UCASU to receive 95% net proceeds of Ethereum-based landmark NFT sale
ATLANTA, July 14, 2021 /PRNewswire/ — UC Asset LP (OTCQX: UCASU) announced the company reached an agreement with its third-party cryptocurrency partner, allowing UC Asset to receive 95% of net proceeds from the NFT sales developed by the third party.
UC Asset is currently partnering with a third party to offer real estate NTFs (non-fungible tokens) to represent particular artistic and proprietary rights of historical landmark Rufus Rose House. Rufus Rose House is the oldest building in the heart of downtown Atlanta. Built in 1901, it is Atlanta‘s only standing Victorian Queen Anne mansion. It is a national Historic Place recognized by the federal government, and also an official Landmark Building of the city.
NFTs have dominated in the digital art and other collectibles over the past year. UC Asset believes that historical buildings hold unique artistic and collectible value, which are ideal to be tokenized into NFTs, and made available and accessible to broader groups of collectors and sponsors.
Under a joint venture agreement with its technology partner, UC Asset will transfer certain artistic and proprietary rights derived from historical landmark buildings to its partner, who will build those unique proprietary rights into Ethereum-based NFTs and sell them. After deduction of development, marketing and sales costs, the partner will repay 95% of the net proceeds from NFT sales to UC Asset for use of its property rights. UC Asset will use these proceeds to refurbish and restore Rufus Rose House until the building is fully preserved.
“Our partner is committed to the preservation of historical buildings as we are,” Says Greg Bankston, managing partner of UC Asset. “That is why we both believe that it is appropriate that the overwhelming majority of profit, generated from the Rufus Rose House NFTs, should be funneled back to us, the owner of Rufus Rose House, so that we can use it to preserve the cherished landmark.”
Real estate NFTs have become popular among cryptocurrency collectors. But most of those NFTs represented virtual properties built in a virtual block-chain world with no physical existence in the real world. UC Asset believes that the NFTs offered by its technology partner 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.
NFTs will also provide a new and disruptive approach in preserving and honoring the legacy of historical landmark properties. “NFT technology offers the ability to add new information to a token without compromising the existing information,” explains Larry Wu, founder of UC Asset. “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.”
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.
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. For more information about UC Asset, please visit: www.ucasset.com
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.
For More Information Contact:
Christal Jordan | Investor Relations Director, UC Asset LP
[email protected] | 678-499-0297
SOURCE UC Asset LP