I don't understand why this token would ever trade above its ICO value. All it does is provide you with the right to buy into their real estate assets (by acquiring RPP tokens), but there are no other benefits to REAL token holders. For that reason, it should always be pegged to fiat value, with a potential illiquidity discount.

It's the the RPP tokens that should fluctuate in price based on the value of the underlying real estate.

The only point where REAL tokens should maybe appreciate is after the team has realized a long track record of successful investments based on a competitive advantage they hold. At that point people might be willing to pay a premium to buy REAL tokens just for the chance to invest in the real estate.

On the other hand, it makes sense for the tokens to be trading below ICO value until the first properties are available to invest in. Until then, they are just sitting idle so there's a big opportunity cost for holding them.

So the when the tech is ready should theoretically have no impact on the token price either. The big question is when will that first property be available?

Am I wrong in how I'm thinking about this?