The first ever community-minted NFT is generating FOMO before its auction has even begun, attracting a bid of 5 ETH from an anonymous buyer a day before bidding is set to begin.
The NFT is being minted by members of the Metis community. Metis, a Layer 2 platform provider that develops technical and organizational infrastructure for the Web 3.0 economy, has made this NFT one of the first and biggest use cases for its fast-growing alpha testnet.
Named ‘’Rebuilding the Tower of Babel’’, the NFT will be unveiled some time after 12 pm UTC on Wednesday, April 28. It will then be auctioned on the OpenSea NFT marketplace, with an opening bid of 5 ETH already recorded on April 27.
5 ETH bid for ‘’Rebuilding the Tower of Babel’’ NFT
The announcement of the NFT in early April has led to massive interest within the crypto space. Thousands of users have flocked to the Metis website to form Tribes, in the hopes of being one of the lucky 256 people to generate enough mining power to become eligible to share in the profits generated by the artwork.
Tribes are a community of crypto enthusiasts that will join together to create different pieces of the ‘’Rebuilding the Tower of Babel’’ NFT. The Tribe initiator can claim the NFT piece representing that specific Tribe. Each Tribe can hold a maximum of 15 members, with each joining member contributing mining power so that the Tribe can participate in mining this NFT, and also gain future mining incentives.
The first phase of the NFT airdrop was scheduled to last five days, and instead sold out in 97 minutes. The second phase, conducted on April 27, sold out in just three minutes. All told, the contest attracted more than 12,000 registered wallets to the Metis site, MetisDAO.org.
The first 256 people to claim the NFT tokens will take part in the first ever community-minted NFT auction. A total of 2304 additional users that participate will receive NFTs that will grant them the ability to participate in Metis incentive pool mining. The thousands of users who don’t qualify for either of those rewards will be able to sign up for the Metis waiting list, where they can be the first to learn about future events and contests. Details of those events will be broadcast on the Metis Telegram account, @MetisDAO.
So far, the initial auction bid for the NFT has caused excitement within the Metis community, as the auction is expected to be fiercely contested.
Based on the spirit of Optimistic Rollup, Metis is building an easy-to-use, highly scalable, low-cost, and fully functional Layer 2 framework (Metis Rollup) to fully support the application and business migration from Web 2.0 to Web 3.0. Its scalable protocol supports a wide range of use cases, including yield farming, DEX trading, and powering the gig economy via dApps that offer cheap and fast micropayments.
Metis integrates the Decentralized Autonomous Company (DAC) framework within its Layer 2 infrastructure, a differentiating factor that makes it easy for any developers, builders, or community leaders to build their applications and communities. It also makes it easy to use pre-set tools to facilitate their development, manage collaboration, and enjoy the network effects of the world’s largest decentralized finance ecosystem, without the costs and bottlenecks normally associated with Ethereum.
Metis’ goal is to make building dApps and DACs on its platform so easy to do, even total blockchain novices can make it happen in a matter of minutes.
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