Metaplex Agreed NFT Creators To Upgrade Existing NFT Collections In 90 Days

Key Points:

• Metaplex announced that starting next Friday, creators will be able to upgrade existing NFT series to start enabling royalty enforcement.
• The upgrade path is divided into community voting and two regular upgrades. Once the creator initiates the on-chain upgrade process, a 14-day countdown will begin before the upgrade takes effect.
• Metaplex stated that the existing NFT series would have 90 days to upgrade, after which it will be possible to mint programmable NFTs or regular NFTs through the use of mandatory royalties, but migration between the two will not be supported.

The NFT platform Metaplex on Solana announced that starting next Friday (January 6), creators will be able to upgrade existing NFT series to start enabling royalty enforcement.

The upgrade path is divided into community voting and two regular upgrades (14 days advance notice to the holder).

1/ Big Friday update on royalties

Creators will be able to start upgrading existing NFT collections starting next week and enable royalties enforcement

Here’s what you need to know to prepare pic.twitter.com/A2MZALiwHB

— Metaplex (@metaplex) December 30, 2022

Creators are in charge of informing their collectors of the impending changes, although Metaplex will publish a public notification page to assist in doing so.

They will have the ability to list the applications that will be able to communicate with their NFTs a few days after the upgrade tool’s initial release. For simplicity, the platform will have an optional rule set with a list of frequently used programs that honor royalties.

Once the creator initiates the on-chain upgrade process, a 14-day countdown will begin before the upgrade takes effect.

Metaplex stated that the existing NFT series would have 90 days to upgrade, after which it will be possible to mint programmable NFTs or regular NFTs through the use of mandatory royalties, but migration between the two will not be supported.

Next week, the platform will release technical integration information on programmable NFTs with developers and marketplaces. Integrating with programmable NFTs and making a public commitment to upholding creator royalties on-chain will be prerequisites for inclusion in the default royalties rule set.

Additionally, it will make a few final changes to MIP-1 the following week in order to reflect the excellent feedback it has had over the last few weeks.

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