Co-Owner DAO Voting
Co-owners of an NFT are considered a DAO. Any member of such a DAO can take a vote on whether to list their co-owned NFT for sale on an external marketplace.
Several votes on listing for sale may be held simultaneously provided their settings differ.
Similarly to creating a vote on listing for sale, any co-owner can click “Cancel” in such a vote’s section on the Ownity NFT page to hold a vote on whether the former should be discarded.
List Co-Owned NFT for Sale, setting up
– Listing Marketplace (OpenSea, LooksRare, X2Y2)
– Price
– Currency (ETH by default)
Delist Co-Owned NFT From External Marketplace
Cancel Vote on Listing Co-Owned NFT for Sale / Delist Co-Owned NFT From External Marketplace
A co-owner’s vote weight is directly proportional to the fraction percentage they own.
Each co-owner can vote once per instance.
As soon as a total number of co-owners whose fractions account for at least 50% of the co-owned NFT vote in favor, the co-owned NFT is, for example, listed on the chosen marketplace and with the set settings.
While on sale, the co-owned NFT is stored in an oracle address until sold.
After that, the Ownity protocol distributes the proceeds between the former co-owners.
Listing Co-Owned NFT for Sale
It’s time you suggested that you and the other co-owners listed your NFT for sale on, say, OpenSea and LooksRare. To do that, hit “Call Vote” on the NFT’s page.
Co-Owned NFT Page Call Vote Button 1️⃣ Enter a listing price and pick the marketplace(s) to list your co-owned NFT on.
2️⃣ Click “Start” to finish creating the vote.
Ownity will interact with your MetaMask extension to inform the protocol of your decision via a signed message.
MetaMask Signature Request Window The votes you just started are now accessible in the “Live” section of the co-owned NFT page’s “Votes” tab.
Co-Owned NFT Page (Live Votes) The votes stay live until a number of co-owners accounting for at least 51% of the initial purchase price vote in favor. Otherwise, the votes can be ignored, and the NFT won’t be listed.
In the case in the screenshots, the other co-owner has 75% to their name so their engagement with the vote will mean the co-owned NFT’s immediate listing for sale on the approved marketplace.
Other Co-Owner POV
This is the way other co-owner will see the created vote. Let’s hit “Approve” to put the co-owned NFT up for sale on OpenSea. We can later approve the listing on LooksRare as well.
Co-Owned NFT Page (Live Votes — Other Co-Owners) In the “Approve” window that opened up, click “Approve”. A couple of MetaMask windows are going to follow. In the first, you sign your approval, and in the second, you confirm the final listing transaction.
MetaMask Signature Request Window MetaMask Transaction Window Hit “Great!” in the “Transaction Successful” window.
Transaction Successful Window Your co-owned NFT is now listed on OpenSea. Yay!
Popping by the User Dashboard, you can see that the showcase card says “On Sale (OpenSea Logo)” now.
User Dashboard (Co-Owned NFT Listed for Sale) Canceling Co-Owned NFT Sale Listing (Delisting)
Should you decide not to part ways with your co-owned NFT, you can always call a vote to cancel its sale listing.
So hit “Cancel Sale” in the “Marketplace Listings” section of the page.
Fully Fractionalized NFT Page (Cancel Sale Button) The “Cancel Sale” window will show up where you need to click the button of the same name, then hop through the familiar MetaMask routine.
MetaMask Signature Request Window You now have started a vote to delist the co-owned NFT from the external marketplace.
Other Co-Owner POV
This is how the other co-owners (co-owner in this particular case) will see this vote.
To vote in favor, the others need to press “Approve”, then follow the familiar sequence.
Live Cancel Sale Vote (Other Co-Owner UI) MetaMask Signature Request Window Sale Proceeds Splitting
When a co-owned NFT is sold on an external marketplace, the proceeds are sent to the corresponding Ownity smart contract to then be distributed to the now former co-owners who can then access their share and claim it in the Ownity UI.
