XIP#59: Unwind Milady v3 Vault

Proposals
1

Proposal: Unwind the Milady NFT Vault and Distribute Proceeds to Vault Token Holders

Overview

I propose to shutdown the NFTX v3 Milady NFT vault and transfer the underlying Milady NFTs to facilitate their liquidation. This action aims to unlock the value of the assets for the benefit of all fractionalized vault token holders.

Given the current illiquidity of the fractionalized 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

  • Majority Control for Shutdown: The wallet 0x744Ec7DbA1E080E43d8C304ab685FD2a137455C8, controlled by Toes, holds .87254 tokens. With these holdings, Toes will have the majority control necessary to initiate the shutdown of the vault.

b. Shutdown of the Vault

  • Initiate Vault Shutdown: Toes will submit a signed transaction requesting the shutdown of the vault, effectively dissolving the fractional ownership structure.

2. Liquidate the NFTs

a. Sale of Milady NFT

  • Selling into Existing Bids: All Milady 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 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:

b. 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 Milady 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.

2

Looks good @Toes

Could you use something like View, Sign & Verify Message Signatures | Etherscan to sign a message with the wallet holding the tokens to show it’s really you looking for this unwind, that would be the majority in favour and it should move through.

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Here you are, ser: