CyberTime NFT Auction Platform Explained
We put together an explainer about the much-anticipated NFT auction platform. Here’s how it’s going to work and what makes it special.
A Platform for Exclusive NFT Collaborations
Our key product is the NFT Fantasy League with its unique mechanics of connecting users and crypto artists. After we launched the farming platform, it became clear that nobody’s going to be ready to wait for 3–4 months until we fully develop the NFT Fantasy League platform.
So we came up with a way to release a kind of lite version of the platform where users could start purchasing NFT sooner. We set a 30-day goal to create a fully-fledged platform for exchanging NFT for our NFTL token.
How the platform will work
The platform will work on principles of closed NFT auctions. If an artist wants to put their work up for auction, they contact us, we arrange a collaboration and include their work.
Auctions will take place on set dates and last 24 hours. Anyone can make a bid, and if their bid makes the leaderboard of the highest bidders, they get the NFT.
Like in any auction, the lots will have starting prices:
- Genesis — $500
- Legendary — $150
- Epic — $25
- Rare — $5
All bids will have a step $0.1 — that will ensure we don’t have identical bids and always have a clear set of leaders in any auction, dispute-free.
What makes the platform unique
We plan to auction sets of limited NFT series with different levels of uniqueness. Let’s use the first auction as an example:
4 limited NFT series are being released
- Genesis — 5 pc.
- Legendary — 20 pc.
- Epic — 60 pc.
- Rare — 150 pc.
That’s how our auctions allow for multiple winners with the highest bids. To avoid confusion, we’ll display the leaderboard live — that way you can track in real time if your bid is high enough to win NFT.
Since auctions won’t be prolonged, bidders will need to stay on their feet to make sure they win that NFT!