🏦Auctions

MEMEs from the Auction are Rare and can be staked to earn a share of the platform's profits, provide access to a referral system & more.

Each period (every 4 weeks*), the Top 10 memes with the most votes from the previous period enter into an auction and can be bought by anyone for $EGLD. If an auction is succesful, the meme NFT owner will receive 90% of the EGLD amount of the auction, the other 10% being the platform fee.

Bidding on auctions lasts for 4 days, and after 5 days the auction can be ended.

The MEME NFT owner needs to lock the NFT in the auction contract before the end of the 5 days if he wants to sell it. He can wait until after the 4th day to see what is the highest bid on the NFT, or he can lock the NFT sooner. Locking it sooner might attract more investors since they can see that the NFT they want is locked, which means that the auction will end with the highest bidder actually getting the NFT.

Auctions that don't have any NFTs locked can be ended after 5 days, and 100% of the EGLD funds will be sent back to the highest bidder.

If the auction is successful (both the NFT has been locked and there has been a bid), then at the end of the 5 days, the auction can be ended and a new Top MEME NFT will be minted and sent to the highest bidder (the old Common MEME NFT will be burned) and the proceeds will be sent to the NFT owner minus the platform fee. The Rarity of the Top MEME NFT depends on the place it was at in the auction (eg: 10th place -> Rare (1), 1st place -> Rare (10))

Keep in mind that only the Top 10 NFTs each period enter in auctions, so there is a limited supply of these NFTs.

Why buy NFTs from auction? (Top MEME NFT)

Holding a Top MEME NFT from the auction will bring certain benefits, which include:

• staking the NFT for token rewards

• access to a referal system

With more benefits planned:

• access to other exclusive events like giveaways, AMAs, partnerships and others

• ability to farm tokens with your NFT

• TBD