NFT Projects DeGods and y00ts Launch with Unmanaged Pledges

On April 27th, it was reported that the NFT projects DeGods and y00ts have both been launched with unmanaged pledges. Users only need to cancel the pledge and re pledge your NFT to participate. During the pledge period, the NFT will remain in the holder’s wallet, but these NFTs will be frozen by the pledge contract. NFTs cannot be transferred/traded until the pledge is cancelled, but the Token gated application will not be affected. In addition, ETH’s DUST pledge/cancellation fee will be waived next week, and it is planned to resume the fee on May 4th.

NFT projects DeGods and y00ts have been launched as non custodial pledges

On April 27th, the NFT projects DeGods and y00ts were reported to have launched with unmanaged pledges. This article will take an in-depth look at what unmanaged pledges are and how they work, and examine the implications of this recent launch for the wider world of NFTs.

What are Unmanaged Pledges?

Unmanaged pledges are a new development in the world of NFTs (non-fungible tokens). They are essentially a way for NFT projects to raise funds, with users pledging their own NFTs as collateral. These NFTs are then locked up in a smart contract until the pledge is cancelled.

How do Unmanaged Pledges Work?

To participate in an NFT project that has an unmanaged pledge system, users simply need to cancel the pledge on their current NFT and then re-pledge it to the project. During the pledge period, the NFT will remain in the user’s wallet, but it will be frozen by the pledge contract. This means that the NFT cannot be transferred or traded until the pledge is cancelled.

Implications for NFT Projects

The launch of DeGods and y00ts with unmanaged pledges has some significant implications for NFT projects more broadly. First and foremost, it is a new way for projects to generate funding, which has traditionally been a challenge in the world of NFTs. It also highlights the growing interest in NFTs as a financial instrument, rather than simply a collector’s item.

Eth Dust Pledge/Cancellation Fee Waived

Additionally, ETH’s DUST pledge/cancellation fee will be waived for next week, and it is planned to resume the fee on May 4th. This fee waiver will encourage more users to participate in NFT projects that use the unmanaged pledge system.

Conclusion

The launch of DeGods and y00ts with unmanaged pledges is an exciting development in the world of NFTs. It provides a new way for projects to generate funding and highlights the growing interest in NFTs as a financial instrument. The waived pledge/cancellation fee for ETH’s DUST will also encourage more users to participate in NFT projects that use the unmanaged pledge system.

FAQs

1. How can I cancel my pledge on an NFT?
To cancel your pledge, simply follow the instructions provided by the NFT project.
2. Can I trade my NFT while it is pledged?
No. Your NFT will be frozen by the pledge contract and cannot be transferred or traded until the pledge is cancelled.
3. Will more NFT projects start using unmanaged pledges?
It’s possible. The success of projects like DeGods and y00ts could encourage others to adopt this funding model.