Last Price Dutch Auction
The Last Price Dutch Auction is an adaption of the traditional Dutch Auction tailored to the sale of non-fungible tokens. The auction begins with a starting price of 10,000 ETH on 18 October 2021 at 8:00 PM CEST. The price drops according to the curve and plateaus at the minimum price of 3 ETH after 8 days. Every buyer will pay the same settlement price for the NFT. The settlement price is the price at which the last NFT is purchased or when the price reaches its minimum of 3 ETH.
We believe this mechanism is the fairest sales mechanism for NFTs. To ensure a fair distribution, each wallet is limited to the purchase of a single NFT during the period of the Dutch auction. Once the reserve price is reached, this limitation is removed.
Participants can place BIDS at any point in time. At this point the ETH is locked in the contract in the form of a commitment. Once the last (4,608th) NFT is sold or when the minimum price of 3 ETH is reached, the settlement price is determined. Every bidder then only has to pay the settlement price and is reimbursed the remaining balance in the contract.
Example: The Dutch Auction starts at 10,000 ETH. After 24 hours, the price has dropped to 10 ETH and John places his bid of 10 ETH. The auction continues until the last NFT is sold at 6 ETH. This means that John only has to pay 6 ETH for his NFT and will be reimbursed the remaining 4 ETH. Every other bidder also pays ETH 6 and gets reimbursed for the extra ETH paid.
Pre-Mint
The team has pre-minted a total of 18 NFTs. The artist (Wolfgang Beltracchi) receives 11 tokens and 7 tokens are reserved for a future auction. The pre-minted tokens are the last token IDs, i.e. #4,590 - #4,607.
Reveal
This is a hidden sale where buyers do not know what they purchase when they place their bid. A buyer will receive an NFT after they placed their bid. To ensure a random sale, “The Greats” integrates the Chainlink VRF. The corresponding image will be assigned to the NFT some time after the minting happens. This depends on the Chainlink callback time and if the token ID is an even number, the next token needs to be minted before the reveal (Since, one Chainlink randomness callback is used for revealing a batch of 2 tokens). Additionally, users can watch the auction live using the infographics powered by The Graph protocol.
Randomness
“The Greats”uses the industry-leading open-source oracle network Chainlink to access a verifiably tamper-proof source of randomness through its Chainlink VRF service. The sale will leverage Chainlink VRF to help ensure that all NFTs are distributed to users in a 100% randomized manner. Not only will this help prevent any malicious player from circumventing the sale’s integrity, but everyone can verify through cryptography that the process was indeed fair and unbiased.
The Hashmasks Discount
If the purchasing wallet owns a Hashmask, it will receive a discount of 1 ETH on their “Salvator Mundi” purchase. The discount is calculated once the settlement price is reached. Every wallet can only have one discount.