CityDAO, Backed by Vitalik Buterin, Shuts Down and Refunds Citizens

• CityDAO, aiming to decentralize property ownership, bids farewell to its citizens.
• This innovative project was transforming parcels of land in Wyoming, USA, into blockchain-based NFTs representing Qualified Intellectual Titles, owned by either individuals or decentralized autonomous organizations (DAOs).
• Notable proponents, including Ethereum’s co-founder Vitalik Buterin and other high-profile investors, were involved in this groundbreaking initiative.

CityDAO bids adieu to its citizens as it plans fund redistribution while shutting down operations.

CityDAO: The Vision of Decentralized Land Ownership Ends

CityDAO set out with an ambition to redefine land ownership by integrating blockchain technology. The project’s pioneering approach involved turning physical land into digital assets, specifically NFTs, that represented ownership in a decentralized manner. Through this mechanism, CityDAO provided an innovative alternative to traditional landholding practices.

The Impact and Contributions of High-Profile Investors

Ethereum’s creator Vitalik Buterin, alongside other influential figures such as Brian Armstrong, Mark Cuban, and former Andreessen Horowitz partner Balaji Srinivasan, became early citizens of CityDAO by purchasing citizenship NFTs. Their involvement brought significant attention and legitimacy to the project, highlighting the potential of blockchain to revolutionize property ownership.

Current Developments and Wind-Down Process

Founded by Scott Fitsimones, CityDAO recently announced its decision to disband. According to proposal CIP-212, upon the departure of key contributors like Scott Fitsimones and another key figure, David, it was deemed necessary to return the remaining treasury funds proportionally to its citizens. This proposal was overwhelmingly accepted, with 92.64% approval, setting the stage for the project’s closure.

The procedure to refund roughly $3.076 million to over 4,000 unique addresses has commenced, marking the end of the CityDAO venture. Furthermore, the decision includes closing CityDAO’s social media channels, multi-signature wallet, and bank accounts.

Conclusion

CityDAO’s attempt to create a blockchain-based decentralized city marks a significant milestone in the application of blockchain technology in real estate. While the project is closing, it has paved the way for future explorations into decentralized property ownership, leaving an indelible mark on the industry. Enthusiasts and investors will be keenly watching the space for new possibilities and innovations that build on CityDAO’s visionary framework.