The CityDAO Land Marketplace will be a network of land and property available for instant leases and synthetic ownership (via long-term leases) via NFTs. The program will start by offering 20 NFT leases for the Baby Parcel in Blanca, CO but will ideally expand to encompass more properties.
- Parcel Leasing Portal: The dev guild will lead development of the a Zillow-style portal on land.citydao.io where eligible Citizens can view land available for lease, see the ENS of the current parcel leaseholders, and purchase an NFT lease for a subparcel. The UX can be similar to the Parcel 0 portal at parcel-0.citydao.io.
NFT Leases: For each of 20 subparcels, we will offer an NFT lease that grants exclusivity over use of the land for camping and visitation.
- Price: $250 USDC / year lease for each 1/2 acre subparcel.
- Lease Length: 6 month minimum - 10 years maximum
- Revenue: The lease revenue will go to the parcel owners (CityDAO in the case of the Baby Parcel) and have a small tax used to fund public goods.
- Tax: CityDAO shall collect a 1% tax on all land transactions that goes into the treasury
- Commission: We are disrupting an old-school real-estate industry that currently operates on 5%+ commissions for brokers. To incentivize people to put land in the system, we will give a 1% commission to whoever refers the land to the CityDAO system or refers someone to buy CityDAO land. Example: Sam tells Sarah to list her Parcel for lease on the CityDAO Land Marketplace. Sarah earns a 1% commission for the first year of leases.
- Rights: Visiting, camping, ability to apply to build something with approval of CityDAO and Costilla County
- Smart Contract: We will develop and publish a modified ERC-721 lease implementation standard that implements an interface with mandatory lease parameters so that subsequent parcels can be whitelisted and added by the community. Lease parameters include: parcel lat and lon bounding box, lease amount, lease term, name and Ethereum address of the leaseholder, and usage rights.
- Whitelist: The Baby Parcel team will maintain a whitelist of people who are eligible for NFT leases. We may need to do some KYC like name and email and prioritize people interested in building or using the parcels.
Parcel Distribution: 20 subparcels. We acquired 2 deeded parcels, each about 5 acres. Each parcel will be will be subdivided into 10 sub-parcels**, for a total of 20 parcels**, each about a half acre.
- 5 parcels will be reserved for distribution to notable Citizens like Vitalik, Balaji, and Brian Armstrong.
- 1 parcel will be reserved for the CityDAO commons.
- 16 Parcels will be offered to CityDAO Citizens who express interest in using / building on the parcels or at least visiting the parcel.
- Open standard: The leasing portal should be able to support adding parcels to the land marketplace if CityDAO acquires new parcels or if we open up the Land Marketplace
- Land Maintenance Fund: The first $10k in Revenue and Taxes will be set aside to pay for property taxes and other fees for 10 years.
To enable agility and efficiency, Scott will serve as benevolent leader of the Land Marketplace program and team and will host regular check in calls. Josh will run all things real estate. Tuncay will lead Dev. Casey will lead design. The team will make some bounties available to the DAO for participation.
Dev team will be paid out of the Dev guild budget, determined by dev facilitator.
To incentivize a growth flywheel and get more land into the system, we will implement a 1% referrer commission for whoever referred the parcel to the CityDAO Land Marketplace. Parcels owned by CityDAO like Baby Parcel will not have a commission.
Sept 30th: Finalize acquisition of parcels in Blanca, CO
October 30th: Build parcel viewer and launch the first 15 Parcels
November 30th: Open up the parcel leasing portal and put out a call for people to add their properties and for other people and DAOs to buy NFT leases.
Other ideas: Experiments with auctions, Harberger Taxes, and other mechanisms for land allocation. Host a contest to build a monument or landmark on the CityDAO Community Parcel.
The DAO allocated $10k to Baby Parcel and some Planning Funds have been directed to the project. Upon successful launch, a new CIP may be written to request an additional budget to procure parcels of land, fund development of the parcel viewer, and incentivize the first Residents.
Disclaimer: this working document is a draft and may be modified.
Please comment on this post if you have feedback you would like to suggest for incorporation into the plan and roadmap.