LeagueDAO Free Agent NFT Auctions
Fantasy Football Free Agent Auctions are now live!
This article outlines everything you need to know to place bids on free agents throughout the season.
Overview
Earlier today we deployed the Auction component of our Free Agent Marketplace. Each Division in the Mega League has its own stand alone free agent Marketplace where the 12 Team Owners in the division can bid on free agents.
From now through the remainder of the season, free agents can only be added to your team through an auction in the marketplace.
Auction Parameters
The Purchase of Free Agents uses a traditional auction format where a team owner can place a bid on a Free Agent Player Token in $LEAG tokens. That starts the auction for the player and there is a set amount of time where other Team Owners have a chance to place higher bids on the player.
- Auction Currency: $LEAG Token (Polygon POS)
$LEAG Polygon Smart Contract: 0x3af8f1ba86571f215a483d80e46406910c412c65
$LEAG Polygon DEX Pool: Uniswap LEAG<> USDC
- Minimum initial Bid: 5,000 LEAG
- Minimum Bid increase: 500 LEAG
- Auction Minimum Duration: 48 Hours (Initial length of each auction and the time added after each new bid is placed, subject to the Maximum Duration)
- Auction Maximum Duration: 72 Hours (An auction cannot last longer than the hard stop)
- Waiver Deadlines: N/A. Most fantasy players are used to the legacy model where you have a few days to place silent bids on the free agent waiver wire. That system is a hold over from when fantasy football was played via sending lineup moves through the mail. In LeagueDAO, there are no waiver or free agent windows. You can start a new free agent auction at any point. This is Free Market Free Agency.
Marketplace Components
Free Agents Tab
- Lists all current free agents available to be auctioned.
- Players with active auctions will be sorted at the top of the page.
My Bids
- Displays all of your current bids on live auctions.
Activity
- Displays all completed Auctions as well as other Adds, Drops and Trades from across your division (coming soon).
Bidding on Players
- Open the Marketplace in the Mega League App
2. Connect your wallet and sign the signature to connect to the marketplace
3. Click the “Place a Bid” button located to the right of the player you would lie to bid on.
4. Enter the Bid Amount. The minimum initial bid amount is 5,000 $LEAG.
5. Confirm the Transaction
6. If you win your Auction, you will have to click the “End Auction” Button to finalize the purchase and add your player to your roster.
Other key components and facets of the Free Agent Marketplace
1. $LEAG re-distribution aka Competitive Rebalancing
One question we spend a long time evaluating during the development of the Free Agent Marketplace was how we could limit the impact of whales who hold a large amount of $LEAG tokens.
To address this and ensure one user doesn’t have the ability to control the free agent market, we have developed a mechanism for competitive rebalancing (taking the term from Major League Baseball).
For each Free Agent Auction, DAO Treasury will receive 30% of the LEAG tokens paid for a player. The other 70 will be spread out across 12 equal parts. 11 of those parts will be distributed to the other team owners in the Division and 1 Part will go to Genesis Player Token Farming (see below).
Example:
Player A is a whale who plays in the league of 12. He sees that Deebo Samuel is available for purchase and decides to outbid everyone. He puts down 10k $LEAG to purchase and wins the bid.
When the auction is completed, Player A’s 10000 LEAG will be distributed as follows:
- 3,000 $LEAG goes to the LeagueDAO Treasury
- 6,416 $LEAG goes to the other 11 teams in the Division, pro-rata
- 583 $LEAG goes to the Genesis Player Token Farming Pool
Every player in the league gets this 538 auto distributed to them EXCEPT for the purchaser. The share that would have gone to the purchaser is added to the LeagueDAO Genesis Player Token Farming Pool.
2. Genesis Player Token Farming
While this isn’t directly tied to the Marketplace but it is connected to it so let’s break down what we mean by LeagueDAO Genesis Player Token Farming Pool.
As you know, each LeagueDAO Player is actually an NFT. You might have noticed on Polygonscan or Opensea tokens called: “LeagueDAO Nomo Gen2 Player Token”
These are the Player NFTs being used in the Mega League.
Each Player NFT in the Mega League is actually a child of the Nomo Keeper League Genesis Player Token of that athlete.
If you are not familiar with LeagueDAO’s Nomo Keeper League Protocol you can get up to speed here.
Player Farming
One of the unique benefits of tokenizing each player in our fantasy leagues is the ability to create an interconnected ecosystem where players and teams in our different games.
While the Genesis Players and Gen2 Players are independent of each other but the Gen2 token pulls its metadata from the Nomo Genesis Player NFTs. Essentially a Parent > Child relationship.
This lets us enable a mechanism we developed called “Player Farming” aka our Farm System.
Player Farming send a % of the funds spent on Free Agent Auctions in the Mega League are distributed to the holders of corresponding Genesis Player Tokens.
Revenue generated by the different Gen2 iterations is shared with the owner of the Nomo Genesis Player Token.
Yes, that’s correct. By playing in the Nomo Keeper League, you also benefit from people playing in our other protocols, the Mega League!
This is what we mean when we say, building a web3 fantasy football app is just the very beginning of the larger ecosystem LeagueDAO is building.
LeagueDAO is owned and operated by a community of misfits — degens, nerds, sports fans, and athletes — fed up with old school fantasy sports and motivated to push the boundaries of NFTs and web3 technology.
As a DAO-first project, LeagueDAO members are collectively driving decisions to shape the future of fantasy gaming, from IRL sports to esports and more. LeagueDAO is governed by the $LEAG token. Creators of the Mega League, Nomo Keeper Leagues, CryptoFantasy and Non-Fungible Brackets.
Game On.
