How to use
- Pick the asset class — the calculator switches fee semantics and yield defaults:
- Treasury bonds / Private credit / Real estate: annual management fee, annual yield (NAV model).
- Commodity (PAXG, XAUT): per-transfer and per-redemption fees, ~0% yield (commodity model).
- NFT (time-limited access): linear time-decay model — no fee/yield sliders.
- Set NAV and supply to get the fair NAV/token. For RWA and commodity classes, the Premium/discount to NAV slider shows how the market price differs from NAV.
- For commodity class, the per-transfer fee is applied on sale:
P_net = P × Q − F_transfer × P × Q. - For NFT class, secondary-market price decays linearly:
P_secondary = P_0 × (T_remaining / T_total).
Calculator
Ownership Token Valuation
NAV / token (fair)
$0
NAV / supply
Market price (with premium)
$0
NAV × (1 + premium)
Income per token ($/year)
$0
after fees
Net yield (% annual)
0%
yield − fee
Reference contracts (plug in a real asset)
- PAXG (PAX Gold, commodity) — Ethereum
0x45804880De22913dAFE09f4980848ECE6EcbAf78 - XAUT (Tether Gold, commodity) — Ethereum
0x68749665FF8D2d112Fa859AA293F07A622782F38 - USDY (Ondo US Dollar Yield, tokenized Treasuries) — Ethereum
0x96F6eF951840721AdBF46Ac996b59E0235CB985C
Formulas
Fund classes — Treasury bonds, Private credit, Real estate
P_market = (NAV / Supply) × (1 + Premium_%)
- NAV — net asset value, $
- Supply — total token supply
- Premium_% — market premium or discount to NAV (can be negative)
- P_market — market price of one token (computed)
NetYield_% = AssetYield_% − ManagementFee_%
- AssetYield_% — underlying asset annual yield
- ManagementFee_% — annual management fee (expense ratio)
- NetYield_% — net annual yield (computed)
Income = P_market × NetYield_% / 100
- Income — annual income per token, $ (computed)
- P_market — market price ($)
- NetYield_% — net yield in percent (computed above)
Commodity tokens — gold, silver, carbon
P_market = (NAV / Supply) × (1 + Premium_%)
- NAV — net value of the custodied commodity, $ (price × ounces held)
- Supply — total token supply
- Premium_% — market premium / discount (arbitrage band for PAXG/XAUT ≈ 0.1–0.5%)
- P_market — market price per token (computed)
P_net_transfer = P_market × (1 − F_transfer_%)
- F_transfer_% — per-transfer on-chain fee (PAXG ≈ 0.02%, currently zero)
- P_net_transfer — net proceeds on a secondary-market transfer (computed)
P_net_redeem = P_market × (1 − F_redeem_%)
- F_redeem_% — per-creation / per-redemption fee (XAUT ≈ 25 bps)
- P_net_redeem — net proceeds on physical redemption (computed)
NFT — time-limited access / subscription
P_secondary = P_0 × (T_remaining / T_total)
- P_0 — initial mint price, $
- T_total — full term of the access pass / subscription (days)
- T_remaining — remaining term (days)
- P_secondary — linear-decay secondary-market price (computed)
Linear decay is a first approximation — calibrate with secondary-market data. See /models/ownership-model/ for the full model (NFT, commodity, RWA with legal architecture and counterparty analysis).