Status: In progress
The goal of CityDAO's Project 1 is to tokenize the governance of an income generating property such as a rental home. In contrast to projects like RealT, we are less concerned with promising investors returns, the goal of this project is collective governance and experimenting with property on chain. Also in contrast to RealT, our goal is for tokens to be DeFi native to allow for interoperability within the decentralized ecosystem.
Currently, CityDAO issues Citizen NFTs that people can buy to support and fund the DAOs efforts and gain voting rights and access to participate in projects.
Proposed mechanism
- CityDAO sells 10,000 governance shares in a rental property for $50 each, generating $500k.
- CityDAO LLC purchases a rental property and governance holders vote to pay a property manager to handle operations and renting out the property.
- CityDAO keeps all revenue produced from the property
- Citizen NFT holders decide how to allocate funds. They could for example use the income to purchase more properties. They could also vote to reward governance shareholders.
Open to properties in Wyoming, or somewhere else like Texas. Our friends at Doorvest have offered to handle the logistics and property management but they only operate in Houston.
