Fungo is minting on November 5th. 500 free NFTs for the whitelist, and the remaining 2,500 NFTs will be auctioned via a sealed-bid model using Zama's FHE This is the first time I’ve seen an NFT sale on Ethereum truly execute a proper sealed-bid auction. Bidding is done using cZAMA, with both the price and quantity encrypted for the entire duration of the auction. On-chain, you can only see who is bidding, when, and the total number of bids, no one knows how much you are paying until it concludes. @FungoLabs When the auction closes, all bids are decrypted and ranked from highest to lowest. The lowest winning bid required to fill the remaining 2,500 NFTs becomes the clearing price. All winners pay that exact final price, and any excess funds are refunded. Bidders above the clearing price receive their full requested quantity. Those bidding exactly at the clearing price split the remaining allocation proportionally. Bidders below the clearing price receive nothing and are fully refunded. You have to price yourself beforehand with no chance to revise. You bid once and it's final; bids cannot be withdrawn. There is a small non-refundable fee for encrypting the bid. The minted NFTs are in a sealed state. Both the artwork and traits are encrypted, and the owner decides whether or not to reveal them. Each Genesis NFT receives approximately 1,113,861 $FUNGO at TGE, accounting for 36% of the total supply. There are no investors and no presale. X CAMPAIGN https://t.co/M6t29MxLvM