CityDAO project distributes NFT on land in Wyoming

CityDAO – a decentralized project promoting the idea of joint ownership and management of real assets – has released an NFT on land known as “zero plot” (Parcel 0).

“The distribution of Parcel 0 has begun! Come and pick up your tokens on the https://citydao.io. Thank you to all the citizens who supported us, and cheers for the CityDAO team, which passed this super important stage”!

Source: Twitter

The project acquired 40 acres of land in northwest Wyoming on October 29, 2021. The territory is abandoned and deserted. However, the very fact of buying represents an important step in the development of the DAO concept, since the buyer was not an organization, not a company or a representative, but a community.

The state of Wyoming, known for its openness to the crypto industry, has passed a new law that allows the purchase of land on behalf of the community as a legal entity. Thus, the idea of the metaverse was integrated into the real world thanks to the efforts of people from all over the world.

Read also: What is a DAO: pros and cons of decentralized autonomous organizations

Decentralized citizenship

To become part of a new state, settle in a digital city and enter a progressive community, you need to buy NFT citizenship for 0.25 ETH.

Vitalik Buterin (co-founder of Ethereum), Brian Armstrong (CEO of Coinbase), as well as a number of other crypto celebrities have already received CityDAO citizenship.

Why issue NFT to the “zero section”

The “zero precinct” experiment is an attempt to test the concept of creating virtual shells for traditional property rights. From the point of view of US law, the NFT on the “zero site” represents the right to use the property.

Essentially, the new phase allows CityDAO to experiment with the distribution of property rights and better understand how virtual rights work in real life. It will then be possible to transfer control over the places in which we live to the community, and more closely integrate the principles of decentralized autonomous governance in the physical world.

Details of the Citydao NFT drop

For the purposes of the experiment, the “zero site” will be symbolically divided into zones, each will be associated with a non-fungible token (NFT) in the ERC-721 format, which contains the metadata of the site in the form of coordinates and symbolic geographical representations.

The size of the individual plot will be determined by the demand of citizens (NFT holders) at the time of emission. NFTs will be issued within 45 days and the land will be divided according to the total number of tokens issued.

The issue started on May 17. The application for NFT Parcel 0 will be free, although the user will have to pay for the transaction on the Ethereum blockchain. Only those who have CityDAO citizenship can take part in the drop.

It is important to emphasize that the NFT Parcel 0 holder does not own a real piece of physical land. “The NFT is a kind of license agreement that gives certain rights to use and manage.”

A decentralized organization also confirms that nothing can be built on land. At least not yet. Perhaps in the future the situation will change.

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