First Ever Community-Minted NFT Auction Earns Winning Bid of 16.1 ETH

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