It is no secret that NFTs have taken the crypto world by storm. From fads to outright scams, NFTs have been pretty much-called everything. However, the NFT craze has given the world works of digital art that have been sold for million with pieces featuring the famous “Bored Ape Yacht Club”, a collection of cat images called CryptoKitties.
While people have paid exorbitant amounts in millions for a JPEG file that will supposedly double in value over the years, the hype over NFTs has cooled in recent weeks. Hundreds of collectors have shelled out small fortunes over digital assets whose worth is currently stuck in limbo.
In the midst of the NFT market’s stagnancy, mfers an NFT collection of hand drawings by Sartoshi has announced that the mfers smart contract is being transferred to the mfers community. The transfer will be made via the unofficial mfers multi-sig wallet which will be receiving the largest share (50%) of the mfers creator royalty. The announcement was made on 9 June.
Going forward, mfers will be whatever the community wants it to be. With Sartoshi, the mfers founder, signing away from his responsibilities towards mfers, the NFT is now a public domain-owned NFT collection and shall be taken forward by the community. The community is free to do whatever it wants with its earnings from the collection. However, it is not certain if Sartoshi will continue to create digital art for the NFTs or if the community shall take that up as well.
Post the announcement the trading volume of mfers rose by 684% in the last 24 hours to $810,000 and the floor price fell to 1.67E, a decrease of 29%.
What remains to be seen is how mfers will function and grow under the leadership of the community. Will this lead to more NFT collections opening up and accepting the idea of being community lead? Only time will tell.