<aside> 🚥 The status of migration TL;DR 🟢 MIP/xNFTs Protocol – is on mainnet as of January 25, 2023 5:25 PM (PST) 🟠 Ecosystem Adoption – is decent, some protocols are in-progress of adding support see pNFTs Protocol Adoption Status for more details and use this tool to check program usage for your collection: https://nft-programs.vercel.app/
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Metaplex introduced a new standard of NFTs to help creators get their royalties back. They call them “programmable NFTs” which will exist alongside “normal NFTs”. It is the new asset class of NFTs on Solana. (We will refer to them from this point onwards as MIP or pNFTs). Everyone in the space should care about this change, as it will most likely become the predominant standard for royalty enforcement going forward. Most of the top marketplaces, AMMs, lending protocols and staking protocols are actively working on adding support for it and it’s very likely that most of the NFT collections on Solana will migrate to it in the next 30 to 60 days. If you are a protocol developer – you have time until February 6, 2023 to add support for it else you highly risk your protocol not working with these new asset class.
The very simple mental model of how it’s going to work is as follows – it would let creators decide which protocols their NFTs are allowed or not allowed to interact with. This is achieved by having the ability to modify allow-and-deny lists. For example, somebody might decide that a marketplace called Closed Desert (made-up for this example) is not good for their community and can decide to completely prohibit all kinds of trading there.
To achieve what is stated above, creators (collection owners) would have to make a decision to migrate and initiate migration after a 14-day grace period. Migration will happen programmatically, and it will be “all or nothing”. If some NFTs in a collection cannot be migrated, creators will be informed immediately and no NFTs will be migrated until that is resolved.
As a creator / collection owner
As a degen / NFT holder / Collector
pNFTs Protocol Adoption Status
mip/mip-1.md at main · metaplex-foundation/mip
Mostly a summary of this document:
Sharky 🦈 NFT-backed loans on Twitter: "Creators / collection owners! 🥳As you know pNFTs are almost here. Sharky and @HelloMoon_io developed this tool to help you make more informed decisions on what programs your NFTs interact with:https://t.co/5gm7TQ1cV3Enjoy and ping us for improvements! / Twitter"