Three years ago, we launched a platform called The Arena, where unique creative works like art, music, and videos were sold as NFTs (Non-Fungible Tokens). By selling these artworks as NFTs, we provided a way for artists to authenticate and monetize their digital creations, ensuring each piece was unique and verifiable on the blockchain. This approach allowed collectors worldwide to bid on and own exclusive digital assets, making it easier to access NFTs during a time when they were otherwise difficult to obtain.
Our community was always very supportive, cheering for their favorite artists. Over time, The Arena has evolved and become a key part of NeoWorlder’s economy.
What is The Prism?
Today, The Arena has transformed into The Prism, a unique auction platform where users can bid on NFTs, now called PrismArt. To participate, users need a special kind of token called Bid Units (BUN), which can be bought from NeoWorlder. Each BUN is worth $0.20 USDC and users can only have a maximum of 50,000 BUN in their wallet at a time.
Here’s how it works: The auctions are time-based, and the goal is to be the last person to bid before the timer runs out. If a bid is placed in the last 15 seconds, the timer resets by another 15 seconds. This means auctions can go on for a long time, sometimes lasting days or even weeks! Users also have the option to set up bid bots, which can automatically place bids for them, so they don’t have to be glued to their screens. To keep things fair, there are rules in place. For example, if someone bids three times in a row, they’re placed in a “penalty box” for a while and can’t participate in the auction during that time.
To enter the Prism, users must meet the following prerequisites:
- Have passed a KYC (know your customer)
- Have a commercial license
- Have a versa account
- Receive an invitation from a type B license holder
- What Happens When You Win?
If you win the auction, you receive the Prism art. You can then either keep it or list it for sale again in the future. These artworks also become part of the Creative Star System in NeoWorlder’s virtual world, where each sold artwork represents a star, forever immortalizing both the creation and its creator. But even if you don’t win, there’s still something in it for you. Everyone who bids earns MDR (Multiverse Drawing Rights) based on the mining ratio 42:10, meaning that for every 42 BUN you bid, you’ll earn 10 MDR.
More About MDR
MDR is a special token in the NeoWorlder system that helps users unlock commercial licenses when staked. These licenses let users access more features, such as depositing and withdrawing USDC, engaging in commercial activities on their plots, improving their land and more. Users with MDR can also buy certain types of plots in NeoWorlds. Unlike regular staking, where you earn more tokens, staking MDR doesn’t give you extra tokens—it gives you these valuable licenses instead.
You can also stake certain NFTs or land plots (called Type A, P, or W) to get licenses, with lock-up times ranging from 3 to 18 months, depending on what you’re staking. For example, if you stake a Type P NFT, you will get a license after 3 months. Staking a Type A NFT requires a 12-month lockup, and for Type W or MDR, you need to lock them for 18 months to get a license.
Bidding in The Prism impacts the amount of MDR available. As more people want MDR, the number of bids will go up. This will result in more artworks being sold and more MDR tokens being created and added to the system (inflation). However, MDR can also be removed from the system when it’s locked for licenses (deflation). This keeps the supply balanced. This balance of demand and supply helps regulate the inflation rate of MDR, keeping the ecosystem stable and sustainable.
How NFTs and BUN Work Together
When The Prism launches, it will feature 345 artworks in the initial auction, with more added later in limited numbers to keep the total supply scarce. Currently, only less than 1,000 users will be able to participate on the first day (date to be announced in a separate article), with others joining later through special invites and by acquiring unrestricted commercial accounts.
We are preparing to re-launch the newly rebranded Prism within our ecosystem. Soon, we’ll share more details, including the new rules and helpful tips for participants to make the most of the Prism. Stay tuned for updates on the upcoming launch!
