An experiment in collaborative 'art'? And a tribute to 90s web design.
There are 2 steps:
- Creation
- Perpetual sale
We start with a blank canvas of 1.000.000 pixels. Pixels are sold in blocks of 10x10. Each block has a description up to 256 characters and a URL up to 256 characters. Multiple blocks can be used to create/upload larger images. All the pixel information is stored on the MATIC blockchain.
The starting price for each pixel is 1 MATIC.
For every pixel purchased, you receive 1 PIXEL token. You keep this token, even if your pixel is resold.
Once a block is sold, it can still be bought for double the last sale price. So after it was bought for 1 MATIC, it will cost 2 MATIC. After that it will cost 4 MATIC, etc. When your pixels get bought, the amount of MATIC you paid for them get refunded to you. But you do get to keep your PIXEL tokens.
The creation process will run for 2 weeks. But anytime a sale happens, it may run a little longer. Take the number of MATIC spent in a single sale, turn that into seconds and if the current time plus those seconds go beyond the current end time, this will be the new end time.
Once the creation process is finished, the final canvas is turned into a single NFT. This NFT will be for sale for 10% of the amount of PIXEL tokens issued in MATIC. So if every pixel was sold once, there would be 1.000.000 PIXEL tokens and the starting price would be 100.000 MATIC.
When the NFT sells, the proceeds go to the PIXEL holder pool.
The NFT will however ALWAYS be for sale for 150% of the last paid price. Anyone can buy this NFT at any time for 150% of the last sale price. When a resale happens, the original sale price + 10% gets refunded to the last owner and the rest goes to the PIXEL holder pool.
So as the NFT gets resold over and over, the funds in the PIXEL holder pool grow. PIXEL tokens can be burnt at anytime to redeem their share of the PIXEL holder pool proceeds. Since these PIXEL tokens are now burnt, this reduces the total supply of PIXEL tokens, so if the NFT sells again after this, remaining PIXEL token holders will receive more of this.