To understand the #hashtag NFT auction, it is essential to realize that #hashtag NFT token supply has two unique phases, which include #hashtag NFT registration and #hashtag NFT auction.
In other words, participants will register and pay for #hashtags in the very first phase. Remember that once all the #hashtags, let's say 100,000 (100K) #hashtags, are sold, it indicates the closure of phase one and the launch of phase two of the #hashtag sales – #hashtag NFT auction.
In the second phase, the participants will utilize Tagcoins to bid for a limited number of #hashtag purchase vouchers available in an open auction every day. As an outcome, the top bidders, equivalent to the number of available vouchers, will receive a #hashtag purchase voucher. While utilizing these vouchers, the winners will actually want to register their preferred #hashtag.
For the sake of your information, the protocol will place 30 #hashtags in a daily auction event. What's more, the auction contract will burn or remove the Tagcoin proceeds accumulated through the same auction event from the circulating supply. Surprisingly, this burning system will aid in reducing the supply of Tagcoins to make more incentives for existing Tagcoin holders.