Unique Exchange has created the world’s first Property Tax Lien NFT (Non-Fungible Token)
NFTs are designed to represent a unique asset recorded on the blockchain and provide an irrefutable proof of ownership chain. NFTs use Smart Contract technology that enables pre-programming the terms of each asset (in this case each Tax Lien) so that they are transparent and cannot be altered. NFTs are not a crypto-currency, but just like crypto-currency they can be stored and transferred electronically, and use the same level of secured access blockchain protocols.
Victor Vilmont, CEO of Unique Exchange, speaking about his new Tax Lien NFT creation: “… while currently tax lien buyers may find application of blockchain somewhat limited for their needs, we decided to start using the technology eyeing the long-term adoption by the industry. It does make a lot of sense as eventually our clients will be able to place their Tax Liens onto the many NFT marketplaces that provide greater volumes and true global access. In general, Unique Exchange sees a real future for NFTs to become a technology vehicle for alternative, non-conventional assets. What is important is that NFTs should not be confused with crypto-currencies! To be clear – I do strongly support blockchain technology, yet I remain very cautious of its byproducts, such as decentralized crypto-currencies, that have no issuer and have nothing backing them. For instance, you can be rest assured that the price of Property Tax Lien NFT will not drop by $20k tomorrow just because a certain eccentric billionaire woke up to be an environmentalist on that day. Or because of few tweets from the social media influencers. Or some incredible predictions made by the so-called crypto market “experts”. Tax Lien NFTs will carry on the same face value and continue to accrue prescribed interest as calculated by its Smart Contract that reflects the terms that are set by the State. So in summary, we use the best of blockchain technology while continuing to provide all the same benefits that Property Tax Liens have.”
You can see the first Property Tax Lien NFT at the OpenSea NFT marketplace (link below). The NFT is redeemable in physical cash or in physical real-estate property. Property Tax Lien (for $1,375.59 of unpaid 2020 property tax) earning 12% interest p.a. placed against a large parcel of vacant land (20.1 acres plot, assessment value $47k) classified as vacant / agricultural / golf course. The plot has a road access. Located near the town of Marana (Pima County) between Phoenix and Tucson in Arizona, US.