Accumulative Auction
Last updated
Last updated
NFT Sellers
Winning Bidder
Bidders
Selling a NFT on FomoNFT earns you 12.5% (1/8) of the round’s jackpot (not the final bid price). This is usually much higher than simple auctions.
Winning gives you not only the NFT, but also 37.5% (3/8) of the round’s jackpot. Winners usually earn back much more BNB than the bidding cost.
After placing bids, bidders will continue to receive a stream of BNB rewards as long as the auction remains open.
FomoNFT follows the exciting Accumulative Auction (AA) mechanism. AA sends a stream of rewards to all bidders during an auction and creates the most value for NFT sellers when the auction ends. Here is how it works:
Players can start to place bids when an auction starts. A new bid must be placed at the Current Bid Price to be displayed.
While a bidder must follow the Current Bid Price (which grows at a constant rate of 1%), a bidder can select how many bids to place at that price to acquire a suitable share of receiving BNB rewards from later bids.
The bid amount is immediately distributed. 50% of the bid amount is distributed to all existing bidders, including the bidder placing the new bid. So, existing bidders will receive a stream of rewards in BNB when new bids come in. These rewards can be very significant when bids keep coming in and bid amounts become greater and greater.
🧇 Important: under AA, you will not be refunded if your bid is later outbid. The amount of a placed bid is immediately collected and sent to previous bidders and the auction’s jackpot. This process is immediate, final, and irreversible, whether the bid wins in the end or not.
50% of the bid amount is deposited into the auction’s jackpot, waiting for a winner to claim.
Each time a new bid is accepted, the auction timer resets to full effective round time to wait for even higher bids. If no new bid comes in and the round time elapses, the auction is closed.
The then leading bid becomes the winning bid, and the winning bidder will win the NFT. In addition, the accumulated auction’s jackpot will be distributed to three parties: 50% to all bidders, 37.5% to the winning bidder, and 12.5% to the NFT seller.
