1. Why is not the whole process of this project recreated on the blockchain?
I really tried to make this work in smart contract code. However, the image upload process, NFT creation, automatic listing on opensea.io – or comparable and distribution of proceeds require tremendous amounts of gas fee. As you all know, gas fees on Ethereum have been exploding lately. For your wallet’s and nature’s sake, I decided this is the best way to go.
2. Once all Cryxel are sold, how is it ensured that no one else just mints the NFT and sells it?
Unfortunately, this risk cannot be eliminated. But let’s be realistic. Louvre doesn’t keep its doors closed just because anyone can take a picture of Mona Lisa and sell it (btw, don’t try this, it’s not allowed). In the end, NFT collectors and investors firstly pay for the artist’s name first, then secondly for the artpiece itself. The official auctioning account will be “CryxelNFT”, representing all of you.
3. What if nobody enters a bid on the auction?
Well, let’s not be so pessimistic in the first place 🙂 I believe this is a great idea. Depending on how cool all your contributions are going to be, I see no issue with achieving a great price for this artwork. Also, everyone of you has a say at which value to start the auction. Should we end up in a bad place, one solution could be that I set up another voting process on how to proceed (e.g. on selling multiple mints). But honestly, I really don’t deal with this question and have solid faith.