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A blockchain-based project Cabin has announced a “Network City” based on crypto governance for NFT holders. The new city will operate as a global alliance of self-governing neighborhoods mimicking the operations of crypto networks.
The project backers touted the network city to be cheaper and accessible, comprising tight-knit communities.
How The Blockchain-Based Project Works
Cabin’s creator, John Hillis, said the aim is to combine tiny homes with blockchain-based membership allowing residents to take active parts in what happens around them.
The citizens will hold Cabin governance tokens to vote on treasury management and other decisions regarding neighborhood composition.
According to the creator: “We’re using these bottoms-up polycentric governance structures where we are essentially playing games that are governance but don’t necessarily look like governance. Like building on the token curated registry of the city directory – that’s something that is actually fun to do.”
Cabin will utilize the blockchain and tokens to keep track of membership and impart a “marker of legitimacy” on all the neighborhoods existing in the city.
Every residence in the Network City will be a neighborhood different from others and owned separately. But for a residence to become a “neighborhood,” the property must amass 1000 CABIN tokens votes from others.
While Cabin’s ethos is the same for all the neighborhoods, the caretakers can create different rules and regulations to guide each place.
Cabin Citizenship is a subscription membership to Cabin’s network city.
It includes access to our global properties, year-round coliving options, signature experiences, and more.
To become a Cabin Citizen, you must get vouched for by an existing Citizen. pic.twitter.com/xqROFDTimR
— Cabin (@cabindotcity) May 23, 2023
Hillis said the project had given the Network City citizenship to 300 long-term Cabin community members. These citizens can now refer other interested NFT holders to the group.
Cabin To Revolutionize Community Living
While describing the approach of combining the blockchain, and community living, Hillis stated that the blend would unleash the “fountain of human creativity,” which has been silenced by modern cities.
Hillis further explained that Cabin will organize many cabins in the woods and offer them to “like-minded digital nomads and their friends.”
That way, Cabin will solve people’s loneliness while living in “single-family homes and car-centric suburbanites.” According to Hillis, the people Cabin targets are already singling themselves out through online communities, especially in the crypto space.
As such, Cabin now aims to provide-a real-world setting for these online communities to come together, live and work in the Network City. Projects such as Cabin could drive more adoption and utility for NFT projects.
Currently, the NFT market cap sits at $2,987,106,663.70, while the overall sales volume has reached $54,373,766.35, depicting an increase of 11.97% in 24 hours.
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