Auction
Fraktal NFT Auctions are a new selling format in the NFT ecosystem. Instead of the highest bidder receiving the NFT, everyone who contributes ETH receives a share of the NFT.
For example: Alice lists 50% of her Bored Ape with a reserve price of 70 ETH. The auction is then live for 10 days. During that period users contribute ETH and at the end of 10 days if the reserve is not met, Alice receives her 50% of the Ape back and users can withdraw their ETH. If the reserve is met, i.e 100 ETH are contributed, then Alice receives 90 ETH and the 50% is split up between every contributor in the auction.
Example: If Bob contributes 10 ETH to the auction, he receives 500 Fraktions (5% of the NFT) [(10 ETH / 100 ETH) * 5,000 Fraktions]
Formula: (User ETH Contributed / Total ETH contributed) * Fraktions for Sale
Last modified 1yr ago