Answer ยท confidence: thin
Did any study compare token prices to an expert's value for the real item?
Research question: Do any peer-reviewed or working-paper studies test fractional-ownership token prices against an independent appraisal of the underlying asset, rather than against NFT sale prices?
The records show a 2023 study that benchmarks real estate token prices against a public house price index, not independent property appraisals 2. A 2025 study of 58 tokenized US residential properties finds token prices move in line with a house price index 1. The two facts provided cover only these studies, so they cannot establish whether any other study tests tokens against independent appraisals 12. The newest fact is the 2025 publication date, so it is at least several months old as of October 2026 1.
Checked 2026-10-18. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] supported
Real estate token prices for 58 tokenized US residential properties move in line with a house price index, so holding the tokens gives economic exposure to residential house prices.
"We report that real estate token prices move according to the house price index; hence, investing in real estate tokens provides economic exposure to residential house prices."Empirical Evidence on the Ownership and Liquidity of Real Estate Tokens (2025)
[2] supported
In the longer term, token prices appear to track housing prices, but the study benchmarks them against a public house price index (S&P/Case-Shiller Detroit) rather than independent property appraisals.
"In the longer term, token prices seem to reflect housing prices"Empirical evidence on the ownership and liquidity of real estate tokens (2023)