The owner of this NFT is entitled to 1/100 share of ownership rights and net rental income for a real condominium unit in the town of Farmington, CT. This is a 2 bed /1 bath ranch style unit in a quiet and professional Farmington Village complex.

The current owner of the unit belongs to a team working to bring NFTs to all real assets and will remain the owner of the unit for all legal and regulatory purposes. However, certain ownership and income rights will be granted to NFT owners.

Currently the unit is rented for $1,150 per month. Net of typical expenses (HOA, interest, taxes, insurance, management fee), this property generates income of approximately $500/month. At the end of each quarter, net income less all expenses (including non-typical repairs) will be sent to each crypto wallet that owns an NFT, proportionate to the share. This means for each NFT you own, you can expect $15 each quarter (or $60/year) in cryptocurrency to be sent to you. In the event of a sale, NFT owners will vote and proceeds (net of associated costs) will be sent wallet addresses proportionate to share.

We are in the process of creating a custom NFT contract which will automatically replace this NFT once completed. Also, if a future renter agrees to pay in cryptocurrency in the future, month net rent will be automatically paid into NFT holder wallets. This NFT is serving as an example of how real estate ownership and transactions can be modernized.