…for turning art into shitcoins and penny stocks with farming.
What you call “volume” is the result of a pocketful of self-soothing farmers you've given a sugar-coated rotten carrot. We all know this myopic game of hot potato with artwork ends in somebody getting burned. It won't be the creators. Wash trading to farm token rewards is worse than grinding for loot crates.
But, listen Blur… It’s never too late for second chances. You have the power to fix this, and your reputation. Creators need marketplaces, and marketplaces need creators. We hope the end of Season 2 sees the conclusion of blur farming, and a shift to focusing on contributing positively to the industry. Now's your chance.
Take control and upgrade your old contract to enforce royalties, making farming an unprofitable venture for your collection.
Step 1 - Decide whether to make it a claim or airdrop to existing holders.
There are pros and cons to each. We recommend including your community on this decision.
Quick note: Airdropping to holders is the cleanest way to do it but most costly. It will be about $15-20k per 10,000 erc-721 airdrops at lowish gas (20-30 gwei)
Step 2 - Deploy your contract utilizing the OpenSea filter registry
At Truth, we are using this one. Add any public functions you want: airdrop/claim, burn, etc.
Step 3 - Prepare your community for the changeover.
This means changing metadata for existing collections a few days BEFORE change over to build awareness. The Plague did an amazing job on this. We have one that got people talking. Talking means awareness. Awareness means there is a lower chance someone buys it after the cutoff. Changing to a new NFT image lets people know that this collection will be upgrading. It's necessary to communicate every step to your community.
Step 4 - Contact Blur directly via Discord and ask them to disable bids.
This is a big one. Otherwise people will get dumped on. You can also ask them to turn off as much as possible. Turning off buying is an important one.
Step 5 - Contact Opensea via support to turn off listings and buying.
Also communicate that you would like them to re-assign your collections volume to the new contract. You’ll need your Old Contract Address, Opensea Collection Link, and New Contract Address.
Step 6 - Before you airdrop you should think through and have a plan for any utility or claims / actions based on your tokens.
After it is over, ask Opensea and Blur to delist your old tokens.
You may need to adjust any integrations or tools you use that check wallets for certain NFTs, but you should be good to go from here.
Last thing - one thing we learned and recommend others doing is to communicate every single step to the point you think you are doing too much.
You can email us at dev@truthlabs.co if you have any questions on the process.