FungoLabs Genesis Sealed-Bid Auction: A Fairer Way to Launch NFTs @FungoLabs is selling 2,500 Genesis NFTs via an encrypted sealed-bid auction powered by Zama’s FHE technology. Bids stay private until the sale ends. As they explained: > Imagine only 3 NFTs for sale. Minimum price: 500 cZAMA. > A bids 3,000, B 1,500, C 1,000, D 500. > Top 3 win and all pay the lowest winning bid (1,000). > A gets 2,000 back, B gets 500 back, C pays full, D is refunded. This is a uniform-price auction. The clearing price is set by the lowest bid that fills the last NFT. Everyone who wins pays that same price - excess is refunded. Bids above get full allocation, bids at the price get pro-rata, and lower bids get nothing back. Why it matters: - Market sets the real price instead of the team guessing. - No gas wars or front-running (bids are encrypted). - All winners pay the same price → fairer outcome. - Best strategy is to bid what the NFT is actually worth to you, since you only pay the final clearing price. Bids are binding with a small non-refundable fee. A clean, privacy-preserving alternative to traditional NFT mints.