Love this. Agree layer 2 would be a great idea and so nice to save on gas. I know we have interests in ImmutableX but i think that is more gaming focused, though I don’t know. We would have to investigate the feasibility and also the demand. Are NFT’s on L2 actually selling?
Most of the tax stuff goes over my head so thank you for joining the conversation. I think I can speak for most that we want to minimize tax liability as much as possible. We are open to any strategies/structures you and the legal guild would propose. Based on the conversations in this thread so far do you think this is something we can make work in the DAO or is it better suited as something we spin off and Bankless members get the alpha?
One other idea just brainstorming here. What if the NFT vault was officially under the umbrella of the nonprofit you proposed in your three-prong structure. If we structure the purchases as ‘donations’ to our nonprofit does that help with taxes at all?
Great questions.
I think it’s a great idea. I mention the tax implications as something to be aware of. Don’t let it deter you from the idea.
Great question and I don’t have the answer. I will look into it. That very well could be a possibility. I will get back to you on this idea.
1 Like
I would definitely check with legal @Eagle or @LarryFlorio to get their opinion on the structure. An NFT might not require accredited investors and a structure like HoneyDAO may work out. It seems like a separate structure where the Bankless DAO Treasury contributes funds would isolate the Bankless DAO members from any future legal implications. I can’t speak for Bankless LLC and other members, but violating US securities regulations and dealing with the IRS are things I would prefer not to do.
3 Likes
I am a member of a new NFT platform/marketplace named Burble. Our first NFT will be with Smokey Robinson and the visual artist Tyree Guyton who’s the creator of the famed Heidelberg Project. Our creative director has deep roots in the legacy art world. I would love to work with the DAO in some fashion.
1 Like
I agree! I’m letting everyone sorta voice their thoughts on this post and then play to pull together with the nft-squad and meet with legal.
2 Likes
Moving to archive. Please reply to reopen.