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IPOs versus ICOs: a new challenge for Real Estate industry?

In the last few years there has been an increasing interest in the blockchain as well as the application of this technology within the global financial markets, also involving the Real Estate industry.In a greatly innovative way, the blockchain could represent a tool to gather financial resources targeted to the Real Estate industry through the issuance of tokens following an Initial Coin Offering (ICO). Therefore, this paper aims at comparing the IPOs and the ICOs concluded in the Real Estate industry in order to highlight similarities and differences as well as the potential developments of this innovative technology. In this perspective, we aim at investigating the destiny of the NAV discount and which new relations could be explored.