I think this is a good idea if we want to fractionalize the entire land and use it for a single thing.
I might be beating a dead horse here, but I’m feeling like the token purposes might be a little mixed up. ERC-721 tokens are non-fungible, but this sounds like you’re proposing we use them in a fungible way. If that’s the case, why not use an ERC-20 token instead? That way, we can do exactly what you’re proposing but also:
- We would be able to buy/sell liquidity in our positions without a complex and gas-intensive NFT fractionalization flow.
- We could use this token to effectively reward contributors as proposed in CIP 7.
- We could leverage advanced defi primitives to supercharge the treasury and governing accounts.
This would obviously get into securities filing requirements, but this proposal is already in the gray area.
I’d vote we either go 100% governance token, that has nothing to do with a “parcel sale” (ie. CityDAO owns 100% of the land, and we’re all just allowed to show up and participate based on our ownership of an access/governance NFT), or go 100% equity token relating to “purchasing” a part of the land (ie. I buy a piece of actual land as an NFT or a part of the overall land as an ERC-20, and I don’t even need to show up, it’s just land ownership on the blockchain).
The middle leaves most the value on the table, and still toes the line with the SEC, which doesn’t seem worth it to me personally.