Since CityDAO’s DAO gained prominence within the crypto community following the approval of Vitalik Buterin, the organization has moved forward regardless of the current market turmoil.
On October 29, 2021, CityDAO purchased a 40-acre parcel of undeveloped physical land adjacent to Shoshone National Forest in northwestern Wyoming. These lands are arid and marginalized, but their purchase is a crucial aspect of the proof of concept.
This land, called Parcel 0, was purchased under the exclusive control and management of a community and not of a company, organization or the leadership of an iconic individual. The purchase marked a milestone in the history of cryptocurrencies, moving from a form of metaverse to the terrestrial world, all thanks to the voluntary influx and participation of people from all over the world.
Community buying, as a legal entity, is possible thanks to new laws created by the state of Wyoming, a state known for its openness to the crypto industry.
To participate in this new state, digital city or transgressive community – the label remains open to its evolution – it is necessary to buy an NFT for 0.25 ETH and represent citizenship.
Members include Vitalik Buterin (Co-founder of Ethereum) or Brian Armstrong (CEO of Coinbase), among other celebrities from the crypto community.
Why this NFT release of Package 0?
The Parcel 0 project tests the concept of creating structures for the traditional allocation of property rights. With regard to the “bundle of rights” that constitute property laws in the United States, Parcel 0’s NFT separates the control portion of rights (governance) while extending the rights of use and enjoyment (use).
CityDAO explained the relevance of this new phase and why it should be of interest to any DAO enthusiast curious about innovation:
“Property rights are at the heart of city building, economic growth and the prosperity of individuals. CityDAO tries to understand and experiment with the distribution of property rights; so the more CityDAO understands how the distribution of property rights affects the real world, the more it can look for new ways to share control and power over the places we live and hopefully create a more just and equitable future. †
The details of this NFT drop by CityDAO
For experimentation, Package 0 will be symbolically divided into areas called plots, each package corresponding to an ERC-721 NFT containing terrain metadata in the form of coordinates and geographic representations.
The size of the individual lottery ticket is determined by the demand of citizens (NFT holders) while beating. The NFT creation period will last 45 days and the field will be divided based on the total number of NFTs minted, with the initiative starting on May 17th. Claiming Lot 0 NFT is free, but the user has to pay the Ethereum blockchain gas transaction fee.
It is important to emphasize that owning a Packet 0 NFT does not mean that you own physical land, but that “the NFT represents a license agreement granting certain usage and administrative rights”. The decentralized organization also confirms that it “will not be possible to build on the land”, but does not close the door on the possibility of “future possibilities to change the authorized use of plot 0”.
The experiment, supported by Vitalik Buterin, is still ongoing; who knows what will become CityDAO… the first company created from the digital world? All possibilities are open.
All information on our website is published in good faith and for general information purposes only. Any action the reader takes based on information on our website is entirely at their own risk.