TGLP Genesis NFT Auction Has Begun!
The auctions for the Tenset TGLP Genesis NFTs are now live! Head over to https://marketplace.tenset.io/auctions to track the auction and place a bid!
The auctions will take place over the full week, with a new round of NFTs being listed every 2 hours. This will happen all day and all night, to cover every timezone and schedules for investors. Each subsequent bids sets the timer to 10 minutes, with a maximum duration of 2 hours.
As you know, bids can only be placed in 10set tokens, and the auction is only available for current TGLP subscribers. Note that bidding on the Tenset Marketplace does not incur the 2% transaction fee. All successfully bidded tokens will be burned afterwards, along with the 10set tokens locked in TGLP by that subscriber.
For a full reminder of the NFT details and Auction process please read the below:
Firstly, what is a TGLP NFT and what does it offer to holders?
- Lifetime access to TGLP (no need to extend subscription each year)
- Tradable on Tenset marketplace or Opensea
- Can sell your NFT (subscription) at any time
- Possibility to transfer ownership to another wallet and participate in launches
- Unique design/avatar for loyal Tenseters to display on social media
- Additional utilities and perks to be added in the future
TGLP NFTs will initially only be available for investors with an active subscription. Converting to NFT requires the subscriber to burn their 10set tokens locked on TGLP, as well as the additional 10set (if any) that they bid to win the auction.
Now, how will the auction process take place?
- There will be 84 rounds in total, with approximately 12 NFTs available each round.
- When the first bid is placed on a particular NFT, 10 minutes is added to the timer.
- Each subsequent bids sets the timer to 10 minutes, with a maximum duration of 2 hours.
- If no new bids are placed, the first bidder will win the auction after 10 minutes.
- Bids can only be placed in 10set tokens.
- The first user to select a certain NFT can place the first bid at 0 10set or higher.
- If no other users place a higher bid before the time elapses, the first individual successfully wins the auction. Their 10set tokens locked in TGLP are burned in return for converting to the NFT.
- However, other TGLP subscribers will have the option to place a higher bid.
- The second bid must send 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 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. An investor who locked 2,000 10set during the first TGLP lock, or an investor who recently lockd 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.
The TGLP Genesis NFTs will be based on the Ethereum chain. However, thanks to the auction system that has been developed, there will be no gas wars. Successful bidders will be able to mint their NFT at a later stage when auctions have been completed.
This auction process eliminates the need for a first come first served battle amongst investors. All TGLP subscribers will have the ability to bid for an NFT that they desire. The auction will last for 7 days in total including the weekend, allowing ample time to Tenset subscribers from all timezones to participate and stay up to date on the current auctions.
Remember, this is just the first collection of TGLP NFTs. There will be further collections in the future if you do not acquire one this time! There will also be the possibility to extend your current TGLP subscription for a year by locking an additional 1,000 10set tokens. This possibility will be opened at a later stage after the auctions are completed. We will share further details about this closer to the time.