Today's public sale draw has been announced, are you the lucky one?
By Asher, Odaily Star Daily
In the past few months, the Bitcoin ecosystem has undoubtedly been the biggest hot topic, while the Ethereum ecosystem has a weak narrative, and the floor price of major blue-chip NFTs continues to decline.
However, the domestic NFT project Tinfun (commonly known as "Tianfang") has recently become the focus of the market, with the public sale draw open for 24 hours attracting over 25,000 ETH participants. What exactly is Tianfang, and why is it referred to as the "pride of domestic NFT" by the community? Odaily Star Daily explores this issue.
Project Introduction
Image source: Official Twitter
Tinfun is a project initiated by the well-known domestic KOL LaserCat. It is a PFP project with a theme based on traditional Chinese culture, with a total supply of 10,000.
According to LaserCat, Tianfang has undergone a long period of planning, with the project starting at the end of 2022, the first official exposure on March 15, 2023, and the sale not taking place until January 7, 2024. After the sale, Tianfang will not immediately reveal the artwork, but hopes to do so before the new year, allowing holders to change to Tianfang's NFT avatar at the beginning of the new year. At the same time, LaserCat stated that Tianfang does not have strong empowerment or any promises, it is an art-driven NFT project.
On the official website of Tianfang, it can be seen that it adopts a horizontal design (similar to a scroll), derived from the meaning of the Chinese character "horizontal": symbolizing openness, vitality, and vigor. Additionally, from the information on the official Twitter, it is known that the elements of Tianfang NFT are derived from classic Chinese mythological texts such as "Classic of Mountains and Seas" and "In Search of the Supernatural".
Image source: Official website
Founder LaserCat has also mentioned multiple times that Tianfang is a long-term project and will strive to do well (as shown in the image below).
Image source: LaserCat's personal Twitter
Official Twitter: https://twitter.com/TinFunNFT;
Founder's Twitter: https://twitter.com/BitCloutCat;
Official website: https://www.tinfun.com/zh.
Project Sale: Increase whitelist quota, reduce public sale
At the end of December 2023, the official rules for the sale of Tianfang were confirmed as follows:
Total supply: 10,000 pieces; of which the whitelist quantity is 5,000 pieces, and there will be no over-issuance. The public sale quantity is also 5,000 pieces;
Sale price: 0.1 ETH;
Sale rules: The public sale will be a lucky draw, using a lottery mechanism;
Sale time: January 7, 2024.
Due to the popularity of the "Touch Fish Game Fragments," the whitelist quantity exceeded expectations. In order to fully protect the rights and experience of whitelist holders, Tianfang adjusted the whitelist limit to 5,800 pieces, and reduced the public sale quota to 4,200 pieces, with the total still being 10,000 pieces. Any unsold whitelist quota will be automatically added to the public sale portion.
Regarding the community's question of "Why not choose a full whitelist sale or directly open a Gas War to the public?" LaserCat explained on personal Twitter that a full whitelist sale would be overly PUA, and an open Gas War would likely be dominated by scientists, making it unnecessary to waste these Gas; although a lottery cannot achieve absolute fairness, it is a relatively fair choice.
Tianfang finally started the sale on January 7, 2024 at 11 a.m. and lasted for 24 hours. Users participating in the public sale draw could deposit a minimum of 0.1 ETH and a maximum of 0.2 ETH for the draw once per wallet. However, due to the high participation in the public sale draw by the community, the draw amount reached the expected target of 25,000 ETH in less than 24 hours. In order to avoid excessive market speculation, excessive FOMO in the community, and to ensure the safety of everyone's funds, Tianfang decided to close the public sale early at 8 a.m. on January 8.
Tianfang public sale draw amount reaches 25,000 ETH
Around 10 a.m. this morning, the results of the public sale draw were already out, and the discussion in the community about Tianfang NFT has also increased:
The draw was quite random, not sure how the selection was made, the number I drew didn't seem to be useful;
Participated with 80 numbers, won 4 small prizes;
The hype is too high, I'm going to check the current whitelist price off the market;
……
For users who have not yet checked the results of the public sale draw, you can immediately check the results on the Tianfang official website→Sales page→Public sale draw module http://tinfun.com.
Off-market trading
Currently, Tianfang's public sale has been drawn, but the NFTs have not been airdropped to the winners immediately, and the secondary trading market has not been opened. The current trading of Tianfang is still in the form of off-market OTC. According to feedback from community members, there is a large number of buy orders for Tianfang whitelist in WeChat group OTC trading at 0.8-0.85 ETH (as shown in the image below).
Tianfang off-market whitelist price situation
At the same time, there are also KOLs on Twitter who are optimistic about Tianfang, stating their willingness to buy a large amount of whitelist before the secondary market opens. The image below shows a KOL on Twitter offering to buy a large amount of TinFun whitelist shares for $1800.
KOL buying Tianfang whitelist situation
Based on the current off-market whitelist prices, the market's expectation for the opening price of Tianfang is above 1 ETH. Therefore, users who did not win or like Tianfang can refer to this expectation before deciding whether to buy Tianfang at the opening.
Odaily Star Daily reminds investors that the cryptocurrency market is highly volatile, and thorough research is essential before investing.
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