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Magic Eden Launches ‘Fair Mint’ Mechanism in Slow Week for NFTs
By: yyctrader
SuperRare, an Ethereum-based NFT marketplace that generated over $250M in sales, is experimenting with a new way for serious collectors to acquire pieces from leading artists in the NFT space.
On Nov. 16, a collection of 250 Genesis RarePasses was sold through a Dutch Auction that started at 138 ETH ($166,000) after RarePass #1 was purchased at that price.
The auction sold out at 17.25 ETH ($20,000) and the collection’s floor price stands at 23 ETH.
“Facing considerable headwinds within the crypto industry this week, the success of the inaugural RarePass proved that cryptoart is an asset class in itself and that the market for unique cryptoart continues to grow,” said SuperRare Labs co-founder and CEO John Crain.
RarePass holders will receive monthly airdrops of curated 1/250 editions from top creators like XCOPY, Robness and Pindar Van Armen.
In addition, holders will have a chance to win 1/1 artworks from 12 other artists, including Hackatao, Killer Acid and ALIENQUEEN.
The success of the auction goes to show that despite the bear market and ongoing FTX scandal, well-heeled buyers are still interested in digital art.
Magic Eden, the leading NFT marketplace on Solana that recently expanded to Ethereum, has introduced a new mechanic for NFT projects to conduct primary sales.
In a bid for efficient price discovery, prospective minters are required to deposit the ETH that they are willing to spend. The marketplace then determines a ‘clearing price’ based on the amount of ETH deposited and the number of NFTs available.
Winning bids above the clearing price receive NFTs and the excess ETH is refunded. And as the auction runs for 24 hours, it allows for global participation.
Sporting giant Adidas has launched its first collection of ‘Virtual Gear’ that “showcases an evolution of Adidas house codes reimagined for the metaverse.”
Holders of the Capsule Collection can burn their NFTs to reveal their wearables.
Secondary sales volumes dipped under the $100M mark for the first time this year with just $99M traded in the week ending Nov. 14.
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