Understanding the DeGods and y00ts NFT Pledge System

04/27/2023 01:20 • AI Insights • 109 views

On April 27th, it was reported that the NFT projects DeGods and y00ts have both been launched with unmanaged pledges. Users only need to cancel the pledge and re pledge your NFT to participate. During the pledge period, the NFT will remain in the holder’s wallet, but these NFTs will be frozen by the pledge contract. NFTs cannot be transferred/traded until the pledge is cancelled, but the Token gated application will not be affected. In addition, ETH’s DUST pledge/cancellation fee will be waived next week, and it is planned to resume the fee on May 4th.

NFT projects DeGods and y00ts have been launched as non custodial pledges

As the popularity of digital art and collectibles continues to rise, the use of Non-Fungible Tokens (NFTs) has become increasingly prevalent. Two of the latest NFT projects – DeGods and y00ts – have both launched with unmanaged pledges. In this article, we will explore what the pledge system is, how it works, and what it means for users.

What is the pledge system?

The pledge system is a way for NFT holders to participate in certain events or initiatives related to the specific project or collection. For example, DeGods may offer exclusive membership to those who pledge their NFT in a certain timeframe, giving them access to unique artwork or additional benefits.

How does it work?

Users who wish to participate in the pledge system are required to cancel and re-pledge their NFT during the specified pledge period. During this time, the NFT will remain in the user’s wallet, but it will be frozen by the pledge contract. This means that the NFT cannot be transferred or traded until the pledge is cancelled.
However, it is important to note that the Token gated application – the platform that manages access to specific content – will not be affected by the pledge. This means that if a user has been granted access to a certain feature, they will still be able to use it even if their NFT is currently pledged.

What is the benefit of the pledge system?

The benefit of participating in the pledge system can vary depending on the specific project or collection. For example, DeGods may offer exclusive membership or early access to a new release to those who pledge their NFT during a certain timeframe. y00ts may offer similar benefits or even reward users with additional NFTs.

What about the ETH DUST pledge/cancellation fee waiver?

Next week, the ETH DUST pledge and cancellation fee will be waived, making it easier for users to participate in the pledge system. However, it is important to note that this waiver is temporary and the fee will be resumed on May 4th.

Conclusion

The pledge system is a unique way for NFT holders to participate in specific events or initiatives related to their collection. DeGods and y00ts are just two examples of projects that have launched with an unmanaged pledge system. However, users should be aware that their NFTs will be frozen during the pledge period and that the ETH DUST pledge/cancellation fee waiver is temporary.

FAQs

Q: Can I still use my NFT if it is currently pledged?
A: Yes, the Token gated application will not be affected by the pledge.
Q: Will the ETH DUST pledge/cancellation fee be permanently waived?
A: No, the fee will be resumed on May 4th.
Q: Are there any risks to participating in the pledge system?
A: While the pledge system is generally safe, users should be aware that their NFT will be frozen during the pledge period and that they will not be able to transfer or trade it until the pledge is cancelled.

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