The owners of the St. Regis Aspen Resort in Colorado have begun to sell real estate security tokens on a blockchain with help from Indiegogo, a crowdfunding site. “We think we have a once-in-a-lifetime opportunity to create a benchmark for what real estate tokenization looks like,” said Stephane De Baets, founder and president of Elevated Returns, owner of Aspen’s St. Regis and other hotel properties. Tokenization refers to the process by which an asset, such as equity, real estate, or fine art, is divvied up into fractional equity ownership stakes that are digitally tradable.