The Plague of Frogs NFT Project to Enforce Royalties and Migrate to a New Contract

03/23/2023 00:10 • AI & Tech Insights • 62 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, a popular NFT project, announced on their official Twitter account that they will be enforcing royalties and migrating to a new contract on March 24th. This transition will bring several changes to the project, including the enforcement of royalties on all future secondary sales.

What is The Plague of Frogs NFT Project?

The Plague of Frogs is an NFT project that features unique and eerie frog designs. Users can buy, sell, and collect these NFTs on various NFT marketplaces. Each NFT is one-of-a-kind and is verified on the Ethereum blockchain.

The Benefits of Migrating to a New Contract

Migrating to a new contract will allow The Plague of Frogs to optimize their smart contract and make necessary adjustments. The migration will also help eliminate any potential vulnerabilities and ensure a more secure platform for users.
The migration will not affect the ownership of the previously purchased NFTs. The new NFTs 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.

Enforcement of Royalties

The Plague of Frogs also announced the enforcement of royalties on all future secondary sales. This means that every time an NFT is sold on a secondary market, a percentage of the sale will go to the original creator.
The enforced royalty rate will not be higher than 10%. This move is a significant step forward in protecting and rewarding the artists behind NFT projects. As NFTs continue to gain popularity, it is essential to ensure the creators receive proper recognition and compensation.

FAQs

**1. Will the enforced royalties apply to previously sold NFTs?**
No, the enforced royalties will only apply to all future secondary sales.
**2. Will the migration affect the current value of my NFT?**
No, the migration will not affect the current value of your NFT.
**3. What if I don’t want to enforce royalties on my NFT?**
The Plague of Frogs NFT project will enforce royalties on all NFTs, regardless if the owner chooses to opt-out or not.

Conclusion

The Plague of Frogs NFT project’s decision to enforce royalties and migrate to a new contract is a significant step forward in the NFT industry. This move will help protect and reward the artists behind NFT projects and ensure the continued growth and sustainability of the NFT space.

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