After a successful whitelist minting, Nanopass is now selling the remaining 1000 Nanopasses via Dutch auction. The auctions start tonight, December 16th, at 10pm CST. Prices begin at 2.69 ETH and decrease slowly over time until they reach the floor at 0.0888 ETH. This will bring the total minted Nanopasses to 5555.
Though we don’t really know what Nanopass is all bout yet, their NFTs look pretty damn cool and they have enough buzz to generate a very strong secondary market. The whitelist minting completed, with lucky participants able to mint their Nanopasses for a mere 0.0888 ETH. Now, the lowest ones you can find on Open Sea are going for 1.6 ETH – 20x the mint price! And while the chance for a whitelist spot is long gone, Dutch auctions for the remaining 1000 Nanopasses begin tonight.
For those who don’t know, a Dutch auction works in reverse to a standard auction. Rather than starting at a base price and going up, in Dutch auctions, the prices go down! The seller sets an initial price. Once the auction goes live, anyone can purchase it. But, if no one buys the item, after a certain period of time, the price decreases. This continues until either the item is bought or the price hits the floor set by the seller. In this case the starting price is 2.69 ETH and the floor price is 0.0888 ETH. But don’t expect prices to get anywhere near the floor! Nanopass NFTs are already selling for a significant premium on Open Sea.
As of now, all Nanopasses are still ‘unopened’. The reveal of the final, procedurally generated NFTs happens 24 hours after the public mint. It’s unclear if that means the start or end of the public mint, but either way, expect to see some animated graphics on the plots in the near future!
What is Nanopass?
Nanopasses are NFTs that function as early access passes and also double as land plots. They come in five styles (Cyberpunk, Eastern Gem, Spacestation, Underworld, and Fantasy), each procedurally generated from a base set of animated assets.
Weekly, each Nanopass generates a ‘Black Box’. What’s inside these boxes? Apparently the community will decide! The contents are funded by a percentage of royalties from the secondary markets. Then the community (presumably Nanopass holders), decides via a vote how to use those funds in the Community Vault to supply the Boxes. Will there be tokens inside? NFTs? Rickroll Links? It could be anything! This will certainly be an interesting experiment in community governance! (Note: at the time of the publishing of this article, the Community Vault has already accumulated 100 ETH!)
All of this leads into the mysterious, larger project called ‘Project SUBNET’. Nanopass holders receive special access and presale slots for this project. Is it a game? A metaverse? Both? Hopefully more information and details will be revealed to us soon.