CityDAO, a decentralized autonomous organization (DAO) that began as an experiment to buy a small piece of land in Wyoming, is set to rebrand its “Big Parcel” project to “t0wn.” Members of the DAO, aka citizens, are currently voting on a proposal to implement some changes to the Big Parcel project.
The idea for the Big Parcel project was introduced in June 2022, and on July 1, the community voted in favor of the initiative. The initial plan was to purchase “a large parcel of land, hundreds of acres in size, in America, that could be used for various city building purposes.” However, a new proposal before the DAO is looking to change the direction of things, beginning with a name change from “Big Parcel” to “t0wn.”
Instead of acquiring hundreds of acres to build a city, the project will target 20-30 high-level DAOs and web3 organizations. These organizations will purchase, co-own, and co-govern a large piece of real estate, meaning that the governance of “t0wn” will now rest in the hands of DAOs rather than individuals.
According to a pitch deck articulating the vision of t0wn, CityDAO will fund the genesis of the project, identifying and securing an appropriate property. Afterward, the DAO will create a low-supply NFT that represents fractional ownership of the property. A hand-selected group of DAOs will be invited to purchase the token at a price greater than $75,000.
It is worth noting that CityDAO is yet to find a property to purchase. However, an ideal location is expected to have high-speed internet, a tech-friendly locale, large accommodations, flexible zoning, and be close to a large airport. Potential options may include a building on a university campus, a distressed city, or an exquisite lodge.
The project will be rolled out in three phases – Research and development, core development, and execution.
Meanwhile, over 92% of the 231 votes are currently in support of the proposal. Voting will close on November 12.