UC Asset LP 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 first historical building this project will focus on is the newly acquired Rufus Rose House, the oldest building in downtown Atlanta.
The Rufus M. Rose House is an extremely rare example of a nineteenth-century town home built in 1901 for Dr. Rufus Mathewson Rose, one of Atlanta’s wealthy citizens. The home is located in the SoNo district of Atlanta, occupying a narrow lot on Peachtree Street.
NFTs are all the rage in the digital art world. Based on block-chain technology, NFTs allow collectors to gain digital proprietary rights that are almost immune to unauthorized copying or changing.
UC Asset, a real estate investment partnership, believes that historical buildings hold a unique artistic and collectable value that can be tokenized into NFTs. UC Asset has partnered with two cryptocurrency-focused companies, the Atlanta-based Great Estate NFT and the Singapore-based Bingoo Fintech, to create NFTs for historic buildings and landmarks.
UC Asset will transfer certain artistic and proprietary rights derived from historical landmark buildings, like the Rufus Rose House, to its technology partners. Their partners will then build those unique proprietary rights into Ethereum-based NFTs and sell them, repaying UC Asset for use of its property rights.
Others who sell real estate NFTs offer virtual properties built in a virtual block-chain world. UC Asset’s NFTs of the Rufus Rose House would be the first of its kind to offer buyers access to real properties. The NFTs offered by their partners will represent proprietary rights as both a piece of digital artwork and a piece of real estate, leading a new trend of NFT creation.
UC Asset’s plan for historical landmark NFTs will offer new property rights that traditionally have not existed. With NFT technology’s ability to add new information to a token without compromising the existing information, a historical building can be digitized and keep its original history, while allowing new information to be added to its history, thus recording its evolving history in real time. Buyers will become active partners and contributors to the content of those tokens and to the evolving history and legacy of the historical building.
For the Rufus Rose House, UC Asset hopes NFTs created from this cherished Atlanta landmark will tell the story of its legacy, while working to promote the diverse and socially inclusive future of the city. All proceeds from its partners' sale of NFTs will be used to refurbish and restore the Rufus Rose House until the building is fully preserved.
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