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Auctions and NFTs
1 Alp is auctioned every 3 hours (8 per day). This auction cadence is representative of the 8 largest alpine tundra biomes across the globe – the Himalayas, Scottish Highlands, Scandinavian Mountains, American Cordillera, Rift Mountains of Africa, Carpathian and Pyrenees Mountains, Caucasus Mountains and the Tibetan Plateau.
Once an auction starts, everyone has 3 hours to bid. The auction reserve price is set at 0.08 ETH. Bids at the very last minute increase the auction time by 3 minutes. Sometimes, multiple bids are sent at the same time. This may result in bids coming in and winning an auction at the very last minute/seconds (irrespective of time increase).
Anyone can settle an auction. When an auction ends, a gas-only transaction is required to start the next auction (mint the next Alp token) and send the current Alp to the winner’s wallet. As gas price fluctuates, the cost of settlement also fluctuates.
Settlement gas price of every 4th and 9th Alp is higher. This is due to the transactions also triggering 1 Alp minted and sent to the founders or the alpine council during the first 5 years.
If an auction remains unsettled, it simply waits until someone does settle and kicks off again at that point.
Unsuccessful bids are refunded in full, less gas spent to bid. Refunds are sent via an internal transaction included in the transaction of a new higher bid. This means that refunds for unsuccessful bids occur when a higher bid is received.
Alps that are not bid on at auction are sent to the Alps Warming Hut. This address holds lost Alps for rescue opportunities and burn events. Rescues can include prop house rounds, competitions, giveaways, promo, charity and burn events.
Last modified 20d ago