We’re excited to launch the Parcel 0 land drop soon and want the DAO to authorize and understand the parameters of the Parcel 0 land drop.
This proposal authorizes the Land Drop and outlines its mechanics,
Authorize Land Drop
The Parcel 0 land drop is an experimental way to represent land on chain using NFTs.
The DAO authorizes 1,000 Parcel NFTs to be issued that reference Parcel 0 coordinates and represent small sub-plots of land.
Minting will be 0.1 ETH
These NFTs do not represent true deeded ownership or right to use the land initially, but upon legal counsel approval, NFT holders may collectively vote to approve to update the NFT agreement to represent an official lease or updated land use agreements after legal review and majority Parcel 0 holder approval.
Parcel 0 holders may decide what to do with the CityDAO Commons (the flat center part of the land) as long as it is within Wyoming state and county laws.
All Founding Citizens shall have the right to purchase at least one parcel.
Citizens shall be whitelisted randomly via Chainlink VRF.
Good Evening. I am really excited about the project. Today I bought some governance tokens. Unfortunately the site was slow and I was not able to figure out how many token I have. The ether from Metamask is used. How do I know that how many tokens I have.
Thanks
Leny Philip lenyphilips@gmail.com
phil12#7137
Excited to see this is still on the roadmap. From my perspective this should be the #1 project for the council to focus on - it could help figure out the legal, regulatory and governance hurdles for many similar projects in the future.
Parcel 0 should be transferred to its own “Parcel 0 Wyoming DAO Llc” legal entity. The ownership of that LLC should then be vested equally on each of the 1,000 nft owners who will have ownership and right to governance of the llc, and in turn the assets of the llc (the parcel and treasury). We should specify how the proceeds of the minting of the NFTs (.1 eth) will be distributed–will the full amount go directly to the parcel 0 treasury, legal and transaction costs? Subdividing it into parcels would not make sense considering that the parcel is being maintained for conservation purposes. #notlegalorfinancialadvice
To sell a Parcel 0 NFT that does not represent any rights in the parcel is vaporware.
What is “the NFT agreement”?
Good question.
I think CityDAO LLC could decide if it is selling or leasing 50 Hail Basin Rd (“Parcel 0”) to Parcel 0 DAO.
Someone could incorporate a Parcel 0 DAO LLC in Wyoming and negotiate terms of sale or lease with CityDAO.
A term sheet for the proposed transaction could be approved by CityDAO.
Relevant terms for a sale:
Purchase price?
Relevant terms for a lease:
term of the lease (number of years)?
permissible use?
Is it a ground lease with right to develop/improve?
Does Lessor or Lessee pay annual property taxes, insurance, and maintenance?
Annual rent?
Once a term sheet is ratified, a purchase-sale agreement or a lease could be drafted and entered into between CityDAO LLC and Parcel 0 DAO LLC.
Then an NFT sale could commence, offering buyers of the NFT membership in Parcel 0 DAO LLC, which now owns something, a purchase-sale agreement or a lease.
Unfortunately, this NFT as I propose it seems like a security token.
What does the Parcel 0 NFT provide to the holder that is not already granted by holding a citizenship NFT? Also, to echo Max above, what is the NFT Agreement?
The proposal says that this NFT does not represent ownership of Parcel 0, but having a Parcel 0 NFT allows for voting on land use. Does this mean that the citizenship NFT holders can no longer vote on Parcel 0 after this airdrop? Does this remove a previously granted right to citizenship NFT holders?
Also, if Parcel 0 holders decide to build on the land, then this land would no longer be used for conservation. If building on Parcel 0 became a profitable venture, then would CityDAO have issued these Parcel 0 NFTs as a security to non accredited investors?
Also, if there are only 1000 Parcel 0 NFTs, then there must be a whitelist. Does it take into account the time that previous members were in CityDAO or their contributions? Otherwise, you could have people who put a lot of time and effort into CityDAO who aren’t whitelisted and a bunch of new citizens who are on the whitelist out of luck.
Snapshot vote taken down and will be extended at least a week from today when it was announced in the announcement channel. This gives more time for commenting and to provide additional information.
Overall, i think we need a bit more clarity on what’s the purpose, process, and clear distinctions on what citizens rights are vs Parcel 0 nft holders rights. (and what happens if you own parcel 0 nft and are not a citizen)
The current strategy is that there’s an agreement between Parcel 0 NFT Holders and CityDAO LLC for a set of rights. That agreement is in process and I think it should be able to be shared here when ready.
Just read through the comments. I agree with all of @Da3vid’s comments and concerns. This is exactly the utility of our already existing NFTs. The new NFT would cause problems down the road and I for one would be against it.