Metaverse HQ NFT Converts To ERC-721 Token

A step towards the future…

We are proud to present a step of Metaverse HQ that will help us move forward into our future plans. Below you can read our latest announcement from MVHQ’s Leader JakeAndBake that details everything you need to know about our ERC-721 Token conversion.

Hello, my MVHQ fam! I’m excited to announce that we will be converting our current Metaverse HQ tokens (ERC-1155) to a new ERC-721 version.

The new Metaverse HQ tokens will:

• Have sleek and sexy new artwork courtesy of fellow member @ PiEDawg.eth (preview below)
• Be on a custom ERC-721 contract written by the great @ Kfish
• Retain the exact same benefits and access as the old key

The ability to convert your token will go live on May 18th, 4PM EST.

Why are we converting to a new token?

We were the first alpha community to utilize NFTs as gated-access into a discord. As such, there was no standard to follow and little education around the importance of creating your own contract. I was naïve and decided to mint the old keys on OpenSea Storefront, because it was easy and worked just fine for what we needed at the time. However, we have since ran into many issues from the token being on OpenSea Storefront and being ERC-1155. We reached the point that it is in ours and the communities best interest to convert to our own custom contract now, instead of waiting until 2023.

Okay, cool story, but how does this benefit members?

1. Access to more marketplaces, bringing in more demand, liquidity, and brand awareness.

Because our old key is on OpenSea storefront contract, it’s only available to be traded on OpenSea. This is a huge problem as competitors like LooksRare, x2y2, & Coinbase continue to chip away at OpenSea’s market share.

The new token will be available on all NFT marketplaces. This gives optionality for traders. It widens the pool of potential buyers. Also, it helps with brand awareness for the collection to be searchable and viewed on more platforms.

2. Allows integration with tools and greatly improves gathering data on community.

Almost all of the most popular NFT data-tracking and tool websites do not list our old token because it is on OpenSea Storefront and an erc-1155. This hinders ability to accurately track data on our token and community. It also reduces our presence within the space. The new token will solve this.

Additionally, converting to the 721 standard will allow us to create proprietary tools that are tailored to the MVHQ community.

3. Enhances our ability to track and punish bad actors.

I’m sure many of you have seen these groups advertising that they infiltrate notable alpha groups and leak their info. Every time this happens within MVHQ, the value of alpha received here is diminished. We want to do everything we can to defend against this.

Moving to ERC-721 gives us a lot better tracking ability. Our new contract also allows us to revoke/burn a member’s token if they are leaking alpha for financial gain. We understand the gravity of taking this type of action and will only do so with a thorough investigation and substantial evidence.

How does the conversion process work?

You’ll navigate to the token conversion tab on our website: https://www.mvhq.io/convert

In one transaction, you will burn your current token and receive a brand new MVHQ 2022 token.

We will pay for your gas up to 0.01 ETH per token. This will be done within the same transaction — thanks to the wizardry of KFish.

The conversion window will remain open for rest of 2022. However, on June 3rd, holders of the old keys will lose access to the discord and all other member benefits. They will need to convert to the new key in order for benefits to be restored.

Timeline:

5/16 4PM ET — Town Hall to update community + address any questions & concerns

5/18 4PM ET — Conversion process opens to MVHQ members

6/3 11:59PM ET — Discord access removed for old ERC-1155 token

Official Links:

Contract: 0x2809a8737477A534DF65C4b4cAe43d0365E52035

Website: https://www.mvhq.io/convert

Published by Metaverse HQ

Metaverse HQ (MVHQ) is an exclusive tokenized community of #NFT traders, investors, builders, and educators.

Stay Tuned

MVHQ Twitter: https://twitter.com/Metaverse_HQ
MVHQ Discord: http://discord.gg/mvhq