Vitalik Buterin’s CityDAO drops NFT from his physical country Parcel 0

Ever since CityDAO’s DAO became prominent in the crypto community after Vitalik Buterin’s approval, the organization has continued to move forward despite the current turmoil in the market.

On October 29, 2021, CityDAO purchased a 40-acre parcel of undeveloped physical land adjacent to the Shoshone National Forest in northwestern Wyoming. These countries are dry and marginalized, but their purchases represent a crucial aspect of proof of concept.

This land, called Parcel 0, was purchased under the exclusive supervision and management of a community and not a company, organization or management of an iconic person. The acquisition marked a milestone in the history of cryptocurrencies, moving from a kind of metavers to the terrestrial world, all thanks to the voluntary influx and participation of people from all over the world.

Acquisition of a community, as a legal entity, is possible thanks to new laws created by the state of Wyoming, a state known for its openness to the crypto industry.

To participate in this new state, digital city, or cross-border community – the brand remains open to its development – it is necessary to purchase an NFT for 0.25 ETH and represent citizenship.

Its members include Vitalik Buterin (co-founder of Ethereum) or Brian Armstrong (CEO of Coinbase), among other celebrities from the crypto community.

Why this issue of NFT from Package 0?

The Parcel 0 project will test the concept of creating structures for the traditional allocation of property rights. With regard to the “bundle of rights” that constitutes property law in the United States, Parcel 0’s NFT separates the control part of rights (control), while the rights to use and enjoyment are extended (use).

CityDAO explained the relevance of this new phase and why it should be of interest to any DAO enthusiast who is curious about innovation:

“Property rights are at the heart of building cities, economic growth and the prosperity of individuals. CityDAO seeks to understand and experiment with the distribution of property rights; so the more CityDAO understands how the distribution of property rights affects the real world, the more it can lead. for new ways of sharing control and power over the places we live in and hopefully creating a more just and just future. “

The details of this NFT come past CityDAO

For the purpose of experiments, Parcel 0 will be symbolically divided into areas called parcels, where each parcel corresponds to an ERC-721 NFT containing terrain metadata in the form of coordinates and geographical representations.

The size of each batch will be determined by the demand from citizens (NFT holders) during the implementation. The NFT creation period will last 45 days and the field will be divided according to the total number of embossed NFTs and the initiative will start on 17 May. Requiring Lot 0 NFT will be free, but the user will have to pay Ethereum blockchain gas transaction fee.

Ethereum DAO

It is important to emphasize that owning an NFT of Parcel 0 does not mean that you own physical land, but that “NFT represents a license agreement that provides certain rights of use and control”. The decentralized organization also confirms that “it will not be possible to build on the site”, but does not close the door on the possibility of “future opportunities to change the authorized use of Parcel 0”.

The experiment, supported by Vitalik Buterin, is still ongoing; who knows what CityDAO will be … the first company created from the digital world? All options are open.

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