“BUY A CASTLE” campaign #PIRKPILĮ
What started as a spontaneous idea during Vilnius Shapers winter retreat to Jurbarkas in March, 2018, turned into a real plan on how Lithuanians could acquire Raudonė castle through a block-chain technology and each of us could become owners of property with a potential to be used for public purposes.
Blockchain technology is a simpler alternative to shared ownership platforms, ensuring maximum transparency and enabling democratic participation in the property management. The technology would allow people from all over the world to buy virtual tokens. Acquisition of a token would be an investment from which people could earn from the successfully running economic activities in the castle. The buyer would benefit from receiving dividends as well as would have the opportunity to participate in the management of the building.
During March-June Vilnius Global Shapers actively explored the possibility and worked on idea modelling, consulted with numerous blockchain, real estate experts and potential investors. The project was presented to the public at the Global Lithuanian Youth Summit, developed further at the Pillar Unconference July,2018 and introduced to the mayor of Jurbarkas, Versli Lietuva, Invest in Lithuania and other institutions later in the year. The topic has raised a lot of attention from the media and has been published in 15min, Delfi, Mūsųlaikas, Kauno diena, Jurbarkas county and other news portals.
Due to still missing regulatory foundation for running successful STO’s, Global Shapers are looking forward to have continuous discussions on the topic further promoting the initiative. .