Proposal: Unwind the Anata NFT Vault and Distribute Proceeds to Vault Token Holders
Overview
We propose to shutdown the Anata NFT vault and transfer the underlying Anata NFTs to facilitate their liquidation. This action aims to unlock the value of the assets for the benefit of all fractionalized vault token holders following the successful proposal to RFV their treasury Snapshot.
Given the current illiquidity of the fractionalized NFTs and the availability of 18.5 ETH held back by the Anata team for these NFTs, this course of action serves the best interests of all vault members.
Proposal Details
1. Unwind the Vault
a. Transfer Ownership and Reduce Vault Holdings
- Withdrawal of NFTs: Flayer, holding 34.2130702 vault tokens, will withdraw 34 Anata NFTs from the vault. This action will reduce the vault holdings to 3 NFTs, the maximum allowed to initiate a vault shutdown.
- Majority Control for Shutdown: The wallet 0xdea9196dcdd2173d6e369c2acc0facc83fd9346a, also controlled by Flayer, holds an additional 2.311909976705466979 tokens. With these holdings, Flayer will have the majority control necessary to initiate the shutdown of the vault.
b. Shutdown of the Vault
- Initiate Vault Shutdown: Flayer will submit a signed transaction requesting the shutdown of the vault, effectively dissolving the fractional ownership structure.
{ "address": "0xDEA9196Dcdd2173D6E369c2AcC0faCc83fD9346a", "msg": "Please shutdown the Anata Vault on NFTX V3.\nhttps://v3.nftx.io/eth/collections/the-anata-nft/buy", "sig": "0xd42c1f7c1cfc5445bd26da7459c9a4b109e0bd6031fc04382077e4fb14306e74437d752407d91bba485f680db9386f7baeadd91d1eb80b1299fa1fb5487a85261c", "version": "2" }
2. Liquidate the NFTs
a. Sale of Anata NFTs
- Selling into Existing Bids: All Anata NFTs will be sold into existing bids on platforms such as Blur and OpenSea. This strategy ensures immediate liquidity…
- Timeframe: The sale of the NFTs will occur over the next 7 days to capitalize on current market conditions and expedite the distribution process.
3. Distribute Proceeds
a. Distribution of Airdropped ETH
- Airdrop Proceeds: The Anata team has held back 18.5 ETH (0.5 ETH per NFT) for the 37 Anata NFTs in the vault.
- Flayer’s Share: 17 ETH corresponding to the 34 NFTs withdrawn by Flayer will be sent to the Flayer Foundation Multisig wallet 0x673a039f6a959fa9db65d16781e6defde30375d9.
- Remaining Holders: The remaining 1.5 ETH for the 3 NFTs will be allocated to a claim contract. This contract will allow other vault token holders to claim their proportional share of the ETH.
b. Distribution of Sale Proceeds
- Pro-Rata Allocation: The ETH obtained from the sale of the NFTs will be divided based on the ownership of the vault tokens:
- Flayer’s Portion: 34/37 of the sale proceeds will be transferred to the Flayer Foundation Multisig wallet along with the 17 ETH from the airdrop.
- Other Token Holders: The remaining 3/37 of the sale proceeds, along with the 1.5 ETH from the airdrop, will be added to the claimable amount in the claim contract for other vault token holders.
c. Claim Mechanism
- Instructions Provided: Detailed instructions on how to claim the ETH will be provided on the website and in the documentation.
- On-Chain Verification: All transactions will be conducted on-chain, ensuring transparency and verifiability.
Conclusion
Unwinding the Anata NFT vault is a strategic move to unlock the value of an illiquid asset for the benefit of all fractionalized vault members. By converting the NFTs into ETH and distributing the proceeds, we provide tangible returns to all stakeholders. The process is designed to be transparent, efficient, and fair, with clear instructions provided for all token holders.