Truth Labs Updates Metadata, Will Migrate Contracts
Truth Labs NFT contracts are undergoing an upgrade and migrating to ensure future-proofing a 5% royalty rate.
The Deets
- Metadata refreshed for goblintown, Illuminati NFT, The187, and Grumpls
- Contract migration scheduled for this weekend
- Blur bids disabled on 04/13 at noon ET
- NFTs airdropped to holders within 24 hours
- 5% royalty rate enforced for all Truth collections moving forward
The Details
The metadata for the four popular NFT collections has been refreshed, poking fun at creators and royalties in typical Truth fashion. The new metadata features a big middle finger highlighted by "F*** royalties, F*** supporting builders," in the background. The official contract migration is set for this weekend. To facilitate this process, Blur bids will be disabled starting at noon ET on Thursday, April 13. Once the migration is complete, new NFTs on the upgraded contract will be airdropped to their respective holders within 24 hours.
According to Truth Labs, the upgrade is essential to ensure the collections' flexibility and future-proofing, especially with Season 2 around the corner.
❗️Why It Matters
Truth joins Overlord (formerly Creepz) and others in the quest to protect royalties by migrating its initial NFT contracts. Its just one of the latest trends seemingly created as a result of the marketplace wars and "race to 0 royalties" in order to attract more trading activity. While having the ability to enforce royalties on-chain will protect companies abilites to generate at least some income via secondary trading, projects will still need to find other revenue sources if they wish to create sustainable businesses, particularly if the end of Blur farming and incentivized trading brings a decline to the overall secondary market.
🎤 Community Quotes
The metadata change prompted some laughs, some headturns, and some push back.
🎬 Take Action
Truth is urging users to not buy any of the existing NFTs after Blur bids are disabled, at that time the existing NFTs and the contracts they exist on will become obsolete. Holders do not need to take any further action, as you will be airdropped the new NFTs after the contract migration.
