UC Asset LP (OTCQX: UCASU) announced the company will hold a formal ribbon-cutting ceremony to kick off its landmark project and NFT sale, on Wednesday, September 8, 2021.
The ceremony will launch the company’s primary project to refurbish Rufus Rose House, the oldest building in the heart of downtown Atlanta. Sitting on the city’s busiest street, the Victorian style mansion is officially recognized as a national Historic Place and a Landmark Building of Atlanta.
The ceremony will also introduce the sale of first 1,000 NFTs representing the artistic and historical value of the Rufus Rose House. The NFTs will be developed and sold by third party partners with a successful reputation in the crypto-currency business. UC Asset will license to its partners the rights to build the artistic and historical value of Rufus Rose House into NFTs, in exchange for 95% of net income of NFT sales.
“We estimate the building’s commercial value, after being fully refurbished, will be at between 4 to 6 million dollars and perhaps more,” projects Greg Bankston, managing general partner of UC Asset. “And we believe its historical and artistic value will be even higher. One could say its value as the only standing Victorian mansion in the 9th largest city of this country is priceless.”
Bankston says the NFTs will be sold at an affordable amount, offering more people the opportunity to become a collector and owner of artistic and historical value. “It is up to our partners to decide on their pricing strategy, but my estimate would see the first 1,000 NFTs priced between $400 to $500per token,” says Bankston.
As the property undergoes renovation, and its value rises, so will the collectible value represented by NFT tokens. “According to our partner’s license agreement, a maximum number of 5,000 NFTs may be issued. I would not be surprised if the NFTs issued in later rounds will be priced much higher,” Bankston says.
A buyer of the Rufus Rose House NFT will be officially recognized as an owner of a piece of artistic and historical value of the landmark, and empowered by block-chain technology, will be able to claim an indestructible “virtual deed”. Buyers will also enjoy certain accesses and privileges to Rufus Rose House.
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