Governor
Last updated
Last updated
To help all NFT holders cooperate in managing and harvesting profit from real estate, Briky Land will establish a government mechanism for each real estate, or with the perspective in the system, each specific set of NFTs.
For each real estate, any NFT holder can request a proposal with the property from the website. Its target can involve renting, extending expiry, changing real estate zoning, reconstructing the property, etc., and even extracting the real estate from the platform. Briky Land, the proxy entity responsible for operating the proposal, will validate the possibility of it and estimate the required budget. If the proposal is doable, it will be posted onto the smart contract. Any token holders can approve/disapprove the proposal with voting power equal to their balance of the corresponding NFT set at the starting timestamp of the proposal. Any account can donate to the budget. Absent votes might be pre-configured as either approval or disapproval of each proposal.
When the vote is close, if the approval voting power reaches the required quorum (regularly 50% of the total supply) and the budget reaches the required amount, Briky Land will operate the proposal. If it succeeds eventually, the platform will withdraw the budget. If the flow fails at any point, budget donors can withdraw their donations.
All incomes and payments e.g. rent, from operations of the real estate will be forwarded to the government contract so each NFT holder can withdraw their share proportionally to their NFT balances of the corresponding set.
There is one significant operation that the voting flow that must be different and more specified than the former generic flow. Which is extracting the real estate from the Briky Land ecosystem.
Extracting real estate from Briky Land means that all its NFTs will be deprecated and the ownership of the property will belong to someone else. To ensure a concrete return value comes to all NFT holders despite their approval/disapproval of the operation, selling the real estate to a specific person seems to be the perfect method.
The extracting proposal must specify the buyer's address with the selling price and currency, requested by either that buyer self or an NFT holder. Briky Land's staff will validate the process of transferring corresponding real estate ownership to the buyer based on local law and the buyer's legitimate profile before creating a proposal on the government smart contract.
Holders can vote while the buyer deposits the money into the contract. To prevent a few scamming strategies, the required approval quorum is 100% of the total supply during the first year and reduces to 75% after that. If the quorum has been hit and the buyer has deposited then the next step will be the administrative process, as usual, to officially transfer the real estate ownership to the buyer. As things are confirmed to be completed, the corresponding set of NFTs will be deprecated while holders can withdraw a fair share of the property selling value, proportionally to their balance on the total supply.
Again, if flow failed at any point, the buyer can withdraw his deposit money and the real estate remains inside Briky Land ecosystem.
