The Plague of Frogs: An Update on Royalties and Migration
According to reports, the NFT project The Plague of Frogs announced on official Twitter that it would migrate the new contract originally scheduled for March 24th and enforce royal
According to reports, the NFT project The Plague of Frogs announced on official Twitter that it would migrate the new contract originally scheduled for March 24th and enforce royalties, which will be postponed to next Monday, March 27th, because developers need more time to test to ensure that there are no issues. At that time, OpenSea will synchronize the migration, but Blur may delist the NFT and cancel the bid on March 25th. After the migration, the new NFT will be airdropped into the wallet holding the old The Plague of Frogs NFT, It is also possible to cancel the pledge, transfer, and re pledge to obtain the same rewards, and it is understood that the mandatory royalty rate will not be higher than 10%.
NFT Project The Plague of Frogs Announces Contract Migration Delayed to March 27
The Plague of Frogs, an NFT project, recently made an announcement on their official Twitter account regarding the migration of a new contract and the enforcement of royalties. Originally scheduled for March 24th, the migration has been postponed to March 27th to allow developers more time to test and ensure that there are no issues. OpenSea will be synchronizing the migration, but there is a possibility of the NFT getting delisted and the bid being cancelled on March 25th. In this article, we will discuss the Plague of Frogs’ migration and the new enforcement of royalties.
What is The Plague of Frogs?
Before we dive into the migration and enforcement of royalties, let’s take a moment to understand what The Plague of Frogs is. The Plague of Frogs is an NFT project that was launched on the Ethereum blockchain in March 2021. The project features 6,969 unique frogs that are randomly generated and available for purchase through auctions. Each frog has its own unique traits and characteristics, including rarity, color, and pattern.
What is NFT Migration?
NFT migration is the process of transferring ownership of an existing NFT to a new smart contract. This process allows developers to upgrade their smart contract, fix bugs, or introduce new features to the NFT. When the migration is complete, the NFT is still owned by the original buyer but is now in a new smart contract.
Enforcement of Royalties
One of the new features that The Plague of Frogs is introducing is the enforcement of royalties. This means that every time an NFT is resold, a percentage of the sale (the royalty) will go to the original creator of the NFT. The Plague of Frogs has announced that the mandatory royalty rate will not be higher than 10%.
Delayed Migration
The Plague of Frogs planned to migrate to the new contract on March 24th, but this has been postponed to March 27th. The reason for the delay is due to developers needing more time to test and ensure that there are no issues with the migration. The delay also means that the enforcement of royalties will be postponed to the same date.
Possible Delisting on Blur
There is a possibility that the NFT will get delisted on Blur and the bid will be cancelled on March 25th. Blur is a platform that allows users to buy and sell NFTs, and it is one of the platforms that The Plague of Frogs is available on. If the NFT does get delisted on Blur, it will still be available on other platforms.
Airdropping the New NFT
After the migration is complete, the new NFT will be airdropped into the wallet that holds the old The Plague of Frogs NFT. This means that the new NFT will be automatically transferred to the correct wallet without needing to do anything else.
Cancel, Transfer, and Repledge
It is also possible for users to cancel their pledge, transfer to another wallet, and re-pledge to obtain the same rewards. This means that even if a user has already pledged for a frog, they can still cancel and re-pledge to receive the new NFT.
Conclusion
In conclusion, The Plague of Frogs has announced that the migration of the new contract and enforcement of royalties will be postponed to March 27th. OpenSea will synchronize the migration, but there is a possibility of the NFT getting delisted and the bid being cancelled on March 25th. After the migration, users will automatically receive the new NFT in the wallet that holds the old NFT. Users can also cancel, transfer, and re-pledge to obtain the new NFT.
FAQs
1. Why do developers need more time to test the migration?
– The developers want to ensure that there are no issues with the migration before it goes live.
2. What is the mandatory royalty rate for The Plague of Frogs?
– The mandatory royalty rate will not be higher than 10% for The Plague of Frogs.
3. What happens if the NFT gets delisted on Blur?
– The NFT will still be available on other platforms.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/9494/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.