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The Plague of Frogs Announces New Contract and Enforced Royalties for NFT Migration

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According to reports, the NFT project The Plague of Frogs announced on official Twitter that it will migrate the new contract and enforce royalties on March 24th. The new NFT will

The Plague of Frogs Announces New Contract and Enforced Royalties for NFT Migration

According to reports, the NFT project The Plague of Frogs announced on official Twitter that it will migrate the new contract and enforce royalties on March 24th. The new NFT will be airdropped into the wallet holding the old The Plague of Frogs NFT, and can also be cancelled, transferred, and re pledged to obtain the same rewards. It is understood that the enforced royalty rate will not be higher than 10%.

NFT project The Plague of Frogs will migrate the new contract and enforce royalties on March 24th

The Plague of Frogs, an NFT project, recently announced on its official Twitter account that it will be migrating to a new contract that will enforce royalties on March 24th. This migration will involve airdropping the new NFT into wallets holding the old The Plague of Frogs NFTs. Additionally, holders of the old NFTs will be able to cancel, transfer, or re-pledge them to receive the same rewards. In this article, we will delve deeper into the significance of this announcement for the NFT market.

Why The Plague of Frogs is Getting a New Contract?

Firstly, it is essential to understand why The Plague of Frogs decided to migrate to a new contract. The answer lies in the current state of the NFT market, which has seen an explosion in demand and trading volume. Therefore, the current smart contract supporting The Plague of Frogs can no longer accommodate the high transaction volumes while ensuring minimal gas fees.
By migrating to a new smart contract, The Plague of Frogs hopes to optimize its NFT trading experience while still providing the same benefits to its community members. This migration will enable the platform to increase its transaction processing speed and minimize gas fees, leading to a better NFT trading experience for all parties involved.

Enforcing Royalties through New Contract

One notable feature of the new contract to be enforced by The Plague of Frogs is the introduction of royalties. This feature will enable artists, creators, and individuals who mint NFTs on The Plague of Frogs platform to earn a percentage each time their works are resold. This is a significant development as it addresses the long-standing issue of creators not receiving royalty payments for their works despite their increasing valuations on secondary markets.
Furthermore, the enforced royalty rate will not exceed 10%, which is a reasonable percentage considering the current market standards. The introduction of royalties goes a long way in supporting and nurturing the NFT ecosystem by providing incentives to creators and fostering a culture of fair compensation for intellectual property.

Airdropping and Transferring The Plague of Frogs NFTs

The Plague of Frogs is also enabling airdrops of new NFTs into wallets holding the old NFTs. This move ensures that community members who already have the older NFTs can still access the new contract while retaining their previous rewards. Additionally, holders of the old NFTs can cancel, transfer or re-pledge them to obtain the same rewards as before.
The airdropping process provides an opportunity for more community members to participate in the market by getting their hands on The Plague of Frogs NFTs. It also ensures that community members who have already invested in the older NFTs can continue to participate in the NFT market without feeling left out.

Conclusion

The Plague of Frogs’ decision to migrate to a new contract and enforce royalties is a significant development in the NFT ecosystem. By introducing royalties, The Plague of Frogs is creating a fairer and more just environment for creators and artists. The airdropped NFTs ensure that community members can participate in the market without feeling left out, while the option to cancel, transfer, or re-pledge old NFTs provides flexibility to current holders.
In conclusion, this move shows The Plague of Frogs’ commitment to delivering a seamless, fair, and inclusive NFT trading experience to its community members.

FAQs

Q1. What is the new enforced royalty rate for The Plague of Frogs NFTs?
The enforced royalty rate for The Plague of Frogs NFTs will not be higher than 10%.
Q2. What benefits do artists and creators get from enforcing royalties?
By enforcing royalties, artists and creators will receive a percentage each time their NFTs are resold, ensuring that they receive compensation for their work.
Q3. How can I obtain the new Plague of Frogs NFT if I have the old one?
The new Plague of Frogs NFT will be airdropped into wallets holding the old NFT. Additionally, holders of the old NFTs can cancel, transfer, or re-pledge them to obtain the same rewards.

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