𝗙𝘂𝗻𝗴𝗼𝗟𝗮𝗯𝘀 𝗚𝗲𝗻𝗲𝘀𝗶𝘀: 𝗧𝗵𝗲 𝗛𝗶𝗱𝗱𝗲𝗻 𝗕𝗶𝗱 I made this video to explain something interesting about @FungoLabs and how its Genesis NFT auction works using Zama's FHE technology. 𝗜𝗺𝗮𝗴𝗶𝗻𝗲 𝗳𝗼𝘂𝗿 𝗽𝗲𝗼𝗽𝗹𝗲 𝗯𝗶𝗱𝗱𝗶𝗻𝗴 𝗳𝗼𝗿 𝘁𝗵𝗿𝗲𝗲 𝗡𝗙𝗧𝘀. One bids 3,000 cZAMA, another 1,500, the third 1,000 and the last 500. The three highest bidders win, but here's the interesting part. 𝗔𝗹𝗹 𝘁𝗵𝗿𝗲𝗲 𝗽𝗮𝘆 𝘁𝗵𝗲 𝘀𝗮𝗺𝗲 𝗳𝗶𝗻𝗮𝗹 𝗽𝗿𝗶𝗰𝗲 𝗼𝗳 𝟭,𝟬𝟬𝟬 𝗰𝗭𝗔𝗠𝗔. The first two bidders get their extra funds back, while the losing bidder receives their escrow back, excluding any applicable fees. And during the auction, nobody can see how much the others are bidding because the bids are encrypted. 𝗪𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝘀 𝗮𝗳𝘁𝗲𝗿 𝘁𝗵𝗲 𝗺𝗶𝗻𝘁? Genesis NFTs start sealed, and holders can decide what to reveal and who gets to see it. So I wanted to explain the whole process through animation, from placing a private bid to revealing your NFT. This took some work but I really enjoyed making it. Here's my latest video about FungoLabs. Hope it helps you understand the auction a little better. 💛