inheritance Art is moving to Ethereum!

It’s time to move to the Ethereum Blockchain.

At inheritance Art, we are always seeking ways to optimally deliver on our goals. As part of our grand plan to transform the NFT Space, we are moving all of our operations to the Ethereum ERC-20 blockchain.

Soon we will release a dedicated Medium post outlining the process by which all BEP-20 iAI token holders can properly swap their tokens to obtain the ERC-20 iAI.

1. Why did we start on BEP20?

It would have been very expensive to stake seed NFTs to mint iAI tokens on Ethereum. Gas prices could have run into the hundreds of dollars for a single transaction. Our incubator Moonlift is based in BNB Chain, BEP-20, which is a cheaper and more effective blockchain for tokens. That’s why we have launched our project on the BNB Chain. This has been planned and executed with the best interest of all our community members in mind.

2. Why are we now moving to ERC20?

Ethereum is where all the magic happens in the NFT world. It’s where all the NFT notoriety is at, as well as perceived legitimacy of NFT collections. NFT trading volume on the Ethereum network topped $8.5 billion USD in value in Q1 2022, while trading volume on the BNB network only reached about $4 million USD in the same quarter.

The quarterly NFT trading volume on the Ethereum network is 200,000% higher.

The BNB Chain also doesn’t have platforms or tools considered essential for trading NFTs, such as rarity trackers. Building these ourselves and creating an audience and community around them is akin to an impossible task: our good friends at Black Lemon have tried before us, and are now also moving to Ethereum.

3. How about the new gas fees?

By minting our seed NFTs and staking them on BNB Chain, we have saved our community some huge fees. Now we are moving to Ethereum, and we are taking all of the platforms that we’re developing along with us. None of them will be available on BNB Chain.

This means that our community will have to get some ETH if they want to make a transaction; this is inevitable. You can’t work on the Ethereum chain without Ethereum fees. However, we believe that the incredible exposure the Ethereum chain will bring to our community and all of our products, will more than make up for it.

Our NFT collections, platforms, and every other product that we create or curate, will truly be able to flourish there.

4. Can I still use my iAI on BNB Chain?

You can keep your iAI on BNB Chain if you wish to do so — nobody will force you to move your tokens. But, all of our platforms are being developed for Ethereum, and all of our NFTs will be minted on Ethereum. We will also move our liquidity pools there, and list new iAI trading pairs on Uniswap.

This means that you won’t be able to do anything with your iAI tokens if you keep them on BNB Chain, let alone buy any of our amazing art. This is why we strongly recommend you to make the move, sooner rather than later.

5. What method will be used for the swap?

We will do a manual swap. BEP-20 iAI token holders will send their tokens over to our swap wallet. Our treasurer responsible for the swap wallet will then send the ERC-20-based iAI tokens over to the originating wallet, likely within 24 hours or less.

Please keep in mind that the swap process is not online yet! You are not yet able to swap your tokens. Please wait until we release our next guide, where we will share full instructions on how to swap your tokens.

6. My seed NFT is still minting iAI tokens, should I wait?

It’s fine if you wish to wait, in fact it’s easier for both you and for us if you swap all your iAI tokens at once. So you don’t need to feel rushed, you can wait until all of your iAI tokens are minted.

However, we would like to be fully operational on Ethereum by September-October 2022, so please keep that in mind.

7. Will I receive the same amount of iAI tokens as what I have on the BNB Chain?

You will get the exact same amount of tokens that you swap over from BNB Chain to Ethereum, and the operation is not affected by matters such as token price. Instead, your tokens on BNB Chain will be collected by our treasurer who controls the swap wallet. These tokens will eventually be burned.

What’s next?

That’s it so far for our guide. If you wish to receive more information, please reach out to our moderators in our brand new Discord server, who will be happy to answer any questions we may have.

We will soon release our next piece containing full instructions for the swap, so just sit tight!

See you soon on the Ethereum Chain!