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The Asset: Chromie Squiggle #524
Chromie Squiggles is an Art Blocks project that creates generative art NFTs. One of the first to be minted (of a possible 10,000), the Chromie Squiggle #524 unique NFT includes a "normal" spectrum of colors.
$11,655, which would net investors $0.46 / share, representing a 54% drop to the drop value of $25,300 or $1.00 / share on 9/7/21. Compared to the last traded price at $0.70 / share on 6/3/22, the offer represents a drop of 34.3%.
As of writing this, the current floor price for Chromie Squiggles is ~$11,562 (6 ETH x $1,927). As such, we believe the offer to be in line with current FMV for this NFT.
In line with the NFT market as a whole, the market for Chromie Squiggles has seen significant declines in recent months. While it's generally our approach not to sell into weak markets, the ongoing uncertainty around the future trajectory of NFTs like this one persuaded us to bring this offer to shareholders and put the decision in their hands.
Submit Counteroffer: Open the asset in the app to submit your offer.
Trading has been placed on hold pending investor feedback related to the offer. We asked shareholders to provide feedback by Monday, June 6th at 2pm ET.
The Otis team will approve or reject the offer based on a number of factors, including shareholder vote, recent sales, and trading price on Otis. If the buyout is approved, investors will be eligible to receive a payout into their Otis cash account once the transaction is finalized.
RESULT (6/7/22, 2:15pm ET):
The offer was rejected. The results of investor feedback were 91.3% reject and 8.7% approve, weighted by shares.
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