Upgrading the Goblin NFT Project: What You Need to Know

04/13/2023 01:26 • NFT Newsflash • 120 views

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

Are you an avid collector of NFTs? If so, you may have heard of the Goblin NFT project developed by the Goblintown development company Truth Labs. Recently, the company announced on social media that it is planning to upgrade and migrate the project’s contract to ensure the implementation of a 5% royalty rate in the future. But what does this mean for NFT collectors and enthusiasts? In this article, we’ll explore everything you need to know about the Goblin NFT project upgrade.

What is the Goblin NFT Project?

Before we dive deep into the project’s upgrade, let’s first understand what the Goblin NFT Project is all about. Simply put, the project is a collection of unique and rare NFTs developed by Truth Labs. Each NFT in the series represents a different type of “goblin” character, from mischievous tricksters to brutish warriors. They are highly sought-after by NFT collectors and enthusiasts who appreciate original digital artwork.

The Need for Contract Upgrade and Migration

So, why does the Goblin NFT project need a contract upgrade and migration? According to the announcement made by Truth Labs, the reason is to ensure the implementation of a 5% royalty rate on all collection series. This means that the company can profit off of any secondary market transactions of the NFTs that happen after their initial sale. This royalty rate will be enforced on all collection series, including Goblintown, Illuminati NFT, The187, and Grumpls.

The Latest Updates on Metadata

Besides upgrading and migrating the contract, Truth Labs will also be updating the metadata of the four NFT series mentioned above. Metadata refers to the information associated with the NFT, such as its name, description, and image. With the update, the metadata will be refreshed and potentially improved, making it a valuable move for NFT collectors.

Key Dates to Keep in Mind

For collectors who are interested in the Goblin NFT project, it’s essential to keep track of the key dates related to the update. According to Truth Labs’ official statement, the relevant NFT series will cease bidding on the Blur platform on April 13, 2023, Eastern Time. Current NFT holders can expect new NFTs to be air-dropped to them within 24 hours after the contract upgrades and migrations are complete.

The Bottom Line

The Goblin NFT project is undoubtedly a significant undertaking for Truth Labs, and the contract upgrade and migration is a crucial piece of the puzzle. With the implementation of the 5% royalty rate and the updates to the metadata, the company is positioning itself to succeed in the highly competitive NFT market. For collectors, it’s essential to stay up-to-date on the changes and understand how it may impact your investments.

FAQs

#1. What is a 5% royalty rate, and how does it work with NFTs?

A 5% royalty rate is a percentage fee that the creator of an NFT can earn every time it’s sold. This means that if an NFT is resold for a higher price on secondary markets, the creator will earn a percentage of that sale as a fee.

#2. Will the new NFTs be similar to the previous ones?

The new NFTs air-dropped to current holders are expected to be unique and different from the previous ones. However, because the company has not yet released any specific information, it’s unclear what the new NFTs will look like.

#3. Can I still buy Goblin NFTs after the bidding ends?

After the bidding ends, it will no longer be possible to buy Goblin NFTs on the Blur platform. However, it’s possible that they may appear on other platforms in the future.

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