XIP#57: Proposal To Unwind Autoglyph Vault

Product
1

We propose to unwind the Autoglyph vault and transfer the underlying Autoglyph NFT to the DAO wallet. This action aims to liquidate the NFT for ETH and distribute the proceeds pro-rata among the remaining vault token holders. Given the current illiquidity of the fractionalized NFT and the likelihood that many vault tokens reside in inactive wallets, this course of action serves the best interests of all fractionalised vault holders.

Proposal Details:

  1. Unwind the Vault:
  • Transfer Ownership: Initiate the process to unwind the vault holding the Autoglyph NFT, effectively dissolving the fractional ownership structure.
  • DAO Custody: Transfer the full ownership of the Autoglyph NFT to the DAO’s wallet for seller management.
  1. Liquidate the NFT:
  • Sale of Autoglyph: List the Autoglyph NFT for sale via OTC to secure the best possible price in ETH.
  • Market Timing: Consider current market conditions to time the sale optimally, ensuring maximum returns for members.
  1. Distribute Proceeds:
  • Pro-Rata Distribution: Allocate the ETH obtained from the sale proportionally among the remaining active vault token holders.

Conclusion:

Unwinding the Autoglyph vault is a strategic move to unlock the value of an illiquid asset for the benefit of all fractionalised vault members. By converting the NFT into ETH and distributing the proceeds, we provide tangible returns to all.

2

Thanks @MiladyKing

For any GLYPH token holders that would like to proceed with the unwind process please post a signed message in the replies below stating your preference (shutdown the vault and sell off the remaining item or remain as is).

If the majority holder >50% is for the process then vault shutdown proceeding will begin.

One point of note, there is no longer an NFTX DAO to transfer the Autoglyph towards, so the management would most likely sit with Flayer now.

3

thanks javery

see here on msig ui for the signed message (under messages). feel free to check via etherscan to verify signature:

5

Let’s shut this down and move forward :smiling_face_with_three_hearts: