❗Collection Migration
The original Turtles collection was created when Solana was a small but growing chain. In order to increase the community size and holder count of the Turtles NFT, we will migrate from a 3,333 piece collection to a 10,000 piece collection with public mint in April 2023 through mint parnter Magic Eden.
Benefits to Current Holders
Holders of the original 3,333 piece collection will receive the following benefits:
Free updated collection piece. Each Turtles NFT held issued before mint will be eligible to exchange for an updated NFT. In other words, if you hold 10 NFTs, you will exchange for 10 updated collection NFTs at no added cost beyond transaction fees.
Pre-sale and whitelist access. Current Turtles holders will receive access to pre-sale purchasing, and automatic whitelist for our upcoming mint.
Guaranteed premium rarity. Holders of the original 3,333 piece collection have a significantly higher chance to receive a rare NFT from the new collection for each piece held.
Higher chance of 1/1 reveal. Original collection holders have a significantly higher chance of receiving a 1/1 NFT from the new 10,000 piece collection.
Stabilized floor price. AMM pool mechanisms will be implemented to stabilize and secure the floor price of the NFT, allowing holders to swap, sell, or buy without large swings in floor price.
Mechanics
NFTs from the old collection will be exchanged for updated NFTs. New NFTs are not air dropped. The total collection size will increase from 3,333 to 10,000 plus an unspecified amount of 1/1s. The new collection will have a single mint authority and be immediately available for staking rewards at turtles.vc.
Dynamic Mint Price
The additional 6,667 collection pieces' mint price will be set at or above the current collection floor price at the time of mint. For example, if the current 3,333 piece collection floor price is 19.5 Solana, the mint price per piece will be 20 Solana.
AMM Pools Explained
Automated market maker products such as Tensor or Hadeswap allow on chain liquidity pools to be deployed using Solana and NFTs. These pools buy and sell NFTs once certain price requirements are met. The practical effect is that buyers and sellers can easily transact without waiting for a counterparty. That means buyers can easily find NFTs for sale, and sellers will never be stuck with illiquid jpegs.
Mint Date
March 2023. Specific date and time to be announced.
Whitelist And Mint Access
Current NFT holders will receive priority for all whitelist and mint access, with select DAOs and groups offered access based on demand.
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