Tangible
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Legal

Who owns the rights to the physical item?

As with many tokens that represent another asset, the legal ownership of the asset remains with the token issuer, and the beneficial ownership is transferred with the token. This means that the owner of the wallet that holds the TNFT is essentially the owner of the asset, and simplifies taxable events for both Tangible and Tangible’s users. It’s functionally the same as all USD-backed stable coins: the custody of the USD and legal ownership both remain with the token issuer, but the token holder can -- at any time -- enact their beneficial ownership rights and become the legal owner, by burning the stable coin and having the USD transferred to them. Tangible token holders can, at any time, become the legal holder by redeeming their TNFT, which consists of changing the status of the token and taking full possession of the physical object or, in the case of properties, the SPV.

Are Tangible TNFT goods authenticated?

Only Tangible Custody has the ability to mint TNFTs, and all Tangible goods are specifically bought from reputable, heavily-audited suppliers. We source the goods from these suppliers, and create the TNFTs that represent them.
While anyone can apply to become a supplier to Tangible Custody, they must be approved by our supply chain team. Generally we will only deal with the largest vendors in the world for specific categories. (For a list of these suppliers, including information about them, please refer to the Product Categories section of these docs.) Through partnering with reputable, long-established vendors, our supply-chain auditing overhead is significantly reduced: each good doesn’t need to be independently assessed. All of these suppliers are already insured against counterfeits entering their supply chain.
As we scale and we begin to allow anyone to send their goods to us to create a TNFT, we will have a specific authentication team for each category, similar to Stock X with sneakers.

Are Tangible TNFT goods insured?

Absolutely. Tangible goods are insured from purchase, initially by the supplier, then by the shipping company, then by our storage providers.

Is Tangible audited?

Tangible’s token contracts have been extensively audited by an external party, who utilized a combination of static analysis, automated tools, and a vigorous manual review process to provide security recommendations and sign-off. Our TNFT smart contracts have been internally evaluated and tested, and are in queue to be audited by an external firm, but users interacting with them should remain aware of the potential risks involved.
Tangible Custody will be audited annually. The audit will specifically cover the provenance of our goods, the integrity of our supply chain, and the flow of funds from purchasers to suppliers. It will also cover the details and quantities of all physical goods, to ensure they align precisely with every TNFT ever minted. This audit will be made publicly available.

Does Tangible require KYC?

Tangible Custody will require KYC for purchase or redemption of all TNFTs, including those backed by assets such as wine, watches, gold, and real estate.
KYC is not required for users who trade TNFT’s in peer-to-peer transactions, via decentralized smart contracts. Not controlled or overseen by Tangible Labs or Tangible Custody, these smart contracts are instead overseen by the DAO and TNGBL Token Holders.

Who is on the Tangible labs team?

Tangible is managed by a team of 15 experienced crypto professionals, including

Who are Tangibles investors?

Tangible’s Seed Round included established Crypto VCs like Master Ventures, Sky Vision Capital and Nx gen.
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Tangible DAO

A protocol and a token-run decentralized autonomous organization, Tangible DAO is not technically a legal entity but a protocol. Instead, it’s governed by the $TNGBL token. The token entitles token-holders to voting and governance rights. All changes to the protocol, after the initial-deployment, will need to be voted on by token holders.
The protocol in this case would be defined as:
  • The Marketplace Smart Contracts: These smart contracts facilitate the exchange of TNFTs. For almost every exchange between wallets, a transaction fee is charged. (Note: Initial Sales from Tangible Custody won’t include a transaction fee.)
  • The Fractionalisation Smart Contracts: These smart contracts allow any user to fractionalize their TNFT, after which the smart contracts fractionalize autonomously. These fractions are recognized by the marketplace, and all fees generated from buying and selling of fractions accrue to token holders and the DAO, as described below.
Any changes to the protocol, and any expenses from the DAO treasury, would need to be voted on by token holders. Tangible is truly decentralized.

TNFT ltd BVI (Tangible Labs)

Tangible Labs mints and sells TNFTs and also, like Uniswap Labs, will operate as one of the main contributors to the DAO and to the smart contracts code. Tangible Labs will not be the only contributor, though, and cannot make any changes to the smart contracts once they have been deployed.

BTS TNFT ltd UK (Tangible Custody)

Tangible Custody is the bridge and custodian for real world assets. Its role is purely to act as a supplier & custodian for tokenized real-world assets. It does not capture any of the fees generated by the marketplace. It simply sources goods. In some cases (such as wine and gold), it also provides storage. In the case of real estate, the company will initially purchase the property, and – after the initial marketplace sale – will continue to maintain the property and collect rents. Collected rent will be sent monthly to the DAO, minus agent fees. The DAO will then make it claimable by the users holding those TNFTs (or fractions of them) via the protocol. Tangible Custody will also operate the Tangible front end, in the same way Uniswap Labs operates Uniswap.org.
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On this page
Who owns the rights to the physical item?
Are Tangible TNFT goods authenticated?
Are Tangible TNFT goods insured?
Is Tangible audited?
Does Tangible require KYC?
Who is on the Tangible labs team?
Who are Tangibles investors?
What is Tangible’s legal structure?