WEMIX

We are pleased to inform you that the WEMIX PLAY NFT sales method will be updated to a &#34;hybrid auction&#34; through social pricing.Introducing hybrid auction to WEMIX PLAY promotes the activation of NFT transactions, granting both NFT sellers and bidders a role in the appreciation of NFT values.Meet the hybrid auction, evolved from the traditional auction method, where the appropriate price for specific NFTs is determined together with the community.Please refer to the update details below.[Update Details]<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/a2ebf997a60b48f18893d85725240571.png" />▶ Hybrid Auction • A hybrid auction combines English and Dutch auction formats, allowing sellers and bidders greater flexibility in NFT transactions. • The hybrid auction employs both English and Dutch auction methods: English auction involves bidding higher than the NFT sale price, while Dutch auction starts at a higher price and decreases if there are no bids until it finds a buyer. • When an NFT holder initiates an auction, a 3-hour countdown begins. If no bids are made within the 3-hour window, the sale price decreases, transitioning to a Dutch auction automatically. • Hybrid auctions will be implemented across all NFT auctions offered on WEMIX PLAY, including drops, marketplace listings, and monthly MYRTLE NFT auctions.▶ Transition to Dutch Auction • When an NFT transitions automatically to a Dutch auction, the sale price reduces by one step, and the countdown restarts. If there are no bids thereafter, the price reduces each time the auction countdown of 3 hours ends. • The sale price of the NFT reduces in decrements down to the minimum unit of 0.1. • Below are the criteria for the step-by-step reduction :▷ If the NFT sale unit is 10,000 below • The sale price reduces by 1 at the second digit from the front of the sale price, and any digits beyond that are truncated.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/afad1a4b39d34f89b81f0f65cebaf0f4.png" />▷ If the NFT sale unit is 10,000 or more • The price reduces by 5 at the third digit from the front of the sale price, and any digits beyond that are truncated. • If the digit being reduced is 6, 7, 8, 9, or 0, it reduces to 5.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/9bd15fa8acde4fc581216400dd232428.png" />• If the digit being reduced is 1, 2, 3, 4, or 5, it reduces to 0.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/78931a2331cd4e91bd31ae606cf1ea13.png" />▶ Transition to English Auction • When a bid is placed for an NFT that is either initially listed for sale or currently in a Dutch auction, the NFT automatically transitions to an English auction.[Update Schedule] • March 21st, 2024 (GMT&#43;9) * Update schedule may be subject to change according to the company&#39;s circumstances.[Update Platforms] • WEMIX PLAY : <a href="https://wemixplay.com/" rel="noopener noreferrer nofollow">https://wemixplay.com/</a> • WEMIX PLAY NFT Marketplace : <a href="https://wemixplay.com/en/nft/marketplace/nfts" rel="noopener noreferrer nofollow">https://wemixplay.com/en/nft/marketplace/nfts</a>Thank you.Official WEMIX site announcement : <a href="https://www.wemix.com/communication/wemix-play-nft-auction-update-3f2bc5978750" rel="noopener noreferrer nofollow">https://www.wemix.com/communication/wemix-play-nft-auction-update-3f2bc5978750</a>[WEMIX Community] • WEMIX Official Webpage : <a href="https://www.wemix.com/communication" rel="noopener noreferrer nofollow">wemix.com</a> • Medium : <a href="https://medium.com/wemix-communication" rel="noopener noreferrer nofollow">WEMIX Communication</a> | <a href="https://medium.com/wemix-play" rel="noopener noreferrer nofollow">WEMIX PLAY</a> | <a href="https://medium.com/nile-official" rel="noopener noreferrer nofollow">NILE</a> • WEMIX Channels : <a href="https://twitter.com/WemixNetwork" rel="noopener noreferrer nofollow">X (formerly Twitter)</a> | <a href="https://www.facebook.com/WEMIXBlockchain" rel="noopener noreferrer nofollow">Facebook(WEMIX Platform)</a> | <a href="https://www.facebook.com/WEMIXGames" rel="noopener noreferrer nofollow">Facebook(WEMIX Games)</a> | <a href="https://t.me/WEMIX_ANNouncement" rel="noopener noreferrer nofollow">Telegram</a>

WEMIX PLAY, NFT auction update

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