The Next Chapter for Emblem Vault

38-minute Review

Important Dates to know

• Paused Emblem Vault Legacy Minting: June 21st, 2023
• Migration Date: July 12th, 2023
• Paused trading on NFT Marketplaces and Protocols: July 11th, 2023

Emblem Vault is preparing to undergo its largest project yet, and quite possibly the largest single NFT migration in blockchain history. After months of internal deliberation and preparation, Emblem Vault is ready to migrate the entire Emblem Vault Legacy collection into individual ERC-721 and ERC-1155 Curated Collections.

This endeavor has been a work in progress, both technically and socially, throughout Emblem Vault’s three-year history on Ethereum. The community has expressed their desire for this move, and the team at Emblem is taking all necessary measures to ensure a safe, secure, and seamless migration that will pave the way for the next chapter of a multi-chain future.

Why the migration? Why move away from Emblem Vault Legacy?

The Emblem Vault Legacy contract was initially deployed on September 9th, 2020, and has since experienced a remarkable surge in utility and diverse use cases. Over nearly three years, the collection has expanded to encompass more than 50,000 Total ETH trades and has attracted over 12,000 unique users. This impressive growth has propelled it to become the 41st most traded NFT collection by volume and the 48th largest single contract in terms of NFT ownership within the broader Ethereum ecosystem. The Emblem Vault Legacy collection boasts diverse communities from prominent blockchains such as Bitcoin, Litecoin, Dogecoin, Namecoin, and many others.

Throughout this rapid ascent, Emblem Vault has witnessed its vaults being utilized in various ways, exceeding even the most anticipated use cases. These include but are not limited to fractionalization, NFT borrowing and lending, metaverse galleries, Twitter-verified profile pictures (PFPs), NFT liquidity pools, protocol startups, and the increasingly popular use-case of on-chain liquidity.

As the community has grown, so has the demand for additional functionality specific to the requesting protocols. This necessitates that Emblem Vault enhances its security measures, introduces new smart contract features, and develops new products. However, given the immutable nature of the Emblem Vault Legacy contract, it has been unable to incorporate these new and upgradable aspects into its framework.

The remarkable growth of Emblem Vault aligns with the rapid expansion of the crypto industry, which has introduced new standards, protocols, and essential infrastructure components that are crucial for any scaling protocol to adopt. Regrettably, due to the immutability of the Emblem Vault Legacy contract, it has been unable to leverage these advancements.

Issues with Emblem Vault Legacy Contract

• Not upgradable
• Not gas efficient
• Inability to interact with new features
• Scattered collections
• Limited project discoverability on OpenSea
• Prone to a variety of manipulative tactics by bad actors

Recognizing the aforementioned limitations, the Emblem Vault team has decided to retire the Emblem Vault Legacy collection and preserve its cherished history for eternity. By efficiently migrating 99% of the supply to Curated Collections, Emblem Vault ushers in a new era of effective and innovative cross-blockchain trading.

This pivotal move acknowledges the evolving landscape of blockchain technology and embraces the potential for seamless transactions across different blockchain networks. By decentralizing the collection and offering Curated Collections tailored to specific communities, Emblem Vault is pioneering a groundbreaking approach to cross-chain trading, enabling users to experience unparalleled value exchange and engagement opportunities.

Emblem Vault’s unwavering commitment to progress and innovation drives this transformative decision. With an unwavering focus on user satisfaction, security, and forward-thinking strategies, Emblem Vault continues to push the boundaries of what is possible in the NFT ecosystem. Stay tuned for further updates as Emblem Vault leads the charge into a future of limitless possibilities and unparalleled blockchain connectivity.

So what are the Benefits of Migrating to Curated Collections?

The benefits are many (listed below), but for the average collector, the principal benefit is that their asset will now be a part of a unique Curated Collection on Opensea.

This gives each collection (i.e. Rare Pepes, Bitcoin Punks) and each protocol (i.e. Counterparty, Bitcoin Stamps) a unique landing page on Opensea. A shared place for collectors to browse, discover, and purchase NFTs safely.

