How does @FungoLabs Genesis sealed-bid auction actually work? Here's a simple example 👇 Let's say only 3 NFTs are available, with a minimum bid of 500 cZAMA (just an example). Four people place bids for 1 NFT each: → A bids 3,000 cZAMA → B bids 1,500 cZAMA → C bids 1,000 cZAMA → D bids 500 cZAMA The 3 highest bidders (A, B and C) win. But here's the interesting part: all winners pay the same price, which is the lowest winning bid: 1,000 cZAMA. Here's how it plays out: → A pays 1,000 and gets 2,000 refunded. → B pays 1,000 and gets 500 refunded. → C pays 1,000 with no refund. → D doesn't win an NFT, so the full 500 is refunded. The takeaway: Don't assume bidding the minimum guarantees you an NFT at that price. Your bid determines your ranking, but the final clearing price determines what winners actually pay. Bid what you're comfortable paying. 👀

The @FungoLabs Genesis NFT mint goes live on November 5, with 3,000 NFTs up for grabs. 👀 Here's how the mint will work: → 500 NFTs are reserved for whitelist holders. → The remaining 2,500 will be distributed through a sealed-bid auction. You'll submit your desired NFT quantity and bid amount using cZAMA. Your bid remains encrypted and hidden from everyone until the auction closes. Once bidding ends, all bids are ranked, and the 2,500th highest winning bid determines the final price. The interesting part? Every winner pays the same price, and any excess cZAMA is refunded. A few things to note: → All bids are binding, meaning you can't cancel after submitting. → Each bid comes with a small, non-refundable encryption fee. Make sure you understand the process before placing your bid.