Posted July 16, 2021
ATLANTA, Jul 12, 2021 / PRNewswire / – UC Asset LP (OTCQX: UCASU) announced that the company has partnered with third-party cryptocurrency companies to offer real estate NFTs (non-fungible tokens) to represent certain artistic and property rights to historic buildings. The flagship project will focus on the historical House of Rufus Rose, the oldest building in the city center Atlanta… Built in 1901, House of Rufus Rose is an Atlanta Queen Anne’s only standing Victorian mansion. It is a National Historic Site designated by the federal government and the city’s official landmark.
Over the past year, NFT has dominated digital art and other digital collectibles. Based on blockchain technology, NFTs are virtually immune to unauthorized copying or alteration, making them a powerful means of representing digital property rights. The wave was followed by sports-related events such as the Super Bowl and the Kentucky Derby, as well as unique collectibles featuring iconic celebrities.
Historic buildings have unique artistic and collectible value that can be converted into NFTs, making them available to broader groups of collectors and sponsors. Partnership with Atlanta-based on Great Estate NFT and SingaporeUC Asset, powered by Bingoo Fintech, will transfer certain artistic and property rights derived from historic landmarks to its technology partners, who embed these unique ownership rights into Ethereum-based NFTs and sell them, paying UC Asset to use their ownership rights.
“People were selling NFTs for real estate, but as far as we noticed, this is a virtual property built in the virtual world of blockchains that has no physical existence in the real world; and they don’t offer buyers access to real property. ” explains Larry Wu, founder of UC Asset. “The NFTs offered by our technology partners will be the first of their kind to represent ownership of both digital art and real estate. We believe that this revolutionary concept of the interweaving of the digital and physical world will lead to a new direction for the creation of NFT. “
Wu suggests that NFTs, which are historical landmarks, will offer new property rights that traditionally did not exist. “NFT technology offers the ability to add new information to a token without compromising existing information. Using NFT technology, a historic building can be digitized and retained its original history, while allowing new information to be added to its history so that it records it – history evolves in real time. Buyers are no longer passive collectors. They become active partners and contributors to the creation of these tokens and the development of the building’s history and heritage, ”explains Wu.
For House of Rufus Rose Specifically, UC Asset hopes that the NFTs built around this cherished landmark will tell the story of its southern heritage while working to promote a diverse and socially inclusive future for the city. Atlanta…
All proceeds from the sale of NFT partners will be used for repair and refurbishment House of Rufus Rose until the building is fully preserved.