The number of NFTs available on our auction platform may vary depending on the price of the NFTs in question but also on the trading volume of SWEEP, which will directly affect the budget available for the NFTs.
To do this, we take the budget available for the auction and we buy NFTs until we exhaust the entire budget.
- y = remaining available budget level
- a = budget available for NFT auctions
- b1 + b2 + … + b10 = cost of NFTs chosen for auction
Example for the number of NFTs:
We have a budget available for the auction of $162,000.
We have NFTs costing $1000, $5000, $6000, $13000, $27000, $40000, $70000.
y = $162 000 – ( $1000 + $5000 + + $6000 + $13000 + $27000 + $40000 + $70000)
y = $162 000 – ($162 000) = 0
**Note: if the remaining available budget is not equal to zero, then the balance will be carried over to the next available budget for the NFT auction. **
Example for volume:
We expect to attract at least 100 bids per NFT during the auction.
We expect offers around $4500 on average.
Based on the results above, we expect 7 NFTs to be available in the auction.
Volume generated by the auction = 100 bids * $4500 * 7 NFT = $3,150,000
Budget available for auction = $3,150,000 * (0.06 * 0.90) = $170,100
As the results demonstrate, the budget available for NFT auctions, the number of NFTs available on our auction platform and the trading volume of SWEEP will not stop increasing over time.