Non-Fungible Apes: The Great Primate Migration

This post was originally published on Ape swap

NFAs, Reborn 👶🐵

Big changes are coming to the NFA contracts, read below to learn more! 📖

Some Important Context

When we launched NFAs back in March of 2021, the NFT landscape looked very different than it does today, with a number of processes that are now considered standard practice when launching a new NFT collection being completely new to the space at the time. The fact that NFAs don’t adhere to these standard practices has been a concern for us, especially as we continue integrating with various partners and expanding our marketing efforts. We’ve known that we needed to migrate and modernize the NFA contracts for a while now, and have been waiting for the right moment to do so.

Additionally, we’ve uncovered some minor issues in the NFA staking pools that have led for a small amount of NFAs to potentially get stuck inside the contract. For security purposes, we unfortunately have not built an emergency withdraw in the contract, so we cannot retrieve these NFAs on behalf of other users.

But don’t fret, we see this as a perfect opportunity to perform our long-desired NFA contract migration and we’ve come up with a fantastic solution to ensure we not only resolve this issue, but also make Non-Fungible Apes better than they’ve ever been before. 🔥

The NFA Migration Plan

TLDR; We are deprecating the existing NFA smart contract (v1) and deploying a new NFA smart contract (v2) to modernize NFAs, allowing us to adhere to existing NFT best practices.

All users will receive the same NFAs they currently own in their wallets or staked in a pool when transitioning from v1 to v2.

Step #1 — “Pause” Current v1 NFA Contract & Market

Since we are deprecating the current v1 NFAs, we need to ensure that users can no longer buy, sell, trade, or auction their v1 NFAs. At the time of this article’s release, you’ll find that:

  1. NFA auctions on ApeSwap have been temporarily paused
  2. NFA withdrawals from the v1 NFA staking pools have been temporarily paused
  3. BANANA earnings from staking pools will be temporarily paused
  4. NFTKey’s v1 NFA marketplace has been temporarily paused
  5. v1 NFA Telegram sales bot has been temporarily paused
  6. All NFA token airdrops (IAO, partner, etc.) will be temporarily paused

Most of these features will be re-enabled with the v2 contracts as soon as we are done with the migration process 🙌

Step #2 — Deploy v2 NFA Contract

Next, we’ll be deploying a brand new, updated v2 NFA contract. This contract will contain the same 1,000 Non Fungible Apes, with the same art, names, and numbers as the original v1 contract, but with a few key differences to modernize/update the contract based on today’s NFT standards, including:

💽 IPFS Data — All of the NFA artwork will be hosted/stored through IPFS instead of our own private server. This ensures that no matter what happens with NFAs, our servers, or ApeSwap as a whole, the NFA artwork & metadata will be permanently stored and accessible on the blockchain.

📝 On-Contract Metadata — All NFA characteristics and traits will now be stored in the contract itself, giving users and projects the option to pull directly from the smart contract, further ensuring longevity of the project.

🐵 Official ApeSwap Deployment — The old NFA contract was deployed by our very specific NFA wallet instead of our main ApeSwap Deployer address. In an effort to unify ApeSwap’s offerings and make it more clear on-chain that ApeSwap is behind the NFAs, we’ll be deploying the v2 NFA contract from our main ApeSwap deployer.

Step #3 — Perform Snapshot & NFA Migration

After the new contract has been deployed, we’ll initiate the migration process, taking us through each of these steps:

  1. Snapshot — We will perform a snapshot of all current v1 NFA holders at 03:00 UTC on October 28th, approximately 24 hours after this article is released. All v1 NFAs will be properly accounted for, including v1 NFAs that are staked, for sale, or just held in a wallet.
  2. Mint — After the snapshot is taken, we’ll begin the minting process. All v2 NFAs will be minted according to the original v1 NFA collection and mint, ensuring that the final v2 collection is exactly the same as the original v1.
  3. Airdrop — Having minted and verified each v2 NFA, we will perform an airdrop to original holders, ensuring each v2 NFA is properly distributed according to the v1 NFA snapshot.

Once the migration process is complete, we’ll begin re-enabling NFA features for the updated v2 contract, including the auction-house, NFTKey marketplace, and the Telegram sales bot. NFA token airdrops will remain paused for the time being. NFA staking pools will resume as soon as we have identified and rectified the underlying issue.

What’s Next?

After a smooth migration process, Non Fungible Apes and their newly modernized v2 contracts will be in the best possible spot, ready to partner with the biggest and most promising NFT marketplaces and projects in the space. This all starts with Liquid Collectibles, ApeSwap’s newest NFT partner!

We are thrilled to announce that Liquid Collectibles will be bringing their revolutionary tech and ideas to ApeSwap’s Non Fungible Apes, allowing existing holders and newly interested users to tokenize their NFAs. This opens up the door for NFA liquidity pools, NFA liquidity farming, and fractional ownership. 👀

Learn more here!

If you have any questions on this article, the migration process, or NFAs in general, please feel free to ask in our NFA Telegram chat, or in the #NFA channel of the ApeSwap Discord.

As always, thanks for sticking by ApeSwap and the Non Fungible Apes project. We are incredibly thankful and lucky to have you all in this tight-knit community, and can’t wait for the future of the NFA collection! Onwards and upwards, Apes! ❤️🐵

Leave a Comment