UC Asset LP will launch the refurbishment of Rufus Rose House, the oldest building in the heart of downtown Atlanta. and a non-fungible token (NFT) sale with a ceremony on September 8.
Sitting on the city’s busiest street, the Victoria-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 million to $6 million and perhaps more,” said 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.”
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, he continued. “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 $500 per token.”
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 said.
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 blockchain technology, will be able to claim an indestructible “virtual deed.” Buyers will also enjoy certain accesses and privileges to Rufus Rose House.