Benefits of Migration

• Free to users (Gas fees covered by Emblem)
• Increased project discoverability
• Increased protocol discoverability
• Shared Creator Royalties
• Vaulting payments in ETH
• Increased smart contract security & functionality
• Ability to migrate from Protocol-based Curated Collection to Project-based Curated Collection
• Integrations with planned increased decentralized Emblem Vault product
• Project-specific API infrastructure
• COVAL Discount system + future integrations

When Adam McBride and Jake Gallen joined Emblem Vault on November 1st, 2022, they shared the same compelling vision as the team, which was to enable the trading of NFTs from any blockchain on any blockchain, with Curated Collections as the centerpiece of this transformative future. This marked the beginning of an eight-month development journey for Emblem Vault, dedicated to establishing an ecosystem capable of realizing this ambitious goal.

Curated Collections empower Emblem by allowing the application of smart contracts to any vaulted collection, transitioning it from a socially enforced standard to a technically enforced standard. This pivotal shift unlocks the aforementioned benefits and introduces groundbreaking possibilities. For the first time, non-EVM (Ethereum Virtual Machine) based collections gain the ability to interact with Turing-complete machines, opening doors to enhanced discoverability, liquidity, and increased options for creators to build upon.

So, what can we expect after a successful migration? Below, we outline the anticipated number of Curated Collections, the blockchain origins they represent, and estimates of their respective supply sizes.

Protocol-based Curated Collections

Blockchain | Estimated supply post migration

• Bitcoin Ordinals | 2,000
• Bitcoin Stamps | 1,600
• BRC-20 | 5,000
• Counterparty | 4,000
• Cursed Ordinals | 200
• Dogeparty | 450
• Emblem Vault Open (Multi-chain vaults) | 5,000
• Ethscriptions | 6,000
• Litecoin | 200
• Monaparty | 100
• Namecoin | 2,000
• Solana | 20
• Stacks | 40
• Tezos | 20

Project-based Curated Collections

Project | Blockchain | Estimated supply post migration

• Age of Chains | XCP | 200
• Age of Rust | XCP | 10
• .bit domains | NMC | 400
• Bitcoin Punks | BTC Ordinals | 4,500
• Bitcorn Crops | XCP | 300
• Bitgirls | XCP | 40
• Blockheads | NMC | 20
• Fake Rares | XCP | 150
• Filthy Fiat | BTC Ordinals | 300
• Force of Will | XCP | 200
• .ID Identities | NMC | 100
• Litecoin Punks | LTC | 80
• MegaPunks | Bitcoin Ordinals | 4,000
• Memorychain | XCP | 400
• Oasis Mining | XCP | 200
• Punycodes | NMC | 600
• Rare Pepe | XCP | 22,000
• Sarutobi Island | XCP | 300
• Spells of Genesis | XCP | 3,500
• Twelvefold | BTC Ordinals | 30
• Twitter Eggs | NMC | 100

With an estimated 30–35 Curated Collections post-migration, Emblem Vault is poised to become the largest collection curator in the entire NFT space. However, the ultimate goal is not for Emblem Vault to manage all of these collections. Instead, this marks the initial step towards a more decentralized future.

Protocol-based Curated Collections offer diverse collections that allow any asset from a specific blockchain to be vaulted. This allows creators to bring their non-Ethereum native collections to the most liquid and efficient NFT market in the blockchain industry in a permissionless manner. Users have the freedom to enter and exit these collections at their discretion. Additionally, they can upload their project’s traits and related metadata to Emblem’s protocol GitHub repository, similar to the setup for Ethscriptions. Should an individual collection amass a substantial user base, there will be an option to migrate and become a Project-based Curated Collection.

Project-based Curated Collections, on the other hand, are exclusive to a single individual collection. This category hosts the most prized, cherished, and significant projects from each blockchain. These collections will likely be highly valued by collectors and owned by some of the largest communities. When a collection attains this level of prominence, it is typically managed by a creator, team, or community. In such cases, Emblem can offer shared creator royalties to the curators of that project. It is important to note that context plays a crucial role, and the suitability of shared creator royalties will be reviewed on a case-by-case basis. Individual collections have the opportunity to be recognized on Ethereum NFT Marketplace leaderboards and are likely to garner support from our NFTFi protocol partners, further solidifying their position as focal points within the ecosystem.

Emblem Vault’s commitment to empowering creators and facilitating a decentralized future for NFTs shines through in these Curated Collection offerings. Soon, we embark on a journey that embraces diversity, innovation, and collaboration, setting new standards for the NFT industry and propelling it towards unprecedented heights.

