The Mothership DAO
The Mothership is a community of Gray Boys, collecting NFTs for use with the "Proxy Ownership" technology.
Last updated
The Mothership is a community of Gray Boys, collecting NFTs for use with the "Proxy Ownership" technology.
Last updated
"The Mothership" is a term we Gray Boys use to describe our community of holders. While the Mothership DAO is not a true DAO entity from a legal standpoint, the operating principals still apply.
Ownership of a 1 Gray Boy NFT = 1 vote in The Mothership DAO.
Members create proposals, using a combination of discord, and our snapshot.org page (). This system allows our community to act in a DAO-style governance acquiring, selling, trading, claiming, and minting NFTs from other projects.
By increasing the collection of NFTs held by The Mothership's community wallet (), the community of Gray Boys gain more options for "Proxied Ownership".
No. The purpose of the DAO-style structure is give the community of Gray Boy holders the power to manage the Community Wallet holdings, in order to bolster the utility of "Proxy Ownership".
The Gray Boys NFT project has 5% of creator royalties move into the DAO Community and DAO Tax Withholding wallets. We are a USA-based company, we are operating in a a completely legally-sound fashion, for the long-term success of the project. Unfortunately, this includes paying taxes on any income (eth & NFTs) that move into the DAO wallet.
When Ether or an NFT first enters the DAO wallet, that is considered a taxable event. This means, whatever fair market value the asset had at the time of possession will be used to tax the asset. With this in mind, when an asset loses value AFTER it has been taxed as an income event, it is considered a "Capital Loss" event. Capital losses only offset "Capital Gains" so the tax deductions for a loss only provide tax relief against gains. What does this mean? This means that if our entire portfolio is at a net loss, it is basically sunk cost, because we don't have any "gains" to offset, therefore we end up paying tax on the original values, often resulting in a hefty tax bill.
No, we execute the proposals made by the DAO, and we use the Tax Withholdings to pay the IRS (internal revenue system) the taxes owed for the income/trading of crypto. We put a TON of time making sure Gray Boys is a legally-sound business, so we can continue to operate for many years to come.
