Operating Agreement

The operatingAgreement property links to the legal agreement that defines the governance rules for the property. This agreement acts as the legal firmware of the property.

Different operating agreements can be used to:

Map NFTs in various geographies using appropriate legal wrappers.
Implement different governance structures, ranging from simple residential to complex commercial.

The Operating Agreement is established at issuance and can be updated only by an account holding at least 70% of the token's supply (the contract checks the calling account's own balance; it does not tally votes across holders, so co-owners who want to act together hold the tokens in one shared account, such as a multisig). It should be stored on decentralized storage platforms like IPFS or Arweave, preferably in markdown format.

In the U.S., the Operating Agreement is typically the Fabrica Trust Agreement.