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DecentralandDecentralandby0xBB7B59Afa3A0E5Be143b8fE9C641F00c1ecB9d690xBB7B…9d69

Purchase of LAND in Genesis City

Voting ended almost 3 years agoSucceeded

by 0x8218a2445679e38f358e42f88fe2125c98440d59 (1010)

Linked Draft Proposal

Purchase of LAND in Genesis City

Summary

This governance proposal is to advance the purchase of LAND in Genesis City.

Abstract

4 polls were conducted to determine 3 key objectives:

  1. Whether the community agrees to buy LAND in Genesis City. The community voted 'YES' (95%)

Refer to Annex (1)

  1. Whether to buy the cheapest on Marketplace, or to create a price formula. The community voted 'Buy cheapest at marketplace' (61%)

Refer to Annex (1)

  1. The parameters for purchasing LAND. The community voted to purchase LANDs that are 4k MANA and below(70%), at a monthly spending cap of 40k MANA or less(67%), and to give contiguous LANDS/ESTATE priority(76%)

Refer to Annex (2-4)

The recently concluded draft proposal has reaffirmed the support(80%) to move this into governance action.

Refer to Linked Draft Proposal (above)

Motivation

The DAO has been having ongoing discussions as to whether LAND should be purchased and repurposed for the past year, in order to provide valuable content as opposed to LANDs being left barren and used purely as a speculative instrument. It is after numerous discussions that the community has decided it is best to purchase LANDs for purposes that will be agreed upon at a later date.

This bear market has also brought about a unique opportunity in which LAND value has reached fair to under valuation, and it is prudent for the DAO to make purchases of LANDs/ESTATEs now rather than during a bull market where valuations can go beyond what is deemed reasonable for purchase.

Specification

The monthly purchase process of LAND/ESTATE has to fulfil 5 criterias.

  1. Adhere to a price ceiling of 4k MANA per parcel

Annex (2)

  1. Adhere to a maximum monthly budget of 40k MANA.

Annex(3)

  1. LANDs which are contiguous and priced at or near floor(a leeway of +10% above floor price during the time of purchase) will be given priority. Only LANDs/ESTATEs which are evenly shaped(1x2, 1x3..., 2x2, 2x3.., 3x3, 3x4.. and so forth) will be considered. If no such LANDs/ESTATE exists during the time of purchase, LANDs at floor price shall be purchased.

Annex (1) and (4)

  1. Purchase is to be made at the end of each month, at any point in the day(GMT), at the discretion of the DAO Committee.

  2. All purchases are to only be made with MANA. Purchases can be made on both Opensea as well as the Decentraland Marketplace.

Impacts

  1. The vesting contract releases approximately 1.7m MANA per month. Therefore, the expenditure of 40k MANA per month represents approximately 2.5% of MANA that is released. https://vesting.decentraland.org/#/0x7a3abf8897f31b56f09c6f69d074a393a905c1ac

  2. LANDs that are acquired can be repurposed to fit the needs of the DAO, or be rented out, adding another potential source of revenue stream.

  3. The balance sheet of the DAO will include, among other financial assets, LAND, leading to a diversification of the treasury.

  4. Floor price of LANDs may be supported in the short term. In the longer term, whilst the DAO may act as a quasi-market maker, the impact is not expected to be huge. For reference, the average monthly volume from the past 6 months (October 2022 to March 2023) in FIAT terms is $320k USD. At today’s price of $0.55USD/MANA, the 40k MANA per month cap will represent 7% of the volume.

Implementation Pathways

  1. The DAO Committee will have autonomy to decide as to whether they prefer to work with the dApps team to create a smart contract which follows specifications, or to execute the purchase manually.

  2. Include LANDs as part of the DAO's treasury assets on the transparency dashboard and all related documents.

Conclusion

In light of Genesis City LANDs/ESTATEs being underutilised and the floor price reaching an "undervalued/fairly valued" valuation, The DAO has come to a decision based on discussions and finally a poll, to purchase LANDs/ESTATEs for repurposing.

The purchase agreement will follow parameters that have been agreed upon by the community to ensure prudence in expenditure.

The purchase and ownership of LAND/ESTATEs will expand the DAO capabilities in 5 ways, primarily:

  1. To organise events/activities such as town halls etc.
  2. Generate passive income to the DAO by rentals.
  3. Provide LAND to grantees who require space to deploy.
  4. Allow the DAO to create scenes all over Genesis City that may lead to a better experience for users, such as kiosks that may provide ‘ATM’ services etc.
  5. Possibly used as rewards/prizes for any events organised by the DAO.

Annex (1) - Should the DAO Buy Back LAND?

https://governance.decentraland.org/proposal/?id=e62c2260-bdd1-11ed-8c13-518b5c1940be

Annex (2) - the ceiling price PER PARCEL allowed by the DAO to purchase from the marketplace.

https://governance.decentraland.org/proposal/?id=c66846e0-d9a4-11ed-bfff-7567e61aeee0

Annex (3) - The total amount of MANA that the DAO is allowed to spend MONTHLY on purchasing LAND.

https://governance.decentraland.org/proposal/?id=cd5e1640-d9a5-11ed-bfff-7567e61aeee0

Annex (4) - Whether contiguous LANDs should be given priority.

https://governance.decentraland.org/proposal/?id=47f1c960-d9a6-11ed-bfff-7567e61aeee0

This proposal is summarized due to technical limitations. To view it complete and vote on it, visit the DCL DAO Governance dApp

Off-Chain Vote

yes
9.81M VP82.5%
no
2.08M VP17.5%
abstain
1 VP0%
Download mobile app to vote

Timeline

Apr 25, 2023Proposal created
Apr 25, 2023Proposal vote started
May 09, 2023Proposal vote ended
Oct 26, 2023Proposal updated