How the .waves namespace Auction works?
One part of the Meadus project is a namespace, where the user can create a unique NFT name for themselves, which will be used in other Waves services and support the .waves domain. Initially, the names will be sold in a closed auction format. Let’s talk about how it will work.
- Availability Checking
Go to https://app.meedus.space/#/nameservice, check if the domain is available.
If the name is available, you’ll see a green “Available” icon at the top. In this case, you need to select the background color for the picture and proceed to betting.
If the domain is taken, you will see the “View on PuzzleMarket” button. There you can find information about the current and previous owners of this name and domain.
2. Bid placement
Here you need to place a bet and back it up with a deposit.
The bid is the maximum amount of $WAVES you are willing to pay for the selected name.
The deposit is the amount in $WAVES that is locked in the contract until the end of the current auction and the disclosure of bids. It must be at least the amount of the bet.
You can only place one bet per name, but the number of names you can bet on is unlimited.
Bids are accepted within 3 days from the start of the auction. We will announce the start of each next round here in our telegram.
3. Bids disclosure
After the end of the betting phase, users must return to their personal account to open them.
If your bet wins, you get back your deposit and the difference between your (highest) bet and the previous (second largest) bet. Your NFT-name also go to your wallet.
If your bet did not win, the deposit is returned to your wallet.
If you do not open your bet, the deposit will remains on the contract bank.
Alex and James want to buy the Alex.waves name.
They check name availability and place bids.
Alex’s bet is 12 $WAVES, the deposit is 18 $WAVES. We do not yet know the rate of James.
- James’ bet is $10 WAVES and the deposit is $11 WAVES.
- Alex won. He receives the name Alex.Waves and the remaining 8 $WAVES from the deposit. 10 $WAVES of his deposit (James’ second-highest bet) remains on the contract.
- James’ bet is $15 WAVES and the deposit is $16 WAVES.
- Alex gets back his 18 $WAVES deposit.
- James takes the name Alex.Waves and 4 $WAVES from his deposit. 12 $WAVES (Alex’s second-highest bet) remain on the contract.
Auctions are repeated every six days. Each auction consists of a bid phase (3 days) and a reveal phase (3 days). As soon as the reveal phase of one auction ends, the bidding phase of the next auction immediately begins.
If your bid is incorrect (the length of the name, prohibited characters, the name is taken, the deposit is less than the amount of the bet), then the deposit is returned to the user after the end of the disclosure phase minus the “error fee” (now it is 10%).
Yes, the contract is fully associated with WavesDomains. All names minted on our service will support domains and exclude repetitions. These are two identical services. It’s just easier for us to understand.
Follow the project news
Official site https://meedus.space/
Telegram community https://t.me/meedus_nft