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Tenset news

10SETx is live!

2022-11-04

10SETx is live!

We are extremely excited to announce that 10SETx is now live! You can head to the “My locks” page on the Infinity website to burn your lock and receive 10SETx, which can be used on the Tenset Marketplace and includes the upcoming Arrland TGLP NFT auction! https://www.infinity.tenset.io/locks

Our talented developers have delivered this product ahead of schedule, so the auctions for the powerful Arrland TGLP NFTs will now begin on Monday November 7. Tomorrow we will share a preview of the designs and the full auction details.

In case you need a reminder about what exactly 10SETx is, you can find the important details below.

What is 10SETx?

  • Each locked 10set token on Infinity can be converted for one 10SETx

  • This conversion is irreversible. You cannot exchange 10SETx for the regular 10set token

  • 10SETx has the same value as 10set when making purchases on the Tenset Marketplace

  • 10SETx can only be used on NFTs offered in 10SETx

  • 10SETx can be used to participate in TGLP NFT auctions, with a minimum bid of 5000 10SETx required for non subscribers

  • 10SETx cannot be used outside of the Tenset Marketplace

Official 10SETx token address: 0xA6054bb258059b59E9Dbb31D19eaf19Ba6519e44

Please note it is not possible to buy or sell 10SETx on any exchange, be careful of scams. 10SETx can ONLY be obtained by burning 10set locked on Infinity OR burning 10set tokens on the Tenset Marketplace.

How to get 10SETx?

There are 2 ways to obtain 10SETx:

  • Burn locked tokens on Infinity

  • Burn tokens from your wallet using Tenset Marketplace

Burning an Infinity lock

The process can be completed in a simple and straightforward manner:

  • Head to https://www.infinity.tenset.io/locks

  • Select the lock you wish to convert and click “Get 10SETx”

  • If you locked your tokens on Infinity on the old smart contract (before the smart contract migration on June 7 2022) you can specify the number of tokens you wish to exchange from the lock

  • Click “Exchange to 10SETx” and approve transaction on your wallet

  • Standard BNB gas fees are required

  • Your 10SETx balance will be visible on the Tenset Marketplace once processed

If you locked your tokens on Infinity on the current smart contract (after contract migration on June 7 2022), you will not be able to specify a number of 10set to burn - you must burn the entire lock. In this case you will need to first burn the lock, and then claim the 10SETx. The system will guide you through these steps. Once processed, your new 10SETx balance will be visible on the Tenset Marketplace.

Burning tokens from wallet

If you are missing a few 10SETx to purchase an NFT or make a bid, you can also burn 10set tokens from your wallet on the marketplace and receive 10SETx.

  • Head to the 10SETx tab (https://marketplace.tenset.io/tenset-x) and specify the number of 10set you wish to burn

  • Click “exchange” and approve two transactions on your wallet

  • Standard BNB gas fees are required

  • Your 10SETx balance will be updated once processed and you can use it on the marketplace!

What can 10SETx be used for?

10SETx can be spent on certain collections and auctions that appear on the Tenset Marketplace. There are currently several different types of Satoshi Island Land NFT Deeds available to purchase for 10SETx users.

We are happy to share that 10SETx users will also be able to participate in TGLP NFT auctions, including the special Arrland collection that goes on sale on November 7! As these auctions were intended for current TGLP subscribers to burn their locked tokens, a minimum bid of 5000 10SETx will be required for non subscribers, as it requires 5,000 10set to subscribe to TGLP.

The auctions will be open for both current TGLP subscribers and 10SETx users to participate in. To allow for bids in both 10set token and 10SETx token in the same auction, the system will consider bidding 5000 10SETx as a “0 10set'' beginning bid for non subscribers.

A bid of 500 10set by a TGLP subscriber will be treated the same as a bid of 5,500 10SETx from a non subscriber. In this scenario, if the current bid is at 500 10set, a 10SETx user would need to bid at least 5,550 10SETx (500 +10%= 550 10set = 5,550 10SETx).

Current TGLP subscribers (who have locked 10set tokens on TGLP) can also use 10SETx to place bids on auctions without the 5,000 10SETx requirement.

Tenset constantly pushes to expand and improve existing platforms for our users. We are confident that this innovation will greatly strengthen our ecosystem by offering Infinity users the option to convert locked tokens and buy NFTs, enabling greater demand and use case for our dedicated NFT marketplace, and of course contributing to more burning! This is a major win-win for all parties!

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