UCASU to receive 95% net proceeds of
Ethereum-based landmark NFT sale
Atlanta,
GA -- July 14, 2021 -- InvestorsHub NewsWire -- 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
Disclaimer:
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
cjordan@ucasset.com |
678-499-0297