2.1. Tokenisation and use of the Rental Contract
This process starts with the tokenisation request by the Owner of the property which is for rent or that they are planning to put up for rent (it is possible to tokenise contracts from the very beginning or when they are already in existence).
From their user profile, the owner concerned should complete and attach the information and documentation required so that Nash21’s “Risk Analysis” team can make the relevant checks in terms of the rental contract (its legality and duration), and also the tenant’s profile and individual circumstances, to determine the degree of risk of the operation (see Tenant Profile Analysis)
Once the analysis process has been completed and approved, the NFT representative of the rental contract is ready to be created. By default, all of the NFTs created on Nash21 are fully guaranteed, in other words, the NFTs are created with 100% of the rental payments guaranteed.
If the result of the risk analysis is not favourable, the operation will not be completed and the “Risk Analysis” team will notify of the issues that need to be resolved or completed to obtain the final approval. It is possible that, during this process, a co-applicant or guarantor may be required, or that crypto-assets may need to be provided in Staking as security by the tenant, to improve the assessment and scoring of their application.
Once the NFT has been generated, the different uses and tools available are activated.
It is worth noting that, together with the creation of the NFT representative of the rental contract, Nash21 is granted the management of collection and payment (administration) of the rents of the rental contract in question. From this point, Nash21 will collect the rent from the tenant monthly (or as agreed) and will “pay” it to the owner of the rented apartment or the individual who later becomes the NFT holder.
From a technical point of view, it is important to note that “the amount paid/credited” by Nash21 to the owner does not involve a deliberate or voluntary action, or even a human action, since it is the SC (smart contract) associated with the NFT that will autonomously “trigger” the corresponding rents. Hence, in the event of a possible non-payment of the rent by the tenant, the owner will continue to receive the rent as if the non-payment had not occurred, since it will be the guarantee fund that will automatically make the corresponding money available to execute the SC.
In summary, the request for the tokenisation of a rental contract involves the following by default:
Analysis of Risk and viability of the operation.
Mandate for Nash21 to manage the collection and payment of the rents.
Default payment guarantee for all of the rent.
Access to the different uses enabled for NFTs.
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