This token represents 2% ownership of a 1968 Mister Softee LTD Jimi Hendrix Lord Neilson's Star Card PSA 8. Own a fraction of this IRL collectible of one of the most influential electric guitarists and celebrated musicians of the 20th century.
This LOT was issued prior to 1/21/2022. All LOTTs issued after this date operate under a mechanic where you can simply collect all of the LOTTs (all the tokens) for a card/asset and you can choose to have a 1-of-1 NFT made to signify your unified ownership or you may choose to burn the LOTTs and remove the physical card from the Ledger of Things.
However, this particular item has different terms as follows. The underlying Jimi Hendrix card can only be sold according to the following terms:
> 1) The payment of 1,000 ETH
>
> 2) Via a 30-day smart contract auction (or then current technological equivalent) beginning on October 5, 2120 at 12:00 noon Eastern Time.
IMPORTANT: This item was tokenized as an heirloom collectible. The underlying asset is set with an intentionally high strike price and an auction date set far into the future. This is done because the asset is historically significant as a “first of its kind” on the blockchain and the objective was to keep it on chain for generations unless a high strike price is achieved. The high strike price and long-term duration are both forms of artistic expression and a testament to the permanence of the blockchain.
LEGAL & COMPLIANCE NOTICE:
Future asset value is not dependent on actions of the project, the asset custodian or any other third parties beyond asset care and custodianship. The terms of any future sale of the underlying asset were set and known to all parties at the time of tokenization and can't be amended. Token owners do not vote and even a future majority owner cannot change these terms. These tokens are community shared collectibles with pre-set exit terms, not investments.
The custodian of this smart contract and underlying assets is Blokpax, LLC, a South Carolina Limited Liability Company. Blokpax will insure the assets for current fair market value as updated annually and maintain asset safe keeping. All assets held in custodianship are subject to an annual audit.
Within 30 days of an underlying asset sale, the custodian will provide a mechanism for disbursement of the net proceeds (pro-rata to the crypto wallets holding the applicable tokens) and removing the NFTs from circulation or otherwise changing meta-data to reflect the underlying asset has been sold.
