Why Issue Parcel 0 NFTs?
CityDAO purchased 'Parcel 0' on October 29th, 2021 - an undeveloped 40 acre parcel adjacent to the Shoshone National Forest in Northwest Wyoming. Parcel 0 was chosen through a community-driven process and offered CityDAO a simple land purchase as a proof of concept for a DAO to purchase land using new laws created by the State of Wyoming. You can read more about ‘How CityDAO Acquired the First DAO-Owned Land’ on our Mirror Post.
The Parcel 0 experiment is a means to prove the concept of creating wrappers for traditional rights allocations related to property. In terms of the “bundle of rights” that comprise property laws in the United States, the Parcel 0 NFT separates the control portion of rights (governance) while extending use and enjoyment rights (use).
Why is this interesting? Because property rights are at the core of city building, economic growth, and individual prosperity - CityDAO seeks to understand and experiment with distribution of property rights. The better CityDAO can understand how property rights allocation affects the real world, the more CityDAO can look for new ways of sharing control and power over the places we live, and hopefully creating a more fair and equitable future.
The Parcel 0 NFT represents a license agreement between Holders of the Parcel 0 NFT, and Parcel Zero, LLC (a wholly-owned subsidiary of CityDAO, LLC), and grants the following rights over the land:
For the avoidance of ambiguity or doubt - The Parcel 0 NFT is solely a license agreement, and it does not convey any ownership rights, including fractionalized ownership rights, of real property. The Parcel 0 NFT is issued and intended as a digital consumer asset pursuant to Wyoming law.
In the spirit of experimentation, Parcel 0 will be symbolically divided into areas called plots, with each plot being an ERC-721 NFT containing metadata of the plot in the form of symbolic geographic coordinates and representations.
Also, within the spirit of experimentation, the individual plot size will be determined by Citizen demand during the mint. At the end of a forty-five (45) day mint period, the Parcel will be divided equally by the number of plots minted. As an example, if 4,000 Parcel 0 NFTs are minted by Citizens, then Parcel 0 will be divided into 4,000 equally sized plots. If the number of Parcel 0 NFTs minted does not divide the Parcel equally, the CityDAO treasury will mint and hold the extra Parcel 0 NFTs required to divide the Parcel equally.
To ensure fair allocation, the Parcel 0 plot symbolic geolocations will be assigned randomly during the reveal. Mint order or NFT ID has no impact on the plot’s symbolic geolocation.
The number of plots claimed by Citizens during the mint period determines the number of plots that exist forever. Because this is a one time event it’s important that all Citizens have the opportunity to claim.
The Parcel 0 NFT is a free mint on Ethereum Mainnet for eligible CityDAO Citizens, as defined below. Minters will need to pay their own gas fees associated with the mint transaction for Parcel 0.
You must hold a CityDAO Citizen NFT between the snapshot time [i.e. a recording of addresses holding the CityDAO Citizen NFT at a particular timestamp on the blockchain - and not to be confused with Snapshot voting] and the time when Minting opens to guarantee Parcel 0 NFT claim eligibility.
A snapshot of CityDAO Citizen NFT holders will occur at a random time in the 24 hour period before the mint opens. The exact time will not be disclosed in advance to try and avoid people buying and selling to take advantage of acquiring a Parcel 0 NFT. Ethereum addresses included in the snapshot will determine who is eligible to mint.
For every Citizen NFT you hold during the snapshot, you will be able to mint:
Step 0 - Go to CityDAO Claim site (on May 17th) Step 1 - Click on the ‘Claim Parcel 0’ Button
Step 2 - Link your wallet with the Citizen NFT
Step 3 - Claim the Parcel 0 NFT
Snapshot Window: Monday, May 16th, 12:00pm MDT (GMT -6) to Tuesday, May 17th, 12:00pm MDT (GMT -6)
Minting Opens: Tuesday, May 17th, 12:00pm MDT (GMT -6)
Minting Closes: Friday, July 1st, 12:00pm MDT (GMT -6)
Parcel Reveal: TBD
Note: A snapshot of Citizen NFT holders will occur at an undisclosed time in the Snapshot Window.
The proof of concept represented by the Parcel 0 NFT drop is an exciting milestone in CityDAO's mission to explore the meaning of decentralized land ownership - but this is just the beginning! After we launch and establish the Parcel 0 community, CityDAO will move on to explore additional projects and parcels and CityDAO will continue on its journey to create decentralized cities.
To all the community members that have made this possible so far - THANK YOU! It has been quite a journey and has required an immense amount of effort from a lot of amazing contributors.
If you're interested in learning and/or looking to get more involved, our gates are open!
Disclaimer: The Parcel 0 NFT is solely a license agreement, and it does not convey any ownership rights, including fractionalized ownership rights, of real property. The Parcel 0 NFT is issued and intended as a digital consumer asset pursuant to Wyoming law. Holders of the Parcel 0 NFT have no reasonable expectation of profit and further understand and acknowledge that the Parcel 0 NFT is a proof of concept experiment.
Shout-out to @alexthims for bringing this article to life!