The Shadows Auction Rules: 666 Ordinals by Forgotten Runes

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AUCTION RULES

Below has important rules for the auction. Please read through them before bidding. Also, please read the Terms of Service

The sale will be an ascending-bucket auction on Bitcoin. This means the price moves up only when the bids increase and everyone pays the same price.

The Shadows consist of 666 Ordinal Inscriptions. 600 will be sold in this auction.

View the collection here on Magic Eden

The auction's minimum price is 1 satoshi. Although, please note that, due to transaction fees, bids must be at least 250,000 sats to qualify for a refund

The maximum bid is 0.2 BTC per address. Bids of 0.2 BTC are considered "Goated Bids" and entered into the raffle to win 1 Shadow Hat. The first 600 Goated bids are guaranteed to win a Shadow and cannot be outbid. Any amount sent per address greater than 0.2 BTC will be refunded during the refund process (see "Refunds" below).

The auction will start on January 11th at 1pm Pacific

The auction will end on the block following January 12th at 1pm Pacific OR if 600 "Goated Bids" are placed (see below).

The price for each Shadow will be the same for all winners, determined by the "clearing price": the price at which all 600 Shadows are allocated to fill the bids, given the top bids.

Bids of 0.2 are considered "Goated Bids".

The first 600 Goated Bids are:

1. guaranteed at least one Shadow and

2. entered into the raffle to win 1 Shadow Hat (sub1k inscription).

Goated Bids cannot be outbid. There is a maximum of 600 Goated Bids. They will be sorted into earliest confirmed block and highest fees (within the same block).

Goated bids are the only way to be entered into the Shadow Hat raffle.

Bidding is aggregated per address. You may send multiple transactions to add to your bid. The maximum bid per address is 0.2 BTC

All Goated bids will be entered into a raffle to win 1 Shadow Hat (sub1k inscription).

Goated bids are the only way to enter the raffle to win a free Shadow Hat. No other lists apply (e.g. free claims via items are not entered).

The winner may select any Shadow Hat they choose except the "Dotta", "Elf", and "Bearsnake" Shadow Hat (Inscriptions 961, 963, 962).

The winner has 1 week to make themselves known and prove ownership of the address and pick their Shadow Hat. If the winner does not do this within 7 days, Magic Machine will choose the Shadow Hat inscription for them.

The winning address will be determined randomly by using the hash of the block closing the auction and the 2 following blocks as the seed. We will publish the algorithm.

Only 1 Shadow Hat will be raffled.

Roughly speaking, the clearing price will be calculated by taking the sum of the top bids and dividing by 600. In reality, the clearing price algorithm is more complex than this. But at the core, each address will receive as many Shadows as their bid will allow, given the clearing price - and everyone pays the same price. Refunds: Any excess that totals above 0.0025 BTC will be refunded, less transaction fees.

The Shadows will be claimed on Magic Eden within one week after the auction closes. Winners must use the wallet you used to bid to claim.

Any invalid bids, losing bids, or excess funds that total above 0.0025 BTC will be refunded, less transaction fees. The refunds will be sent to the address that sent the bid and this cannot be changed. The refunds will be processed as soon as possible, within one week.

The Shadows are pure collectibles that exist completely on-chain as Bitcoin Ordinals. No future roadmap is expressed or implied. The Shadows share the commercial IP rights as the rest of the Forgotten Runes character tokens.

Bid on the website using XVerse wallet or Unisat. Leather not currently supported.

If you bid from an exchange you will not be able to claim your Shadows and we will not be able to send your refund. Do not send funds from Coinbase, OKX, Binance or any other exchange.

You may increase your bid. But remember that bids are per-address, so be sure to send from the same address. You cannot bid more than 0.2 BTC per address.

You cannot lower your bid. Your funds will not be returned to you until the refund process.

ADVANCED USERS ONLY: You may bid by sending Bitcoin from a Taproot address to our address:

bc1qzuf97hv4nnh5ky369qnzsvdgv59m9rm0vrmjqy

Bids submitted this way will be counted like any other.

You may increase your bid by sending multiple transactions from the same address. As mentioned before, the maximum bid is 0.2 BTC per address.

Refunds will be returned to this address.

Please make sure you only send from a Taproot address as this will be the address at which you can claim your Shadow.

As an auction, the highest bids win. But in the case of a conflict the following bid resolution will be used:

- Goated bids (0.2 BTC, Max: 600)

- Total bid amount (per address)

- Address is on The Darklist or a community collab list

- Confirmed block height (earlier is better)

- Fee within the same block (higher is better)

For example: the clearing price is 0.1 BTC. An address on The Darklist bids 0.1 BTC and another address bids 0.1 BTC. There is not enough supply for both. The address on The Darklist will win the Shadow.

Darklist and Collab addresses must bid and will be given priority at the clearing price.

Everyone pays the same price in this auction. If there are more than 600 valid bids, Darklist and collabs will be given priority, assuming they bid at least the clearing price.

This means that if there is a limited supply, Darklist and collabs will receive an allocation before an address that is not on those lists, even if they bid the same amount.

Please note that bidding under the clearing price will not entitle you to an allocation.

Darklist and collab addresses must be given to Magic Machine before the start of the auction and the address must exactly match the address that is bidding. These cannot and will not be changed.

Please review the section Bid Priority above for details.

66 Shadows are to be issued for free to the following groups:

29: to the holders of Jelly Donut Forgotten Souls, The Book of Shadows, and Shadow Crystal from the Athenaeum Collection

10: winners from the Darklist who created Donut Sacrifice videos

8: Legendary Beast Holders

6: Top Soul Holders

13: Team

By participating in the Auction, you agree to the Terms of Service. The team may extend, shorten, or cancel the auction at any time for any reason. In the case of a discrepancy between any written text and the final parameters, the code for determining the clearing price, raffles, and distribution will take precedent and be final

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AUCTION RULES

The Shadows

Minimum Price

Maximum Price

Start Time

End Time

Flat price per Shadow

Goated Bids

Bids Per Address

Shadow Hat Raffle

Multiple Shadows per Bid

Shadow Claim

Refunds

Pure Collectible

Bidding

Don't bid from an exchange

Increasing your bid

Lowering your bid

Bid from Taproot (Advanced)

Bid Priority

The Darklist and Community Collabs

66 Free Shadows

Terms of Service

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Resources