Latest The 187 by IlluminatiNFT News
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.
Truth Labs, the creators of goblintown and IlluminatiNFT, shared an official universe map and scheduled an upcoming AMA for 2:00 p.m. ET today.
The universe map provides an easy-to-follow visual of all the NFT projects and offshoots from Truth Labs, perhaps most notably the work in creating the viral sensation, goblintown.
Goblintown eventually expanded into mcgoblins and grumpls, and the universe map includes a few redacted items that suggest more is on the way.
The same can be said for the Illuminati and 187 NFT projects, which both contain unaccounted-for roadmap items in the universe map.
Last but not least, Truth's latest endeavor, resurrecting CryptoFace, also found a place on the universe map with indications that at least four DAO-led projects and initiatives are set to spring off from the project.
While little is known about why the universe map was shared, more information will likely be provided during the upcoming AMA.
This is a developing story and will be updated by Lucky Trader as more information is learned.
IlluminatiDAO has resurrected an old on-chain profile picture project, CryptoFace, according to a tweet from Truth Labs.
According to the announcement from the team, CryptoFace - which was launched three months before CryptoPunks - was initially created as part of a hackathon but abandoned quickly after very little external traction.
"CryptoFace’s development pre-dates any ETH NFT standards, so it has been sitting on the blockchain with only a handful of contract interactions in the past 5+ years. The CryptoFace project was broadly intended for identity-based use cases, such as using the profile pictures within social media apps. This is in contrast to CrytpoPunks, as early news articles focused on their description as collectible digital art," says Alex Taub, co-founder of Truth Labs.
Taub outlined the DAO's decision to resurrect the project in greater detail in his Medium post released earlier today.
While the DAO is resurrecting the project as close to the original intent, one major change will come in the IlluminatiDAO resurrection - the project will have a set supply.
"The IlluminatiDAO’s opinion was that leaving an unlimited supply wouldn’t maximize the historical significance of the project (being the first set collection on top of the OG contract)," reads Taub's post.
How Will It Work?
Each minter will be able to specifically customize their PFP using CryptoFace, rendering a likeness in a single transaction.
In that transaction, all minters will register their unique hash to the original smart contract and produce an NFT that utilizes the metadata from the original contract hash, yet on the new smart contract from the IlluminatiDAO. This will allow the NFT to maintain "direct provenance from the historical contract while being usable and meaningful on modern token platforms and dApps."
In another twist, initial minters will also receive a royalty on any sales of the NFT in the future, equal to 3% of the total sale. Any new buyer will receive the commercial license to the image and corresponding NFT.
Who Is Eligible to Mint?
All Illuminati NFT and 187 NFT holders will be eligible to mint one CryptoFace per NFT held via the CryptoFace.me website.
There will be no cost associated with the mint, and all holders will have 30 days to mint their respective NFTs.
Another 1,000 mints will be available via raffle for goblintown.wtf holders, a Truth Labs project.
Additionally, another 685 spots will be open to the public via a PREMINT raffle. The PREMINT raffle will close on Monday, October 10 at 11:59 p.m. ET.
This is a developing story and will be updated by the Lucky Trader Staff.
