

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