Upgrade and Migration of Goblin NFT: Ensuring 5% Royalty Rate
It is reported that the NFT project \”goblin\” Goblintown development company Truth Labs announced on social media that it would start the contract upgrade and migration, aiming to e
It is reported that the NFT project “goblin” Goblintown development company Truth Labs announced on social media that it would start the contract upgrade and migration, aiming to ensure the implementation of a 5% royalty rate in the future. In addition, the company also announced that it would update the metadata of Goblintown, Illuminati NFT, The187 and Grumpls four NFT series. According to disclosure by Truth Labs, the relevant NFT series will cease bidding on the Blur platform on April 13, 2023 Eastern Time. NFT will air drop new NFTs to current holders within 24 hours after contract upgrades and migrations, and will then enforce a 5% royalty rate on all collection series.
NFT project “goblin” Goblintown development company Truth Labs announced the launch of contract upgrade and migration
The development company Truth Labs, responsible for the NFT project “Goblin” and several other NFT series, has announced a contract upgrade and migration. The purpose of this upgrade is to ensure that the implementation of a 5% royalty rate is possible in the future. The company has also revealed plans to update the metadata of four NFT series, including Goblintown, Illuminati NFT, The187, and Grumpls. In this article, we will discuss the details of the contract upgrade and migration and what it means for current and future holders of these NFT series.
Importance of a Royalty Rate
Before diving into the specifics of the contract upgrade and migration, it’s essential to understand the significance of a royalty rate in the NFT world. A royalty rate is a percentage fee that an NFT creator receives every time their NFT sells or resells. This royalty rate ensures that the creator earns a share of the profits every time their NFT changes hands. The implementation of a royalty rate is becoming increasingly popular in the NFT world as it incentivizes creators to produce high-quality and sought-after NFTs.
Contract Upgrade and Migration
Truth Labs has announced that they will be upgrading and migrating the contract of the Goblin NFT project. The upgrade aims to ensure that a 5% royalty rate can be implemented in the future. While this upgrade will affect Goblin NFTs, it will not impact other NFT series that Truth Labs manages. The company has stated that the upgrade will not affect current NFT holders. However, they will air-drop new NFTs to current holders within 24 hours of the contract upgrade and migration.
Metadata Update of Four NFT Series
Truth Labs has also announced that they will be updating the metadata of four NFT series, including Goblintown, Illuminati NFT, The187, and Grumpls. Metadata is the information attached to an NFT, such as its name, description, and image. Updating the metadata of these NFT series will enhance their visual appeal and provide additional background information about the NFTs. This update will occur simultaneously with the contract upgrade and migration of the Goblin NFT project.
Cease of Bidding on the Blur Platform
According to Truth Labs, bidding for the relevant NFT series will cease on the Blur platform on April 13, 2023 Eastern Time. This means that collectors and investors have until this date to bid on and purchase NFTs from these series on the Blur platform. The company has not provided any information about whether or not these NFT series will be available on other platforms.
Implications for NFT Collectors and Investors
The upgrade and migration of the Goblin NFT project and the metadata update of the four NFT series will likely have implications for current and future collectors and investors. Current holders of Goblin NFTs can expect to receive new NFTs, which may increase the overall value of their NFT collection. They will also be subject to the newly implemented 5% royalty rate on all collection series. The metadata update to the four NFT series will provide additional background information about the NFTs, which may make them more appealing to potential buyers.
Conclusion
In this article, we discussed the contract upgrade and migration of the Goblin NFT project, along with the update to the metadata of the four NFT series managed by Truth Labs. We also explored the significance of a royalty rate and the implications of the upgrade and migration for current and future collectors and investors. By upgrading the contract and implementing a royalty rate, Truth Labs is demonstrating its commitment to ensuring a fair and sustainable NFT market.
FAQs
Q1. What is a royalty rate in the NFT world, and why is it essential?
A1. A royalty rate is a percentage fee that an NFT creator receives every time their NFT sells or resells. It is significant because it incentivizes creators to produce high-quality and sought-after NFTs.
Q2. Will the contract upgrade and migration affect current Goblin NFT holders?
A2. The upgrade will not impact current NFT holders, but they will receive new NFTs within 24 hours of the upgrade and migration.
Q3. Will the metadata update of the four NFT series increase their value?
A3. The metadata update will provide additional background information about the NFTs, which may make them more appealing to potential buyers and increase their overall value.
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