A variety of systems exist to track ownership of property. Until an NFT implementations become the default means for counties and governments to represent ownership rights on real property, the property must be wrapped in state recognized legal entities whose operating agreements or similar state-recognized documentation can allow for the representation of the assets on chain.
Many different styles of asset digitization and ownership have been theorized or implemented, each prioritizing and enabling different powers. Trusts, LLCs, unincorporated and incorporated DAOs, and partnerships can all form the basis representing traditionally recognized real property title in the form of NFTs.
In the process of selecting the legal wrapper, asset owners will consider different degrees of certainty, liability, and risk offered by different manners of digitizing the rights and duties the asset bestows on its owner.
RE3 NFTs proposed by Fabrica are proposed to represent ownership or control of the entity that owns the property in the state-recognized ledgers such as the country records or title/deed offices.
Updated 9 months ago