In Brief:
- Today Nifty Gateway will roll out Merge NFTs again.
- The problems that arose during the initial launch have now been fixed.
- Resolved smart contracts are being audited by Trailofbits to prevent further glitches.
After the topsy-turvy events of the Merge NFT project, its creator Pak assured his fans via Twitter on Friday that Nifty Gateway will soon roll it back out on Monday/today.
As per Pak contract fix was already in place, and they are just waiting for the best approach for everyone’s well being.
Later Nifty gateway also disclosed that with Pak’s help they have resolved all the smart contract issues found till now.
Nifty also mentioned that they are taking outside help from Smart contract auditors – TrailofBits, as a preventive measure to avoid further glitches in the future.
The Rollercoaster Ride of Merge NFT project:
Merge project started as an open edition on Nifty gateway. It started on Dec 2 and ended on Dec 4. In those 48 hrs of its sale, it managed to cross sales above a quarter-million and up to a total of 266434 masses were purchased by collectors and brought in $91,806,519.
The sale was so huge that it broke all records and made Pak the world record holder of highest sales value by a living artist for a single artwork in a public sale.
Even at the initial stage, the project hit a bump when the Nifty Gateway was unable to process direct Ethereum transactions and had to extend the time period of the $400 slot for two hours.
The reason behind this was the mechanism behind the Merge NFTs, every token transferred to the recipient wallet will merge with the existing token there. The mass value of both tokens would add up and create a new token meanwhile burning the smaller one.
After the sale was complete, collectors went on for another ride as some of them were not able to withdraw their Merge NFTs. The secondary market sale had started already, hence Pak had to intervene and asked Opensea to pause the activity until the matter was resolved. OpenSea responded positively and halted the activity.
While they worked in the background, Pak congratulated on Twitter to those few who now may possess uniquely new NFTs, as Nifty might have to mint new tokens due to the error.
Now that everything is resolved, today we will find out what more this Nft project has to show us.
