This new project will soon emerge from the LbunProject kitchen.

Project “Land Rush 2024”: Investing in Land through NFTs

Introduction

Land Rush 2024 is an innovative project that combines blockchain technology with real estate investment, allowing investors to acquire land through NFTs (Non-Fungible Tokens). This initiative aims to democratize land ownership, offering owners multiple potential uses for their parcels.

Project Phases

1. Land Rush Token Minting

• Initial Tokens: Land Rush Tokens will be issued across multiple blockchains as bidding instruments for Acre NFTs.
• Pricing and Bonding Curve: Tokens will start at $2 and follow a linear bonding curve, reaching $10 per token when 6 million tokens are outstanding.
• Funding Goal: Sales must reach $500,000 before Acre NFTs are minted.

1. Minting and Auctioning of Acre NFTs

• Whole Acre NFTs: Represent one acre of undeveloped land. NFTs will be numbered, with the mint order determining the preference for converting them to specific Land NFTs.
• Fractionalized Acre NFTs: A portion of Acre NFTs will be available for fractional purchase at the current market rate, approximately $8000 per acre.

1. Land Purchase

• Capital Conversion: Funds from Acre NFT sales will be converted to fiat to purchase land in the rural mountains of West Virginia.
• Irrevocable Trust: Acquired land will be assigned to a 1000-year irrevocable trust, managed by a law firm.

1. Converting Acre NFTs to Land NFTs

• Plot Selection: Acre NFT holders can choose their land plots based on the mint order of their NFTs.
• Conversion Process: This will last for one week or until all Acre NFTs are converted to Land NFTs, whichever comes first.

Tokenization and Economics

• Bonding Curve: Collateral will be removed from the bottom portion of the curve to prevent a price crash.
• Token Trading: Land Rush Tokens can be bought and sold during and after the initial process, and used for future Acre NFT offerings.

Rights and Governance

• Right of Ways: Owners will have access to their plots through the borders of other parcels if needed.
• Governance Structure: Land NFT holders can elect three liaisons for two-year terms to assist with permit management and dispute resolution.
• DAO (Decentralized Autonomous Organization): Will manage internal disputes and governance decisions, with a two-thirds majority voting system.

Scalability and Foreign Ownership

• Land Value: The estimated total value of land on Earth exceeds $100 trillion, ensuring ample supply for future expansions.
• Foreign Ownership: There are no known legal restrictions in West Virginia against foreign land ownership.

Conclusion

Land Rush 2024 offers a unique opportunity to invest in real estate through tokenization, providing flexibility, transparency, and a pioneering approach to land ownership. Interested investors should consider the risks and potential benefits of this innovative project.

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