Latest Grumpls News
Truth Labs NFT contracts are undergoing an upgrade and migrating to ensure future-proofing a 5% royalty rate.
- 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 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.
What a joke lol another project that delivers no value but wants more moneyNonFungibleIan
🎬 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.
Process Grey, the artist behind Truth Labs, teased artwork for one of the grumpls expected to reveal on November 15.
"sharing this cuz @ajt asked me to," Grey said in a tweet on Friday evening. The artist also noted that there will be eight 1/1 grumpls in the reveal on Tuesday. The grumpls being revealed will be based on burning 3 NFTs from the mcgoblintown.wtf collection.
ᵥᵣₒₒₘ ᵥᵣₒₒₘ gᵣᵤₘₚₗfᵣᵤₘₚₗ— goblintown.wtf (@goblintown) November 9, 2022
₃ bᵤᵣgₑᵣₛ ᵣₑᵥₑₑₗ 11/15 pic.twitter.com/yi7JawNPcq
Goblintown is one of the NFT projects that informed its holders that they had no exposure to the FTX fallout. "Our stuff is on multi-sig. Zero exchange exposure," said Alex Taub, founder of Truth Labs, in a recent tweet.
GR-Y, a co-founder of Truth Labs, announced that Grumpls with metadata issues have been fixed in a recent tweet.
This fixed was rolled out around a week ago according to GR-Y but it was publicly posted today with an acknowledgment that the messaging was delayed, citing that "things have been hectic."
Also announced was that the Grumpls and Rumpls created by GR-Y are now CC0 and that is reflected in the official goblintown Figma file.
Grumpls, a companion collection for goblintown.wtf launched on July 30, revealed its metadata unexpectedly on Friday afternoon.
The NFTs were obtainable by burning the combo meals from the mcgoblintown.wtf collection, which was airdropped to goblintown holders back on June 4.
Grumpls have a floor price of 0.96 ETH per NFT at the time of the reveal, according to Lucky Trader's Project Rankings.