Upon hitting engineering milestones last year, we invited communities to an informal partnership program. This has helped us to better understand how groups want to apply local-first, distributed software to solve their coordination problems. The insights gained from working with these remarkable, large-scale projects have inspired us to embark on an even more ambitious next phase for Neighbourhoods.
To meet the demands of scale and scope required for our partners' success, we introduced the Neighbourhoods Bazaar—a marketplace for miniature, Neighbourhoods compatible applications. For additional context on the Bazaar, you can learn more in this Substack announcement.
As the Neighbourhoods project evolves, $NHT will evolve with it. Our aim is for token holders to be able to access reserves from the Bazaar and participate in the governance of Neighbourhoods more broadly.
To this end, we are proud to announce that we have received clearance for an IPO for Neighbourhoods Bazaar Ltd. this summer.
The regulatory framework in our new hub in New Zealand will enable Neighbourhoods to be a community held and controlled project. It will also allow us to extend beyond the emerging world of web3 funding to access vetted mainstream, institutional, and ESG capital.
Token holders will be able to swap their $NHT tokens in return for equity in the Neighbourhoods Bazaar Ltd, the company associated with the Neighbourhoods Bazaar. We will be announcing a conversion price for tokens to equity shares shortly, as well as details about the crowd equity platform we will use to facilitate the entrance of our community into this new phase for Neighbourhoods.
If you are an $NHT holder there is nothing you need to do at this time except stay tuned to our updates. We also encourage you to reach out to the team on Discord or Telegram with questions, or to express interest in pre-IPO shares.