ASSET-BACKED NFT EXPLAINED
NFT WITH REAL-WORLD LUXURY UNDERLYING ASSET
OUR ASSET-BACKED NFTs COMES WITH THE UNDERLYING ASSET WHICH MEANS THAT THE PICTURE ON THE NFT IS THE ACTUAL PRODUCT YOU ARE TAKING OWNERSHIP OF WHEN BUYING THE NFT. FOR EXAMPLE, IF YOU BUY A LAMBORGHINI NFT, YOU ARE ACTUALLY BUYING THE PHYSICAL CAR
THE PHYSICAL PRODUCT IS HELD IN STORAGE WITH OUR PARTNER CUSTODIAN AND INFORMATION REGARDING THE UNDERLYING ASSET CAN BE VERIFIED WITH THEM.
WITH THE OWNERSHIP OF THE NFT, THE NFT HOLDER HAS THE RIGHT BUT NOT THE OBLIGATION TO TAKE DELIVERY OF THE ACTUAL UNDERLYING ASSET.
SHOULD THE NFT OWNER CHOOSES NOT TO TAKE PHYSICAL DELIVERY, IE NOT EXERCISING THEIR RIGHT TO TAKE DELIVERY OF THE UNDERLYING ASSET, THEY CAN HOLD THE NFT IN THEIR WALLET OR CONTINUE TO TRADE THE NFT IN THE OPEN MARKET I.E, OPENSEA AS NORMAL WHILST THE UNDERLYING ASSET REMAINS WITH THE ORIGINAL CUSTODIAN. THIS GIVES COMFORT AND ASSURANCE TO THE PERSPECTIVE NFT BUYER. THIS STRATEGY IS USEFUL FOR SHORT TERM NFT TRADING
EXERCISING OPTION TO TAKE PHYSICAL DELIVERY OF THE ASSET:
SHOULD THE NFT OWNER WANTS TO TAKE PHYSICAL DELIVERY OF THE UNDERLYING ASSET, THE NFT HOLDER SHOULD FILL OUT THE CLAIM FORM ON OUR WEBSITE AND SEND THE NFT TO OUR ASSIGNED WALLET:
Wallet address: 0x25430b272Eb7f3365E147d0b6eA7ae61A7386dBa
ONCE THE NFT IS RECEIVED BACK, IT WILL BE VERIFIED AND THE RESPECTIVE ASSET WILL BE RELEASED BY THE CUSTODIAN. THE NFT WILL BE SENT BACK TO THE SENDER.
FOR SMALL ITEMS SUCH AS WATCHES, HANDBAGS ETC, OUR TEAM WILL DELIVER THE ITEM THROUGH COURIER TO THE NOMINATED ADDRESS.
FOR LARGE ITEMS SUCH AS CARS, PRIVATE JETS, YACHTS ETC, FURTHER ARRANGEMENTS NEEDS TO BE MADE TO ALLOW THE NFT OWNER TO TAKE DELIVERY, CHARGES OF WHICH MUST BE PAID BY THE NFT OWNER
TRADING NFT AFTER PHYSICAL DELIVERY
IF THE NFT OWNER WANTS TO RESELL THE NFT AFTER TAKING DELIVERY OF THE UNDERLYING ASSET ATTACHED TO IT, THEY MUST FIRST DELIVER THE ASSET TO A LOCAL CUSTODIAN. WE HAVE VERIFIED CUSTODIANS APPOINTED IN EACH COUNTRY.
ONCE THE LOCAL CUSTODIAN PROVIDES CONFIRMATION TO US THAT THE ASSET HAS BEEN RECEIVED AND REVALUED, THE ASSET WILL THEN SHOW UP ON OUR MARKETPLACE PAGE ON OUR WEBSITE. THIS WILL PROVIDE ASSURANCE TO PROSPECTIVE BUYERS OF THE NFT THAT THE UNDERLYING ASSET IS VERIFIED AND HELD BY AN INDEPENDENT THIRD-PARTY CUSTODIAN WHO WILL ONLY RELEASE THE ASSET TO THE HOLDER OF NFT UPON OUR REQUEST. THE HOLDER OF THE NFT CAN THEN TRADE THE NFT IN THE OPEN MARKET IE. OPENSEA.
SECONDARY MARKET TRADING ROYALTY
EVERY TIME THE ASSET-BACKED NFT IS TRADED IN THE SECONDARY MARKET, WE WILL DEDUCT A 7.5% ROYALTY FEE WHICH WILL GO TOWARDS TO THE FOLLOWING ACTIVITIES:
- 1.5% TOWARDS PLANTING NEW TREES IN ORDER TO BECOME CARBON NEUTRAL
- 2.0% TOWARDS CUSTODIAN CHARGES (STORAGE, ASSET VERIFICATION, POSTAGE ETC)
- 1.5% SERVICE CHARGE FOR smART / VENTURES
- 2.5% THIRD-PARTY BROKERAGE FEE FOR SELLING NFT
ALL INFORMATION RELATING TO THE UNDERLYING ASSET INCLUDING SERIAL NUMBER, CHASSIS NUMBER, YEAR OF REGISTRATION, CONDITION, LOCATION, CUSTODIAN DETAILS, POINT OF CONTACT, PURCHASE RECEIPT, AUTHENTICATION CERTIFICATE, CUSTODY CERTIFICATE WILL COME WITH THE NFT AND WILL BE DISPLAYED ON OUR MARKETPLACE PAGE.
IF A PARTICULAR ASSET IS NOT SHOWING UP ON OUR MARKETPLACE PAGE ON OUR WEBSITE, THIS IMPLIES THAT THE UNDERLYING ASSET IS NO LONGER WITH THE CUSTODIAN AND SO THE NFT ATTACHED TO IT SHOULD NOT BE PURCHASED!
