From attempting to buy the US Constitution to taking a shot at owning a golf course, we’ve seen DAOs spring up for a plethora of reasons. CityDAO, a decentralized autonomous organization that began as an experiment to buy a small piece of land in Wyoming, is looking to take its experiment a notch higher.
About two weeks ago, CEO Scott Fitsimones initiated a discussion about the possibility of acquiring an income-generating property for the DAO.
According to him, a significant number of CityDAO citizens have voiced their support for the initiative, adding that:
The number one most agreed with statement on the 2023 Goals Polis 2 feedback was buying properties that can generate revenue for the DAO.
He goes on to state that the real estate market is currently experiencing some pullback, and now may be a good time to buy.
Interestingly Scott revealed that “the DAO is basically losing money every month” at its current state. Adding a revenue-generating property could arguably turn things around for the group.
Real estate helps diversify us out of crypto, especially in these turbulent times where faith in cryptocurrency and stablecoins is shaky. Plus, real estate can be converted back to cash if needed, it’s not like the DAO is losing this money.
Speaking of the financial implications, Scott thinks the DAO may spend up to $325k to acquire the property. He will be leading the effort in collaboration with other DAO members.
In general, members of the DAO are asking a lot of questions about how the property will be used, how it will generate revenue, and whether the budget will be enough. DAOvolution wrote:
What if CityDAO just got back to a public goods focus - instead of trying to be yet another corporation seeking profit off the backs of hard-working families who just need a place to stay?