The property token is in many ways the core element of the Mortar ecosystem. It is the vehicle by which a commercial real estate asset that exists in the real world is given more functionality and utility as an on-chain item. Each property token is minted as an ERC-721 and grants users the ability to choose the token name, symbol, and URI. As situated, Mortar has reserved the right to modify this corresponding metadata.
In order to mint and hold the ERC-721 non-fungible token (NFT), the property owner will need to interact with the safe address. Once tokenized, the owner can sell or fractionalize their property. When transacting tokens, in keeping with KYC standards, a smart contract exists to verify that a user has a VCT. If a VCT cannot be recognized, the transaction is rejected.