Safebox Expiration

A Safebox is subject to an expiry date, which is set when the Safebox is created or extended. Once the Safebox expires, the following events can occur:

1. Expired Safebox Auction: Within the first 24 hours after a Safebox expires, any user can initiate an Expired Safebox Auction by submitting a bid. This auction lasts for 24 hours and the currency for bidding is $FLC tokens. The highest bidder will become the new owner of the Safebox key. Expired Safeboxes incur a 20% fee on Protocol-Initiated Auction proceeds.

2. Grace Period: After an Expired Safebox Auction concludes, there's a 24-hour grace period for the new owner to unlock the NFT from the Safebox or extend its duration.

3. Redemption Using µ-Tokens: If no one initiates an Expired Safebox Auction within the first 24 hours after a Safebox expires, any user can unlock the Safebox and redeem the NFT by using 1,000,000 µ-tokens.

By allowing multiple possibilities after a Safebox expires, we give our users flexibility and opportunity in the platform, creating a dynamic NFT ecosystem.

Don't wait until the last minute - set reminders to renew Keys on time.