Watanabe auction
The sale happens in sequential rounds. The starting price for all 512 NFTs is 8 ADA. With every round, the price is increased by the percentage of NFTs sold in the previous round. So if in round 1, all NFTs are sold, the price for round 2 will be 16 ADA. If in round 2, only 50% of the NFTs are sold, the price for round 3 will be 24 ADA.
If an NFT is bought in a round, the previous owner receives a Temporal Bidding Declaration as proof of participation. They will also get 90% of the proceeds from the sale, with the other 10% going to the artists. For example, if they bought the NFT for 8 ADA and sold it for 16 ADA, they would receive 14.4 ADA with 1.6 ADA in royalties paid to the artists.
Every round stays open for five days or until all NFTs in the round are sold. Whichever comes first. If an NFT is not bought in a round, it will be minted and sent to the last owner's wallet. After minting, it will no longer be available in the next round. The project ends when all NFTs have been minted.
100% On-chain
The Temporal Bidding Declarations, the NFTs, and the source code to generate everything, including fonts, live fully on-chain - they aren’t “links to JPGs” but articles for constructing themself. The Perfect NFT uses the Venster Metadata Standard to store all the code on the blockchain efficiently.