The prices of the prominent NFT collection Mfers took a downward turn after the founder “Sartoshi” announced their retirement and surrendered the collection to the community.
The Mfers collection’s floor price has dropped by 27% to 1.8 ETH, while trade volumes have increased by 700%.
In a blog post, Sartoshi announced their retirement. They also passed the smart contract for the collection to the Mfers community, giving holders the largest share of profits from sales.
Mfers comprises 10,021 tokens on the Ethereum blockchain, each featuring unique, hand-drawn artwork by Satoshi. Mfers had its most valuable sale of 5.785ETH earlier this year.
According to NFTGo data, the collection has a total market capitalization of over $65 million.
The Mfers community to receive 50% of the royalties from collection
The royalties paid to Mfers creators will be adjusted so that the unofficial multi-sig wallet, which symbolizes the community pool, receives 50% of the royalties from the collection.
Sartoshi will continue to receive 25% of royalties, with the remainder going to the rest of the development team.
mfers can do with the funds whatever mfers want.
-Sartoshi
The creator has also sent funds for an upcoming celebration scheduled on June 21, 2022, at NFT NYC. Given that they’ve only shared a few details on the matter, it’s still unclear what their true identity is.
Sartoshi departs after the transfer of contract
Sartoshi announced their retirement and deleted their social media accounts along with the transfer of the contract to the community.
On Friday, they began minting their final artwork, stating that pre-existing NFT giveaways will be unaffected.
Satoshi had recently developed cover artworks for a music NFT, which are now part of the ongoing giveaway.
Their “retirement” and departure from the project are meant to be a parallel to Satoshi Nakamoto, the Bitcoin creator’s pseudonym.
Nakamoto never revealed their true identity, and by mid-2010, they had stepped away from Bitcoin, never to be heard from again.
