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Island Auction House Rules
Each islander has the chance to engage in the auction, which is an essential component of the Meta-World.
All islanders who participate in the bidding will become shareholders of the island, and the winning bidders will be elevated to the noble island owner.
Rules for bidding: If a little island is discovered, it will be auctioned off. The auction will be conducted in rounds. The initial round of bidding lasts 24 hours. When a reserve island owner places the initial offer, the auction period is renewed and delayed for 24 hours. The timing will be pushed back again if a new reserve island owner makes a bid. Until the auction is finished. The preliminary island owner who wins the auction becomes the prospective island owner, while the preliminary island owner who doesn't win the sale becomes the island shareholder.
Each islander has the chance to participate in the auction, which is an essential component of Meta-world.
Island Auction House of Rules
When a new island is discovered, the platform sets the starting price and starts a bidding auction.
The auction is divided into multiple rounds. Each round equals 24 hours.
After each bid, the auction round will start. When there is a counterbid, the round restarts, and the countdown for 24 hours restarts.
The cycle continues until there are no more counterbids. Auction is completed within 24 hours of the last bid. The last bidder will become the Island Master, and the losing bidders will become the island shareholders or the Island Resident.
The bidding will start at 2000MTW and each counterbid must increase, with a minimum of 2% of the previous bid or more
The winning bidder becomes the Island Master. The Island Master will enjoy 70% of the future island development transaction fees.
Transaction fees are from token exchange fees, NFT trading fees made by the islanders in the island
The tokens that the Island Master paid for the island in the auction will be destroyed. Tokens spent by losing bidders who becomes island residents and shareholders of the island will be returned (after deduction of 5% as handling fees).
Those who joined in the auction bidding and did not win will become island residents and shareholders, and all have an equal share from 5% of the island's transaction fees.
Each island can only have one Island Master. The rest of the losing bidders are the island residents.
Each address can only own one island at a time.
Resident Status: You can become a resident of multiple islands. But once you become an Island Master, and own your own island, you will lose the resident status of other islands, and your share dividends from those islands will be equally shared among the Island Residents.
Expected destruction: 40% of the token will be destroyed through auction. (400 million MTW)