Ekos Genesis Art Collection Auction Terms
By submitting a Deposit for a piece of Ekos Genesis Art on the Site, either during the Pre-Auction Period or during the Auction, you agree to be bound to these auction terms (“Auction Terms”) in addition to our Terms of Service. Capitalized terms used but not defined in these Auction Terms have the meaning set forth in the Terms of Service.
How to Participate.
In order to try to obtain a piece of Ekos Genesis Art: (i) You can make a deposit during the pre-auction period, which begins at 10:00 AM PST on April 24, 2023 and ends on April 30, 2023 at 11:59 PM PST (“Pre-Auction Period”); or (ii) you can make a deposit in the Dutch-style main auction which begins on May 2, 2023 at 10:00 AM PST and runs for up to 88 minutes (“Auction”). Note that the Auction may not take place if the Ekos Genesis Art pieces sell out during the Pre-Auction Period. If the Auction will not take place, we will post a notice to that effect on our Site.
You can only participate in the Auction if you are above 18 years of age and the age of majority in your jurisdiction. We may block residents from certain countries from participating and may block certain individuals in our sole discretion. You are responsible for complying with any applicable legal requirements in your jurisdiction in connection with your participation in the Pre-Auction or Auction.
How to Participate.
You may participate in the Auction by making a Deposit. A “Deposit” is the amount of ETH you submit to be held in a smart contract to purchase a piece of Ekos Genesis Art, which is recorded on a the Ethereum blockchain. In order to make a Deposit, you will need to connect your Ethereum-compatible digital wallet to the Site. See our FAQs for more information about what types of wallets can be connected and how to do so. Once you sign the transaction through your digital wallet your Deposit is locked in and cannot be removed or decreased. See our Terms of Service for more information. Your Deposit can be as high as you want, but note that a higher Deposit does not place you higher in the queue for a piece of Ekos Genesis Art, but a Deposit that is a multiple of the Resting Price (as defined below) means you may obtain multiple pieces of Ekos Genesis Art. For example, if your Deposit is 45 ETH and the Resting Price is 9 ETH, you will receive 5 pieces of Ekos Genesis Art, assuming that there are 5 pieces of Ekos Genesis Art still available for purchase. Your Deposit must be at least equal to the amount of the current Clearing Price, as described below.
The Auction Process.
The “Clearing Price” is the current price in ETH of a piece of Ekos Genesis Art at various points of the Auction. The Clearing Price will be 10 ETH throughout the Pre-Auction Period and for the first 4 minutes of the Auction. Thereafter, the Clearing Price will drop by 0.5 ETH every four minutes, until the Clearing Price reaches 0.5 ETH after 80 minutes, at which time the Clearing Price will drop to 0.2 ETH for a final 8 minute period. The “Auction Close” refers to the conclusion of the Auction, after which all Ekos Genesis Art pieces will be allocated and we will not accept any more Deposits. The Auction Close will then occur at the earlier of: (i) 88 minutes elapsing and (ii) when the aggregate ETH Deposits made during the Pre-Auction Period and Auction is sufficient to allow all pieces of Ekos Genesis Art to be distributed at the then-current Clearing Price. Note that the Auction will not commence if all of the Ekos Genesis Art pieces are allocated during the Pre-Auction Period. The “Resting Price” is the Clearing Price at the time of the Auction Close.
How Ekos Genesis Art is Allocated.
You will not be allocated any pieces of Ekos Genesis Art until the Auction Close. At that time, we will allocate pieces of Ekos Genesis Art to the wallets from which Deposits were made in the chronological order of when Deposits were recorded on the Ethereum blockchain. If there are multiple Deposits within a single Ethereum block, they will be ordered by their transaction order within that block. In the event of any discrepancy, our decision on how Deposits were ordered is in our sole discretion and final. This allocation process is referred to as the “Ekos Priority System”. We will only allocate Ekos Genesis Art to the wallet from which a Deposit was made and not to any other wallet. When we make an allocation of Ekos Genesis Art, you will receive a number of pieces equal to your Deposit divided by the Resting Price. If there is an amount in your Deposit after such allocation, it will be unlocked and refunded to the wallet from which the Deposit was made within 48 hours of the Auction Close (“Residual Deposit”). For example, if your Deposit is 48 ETH and the Resting Price is 9 ETH, you receive 5 pieces of Ekos Genesis Art, and a Residual Deposit of 3 ETH. In the event that not all pieces of Ekos Genesis Art have been allocated using this system, we will decide in our sole discretion how to allocate the remaining pieces, if at all.
Increasing Your Deposit.
You may increase your Deposit as often as you want at any time until the Auction Close by making an additional Deposit from the same wallet from which you made an earlier Deposit. If you do so, we will add your later Deposits to your earlier Deposits for purposes of determining the order of Deposits pursuant to the Ekos Priority System.
Ekos Genesis Art Portraits.
We have allocated 100 pieces of 1/1 original hand-crafted digital art called Ekos Genesis Art Portraits (separate from the 995 Ekos Genesis Art pieces that are part of the auction) for those who make the earliest Deposits during the Pre-Auction Period. Participants are eligible to receive one Ekos Genesis Art Portrait for every 10 ETH deposited during the pre-auction deposit period, up to a maximum of five per digital wallet. The collectors who qualify for one or more Ekos Genesis Art Portraits will be able to select their specific pieces of art in an order that prioritizes the earliest deposits. In the event that not all Ekos Genesis Art Portraits have been allocated using this system, we will decide at our sole discretion how to allocate the remaining pieces, if at all.
Leaderboard and Top Collector Reward.
During the Auction, we will post a leaderboard showing the 100 wallets that are expected to be allocated the highest number of Ekos Genesis Art pieces. At the Auction Close, the six wallets that have been allocated the most pieces of Ekos Genesis Art based on the Ekos Priority System, will each be allocated a Top Collector Reward, which they can select in order of their ranking on the leaderboard. Each Top Collector Reward is one of the six original pieces of Ekos Genesis Art that can be viewed here. This Ekos Genesis Art is from the same group as the two that were sold on May 22, 2021 by Mythos. Note that the highest Deposit will not necessarily have been allocated the most pieces of Ekos Genesis Art. For example, if the highest Deposit was made right before the Auction Close, when that wallet is allocated pieces of Ekos Genesis Art, there may be only a few pieces left. Note that the leaderboard will be for informational purposes only until the Auction Close, after which we will publish the final leaderboard.
Delivery of Your Ekos Genesis Art.
You will find out if you secured a piece of Ekos Genesis Art within 48 hours after the Auction Close through a deposit of one or more pieces of Ekos Genesis Art to the wallet from which you made your Deposit. At that time you will not be able to see the piece of Ekos Genesis Art you received. The Ekos Genesis Art will be revealed on June 27, 2023. If there are any changes to this timeline, we will endeavor to promptly post that information on our Site. The piece of Ekos Genesis Art you receive will be allocated to you in a provably random manner. You cannot choose which piece(s) of Ekos Genesis Art you would like to obtain.
Discretion of Mythos.
Mythos’ determination on all matters included in these Auction Terms, including with respect to how Deposits are prioritized; how Ekos Genesis Art, Ekos Genesis Art Portraits, and the Top Collector Reward is allocated; and how the Auction is conducted, is final.