Our Legal Process to Acquiring and Tokenizing Properties
Last updated
Last updated
All properties within the PlayEstates platform are acquired through the lawful registry and legal transactions with complete documentation and transparency.
PlayEstates is registered as a Delaware series limited liability company (LLC). We can create any number of separate entities, each a “Series,” to segregate membership interests, assets, and operations. Each Series will purchase and acquire one unique real-world property asset. LLC membership interest in each Series is split into a number of digital token units, in the form of PNFTs. Ownership of any or all of the PNFTs of a particular Series gives an individual economic interest in the Series that issued the PNFT and, by extension, in the discrete property owned by the Series. Because the sole purpose of a Series is to own one single property, ownership of all of the PNFT issued by a Series is effectively the sole economic interest in a property held by that Series.
All digital tokens will be recorded and stored on an EVM-basedEthereum blockchain, and Fuel network, and Nibiru blockchaintestnet. Each digital token will be encoded with a unique serial number, which can be found both in on-chain metadata, as well as the Series LLC documentation.
The deed for the real property asset will list the Series as the recorded owner of the real property and will be filed in the county where the property is located (thereby becoming a public record). Additionally, the Series will file an affidavit stating that the property listed and described in the deed is owned by the Series, which has membership interest split into segregated units, each with a distinct Serial Number and each Serial Number reflected in the affidavit. The affidavit is a redundant mechanism for linking ownership of the deed to the membership interests of the Series.
