The official post from @FungoLabs Genesis explains how the sealed-bid auction works with an example: Assume only 3 NFTs are for sale, with a minimum bid of 500 cZAMA (example, not the actual reserve price). Four people each bid on one: A bids 3000 B bids 1500 C bids 1000 D bids 500 (exactly the minimum bid) The top 3 winners are: A, B, and C. Key point: All winners pay the same price = the minimum winning bid, which is 1000 in this case. Results: A pays 1000, gets 2000 back B pays 1000, gets 500 back C pays 1000 D doesn't win, gets 500 back Therefore: Bidding at the minimum price ≠ guaranteeing you'll buy at the minimum price. Pay only the price you are truly willing to pay; the final settlement price will be paid only, and any excess will be refunded. Genesis: 11-05 First, 500 tokens will be given to the free whitelist, then 2500 tokens will be auctioned via sealed bid (cZAMA). For details, please see @FungoLabs / http://fungolabs.org