I hold some Emblem Vault Legacy vaults, what are my options?

As an owner of a vault from the Emblem Vault Legacy collection, you have two options available to you:

Option 1: Do Nothing.
By choosing to do nothing, Emblem Vault will automatically migrate your Emblem Vault Legacy vault to the specific Curated Collection that best matches its asset. This option incurs no cost to users, as Emblem Vault will cover all associated fees.

Option 2: Unlock Your Emblem Vault Legacy vaults.
If you feel uncertain or uneasy about the migration process, we recommend unlocking your vaults and importing your assets into the wallet of your choice. You will have several weeks to consider these options leading up to the migration. Unlocking a vault does not involve any vaulting fees, but it does require a network fee, commonly called a gas fee.

If you are unsure how to “Unlock a Vault,” we encourage you to visit our Emblem Education section on YouTube. Here, we provide nearly 40 tutorial videos guiding you through unlocking assets from all supported blockchains into your preferred wallet.

We understand that the migration process may raise questions or concerns, and we are here to support you every step of the way. Our comprehensive educational resources and user-friendly guides aim to ensure a seamless and empowering experience for all Emblem Vault users.

If you have additional questions, concerns, or issues unlocking a vault, please open a Support Ticket in our Discord.

How is this technically possible? I want to trust Emblem Vault, but I’m unsure what to do.

We understand that the term “migration” may sound daunting. However, in the context of contract migration on the Ethereum blockchain, it is not an uncommon practice. Throughout Ethereum’s history, there have been notable instances of contract migration.

In 2016, EtherID migrated from a V1 to a V2 contract. In 2017, Larva Labs airdropped V2 CryptoPunks to their users after discovering a bug in the V1 contract. In 2019, ENS (Ethereum Name Service) migrated its assets from its 2017 contract.

More recently, we have witnessed examples of NFT migrations. DeGods migrated their original DeGods collection from Solana to Ethereum and their y00ts collection from Solana to Polygon, utilizing a one-way bridge. Truth Labs also migrated three collections (Goblintown, Illuminati, The 187) to new contracts, employing the airdrop model.

Various methods, including bridges and airdrops, can “migrate” users and assets to a new contract. In the case of Emblem Vault, we hold a unique position regarding migration since the method of vaulting is exclusive to Emblem Vault alone. As part of the migration process, we will be “airdropping” the user's new assets. Let us explain further what this entails, considering each vault contains a private key and unique asset(s) from a different blockchain.

At Emblem Vault, the security of your assets is of utmost importance. When a vault is created, the private keys associated with that vault are encrypted, sharded, and stored across multiple secure locations (you can read more about the process here). This multi-layered approach ensures protection against malicious activities. To access the private keys, burning the NFT associated with the vault is necessary, providing an additional layer of security.

In line with our commitment to security, we want to emphasize that the wallet address containing your assets and private keys will remain unchanged during migration. You will not need to decrypt keys or change your wallet address.

Instead, what will occur is a transition of the vault or “shell” that encompasses the wallet address holding your assets. As new Curated Collection smart contracts are deployed, the wallet address associated with your Emblem Vault Legacy vault will be redirected to its new home, a Protocol or Project-based Curated Collection. As these new Curated Collections are introduced, the Emblem Vault Legacy vaults will be relabeled and gradually “migrated” away from the Emblem Vault Legacy contract.

Throughout the migration process, rest assured that your vault will maintain the same wallet address when moved from the Emblem Vault Legacy to the Curated Collection. Your assets and private keys will remain securely stored, ensuring continuity and security during the transition to the new Curated Collection.

Once the migration process is completed, users will receive their assets in a new Curated Collection vault, represented as an ERC-721 or ERC-1155 token.

It is crucial to understand that post-migration, Emblem Vault Legacy vaults will not be deleted; instead, they will continue to exist as empty vaults. It is essential to note that users should refrain from attempting to bid, purchase, or sell these empty vaults.

To prevent confusion or unintentional interactions, warnings will be prominently displayed to indicate that the Emblem Vault Legacy vaults are empty. These warnings will serve as a visual indicator that the assets have been migrated to the new Curated Collection vaults and that the Emblem Vault Legacy vaults no longer hold any assets.

