The Plague Offers Equity Based on NFTs
Earlier this week, the Plague NFT surprised holders with equity in the company, offering real shares based on their Frog NFT holdings.
The Deets
- Equity Offer: Frog NFT holders receive company shares.
- Share Allocation: Based on the number of unlisted frogs held and additional multipliers.
- No Action Needed: Holders automatically receive shares, with vesting linked to a future staking mechanism.
- Corporate Transition: The Plague is in the process of changing from an LLC to a C-Corp to facilitate this process.
The Bulk
In an unprecedented move, The Plague NFT announced a groundbreaking initiative on Christmas morning. The project is offering real equity shares to holders of their Frog NFTs. The share allocation is determined by the number of unlisted frogs a holder possesses, with multipliers enhancing the percentage based on various criteria such as snapshots taken since 2022, special allocations for proactive community members, team member allocations, and profile picture (PFP) usage.
Holders do not need to take any action to receive these shares. The only requirement is to hold onto their frog NFTs until the shares are vested. The Plague NFT is currently in the process of transitioning from a Limited Liability Company (LLC) to a Corporation (C-Corp) to execute this plan effectively. The founder has retained the majority of the company to ensure the mission's execution and has stated that such distributions may not occur again in the future, emphasizing the uniqueness of this gift.
❗Why It Matters
Many have thought of owning an NFT as owning "equity" in a particular collection, but until now, no project has formally offered equity to its holders.
🎤 Community Quotes
P.S. Yes it is legal. I did not sell them. You had no expectation of receiving them when you bought your frog. They are a gift. P.S.S. I consulted with multiple lawyers on the subject.Pons
🔜 What's Next?
Details about the company valuation, the percentage of shares allocated, and the vesting period are yet to be disclosed. Holders are advised to stay tuned for further announcements regarding the staking mechanism and other specifics.
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