FAQs
Last updated
Last updated
How to start bidding? FomoNFT runs on Binance Smart Chain. To start, you must have a wallet installed (such as MetaMask, but any similar wallet like TrustWallet and MathWallet will work). You must remember to switch the network to Binance Smart Chain (BSC) mainnet. And you must have some BNB in your wallet to pay for BSC network gas and to place bids. Once you have done all these, visit https://fomonft.app from your wallet’s browser and connect your wallet. You can now start to bid!
How many auctions are live on FomoNFT? FomoNFT will have only one active auction at any given time. All bidders will bid on the same auction. This can change in the future if we have more traction.
What BNB am I using to place bids? The dApp will first use your BNB rewards balance in the dApp to place your bids. If BNB there is not enough, the dApp will use BNB at your connected wallet address. If BNB is still not enough, the dApp will display a message warning that you do not have enough BNB to place the bid.
What is a valid BSC block? Bad actors may try to rob the jackpot by placing the last bid and then congesting the entire Binance Smart Chain so that no more bids can come in. To fight this, FomoNFT dApp will only recognize BSC blocks during normal network conditions as valid. Rest assured that this is done using smart contracts. There is no central admin.
Who can list NFTs for auction? Anyone! If you have an interesting NFT and want to Fomo, get in touch.
How does an auction start? An auction has a target block number to become live. Once Binance Smart Chain reaches the target block number, the auction changes from countdown state to active state. Players can then start to bid on the auction.
What if there is no bid for an auction? The round will close when the countdown elapses with no winner and no distribution.
Can a player bid for an auction multiple times? Yes. There is no limit on how many bids a player can place on an auction. Of course, each bid price must meet the minimum requirement at the time.
How does an auction end? See explanation here.
How do I claim my rewards? Is there a lock period? See here on how to claim BNB rewards. There is no lock period of any kind. BNB rewards are distributed by block and can be claimed in full immediately.
