UC Asset LP (OTCQX: UCASU) announced the company has partnered with third-party cryptocurrency focused companies to offer real estate NFTs (non-fungible tokens), to represent particular artistic and proprietary rights of historical buildings. The flagship project will focus on the historical Rufus Rose House, the oldest building in the heart of downtown Atlanta. Built in 1901, Rufus Rose Houseis Atlanta’s only standing Victorian Queen Anne mansion. It is a national Historic Place designated by federal government, and an official Landmark Building of the city.
NFTs have dominated in the digital art and other digital collectibles over the past year. Based on block-chain technology, NFTs are almost immune to unauthorized copying or changing, making it a powerful vehicle to represent digital proprietary rights. The wave was followed by sports related events like the Super Bowl and Kentucky Derby, along with unique collectibles involving iconic celebrities.
Historical buildings hold unique artistic and collectible value, which can be tokenized into NFTs, making them available and accessible to broader groups of collectors and sponsors. Partnering with Atlanta-based Great Estate NFT and Singapore-based Bingoo Fintech, UC Asset will transfer certain artistic and proprietary rights derived from historical landmark buildings to its technology partners, who will build those unique proprietary rights into Ethereum-based NFTs and sell them, repaying UC Asset for use of its property rights.
“People have been selling real estate NFTs but as far as we have observed, they are virtual properties built in a virtual block-chain world with no physical existence in the real world; and do not offer buyers access to real properties.” explains Larry Wu, founder of UC Asset. “The NFTs offered by our technology partners will be the first of a kind, which will represent proprietary rights as both a piece of digital artwork and a piece of real estate. We believe this disruptive concept of interweaving the digital and physical world will lead the new trend of NFT creation.”
Wu suggests historical landmark NFTs will offer new property rights that traditionally have not existed. “NFT technology offers the ability to add new information to a token without compromising the existing information. Using NFT technology, a historical building can be digitized and keep its original history, while allowing new information to be added to its history so it will record its evolving history in real time. Buyers are no longer passive collectors. They become active partners and contributors to the content of those tokens and to the evolving history and legacy of the building,” Wu explains.
For Rufus Rose House specifically, UC Asset hopes NFTs created from this cherished landmark will tell the story of its southern legacy, while working to promote the diverse and socially inclusive future of the city of Atlanta.
All proceeds, from its partners’ sale of NFTs, will be used to refurbish and restore Rufus Rose Houseuntil the building is fully preserved.
About UC Asset LP
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with value-added strategies, concentrating in metropolitan areas of Atlanta, GA.
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.
Source: UC Asset LP