Land Auction

Auction Information:

Website: https://catgoldminer.ai

Start time: Mid - Q3 - 2024 (TBC following the Official Roadmap)

Network: TON

Buy with: Any wallet, land is a transferrable NFT

Auction Process:

The price starts high and drops by a fixed amount every 1 hour until it reaches the floor price.

All bidders will receive land at the floor price, regardless of when the bid is placed.

Every 1 hour, the price drops by a fixed amount of [TBD] $TON.

The auction continues until all 900 Land has been sold.

Price Example

Round	Price (TON)	Time
1	2,500	8 AM
2	2,250	9 AM
3	2,000	10 AM

Bidding

Multiple bids can be submitted in each round, and over different rounds without limitations.

Bidding Example

Example Account bid in round 1, 2 and 3, and expects to receive 6 Land.

Round	Current Price (TON)	Bid Amount (TON)	Expected (Land)
1	2,500	5,000	2
2	2,250	2,250	1
3	2,000	6,000	3

Refund

The refund is calculated based on the floor price. The refund amount should be less than the floor price, with some exceptions.

Price Formula

The price is determined by the following formula: Price = startPrice - (blockNumber - startBlock) / blockDelta * stepPrice, if price < floor price --> price = floor price

Floor price = [TBD]

stepPrice = [TBD]

blockDelta = [TBD]