BTECH

🟨 Something interesting is happening with @FungoLabs, and I think the technology behind this launch deserves more attention. Today, November 5, Fungo Genesis is introducing 2,500 NFTs through a sealed-bid auction powered by @zama's Fully Homomorphic Encryption (FHE) technology. Another 500 NFTs are reserved for free minting by whitelist holders and nominees, bringing the Genesis collection to 3,232 NFTs, including 232 allocated to the team. Here's what makes the auction interesting. Participants submit their bids in cZAMA, choosing how much they're willing to pay per NFT and the quantity they want. Those details remain encrypted throughout the auction, meaning other participants cannot see your bid or adjust theirs based on your offer. When the auction closes, bids are ranked from highest to lowest. The lowest successful bid determines the final price, and every winning participant pays that same price. For example, if you bid 15,000 cZAMA per NFT and the final clearing price is 10,000 cZAMA, you still secure your allocation but receive the excess 5,000 cZAMA back per NFT. Bids below the clearing price receive no NFTs and are refunded, while participants bidding exactly at the clearing price may share the remaining allocation proportionally. The process starts with getting ZAMA, shielding it into cZAMA and submitting your sealed bid through the Genesis page. You'll also need a little ETH for gas. One important detail: bids are binding, and the encrypted bidding fee is non-refundable. But the interesting application of FHE goes beyond the auction. Every Genesis NFT is minted with its contents encrypted on Ethereum. Holders can privately view their NFT's artwork and decide whether to make it public. Its underlying essence, containing its class, stats and element, remains encrypted on-chain, with access controlled by its current holder. This is where Zama's technology becomes particularly interesting. Smart contracts can process encrypted information without having to expose the underlying data. There's also a 300,000,000 $FUNGO allocation for the ongoing X creator campaign, representing 3% of the planned 10 billion token supply. Connect your X account on the campaign page and submit your five best Fungo posts published from November 1, 14:00 UTC onward. For some perspective, at a hypothetical $10M FDV, the creator allocation would represent $300,000. An equal distribution among 100 creators would amount to 3 million $FUNGO each, or approximately $3,000 at that valuation. Each Genesis NFT is also allocated 1,113,861 $FUNGO, equivalent to approximately $1,114 at the same hypothetical FDV. Of course, these are valuation illustrations, not guaranteed market prices or individual rewards. The actual creator distribution has not been disclosed. What I find worth watching is how Fungo is putting privacy to work across the entire experience, from the NFT's underlying attributes to the bidding process used to distribute the collection. FHE has some fascinating possibilities for on-chain applications, and Genesis is an interesting demonstration of that. Explore: fungolabs.org Built with @zama. 🟨