As you may already be aware, at Glorious we have made the decision to transition to a multi-blockchain experience. If you haven’t had the chance to catch up on this exciting move and the reasons behind it, we encourage you to take a look at the detailed article here.
As part of the transition to multi-blockchain support, the Glorious Secondary Marketplace will be temporarily turned off.
What does this mean for me?
As someone with a Glorious Release listed on our Secondary Marketplace, this listing for your artwork will be withdrawn when the marketplace is turned off — currently scheduled for the 16th of August.
We are then re-minting all existing Glorious assets, with your new asset/s being delivered into your Glorious wallet by the end of October.
During the re-minting phase you will not be able to sell your Glorious asset.
Why are you turning off the Marketplace first?
In order to be able to efficiently and accurately re-mint all our Glorious assets in preparation to support multiple blockchains, we need to have an accurate snapshot of who owns what asset at a point in time. This is not possible with sales occurring on the Secondary Marketplace and so we need to turn off the marketplace first to ensure that all our users receive the correct re-minted assets.
How can I sell my new assets?
Once you have been delivered your new assets, you will need to connect a supported wallet (currently Metamask, with Futurepass integration in the pipeline) to your account in order to be able to sell Glorious artwork. Our new user journey will guide you through the necessary steps, making it easy to establish the connection between your Glorious account and your Metamask wallet.
If you already have a Metamask wallet, this can be connected within the Glorious system, and if not, you can download Metamask here and set one up.
The good news is that this migration will allow you to list your collections on any compatible marketplace. These platforms provide a vibrant and diverse ecosystem for buying, selling, and trading digital works, opening up Glorious releases and creators to a much larger user base.
Are there any tax differences?
The cost basis of your new asset will be zero. This means there are no tax implications upon receiving your new asset. However, when selling, the calculation of your taxable gain will differ. The sale price of your asset will represent your taxable gain (due to the asset holding a zero cost basis). Previously, if you sold an original asset, your taxable gain would be calculated as the sale price less your cost basis (purchase price).
The zero cost basis will only apply to assets that are re-minted. Future Glorious drops that you purchase on our new experience will hold a cost basis equal to your purchase price.
Note — this is a general comment, we recommend seeking specific advice from a tax professional as this may differ case-by-case and region-by-region.
Have further questions?
If you have any further questions, we would recommend checking out our FAQ section which has been updated with lots of questions about our migration. We also have a Medium article here which details the reasoning behind this migration and our ongoing plan for working through the process.
If all else fails, please email hello@glorious.digital and ask any question you might have. We’d love to hear from you!
