Multiple layers of bureaucracy in the California real estate industry create major burdens but have proven ineffective at preventing fraud. This duality ultimately means higher transaction costs. At the same time, accommodative monetary policy and historically low mortgage rates attracted the ultra-rich. Altogether, too many people have been priced out of the California market. That’s why Natalia Karayaneva, as she explains to Santiago Velez, co-founder and division lead of R&D at Block Digital, founded Propy, a platform built to automate the real estate sales process. Natalia, a real estate agent for 15 years, and her team are also experimenting with using cryptocurrency and NFTs to facilitate property transactions. According to Natalia, tokenization and fractionalization of real estate via NFTs will broaden the pool of property investors in a way that was not possible before. Propy also offers crypto-centered courses to licensed realtors to educate the realty industry. Recorded on February 21, 2022.