(This article was originally published on Udonis’ blog)
Sulake announced Habbo NFT avatar collection, which will be drawn in the Habbo pixel art style. The collection will involve 12,500 randomly generated avatars. Since the avatars are NFTs, each one has to be unique. Sulake is currently owned by Azerion, a media and technology company.
As Sulake stated on their website, these avatars are collectibles, non-fungible tokens. These NFTs are a part of the Ethereum blockchain, as ERC-721 tokens. Furthermore, they claimed that the avatars resulted from a project put together by pixel artists, gamers from their community, and NFT enthusiasts.
The main selling point of these NFTs is nostalgia since Habbo Hotel used to be a very popular online game in the 2000s. Habbo Hotel was a big online community for teens and young adults. They could chat, buy virtual items, customize their rooms and characters, etc.
The game had credits, duckets, and diamonds, all virtual currencies. Players were buying currency using their credit cards, but other than that, a very popular choice was the prepaid cards and SMS, especially among teenagers.
The Avatar Auction
Sulake stated that they would be releasing 10,000 avatars as a part of a public sale. Sulake described what the auction would look like. A starting price will be, Sulake describes, higher than the company would expect to get for the NFTs. After Sulake shows the starting amount, the price will periodically drop by a certain predetermined amount.
Users will be able to buy the NFTs at any given moment. However, the price will stop dropping if it reaches 0.1 ETH. This way, Sulake thought that they would come up with an average price for the NFTs. Moreover, the company said that they wanted to avoid gas wars; the blockchain battles.
In a gas war, participants want to secure space in the next block in the blockchain by taking a priority gas auction. This means that people pay the prices above the average for gas so they can secure their position in the next block.
However, even if someone secures their position in the block, it could still end up being very expensive for them, which is why these blockchain battles are risky.
Sulake wanted to avoid that, so they decided to release the NFTs in a Dutch auction on an unspecified date in a week from September 27th to October 4th, 2021. An interesting thing to note is that the buyers won’t be able to see the avatars that they are buying. In the beginning, buyers will only see a generic avatar at the auction. Later, when Sulake reveals the avatars, customers will be able to see their purchase.
Sulake mentioned that they would reveal all avatars that they sell in that week at the same time, the latest date being October 5th.
Since they will only be releasing 10,000 avatars at this Dutch auction, Sulake stated they had reserved the rest for their community. For now, it is unknown when the rest of the avatars will be available.
The only thing Sulake mentioned was that some of the remaining NFTs would be available only within the company, and some would be a part of the upcoming giveaways.
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