NFT Project “Goblin” to Implement 5% Royalty Rate: Contract Upgrade and Migration Details

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 NFT (non-fungible token) market has been booming recently, with various projects popping up in the industry. Among them, the “Goblin” NFT project has received a lot of attention. The development company behind the project, Truth Labs, recently announced on social media that it would start a contract upgrade and migration, with the goal of ensuring the implementation of a 5% royalty rate in the future. This article will take a closer look at the details of the upgrade and migration process.

Outline

I. Introduction
– Explanation of the Goblin NFT project
– Importance of the recent announcement by Truth Labs
II. Contract Upgrade and Migration
– Explanation of the upgrade and migration process
– Goals of the upgrade and migration
– Timeline for the upgrade and migration
III. Impact of the Upgrade and Migration
– Significance of the 5% royalty rate
– Implications for current holders and investors
– Potential impact on the broader NFT market
IV. Updates to NFT Series Metadata
– Explanation of the four NFT series affected by the update
– Significance of the metadata update
– Timeline for the metadata update
V. Conclusion
– Summary of the article
– Key takeaways for investors and enthusiasts

Article

The NFT market has been experiencing a surge in popularity, with many enthusiasts and investors clamoring to get their hands on unique digital assets. One of the projects that has garnered a lot of attention in this space is the Goblin NFT project, which is run by the development company Truth Labs.
Recently, Truth Labs announced on social media that it plans to begin a contract upgrade and migration process for the Goblin NFT project. The company has stated that this process is aimed at ensuring the implementation of a 5% royalty rate in the future, which is a significant development for current holders and potential investors.
The contract upgrade and migration process itself is complex, and will involve moving the existing NFT series to a new platform. The timeline for this process has been set, with bidding on the Blur platform for the relevant NFT series scheduled to cease on April 13, 2023 Eastern Time. After the upgrade and migration process is complete, Truth Labs will reportedly airdrop new NFTs to current holders within 24 hours, before enforcing the 5% royalty rate on all collection series.
The implementation of a 5% royalty rate is significant for both current holders and the broader NFT market. For current holders, this means that they will receive a portion of the revenue whenever their NFT is sold in the future. This is a powerful incentive for investors, who will likely see the value of their NFTs increase as the market matures.
For the NFT market as a whole, the implementation of a 5% royalty rate represents a move towards a more equitable distribution of revenue. Instead of simply benefiting the original creator of an NFT, this model ensures that all stakeholders in the ecosystem are rewarded for their contributions. This could help to foster a more sustainable and long-term NFT market, which could benefit investors and enthusiasts alike.
In addition to the contract upgrade and migration, Truth Labs has also announced that it will update the metadata of four NFT series – Goblintown, Illuminati NFT, The187, and Grumpls. The significance of this update is not entirely clear, but it likely involves changes to the metadata associated with each NFT. The timeline for these updates has also been set, and will likely coincide with the contract upgrade and migration process.
In conclusion, the contract upgrade and migration process being undertaken by Truth Labs for the Goblin NFT project is a significant development for the NFT market. The implementation of a 5% royalty rate and the updates to the metadata of the relevant NFT series are both important steps towards creating a more equitable and sustainable market. While the impact of these changes is not yet clear, it is likely that they will have a positive effect on the value and longevity of NFTs in general.

FAQs

1. When will the bidding on the Blur platform for the relevant NFT series cease?
– Bidding will stop on April 13, 2023 Eastern Time.
2. How will current NFT holders be affected by the contract upgrade and migration?
– They will receive airdropped new NFTs within 24 hours after the upgrade and migration process is complete.
3. What is the significance of the 5% royalty rate being implemented for the Goblin NFT project?
– It represents a move towards a more equitable and sustainable NFT market, where all stakeholders are rewarded for their contributions.