TL;DR

• Goblintown are taking their NFT royalties back, come hell or high water.

• They blocked trading of their NFTs on OpenSea & Blur, and swapped out the metadata of their collections to show an image reading 'In Memoriam.'

• Then notified holders that they'll each be sent new NFTs, matching their original holdings, with royalties hard coded into them.

Full Story

You know who’s pulling the rip cord and applying hard coded royalties to their project?

The folks over at Goblintown - and it’s a lot harder than it reads.

See, if you have an existing project, and want to reconfigure the smart contract so it forces royalties to be paid...it's gonna get messy.

Essentially, you need to brick your collection and send out replacement NFTs to your holders.

It's a BIG undertaking, and one that could turn your collector base against you (taking optionality away is rarely celebrated).

Here's how it went down for Goblintown:

They blocked trading of their NFTs on OpenSea & Blur, and swapped out the metadata of their collections to show an image reading 'In Memoriam':

(Essentially rendering the existing collection null and void).

They then notified holders that they'll each be sent new NFTs, matching their original holdings, with royalties hard coded into them.

It's a big undertaking, but one that proves the method for the rest of the industry.

Gods speed, Goblintown. Gods speed.