We saw it coming. We warned you. If you listened, you are now a part of the movement.
The past few weeks have been truly crazy! First, Beeple treated his fans with a $1 limited collection on Makersplace (click here to find out more). Then, the Beeple piece auctioned at Christie’s sold for a mind-blowing $69,346,250 (click here to get the latest updates). And now, finally, people have started understanding the magnitude of the B20 project, which resulted in a massive breakout on the charts.
There are still a few questions that are continuously circulating in the space, and most of the questions are concentrated on the buyout itself.
Will there be an auction? Where will it happen?
How are people going to bid?
An auction will only start if a holder with at least 5% of the B20 tokens initiates it. Now, the minimum bid will be equal to the Time Weighted Average Price over the week leading up to the start, multiplied by 10 million (total supply of B20). For example, if the average price for a B20 token was $20 over the week, the minimum bid would be $200 million.
If an auction is initiated, it will take place on b20.whalestreet.xyz and it will last for 16 days. The first bid must be done in B20 tokens, but the rest of the bidscan be done in DAI. If the 5% holder makes a bid and nobody outbids him for the next 16 days, he wins the entire collection.
Each new bid extends the auction for 3 days. This is where it gets exciting: if 25% of the B20 holders in the staking pool decide that the final bid is not fair, then the auction will be reset. This means that bidding will start again, but this time from a price that is 8% higher than the previous bid.
Finally, there will be a winning bid. When this happens and the community agrees on it, anyone holding B20 will be able to redeem their share. The Digital Renaissance will come to a conclusion, and those who supported the movement will be rewarded accordingly.
As a community, we are very excited to see how this pans out. We feel like all of the NFT hype we've seen the past few months has been leading up to this moment. History is going to be written, and a lot of us will see it from the closest angle.