Vitalik Buterin’s CityDAO: NFT-Drop to the physical plot Plot 0

On October 29, 2021, CityDAO acquired an undeveloped 40-hectare property. It is adjacent to the Shoshone National Forest in northwestern Wyoming. Although the country is barren and far away, the purchase is an important aspect to test the concept.

This piece of land, called parcel 0, was acquired under the supervision and management exclusively of a community. No company, no organization and no well-known person took over the management here. The purchase marks a milestone in crypto history. He was transferred to the earthly world from a kind of metaverse through the voluntary participation of people from all over the world. Purchase by a community as a legal entity is possible thanks to new laws in the state of Wyoming. The state is known for its openness to the crypto industry.

To become part of this new state, digital city or transgressive community, it is necessary to purchase an NFTs for 0.25 ETH. The NFT represents citizenship.

The participants include Vitalik Buterin (co-founder of Ethereum), Brian Armstrong (CEO of Coinbase) and other prominent figures of the crypto community.

Why will there be NFTs of parcel 0?

The “Parcel 0″ experiment is a way to test the concept of creating a framework for traditional property-related rights assignments. The NFT Parcel 0 separates the ”bundle of rights” that constitutes the right of ownership in the United States into two parts. One part of the rights concerns control (governance), the other part extends the rights of use.

CityDAO explains the importance of this new phase and why it should be of interest to every DAO follower interested in innovation:

“Property rights are at the heart of urban development, economic growth and individual prosperity. CityDAO tries to understand and experiment with the distribution of property rights. The better CityDAO understands how the distribution of property rights affects the real world, the better it can look for new ways. This makes it easier to share control and power over the places where we live. This will hopefully create a fairer and more just future.”

Details of the NFT drop of Parcel 0 of the CityDAO

For experimental purposes, plot 0 is symbolically divided into zones. These are called plots. Each plot is an ERC-721 NFT. It contains the plot metadata in the form of coordinates and symbolic geographical representations.

The size of the individual areas depends on the demand of citizens (NFT holders) during the mint. The period for the creation of NFTs will last 45 days. The total number of mined NFTs then determines the division of the land. The start date was May 17. The use of the NFTs of parcel 0 is free of charge. However, users will have to pay the cost of gas fees of the transaction on the Ethereum blockchain.

It is important to emphasize that owning the NFT of parcel 0 does not mean owning a physical piece of land. The “NFT constitutes a license agreement that grants certain rights of use and administration”. The decentralized organization also confirms that ”it will not be possible to till the land”. However, it does not rule out that “there may be possibilities in the future to change the permissible use of parcel 0”.

The experiment, which is supported by Vitalik Buterin, is still in full swing and is constantly evolving. Who knows what CityDAO will one day become… the first company to emerge from the digital world? All possibilities are open here.

Disclaimer

All information contained on our website is researched to the best of our knowledge and belief. The journalistic articles are for general information purposes only. Any action taken by the reader on the basis of the information found on our website is done exclusively at his own risk.