The Plague of Frogs NFT to Enforce Royalties and Migrate to New Contract on March 24th

03/23/2023 00:10 • AI Insights • 90 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 Plague of Frogs, an NFT project, recently announced on its official Twitter account that it would migrate to a new contract and enforce royalties on March 24th. This move will result in the creation of a new NFT, which will be airdropped to the wallets holding the old The Plague of Frogs NFTs. In addition, the new NFT can be transferred, cancelled, and pledged to receive the same rewards. The new contract will enforce royalties, although the rate will not be higher than 10%. This article will provide more information on this topic.

What is The Plague of Frogs?

The Plague of Frogs is an NFT project that uses blockchain technology to create limited and unique virtual assets. It allows users to buy and sell these assets on blockchain marketplaces using cryptocurrency. The project is based on the concept of creating a digital replica of a plague of frogs.

The Need for Enforced Royalties

The reason for the enforcement of royalties is to ensure that the creators of the NFTs benefit from the ongoing trading and resale of their work. NFTs are one of the ways that creators can take advantage of the growing interest in digital assets, which are increasing in value due to high demand. Royalties ensure that creators continue to benefit from their work, even when it changes hands multiple times. This move is also expected to protect the value of The Plague of Frogs NFTs in the long term.

Migration to New Contract

The migration to a new contract is necessary to update the existing contract and ensure the smooth running of the project. The old contract may contain bugs or other issues that could result in future problems. Migrating to a new contract will also allow for the enforcement of royalties. The migration is expected to be complete by March 24th.

Airdrop of New NFT

Once the migration is complete, holders of old The Plague of Frogs NFTs will automatically receive the new NFT via airdrop. The new NFT can also be cancelled, transferred, and pledged to receive the same rewards as the old NFT. This move ensures that the current holders of the NFTs will not lose their investments and will continue to benefit from the new contract’s features.

Enforced Royalties

The enforcement of royalties is a critical feature that will ensure that the creators of the NFTs continue to benefit from their work. The royalty rate will not exceed 10%, ensuring that it remains competitive and profitable for the creators while still allowing the resale value and demand to continue to increase.

Conclusion

The Plague of Frogs NFT project’s migration to a new contract and the enforcement of royalties is a significant move that will ensure that the creators of the NFTs benefit from their work even after they’ve sold them. The enforcement of royalties will also protect the value of the NFTs in the long term. Holders of the old NFTs will also receive airdropped new NFTs, ensuring that their investments continue to be profitable.

FAQs

Q: What is The Plague of Frogs?
A: The Plague of Frogs is an NFT project that allows users to buy and sell virtual assets on blockchain marketplaces using cryptocurrency.
Q: Why is The Plague of Frogs enforcing royalties?
A: The enforcement of royalties ensures that creators continue to benefit from their work even after it has been sold or resold.
Q: When will the new NFT be airdropped?
A: The new NFT will be airdropped by March 24th to holders of the old The Plague of Frogs NFTs.
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