DogeCoin and Tronix accepted for Fusion NFT Auction by Metaverse Blockchain Company Coinllectibles

By AIT News Desk On Sep 8, 2021

Metaverse Blockchain Fusion NFT company, Coinllectibles, a fully owned subsidiary of Cosmos Group Holdings Inc., is pleased to announce that it will be accepting Dogecoin (DOGE) and Tronix (TRX) as payment for the Fusion NFTs that it will be putting up for auction tomorrow.

For DOGE and TRX bidders, they would have to first convert their respective currencies into ETH to bid for the item. If they are successful in their bid, they would first have to pay Coinllectibles via the OKEx NFT marketplace. At that point, the exchange rates between ETH and DOGE/TRX would be locked in. The buyer will then have 3 working days to decide whether he/she wants to make the purchase in ETH or DOGE/TRX. If the buyer decides that he/she prefers to pay in DOGE/TRX, he/she can swap the equivalent DOGE/TRX into ETH with Coinllectibles.

To illustrate, if a buyer wins the bid at 100ETH and the exchange rate for DOGE at that point is 1ETH to 13,000 DOGE, the buyer will have 3 working days to decide whether to swap. If the buyer prefers to keep ETH, he/she will have to transfer 1.3million DOGE to Coinllectibles in exchange for 100ETH.

Commenting on the mechanics, Benny Phang, Director of Partnerships said, “We have seen strong response from bidders on how to participate in our inaugural auction. A lot of the queries have been focused on how they can join in the bidding and the type of coins that they can use. After much discussion, our management has decided to accept DOGE and TRX as we want to be more inclusive and make our Fusion NFTs™️ accessible to as many people as possible. Even though buyers will have to use ETH to pay first, through such a swap arrangement, buyers can ultimately decide which tokens they would want to use to pay for the auctioned items.”

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“With respect to the type of cryptocurrencies that Coinllectibles accept, we are just starting with DOGE and TRX for now. Depending on what the response is, we are open to any suggestions to accept a wider variety of cryptocurrencies in time to come. We have many ideas and partners we can work with and we see this as a way to add greater value to the overall blockchain community,” added Benny.

More details on the inaugural Fusion NFT auction items

The inaugural batch of Fusion NFTs comprises ceramic artifacts that date back to between 1735 and 1796. During this period, China was one of the wealthiest and most populous nations in the world.

Buyers of Fusion NFTs will own the NFT along with the physical art. The owner can decide whether to take possession of the collectible item or have it put on display in the Coinllectibles Fusion NFT Gallery in Hong Kong. Owners who put their item on display in the Gallery will also have the privilege of having their names displayed besides their collection.