Egoras rNFT

Redeemable Non-Fungible Tokens (rNFT)

The Egoras redeemable NFT (rNFT) is a type of NFT that offers our users some form of redeemable value or benefit beyond its digital representation. This include a variety of Egoras perks, such as the physical properties or any other products tokenised on Egochain.

Essentially, our rNFTs are designed to offer tangible or experiential value that can be realized through the ownership and redemption of the underlying products.

The Egoras rNFT framework?

The Egoras rNFT is buillt using the ERC1155 standard on the Ethereum blockchain that enables the creation of both fungible (identical and interchangeable) and non-fungible (unique and distinct) tokens within a single smart contract.

By adopting this standard, we enhance Egomart capabilities by introducing a sub-entry that focuses on tracking ownership of products. The inclusion of this sub-entry enables Egomart to manage fractionalized assets. The fractionalisation process involves the creation of these fractional shares, which represent proportional ownership in the underlying asset.

For example, the Apex28 EV can be divided into 100 fractional shares, and each share represents a 1% ownership stake. These shares can then be traded or transferred on Egomart, allowing investors to buy, sell, or hold fractional portions of the vehicle.

The ownership tracking functionality ensures that ownership rights can be easily verified and transferred between users. It provides a clear and auditable history of ownership, enabling a seamless and secure transfer of fractional shares during transactions. This transparency and traceability promote trust and confidence in the marketplace, as participants can validate the ownership status of the assets they are interested in.

Security and Protection of Products

Egomart have mechanisms in place to ensure the security and protection of assets.

Assets on Egomart are custodied

Custody involves the safekeeping and administration of assets on behalf of their owners. One way we achieve this is by implementing custodial arrangements which involve stringent security measures, such as secure storage facilities, robust access controls, and comprehensive auditing processes.

By entrusting the asset issuance with custody, Egomart users can be rest assured that their assets are being held securely and managed according to industry best practices and regulatory requirements.

The responsibility for holding and safeguarding the assets on Egomart lies with us because we created an enabling environment that supports the initial creation or issuance of those assets.