Latest The Plague News
Earlier this week, the Plague NFT surprised holders with equity in the company, offering real shares based on their Frog NFT holdings.
The Deets
- Equity Offer: Frog NFT holders receive company shares.
- Share Allocation: Based on the number of unlisted frogs held and additional multipliers.
- No Action Needed: Holders automatically receive shares, with vesting linked to a future staking mechanism.
- Corporate Transition: The Plague is in the process of changing from an LLC to a C-Corp to facilitate this process.
The Bulk
In an unprecedented move, The Plague NFT announced a groundbreaking initiative on Christmas morning. The project is offering real equity shares to holders of their Frog NFTs. The share allocation is determined by the number of unlisted frogs a holder possesses, with multipliers enhancing the percentage based on various criteria such as snapshots taken since 2022, special allocations for proactive community members, team member allocations, and profile picture (PFP) usage.
Holders do not need to take any action to receive these shares. The only requirement is to hold onto their frog NFTs until the shares are vested. The Plague NFT is currently in the process of transitioning from a Limited Liability Company (LLC) to a Corporation (C-Corp) to execute this plan effectively. The founder has retained the majority of the company to ensure the mission's execution and has stated that such distributions may not occur again in the future, emphasizing the uniqueness of this gift.
❗Why It Matters
Many have thought of owning an NFT as owning "equity" in a particular collection, but until now, no project has formally offered equity to its holders.
🎤 Community Quotes
P.S. Yes it is legal. I did not sell them. You had no expectation of receiving them when you bought your frog. They are a gift. P.S.S. I consulted with multiple lawyers on the subject.Pons
🔜 What's Next?
Details about the company valuation, the percentage of shares allocated, and the vesting period are yet to be disclosed. Holders are advised to stay tuned for further announcements regarding the staking mechanism and other specifics.
For more web3 and NFT news, visit the Lucky Trader newsfeed.
The Plague will push back its contract migration until next week, according to a tweet from the project.
❗ Why It Matters
Yesterday we reported on the team's plan to migrate the contract in order to enforce royalties across all marketplaces, however, today they have announced they are rescheduling the migrations due to ensure no hiccups. The migration will now take place on Monday, Mar. 27.
🎤 Community Quote
🧠 Learn More
The Plague of Frogs will migrate contracts on Friday in order to enforce royalties, per an announcement from the project.
❗ Why It Matters
The new contract will add features that weren't possible in the current contract. The advantages of the new contract will allow for upgradeability and the enforcement of royalties.
🔎 The Deets
- The metadata for current @ThePlagueNFT frogs will be changing soon in anticipation of the upcoming contract migration on Friday.
- The new NFT will be airdropped into the wallet that owns the old frog. There will be the ability to unstake, transfer, and restake to gain the same rewards.
- Listings that remain on Friday will be delisted by OpenSea and Blur, and by default no frogs will be listed on the new collection.
- The royalties will likely stay at 10%, but not more.
🔜 What’s Next?
There will potentially be a burn of old frog NFTs (to claim $FRG) after migration and at a later date.
🧠 Learn More
- The Plague Discord: Migration Quick Fire FAQ
- The Plague Medium: A Case for the 10% Royalty (April 1, 2022)
- The Plague website (plaguebrands.io)
Jenkins the Valet announced the 12 NFT communities that have signed on as partners for the project's eight-episode fiction podcast on Wednesday.
The 12 signed partner communities the Writer's Room will be voting on are @goblintown, @RumbleKongs, @SappySealsNFT, @BYOPills, @pudgypenguins, @PurrnelopesCC, @inhabitants_, @ThePlagueNFT, @thelittlesnft, @MaisonDeGOAT, @bubblegumkids_ and @Overlord_xyz 👏 pic.twitter.com/CS68SogLkE
— Jenkins The Valet 🍌 Is Exploring Azurbala (@jenkinsthevalet) November 30, 2022
Partner community agreements allow Tally Labs to 'set an episode in their world and use their name, logos, and key lore elements', according to the thread.
Holders from the partner communities will be able to fill out a backstory for their NFT, with characters featured in the upcoming podcast stories. One partner, voted on by Jenkins Writer's Room NFT holders, will also have an episode set within that project's community.
In addition to the 12 partners, many other NFT communities are also eligible to create characters:
However, these 100+ communities can create characters on https://t.co/DHD2lyDJhP and be eligible for the podcast and future opportunities beyond!
— Jenkins The Valet 🍌 Is Exploring Azurbala (@jenkinsthevalet) November 30, 2022
Own an NFT from any of these communities? We want YOU to tap into your inner creativity and create a character. pic.twitter.com/jdaklQxeE2
Users can visit the Jenkins Podcast website to learn more and submit their NFT from the collections above for inclusion in the podcast.
