How to reclaim NFT(s) contained in a vault if you no longer own 100% of the fraction supply (aka only 99.99%)

The Situation

You just took the bold leap to set up your fractional vault, storing your highly desirable NFT(s) to allow others to own a piece of its history, and even set up your first liquidity pool to provide a portion of the fractional ownership tokens through the service of an AMM such as SushiSwap or UniSwap.

You were excited, but are now having second thoughts, and perhaps you’re not as willing to relinquish complete ownership of the NFT you put in the vault so you want to reclaim it back to your wallet from the smart contract before others collect the fractions that you’ve made available to the world.

You learn that you can do that, as long as you own 100% of the fraction supply in your wallet, so now you’ve just pulled all the fractions out of the liquidity pool you had just put in but WAIT, you notice 0.000001 was left behind and you can’t access it. This is what we call dust, and sometimes it’s a side effect experienced even with the most popular AMM protocols.

So, now what? Unfortunately, there is no easy answer and the protocol does not allow a way to directly claim the NFT from the vault as the curator without owning 100% of the supply, but there’s still hope.

Your Options

Option A) Vote on a low reserve price you can afford, set the auction length to 3 days, and initiate a buy-out in hopes no one else outbids you. If/when you win the auction, the NFT is transferred to your wallet and you can then trade in your 99.9% of ownership tokens for the ETH you used to win the auction.

Option B) Trigger an auction at the reserve price you feel the NFT is worth and set the auction length to 3 days. Similarly, initiate an auction in hopes no one else outbids you. If/when you win the auction, the NFT is transferred to your wallet. If a different wallet outbids you and you are priced out, at least you’ll be able to trade in your 99.9% supply of the fractional ownership tokens and claim the ETH that was used to win the auction.

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