Migrating to a New Contract: Understanding the Changes to The Plague of Frogs NFT Project

03/23/2023 00:10 • Metaverse Matters • 99 views

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 NFT project, The Plague of Frogs, has recently announced that it will be migrating to a new contract and enforcing royalties on March 24th. This move is significant for all holders of the old The Plague of Frogs NFT, as it will result in a number of changes to the project, including the distribution of new NFTs and the enforcement of royalties. In this article, we will take a look at what these changes entail and what they mean for the future of The Plague of Frogs NFT project.

The Migration to the New Contract

The first change that The Plague of Frogs NFT holders should be aware of is the migration to the new contract. The project has stated that it will be migrating to a new contract on March 24th, which means that the old The Plague of Frogs NFT will become obsolete. This means that all holders of the old NFT will need to exchange it for the new NFT in order to continue participating in the project.

Distribution of New NFTs

According to the announcement, the new NFT will be airdropped into the wallet holding the old The Plague of Frogs NFT. This means that all holders will automatically receive the new NFT without needing to go through any additional procedures. It is worth noting, however, that the new NFT can also be cancelled, transferred, or re-pledged in order to obtain the same rewards.

Enforcement of Royalties

Perhaps the most significant change resulting from the migration to the new contract is the enforcement of royalties. The Plague of Frogs NFT project has stated that it will be enforcing royalties on all new NFTs, with a rate that will not be higher than 10%. This means that a percentage of all future sales and transfers of the NFT will be deducted as royalties, which will be distributed to the project team and other stakeholders.

Conclusion

With these changes to The Plague of Frogs NFT project, many holders may be uncertain about the future of the project. However, it is important to note that these changes are aimed at improving the sustainability and longevity of the project. By enforcing royalties and migrating to a new contract, the project team is taking steps to ensure that The Plague of Frogs NFT remains viable and valuable for all stakeholders.

FAQs

1. What is The Plague of Frogs NFT project?
The Plague of Frogs NFT project is a blockchain-based project that allows users to purchase, hold, and trade digital collectibles.
2. When will the migration to the new contract take place?
The migration to the new contract will take place on March 24th.
3. What are royalties and how will they be enforced?
Royalties are a percentage of future sales and transfers of an NFT that are deducted and distributed to the project team and other stakeholders. The Plague of Frogs NFT project will be enforcing royalties on all new NFTs, with a rate that will not be higher than 10%.

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