The Plague of Frogs NFT Project Delays Contract Migration and Enforces Royalties

03/24/2023 23:47 • Blockchain Briefs • 91 views

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

Introduction

The Plague of Frogs, a popular NFT project, recently announced on its official Twitter account that the migration of its new contract would be postponed from the original date of March 24th to March 27th. This delay is being implemented as the developers require additional time to test and ensure there are no issues that may arise. In the meantime, OpenSea will synchronize the migration while Blur may delist the NFT and cancel the bid on March 25th.

What is The Plague of Frogs NFT Project?

The Plague of Frogs is an Ethereum-based NFT project that features a variety of unique and limited-edition frog-themed NFTs. The project has gained significant popularity within the NFT community due to its rare and collectible nature.

The Delay in Contract Migration

The delay in the contract migration is an effort by The Plague of Frog’s development team to ensure a seamless transition to a new contract. This delay is also aimed at minimizing the potential problems that can occur during the migration process, which can affect the holders of the original The Plague of Frogs NFT.

The Mandatory Royalty Rate

The new contract will enforce a mandatory royalty rate on all future transactions of The Plague of Frogs NFT. This rate will not exceed 10%, and it will provide a revenue stream to the project’s developers while also ensuring that the original creators benefit from the increased value of their created NFT.

Airdrop of the New NFT

After the migration, the developers will airdrop the new NFT into the wallets initially holding the old The Plague of Frogs NFT. This airdrop will enable the initial holders to transfer, re-pledge, and obtain the same rewards. Additionally, holders have the option of canceling their pledge if desired.

Conclusion

The postponement of The Plague of Frogs’ contract migration is aimed at ensuring a smooth transition and avoiding any potential issues. The mandatory royalty rate is a measure aimed at boosting the value of the NFT project and providing revenue streams to developers while ensuring the original creators benefit from the increase in value. Holders can look forward to the migration and airdrop of the new NFT, which presents new opportunities for earning rewards.

FAQs

1. What is The Plague of Frogs NFT project?
The Plague of Frogs NFT project is an Ethereum-based NFT project featuring unique and limited-edition frog-themed NFTs.
2. Why is The Plague of Frogs delaying its contract migration?
The delay is necessary to ensure a seamless transition to a new contract and to minimize the potential for problems that may arise during the migration process.
3. What is the mandatory royalty rate?
The mandatory royalty rate is a rate of no more than 10% that will be enforced on all future transactions of The Plague of Frogs NFT, providing a revenue stream for the project’s developers while also ensuring that the original creators benefit from the increased value of their created NFT.

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