FomoNFT - Bringing Excitement to NFT Trading and Minting

The unique system of auction distributes rewards to every bidder, increasing the value proposition for all involved.

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BSCNews
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October 28, 2021
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Introducing FomoNFT

FomoNFT is a Non-Fungible Token (NFT) auction platform that seeks to revolutionize NFT auctions. Their unique approach to bidding and how the proceeds from each bid are distributed reward participation by both sellers and buyers. FomoNFT has been acquired by OTO, an investment DAO that incubates promising new projects.

FomoNFT uses the Accumulative Auction (AA) format to incentivize participation. This unique system rewards both the winning bidder and the seller by awarding a percentage of every bid made to both - and every bidder also receives a BNB reward. 


How it Works

FomoNFT uses AA-style formatting, where every bid is automatically collected regardless of whether it is the winning bid or not. Bidding will start at a fixed price and increase by a minimum increment of 1% per bidder. Each bidder can place a bid at the current minimum bid price to become the leading bid, and they can also place a bid at the flat price of 0.3 BNB to earn a continuous share of BNB rewards from subsequent bids. After a bid is placed, a timer will start during which time another bidder can place their own bid. If a leading bid is not made, the auction will close.

Every bid collected goes into the Auction Jackpot. This is where the rewards are distributed from, with the schematics as follows: the seller will receive 12.5% of the entire Jackpot at auction close; the winning bidder will receive 37.5% of the pot along with their NFT; and everyone who bid on the auction will receive the remaining 50%. The more BNB a bidder places in an auction the higher amount they will receive from each following bid. The formula is as follows: New Bid * 50% * (Total BNB of Your Bids / Total BNB of All Bids). This means the rewards will grow exponentially as the number of succeeding bidders increases.

Because everyone involved in the process gets a cut from every bid, the returns for everyone are generally much higher than other auctions. Even when the winning bid is only a handful of BNB, if enough people bid the seller could still leave with lofty returns. The more desirable the NFT being auctioned is, the higher these returns will be.

What Sets FomoNFT Apart

FomoNFT is fully decentralized, meaning all profits are split between buyers and sellers - no middle man will take any cut from the sales. This maximizes the potential returns for the seller and ensures the buyer only pays out to the seller.

Besides this, the platform offers plenty of incentives to participate in auctions. Every bidder will receive BNB rewards from following bids. 

Along with these rewards, the winning bidder will receive a percentage of every bid on the auction - in many cases far outweighing the value of the NFT they won! The return percentages have been worth more than 100 BNB in every auction since the first held on the platform. 

Some examples of how this auction system benefits everyone involved include the following:

Pancake Bunny NFTs: These NFTs typically sell for around 1 BNB. On FomoNFT, auction history shows the latest sale for one of these NFTs generated nearly 93 BNB - and one sale generated over 517 BNB for distribution!

Winning Bidder Returns: In many cases, the winning bidder of these auctions actually makes a substantial profit. In one auction the winning bid was 37 BNB - but the winner received 183 BNB just from the bidding rewards!

Even on auctions with smaller jackpots, because of how the system works the winner is basically guaranteed to either break even or profit from winning the auction. As the community grows, the auctions will have more bidders - meaning higher returns for all involved.

Binance MVB III

FomoNFT has officially joined the Binance Most Valuable Builders (MVB) III Program. 

The selection is important for FomoNFT thanks to the host of benefits the program offers. There is access to unique events and mentorship, liquidity funds, exposure and marketing, and other key features that will promote the project.


Concluding Thoughts

FomoNFT seeks to distinguish their platform by using a unique system that actively incentivizes both bidding and selling. Because you don’t necessarily need to win the auction to receive rewards, there is a major incentive to place a bid just to get the percentage of the following bids. As every bid increases the price, this system essentially incentivizes itself - in order to receive BNB users will bid, and the increased bid price will lead to larger returns for everyone involved. This makes FomoNFT more than just a standard auction platform - it can be a source of intense short-term passive income as well.

To learn more about FomoNFT, visit the following links:

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