Contract migration, $GANG, and Jaguar NFT Q&A
On December 15th, Ape Gang is migrating to a new ERC-721 smart contract, which will enable passive yielding of $GANG — our very own utility token. In this write-up we aim to provide answers to some of the most commonly asked questions relating to contract migration, $GANG, and Jaguar NFTs.
Q1: When exactly will contract migration commence and how long do I have to migrate my apes?
A1: Contract migration will commence on December 15th at 6pm EST and you will have 1 year to migrate your apes. The migration period will be extended if needed. Remember that only migrated apes can participate in Gang Wars Season 1 as well as future seasons. Also, only apes migrated before December 24th noon EST will earn a raffle ticket to win our famous 1/1 space ape.
Q2: Where do I migrate my apes?
A2: Via the dedicated migration section on www.apegang.art.
Q3: Will there be two official Ape Gang collections moving forward?
A3: Yes. The new collection will ultimately be named “Ape Gang” and the old collection will be named “Ape Gang Old” on OpenSea. Until the name change is approved by OpenSea, the new collection is named “Ape Gang New”.
Q4: How much will it cost in gas fees to migrate?
A4: Around 40–80$ for one ape depending on the gas fees levels at the time of migration. The average price per ape will drop if you migrate in bulk (up to 15 apes per transaction).
Q5: Do I need to manually change the gas fee limit like it was the case for the Toucan Mint?
A5: No, this won’t be necessary.
Q6: Will apes start yielding $GANG from day 1 after migration?
A6: Yes, just after the migration!
Q7: Is $GANG automatically added to holders’ wallets on a daily basis?
A7: Yes and no. $GANG will be accrued on the smart contract and displayed on a dedicated website accessible via www.apegang.art. To continuously display $GANG in MetaMask, all you have to do is one-time-click the “Add $GANG to MetaMask” button.
Q8: Will Ape Gang enable staking of $GANG?
A8: No, not at the moment.
Q9: Will Ape Gang provide a liquidity pool for $GANG
A9: No, not at the moment
Q10: How much is $GANG worth?
A10: $GANG is Ape Gang’s official utility token and — as such — does not have a direct $/ETH equivalent value. Having said that, the items you can acquire/create using $GANG (e.g. Legendary Jaguars & Legendary Cubs) will expectedly have a direct $/ETH value through secondary sales on online marketplaces.
Q11: Where can holders spend their $GANG?
A11: Via the dedicated $GANG website accessible via www.apegang.art.
Q12: When can holders start spending $GANG on the different utilities?
A12: We plan for the 4 initial utilities to launch sequentially during Q1 2022. More details will be available when we release Ape Gang’s roadmap 4.0 in January 2022.
Q13: What is the total supply of $GANG
A13: Assuming that all 10000 apes migrate, the total supply of $GANG is 3.650.000 per year. This does not include the additional $GANG arising from burning Toucans. If 3000 Toucans are burnt from day 1 after the launch of $GANG, the additional supply of $GANG from Toucan burning amounts to 273.750 annually.
Q14: What happens to $GANG that is spent on utilities?
A14: It will be taken out of circulation.
Q15: Can I buy more $GANG
A15: There won’t be an exchange for $GANG initially but you are free to trade $GANG with others
Q16:When will Toucan burning be available?
A16: We aim for Toucan burning to be available during January 2022.
Q17: What are the thoughts behind Jaguar NFT fusing and breeding?
A17: The Jaguar Gang collection is an NFT collection with three different kinds of Jaguars. Initially, the collection will consist of 4900 “Jaguar NFTs” given as prizes for participation in Gang Wars Season 1.
Over time, 4000 exclusive “Legendary Cub NFTs” and — at most — 2450 “Legendary Jaguar NFTs”, will be added as described below.
All Jaguars will coexist on the same contract / collection.
Legendary Jaguar NFTs are empowered with next-level attributes
- Legendary Jaguar NFTs are created by fusing two Jaguar NFTs and spending 300 $GANG.
- Jaguars will already be a force to be reckoned with in future Gang Wars. Legendary Jaguars take it to the next level with a 5–10% stat increase in future Gang Wars as compared to Jaguars. Because of their power, a maximum of 5 Legendary Jaguars will be allowed as members of future Gang Wars gangs. A similar restriction will apply to Jaguars.
- A pair of Legendary Jaguars can breed one Legendary Cub every 45 days.
Legendary Cubs will play an important role in Ape Gang’s Universe (including Gang Wars)
Only 4000 Legendary Cubs will ever be bred. As a Legendary Cub holder, you are empowered with special rights for future developments related to the Ape Gang project. As a direct consequence of the extreme exclusivity, it will take quite an effort to breed Legendary Cubs:
- The price for breeding a Legendary Cub is 700 $GANG.
- You must hold a pair of Legendary Jaguars to breed.
You may be thinking this is very similar to Kongz and Kaijukingz, and yes you may be correct at first glance. This utility path is very popular and uber successful. We believe we will be even more successful than these projects as we have MUCH more going for us, especially Gang Wars. It may be a discord based thing season , but for future seasons we have absolutely massive things planned, and you’ll want to get in early and win some Jaguars in order to gain future access to Legendary Jaguars and Legendary Cubs.
The whole idea of this is as follows — The only way you can acquire $GANG is to buy apes (and burn Toucans to increase yield) or to buy it off someone. It will not only push demand for strong Gang Wars apes, but both incentivize heavy Gang Wars participation (as you need Jaguars to fuse in Legendary Jaguars, which in turn are able to breed Legendary Cubs) and encourage the purchasing of Jaguars on the secondary market. We believe this utility will be effective as there is genuine future utility for both Jaguars, Legendary Jaguars, and Legendary Cubs.