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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

Table of Contents

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

1. Introduction
2. What are DeGods and y00ts NFT projects?
3. Unmanaged Pledges for NFT Projects
4. Pledge and Re-Pledge Process for NFT Participation
5. Frozen NFTs by the Pledge Contract
6. Transfer/Trade of NFTs During the Pledge Period
7. Token Gated Application for NFTs
8. Waiver of ETH’s DUST Pledge/Cancellation Fee
9. Conclusion
10. FAQs
# On April 27th, DeGods and y00ts Launched with Unmanaged Pledges

Introduction

The world of Non-Fungible Tokens (NFTs) is rapidly evolving and expanding, making it one of the most interesting topics among crypto enthusiasts and investors. NFTs are unique digital assets that use blockchain technology to store ownership and transaction updates. In recent news, it was reported that NFT projects DeGods and y00ts have been launched with unmanaged pledges.

What Are DeGods and y00ts NFT Projects?

Before we dive into the specifics of the reported unmanaged pledges, it’s essential to know what DeGods and y00ts NFT projects are. Both these projects are an open-source, community-driven NFT marketplace where creators can mint and sell their unique digital assets. DeGods has been inspired by ancient Greek mythology and allows its users to mint, buy, and sell NFTs, whereas y00ts offers an AI-based assistant for NFT creators to streamline their workflow.

Unmanaged Pledges for NFT Projects

In the recent report, it was revealed that DeGods and y00ts have launched with unmanaged pledges. But what does an unmanaged pledge mean? An unmanaged pledge means that users who want to participate in the NFT project don’t have to go through a bureaucracy. Instead, users only need to cancel the pledge and re-pledge their NFT to participate.

Pledge and Re-Pledge Process for NFT Participation

The pledge and re-pledge process in DeGods and y00ts for NFT participation is quite simple. Users have to pledge their NFTs to participate in the project. During the pledge period, the NFT will remain in the holder’s wallet, but these NFTs will be frozen by the pledge contract. Users can revoke their pledges by canceling them and re-pledging the NFT.

Frozen NFTs by the Pledge Contract

It’s important to note that during the pledge period, the NFTs will be frozen by the pledge contract. This means that the NFTs cannot be transferred or traded until the pledge is canceled. However, the Token Gated Application will not be affected, and users can participate in it even if their NFT is frozen.

Transfer/Trade of NFTs During the Pledge Period

As mentioned earlier, NFTs cannot be transferred or traded during the pledge period. However, after the pledge is canceled, users can freely transfer or trade their NFTs. It’s important to note that some rare NFTs hold a significant value, and transferring them during the pledge period may affect their value or rarity.

Token Gated Application for NFTs

DeGods and y00ts both offer Token Gated Applications for NFT creators or collectors. These applications allow users to create or participate in specific token gated events. These events require a specific NFT as a requirement that can be unlocked through the token gated application.

Waiver of ETH’s DUST Pledge/Cancellation Fee

In addition to the recent unmanaged pledges launched by DeGods and y00ts, it was announced that ETH’s DUST pledge/cancellation fee will be waived next week. It is planned to resume the fee on May 4th. The DUST fee is a small gas fee charged by the Ethereum network for each transaction, including NFT transactions. The waiver of this fee will help encourage more participation in NFT projects.

Conclusion

NFTs are transforming the way we perceive and own digital assets. With the recent launch of DeGods and y00ts NFT projects with unmanaged pledges, the possibilities for creative and financial opportunities are endless. The pledge and re-pledge process, frozen NFTs, token gated applications, and the waiver of ETH’s DUST pledge/cancellation fee are all significant steps towards a more accessible and efficient NFT marketplace.

FAQs

1. Can I still participate in DeGods and y00ts NFT projects if I don’t have a rare NFT?
Yes, you can still participate in Token Gated Applications through the pledge and re-pledge process. However, some token gated events may require specific NFTs as prerequisites.
2. What is the DUST pledge/cancellation fee, and why is it essential?
The DUST pledge/cancellation fee is a small gas fee charged by the Ethereum network for each transaction, including NFT transactions. It’s essential to keep the Ethereum network running and secure.
3. How do I cancel and re-pledge my NFT in DeGods and y00ts NFT projects?
You can cancel your pledge by clicking on the cancel pledge button in your wallet and re-pledging your NFT by going through the pledge and re-pledge process.

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