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

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%.

Interpretation of this information:

The Plague of Frogs, an NFT project, has announced on social media that it will migrate to a new contract and introduce royalty enforcement on March 24th. The project clarifies that holders of the old NFTs will receive the new NFT via an airdrop into their wallets. Holders can also choose to cancel or transfer their old NFTs and re-pledge them to receive the same rewards.

The introduction of royalty enforcement is significant for the project as it indicates that the creators will now receive a percentage of the proceeds, with reports stating that this amount will not exceed 10%. This measure ensures that original creators of the NFTs continue to receive recognition for their artwork, and incentivizes them to continue creating and innovating.

The migration to a new contract is likely to result in changes that improve the NFTs in terms of functionality, design, and security. This migration also presents an opportunity for the creators to update the project, streamline its operations, and grow its user base. The project’s decision to enforce royalties could also increase the NFTs’ value, as collectors and investors may be more inclined to purchase NFTs that support artists and their intellectual property.

Overall, The Plague of Frogs’ announcement marks a significant development in the NFT ecosystem, highlighting the increasing importance of royalties and the value of maintaining intellectual property rights. The NFT space is still relatively nascent, and cases of copyright infringement and piracy highlight the need for creators to have control over their digital art. This announcement is a positive step towards ensuring that creators are rewarded for their work, and the NFT ecosystem continues to grow in a sustainable manner.