Become a legend!
2023 saw the introduction of the Legendary Redlion Gazette NFT auction. Alongside our open edition Redlion Gazettes, which feature static image versions of our weekly covers, Legendary Gazettes are fully animated 1/1 NFTs created by our resident artists Dudly & Amal.
The legendary NFTs will be available for auction at the time of the open edition release. Auction winners will receive a copy of the regular Gazette, they'll be displayed as honored collectors on our website, and they'll receive other bonus surprises and benefits as our top collectors.
Don't miss out on the opportunity to own a unique, one-of-a-kind work of art and become a Legendary Redlion Gazette collector!
How auctions work
Reserve price: 0.1 ETH
First bid countdown: 72 hours
Minimum bid increment: 10%
Once the first bidder meets the reserve price, the auction will start with a 72-hour countdown. If the next bidder joins the auction with a bid at least 10% higher than the previous bid, the countdown will reset to 36 hours. Each time a new participant enters the auction, the timer is reset to half the previous duration, down to a minimum of 3 hours.
For example, if there are only two participants bidding against each other, each bid will reset the countdown timer to 36 hours. However, if three bidders are in the game, every ante will reset the timer to 18 hours. This mechanic is designed to give participants enough time to react. With more players in the auction, the timer's duration gets shorter.
1st bidder: 72 hrs start
2 bidders: 36 hrs reset
3 bidders: 18 hrs reset
4 bidders: 9 hrs reset
5 bidders: 4 hrs 30 mins reset
6 bidders: 3 hrs reset
There needs to be 6 different bidders to push the timer countdown to a minimum of 3 hours
Revolutionary Mechanic: Bid 2 Earn!
Even when you lose, you win! Every non-winning bidder of the auction who has participated will receive a small reward for their bidding activity. The reward is calculated based on the difference between the previous bid amount and the newest bid. There is no reward for outbidding one's own bid. The first bidder is eligible for a reward based on the reserve price.
The reward is ~15% of the difference.
Current bid: 0.1 ETH
New bid: 0.2 ETH
Difference: 0.1 ETH
15% reward: 0.015 ETH
During the auction, your ETH bids are stored in the contract, and after the auction is settled, the funds are returned to the non-winning participants.
If you're outbid, your ETH remains in the contract until the auction is settled. To outbid your opponent, simply add the extra amount to your active bid. The bidding interface will provide the necessary information and the amount needed.
Settling the Auction
After the countdown, the auction must be verified on the blockchain, and the bidding module will show the loading wheel for a moment.
The winner of the auction must manually claim and mint the Legendary Gazette token within 12 hours of the auction's conclusion. If the winner fails to do so within this time frame, the auction will be settled by admin, in order to ensure timely return of funds to the participating bidders.
We are preparing surprise drops and other benefits for our Legends! Have fun 👑