Here’s What Comes Next
“Rebuilding the Tower of Babel”, the first ever community-minted NFT, earned a winning bid of 16.1 ETH — about $51,000 when the auction ended — on Monday.
With this historic event created by Layer 2 blockchain company Metis now complete, the 256 Tribes that joined together to mint the NFT now get to share in the proceeds, splitting 70% of the earnings. The remaining 30% of the earnings will go to Canadian artist Matt Vegh and his research lab StarCloud AI.
Here’s a more detailed breakdown of the auction’s results:
Now here’s how the winning share for each of the 256 Tribes is calculated:
Share from Sale Proceeds=(Auction Proceeds — OpenSea Fee -Artist Allocation)*(Mining Power of Your Tribe/sum of the mining powers of all 256 tribes )
Final Auction Price：16.1ETH
OpenSea Fee：0.4025 ETH(Metis covered the developer fee to add to the Tribes’ total earnings)
Total Earnings：15.6975 ETH
Earning Share of the Artist：4.70925 ETH(distributed) which constitutes 30% of Total earnings.
Total Earning Share of the 256 Tribes：10.98825 ETH, which constitutes 70% of Total earnings.
Here is a Google Doc showing all 256 Tribes, corresponding mining powers, percentages, and claimable amounts. https://docs.google.com/document/d/1UQhVh-z6P4LBiwlpTYfaFsUwkeZWNBqg5Iu9rjfb3BY/edit?usp=sharing
OK, now for the important stuff…here’s how you, one of the 256 winners, can claim it: Go to your profile page on the Metis Tribe website, and you will find the amount of ETH you can get from the auction sale proceeds. Click Claim, you’ll be prompted to pay the gas cost, and you can then claim the entire remainder for yourself.
The successful NFT event marks the latest use case for Metis’ Layer 2 technology. Known as Metis Rollup, the company’s Layer 2 platform is in its alpha testnet stage, where it has already brought in a large number of users in just a few weeks of existence.
As of the morning of May 3, 12,683 Ethereum wallets had been linked to Metis’ alpha testnet, with 6,856 decentralized autonomous companies (DACs) created. All told, 166,859 testnet transactions have already been logged on Metis Rollup, with 22,607 Layer 2 smart contract calls executed.
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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