We emphasize the importance of not engaging in any trading activities involving the empty Emblem Vault Legacy vaults to avoid any potential misunderstandings or complications. Our team is implementing measures to clearly indicate the status of the Emblem Vault Legacy vaults and ensure a seamless and transparent migration process for all users.

Should you have any doubts or questions regarding handling the Emblem Vault Legacy vaults or need further clarification on this matter, please do not hesitate to contact our team. We are here to provide guidance and support throughout the migration process.

To facilitate a smooth transition, trading of Emblem Vault Legacy on NFT marketplaces will be frozen during migration. This measure ensures that the migration process can be executed without disruptions or conflicts arising from ongoing trading activities.

Furthermore, NFT dApps that have integrated Emblem Vault Legacy vaults within their protocols will also have vault functionality disabled. This ensures that the migration process can be carried out accurately and securely without interference from external applications.

Post-migration, NFT marketplaces and protocols will decide whether to indefinitely maintain the delisting or permanently freeze the Emblem Vault Legacy collection. While we cannot guarantee the availability of the Emblem Vault Legacy collection on these platforms, the migration process aims to enable the transition to the new Curated Collections and unlock a range of benefits for users regarding cross-blockchain trading and functionality.

Finally, Emblem Vault Legacy vaults locked in contracts will not be migrated. This applies to vaults locked in various contracts, including pools, escrow contracts, custom contracts, and other edge cases. Vaults locked in contracts have specific dependencies and may require additional considerations for migration.

If you have an Emblem Vault Legacy vault currently locked in a contract, we recommend reviewing the terms and conditions of the respective contracts to understand the implications and any necessary actions on your part. Our team can provide guidance and support if you require further assistance or have any specific inquiries about vaults locked in contracts.

What Steps has Emblem Vault taken so far?

Migration has been an internal conversation that has been debated for many months. We can ensure our community that proper research and coordination have been conducted before this announcement.

We contacted and spoke with Truth Labs and Nifty Labs about their experience with the Goblintown migration. That conversation has assisted us in understanding the proper procedures, communication, and coordination required for this process.

In addition, we have reached out to and/or spoken to these NFT Marketplaces and Protocols regarding freezing or delisting the Emblem Vault Legacy collection during the migration:

• OpenSea and OpenSea Pro (Trading Freeze)
• Blur (Emblem Legacy Delisted)
• Looks Rare (Emblem Legacy Delisted)
• X2Y2 (Emblem Legacy Delisted)
• Magic Eden (Emblem Legacy Delisted)
• Rarible (Emblem Legacy Delisted)
• OKX (No Response / DO NOT TRADE)
• Coinbase NFT (No Response / DO NOT TRADE)
• Uniswap NFT (Aggregator / DO NOT TRADE)
• Ordinals Market (Emblem Legacy Delisted)
• Rare Stamps (Paused Emblem Integration)
• Arcade (Emblem Legacy Delisted)
• NFTfi (Emblem Legacy Delisted)

If your vaults are locked in these protocols, they will not be partaking in the migration:

• Fractional.art
• Unicly
• Sudoswap

Migration is more than just a technical feat; it also takes a large amount of business coordination. Protecting users is the highest priority, and ensuring bidding, listing, and auctions are not conducted during migration is pivotal.

If you are an NFT Marketplace or Protocol operator not listed above that utilizes the Emblem Vault Legacy collection within your platform, please get in touch with us.

So what happens after Migration?

Upon completing the migration process, Emblem Vault is poised to embrace many cutting-edge technologies, products, features, and APIs. In addition to expanding our product suite, we are actively scaling our company by growing our development team and enhancing our business operations.

Users can expect upgraded and more efficient vaults that seamlessly integrate with other products in the blockchain space. Their assets will receive increased attention and enjoy improved discoverability displayed within a Curated Collection.

We are excited to embark on a journey of building in public and working closely with our community. We express our gratitude to everyone who has supported us since the inception of Emblem Vault, even back when the idea was first presented on a BitcoinTalk forum in 2016.

We remain committed to transparency, collaboration, and innovation as we move forward. We invite our community to join us on this exciting path as we continue to shape the future of decentralized finance and NFTs.

Thank you for being a part of our journey.

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