NFT Projects DeGods and y00ts Launch with Unmanaged Pledges: What You Need to Know

04/27/2023 01:20 • AI & Tech Insights • 82 views

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

Introduction

On April 27th, the NFT projects DeGods and y00ts were launched with unmanaged pledges. This unique feature caused quite a stir in the NFT community as it provides an opportunity for users to participate in the pledging process with ease. In this article, we will take a closer look at what exactly unmanaged pledges mean for NFT holders and how to navigate the pledging process.

Understanding Unmanaged Pledges

Unmanaged pledges mean that users can easily cancel and re-pledge their NFTs to participate in the pledging process. During the pledge period, the NFTs will remain in the holder’s wallet, but they will be frozen by the pledge contract. This means that the NFTs cannot be transferred or traded until the pledge is cancelled. However, Token gated applications will not be affected by this freeze, ensuring a seamless user experience.

DeGods and y00ts NFT Projects

DeGods and y00ts are two popular NFT projects that have recently launched with unmanaged pledges. DeGods is a project that allows users to own collectible Gods that can be used in a community-based game. y00ts, on the other hand, is a project that enables users to own and trade unique and rare sneakers in a virtual marketplace.

The Pledging Process

To participate in the pledging process, users simply need to navigate to the project’s website and select the NFT they wish to pledge. They can then cancel their pledge and re-pledge their NFT at any time, as long as it is within the allowed pledge period. During this period, users will not be able to transfer or trade their NFT while it is under pledge.

ETH’s DUST Waived Pledge/Cancellation Fees

Starting next week, ETH’s DUST pledge/cancellation fee will be waived, with planned resumption on May 4th. This means that users can freely participate in pledging and cancelling their NFTs without having to worry about additional fees.

Conclusion

Unmanaged pledges are a unique and innovative feature that has been introduced to the NFT community by DeGods and y00ts projects. Understanding the pledging process and how NFTs are affected by this feature is critical for all NFT holders. As the NFT market continues to evolve, we can expect to see more creative and exciting features introduced to the community.

FAQs

1. What are unmanaged pledges?
Unmanaged pledges are a feature of certain NFT projects that allow users to easily cancel and re-pledge their NFTs during the pledging process.
2. Can I trade or transfer my NFT while it is under pledge?
No, NFTs that are under pledge cannot be traded or transferred until the pledge is cancelled.
3. What is DUST pledge/cancellation fees?
DUST pledge/cancellation fees are additional fees charged to users when they participate in the pledging and cancellation process. These fees have been waived for next week, with plans to resume on May 4th.

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