Mayhem TGLP NFT Presentation + Auction Details

2022-12-02

Mayhem TGLP NFT Presentation + Auction Details

We are happy to present the designs for the powerful TGLP NFTs in collaboration with our Incubator project Crypto Mayhem! You can view a sample of the NFT appearances below:

https://marketplace.tenset.io/auctions/crypto-mayhem

These incredible NFTs have a DOUBLE UTILITY - they give holders lifetime TGLP access, as well as in-game utilities related to Mayhem. The Mech NFTs offers holders the opportunity to participate in the early access of Mayhem’s Top-Down Shooter. This access is currently scheduled for 13 December. At a later date in the future they will also be able to use their Mech design in-game, develop the skills of this NFT, rent to other players and earn native ADRIA tokens from renting or playing!

The auctions for these 100 NFTs will begin at 10AM UTC on Saturday December 3.

  • A batch of approximately 8 NFTs will be listed every 2 hours on https://marketplace.tenset.io/auctions

  • Each bid sets the timer to 15 minutes, with a maximum duration of 2 hours

  • Bids can ONLY be placed in 10set or 10SETx tokens

  • The first user to select a certain NFT can place the first bid at 0 10set/5000 10SETx, or higher.

  • If no other users place a higher bid before the time elapses, the first individual successfully wins the auction.

  • However, other TGLP subscribers will have the option to place a higher bid.

  • The second bid must be a minimum of 100 10set.

  • The following bids must be at least 10% greater than the existing bid.

  • When a new bid is placed, all 10set tokens sent by the previous bidder are automatically returned.

All 10set or 10SETx tokens that successfully won auctions will be burned, in addition to the 10set tokens that were locked in TGLP by subscribers converting to NFT.

All current TGLP subscriptions are treated equally for the auction process. A user who locked 3,000 10set, or a user who recently locked 5,000 10set is treated the same. To win a certain NFT you must have the highest bid of additional 10set when the time runs out.

10SETx users can also participate in TGLP NFT auctions! 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.

You can catch up on the full 10SETx announcement here: https://www.tenset.io/en/news/10setx-is-live


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