This post was originally published on Genopets
TL;DR
- What: 100 Water Crystal NFTs will be sold to solve the drought in the Genoverse
- When: June 3rd, 2022 at 15:00 UTC through June 4th, 03:00 UTC, or whenever they sell out, whichever comes first.
- How: The sale is dynamically priced and will fall for a period of 12 hours starting at 50 SOL, allowing the community to decide a fair price for Water Crystals.
- Where: (TBA)
- Why: Genesis Habitat minting is live and the demand for Water has caused a dramatic price disparity between all 5 crystals.
Over the last few weeks, we’ve heard community concerns and questions about what could have caused the floor difference between Water and the other elements. The demand for Water Crystals caused a drought in the Genoverse, but why is the water floor so high?
The Genesis Habitat mint is still live and terraforming your own requires a full set of all 5 Crystals. The demand is understandable, but why water?
We’re not sure either. That’s why we want you, the community, to have a say in what happens next.
How does it work?
We’re partnering with Strata on a Dynamic Pricing Protocol to ensure we sell Water Crystals at a fair price. This unique way of selling NFTs is powered by the Strata Liquidity Bootstrapping Curve (LBC), a price discovery mechanism that allows for the community’s participation in the sale to determine the market price of the NFTs being sold.
The sale will be similar to a dutch auction in that the price will start high (50 SOL is the current approximate floor) and gradually decrease over 12 hours. As more Genovians buy Water Crystals, the value will rise. The price will go up and down over the course of the sale until they’re all sold out. Thus, the pricing of the Water Crystal is community-driven and decided by you.
The current floor price of Water Crystals is an anomaly. We need Genovians to work together to decide the true value of the Water Crystal — a process that puts the decision in hands of the community.
Questions? As always, head over to Discord for the latest updates and support from the community.
Summon your Genopet and start moving! Stay tuned for future updates and join the conversation on our community channels below. See you in the Genoverse!
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