by 0xd11a019a70986bd607cbc1c1f9ae221c78581f49 (Yemel)
The DAO currently owns Genesis City roads but it would be great to have other plots of LAND available to populate the city and give exposure to great creators.
Also, the recent release of Worlds has brought fears about how it will affect the LAND market. However, I believe the DAO should remain bullish about Genesis City and the potential to become the main lobby of the Metaverse, a traversable space created and owned by its users.
A buying pressure of LAND will provide support to the LAND market and provide an exit alternative to those who don’t share the vision of Genesis City.
The buyback strategy could be designed as:
A monthly budget to buy the cheapest pieces of LAND in the market.
A price formula based on closeness to 0,0 and to the closest road.
A similar proposal has been shared by community members in the past:
As much as this idea will benefit DCL, I dont agree the treasury should be used to buy back land as this can be seen as market manipulation and bring alot negativity.
Good idea. By reducing the total supply of LAND available on the market, a buyback program could potentially increase the value of each remaining LAND token. It can signal to investors that the DAO believes its LAND and is willing to invest in its own success. This could potentially boost investor confidence and attract new investors.
I am bullish on Genesis Land, think its the best time to start before btc halving in 2024. Also I think that this step also can be a source of an income to the DAO, in 2021 unit floor price was 9-12k$, I believe in 2025/26 it can cost even more.
I would also add into the formula a third bullet point about continuity of land, which adds in something to account for contiguous single plots and estates.
We can already use the 30M+ MANA we currently have available as VP pool.
I do not believe lands closer to 0,0 and roads have a lot more value.
I’d prefer a number of lands bought back every month, like buy back the 4 cheapest lands on the market every month.
I am glad to see that the DAO is considering rebuild investors’ confidence.
I think it is good idea that the DAO owns sellable LAND to have a skin in the game. Also avoid conflict of interest. So we won’t have MANA vs LAND argument in the future. Both MANA and LAND are valuable assets in DCL world, and their holders are stakeholders.
I agree that there should be a formula for purchasing LAND as a way to improve confidence in the LANDs system
More importantly, it gives the DAO an opportunity to open up spaces to creators who would like to publish for a limited time.
Perhaps funds can be earmarked to purchasing
1 plot of land @ floor price
1 estate of 2x2 (at lowest price)
on a monthly basis.
Some other parameters that i’d suggest:
Introducing a ceiling to the purchase price to prevent price gouging, e.g 4000 mana per plot
Fixed date
Has to be priced in MANA since DAO funds are predominantly MANA denominated
Possible to also put it out to rent to generate recurring income for DAO. At 1MANA/day rate per plot, puts returns at close to 9% on a 4k mana plot
Total cost to the DAO will be capped at 20k MANA per month based on my suggestion, with no worry about overspending due to price cap.
You might have invested your money, but that doesn’t make you an investor or stakeholder. You are not entitled to anything more than anyone else.
The DAO already have 220M MANA and I could send some names to it, that seems quite a lot of skin in the game already
Having a fixed date and trying to prevent price gouging seems not very good. If people know when land will be bought, they can just bump the price at that specific time.
Hmm if I might point out your reply to Jayson, if you have invested money, you are an investor are you not? that’s essentially the definition, be it LAND or MANA. Paradoxical to say otherwise.
Hence the price cap. If price falls below 4k(which is arbituary and can be up for debate), the DAO steps in to purchase LAND/ESTATE.
If its above due to speculators bumping, the market is supported and the DAO does nothing.
Essentially, its like a share buyback.
A fixed date will enable the DAO to define when the purchase should be made, as opposed to it be at the discretion of an individual/committee (which will definitely not sit well with the DAO)
I must also add that we are talking about purchasing, as in my analogy, 1 LAND and 1 ESTATE(2x2), and not sweeping the floor till it pushes above 4k MANA. Market participants are free to speculate at their own risk.
a person or organization that puts money into financial plans, property, etc. with the expectation of achieving a profit:
I may not own property at this time however I consider my purchase of MANA as an investment to me. I buy wearables and expect to achieve a profit when I sell same wearables. No matter how small my investment is I consider myself an investor in this platform.
The DAO should spend 30k MANA a month buying the cheapest LAND parcels on the market. Then we can redistribute those parcels to people that want to utilize it!
Ideas for LAND usage:
Monthly building competitions. (Where winners get their scene deployed) \ Build bus stops along roads \ Resell at a higher price. \ Build teleports \ Giveaways (for marketing) \
Benefits: More developers getting involved \ More LAND demand \ More stuff to do in-game \ MANA burned for each purchase \
I don’t believe the DAO should give the lands away or sell back at higher prices (at least not by default). We can just lend them, it’s even easier on a technical level and wouldn’t require DAO Committee actions.
We don’t need to build bus stop along the roads as the DAO already own the roads.
If the DAO sweeps the land floor every month, this will leave less room for others in the community to buy cheaper land. Land is already overpriced. I see the benefit of the DAO buying land to build on or lend… but please do not put up another blocker for those trying to enter at the lowest level possible.
