A new name is climbing the X trends in Pakistan tonight: Fungo. Behind the buzz is FungoLabs, a crypto project preparing to launch its Genesis NFT collection tomorrow, 5 November 2026, and it is doing the sale in a way the NFT world has rarely seen. All 3,232 NFTs will be sold on the Ethereum blockchain through sealed bids — nobody can see what anyone else is offering until the auction closes.
Most NFT drops are public stampedes: everyone sees the art, the price and the queue at once. FungoLabs is flipping that model. The artwork stays encrypted, the bids stay hidden, and even the team behind the project cannot peek at the numbers while the sale is open. The privacy comes from fully homomorphic encryption technology built by Zama, a cryptography firm whose tools let smart contracts work on encrypted data without ever reading it.
With the mint opening tomorrow and a $FUNGO token airdrop promised to holders, here is how the FungoLabs NFT sale works, what the tokenomics look like, and the risks worth knowing before getting involved.
How the sealed-bid sale actually works
The Genesis collection has a fixed supply of 3,232 NFTs, split into three parts. Five hundred are reserved as free mints for whitelist holders, who pay only Ethereum network fees. Another 2,500 go into the public sale, and the remaining 232 are kept by the team.
The public sale runs as a uniform-price sealed-bid auction. Each bidder picks a price and a quantity, paid in cZAMA — a confidential version of Zama’s ZAMA token — plus ETH to cover gas fees. While bidding is open, the blockchain shows only the bidder’s address, the time of the bid and the total bid count. Prices and quantities stay encrypted.
When the sale closes, all bids are opened and ranked from highest to lowest. The lowest bid that fills the 2,500th NFT sets one final clearing price, and every winner pays that same price. Bid more than the clearing price and the difference comes back to you; bid below it and your cZAMA is refunded. The catch: once placed, a bid cannot be cancelled, and the small bidding fee is not returned.
The encryption tech behind the private bids
What makes this sealed bid NFT auction on Ethereum different is not just the hidden prices — it is the hidden artwork too. A typical crypto NFT reveals its art and traits to everyone at mint. FungoLabs encrypts both using fully homomorphic encryption (FHE), a technique that lets software compute on data without decrypting it.
Each Genesis NFT has two layers. “The Look” is the artwork itself: it starts sealed, only the holder can see it, and the holder may share it publicly or keep it private forever. “The Essence” is the NFT’s identity — its class, element and four stats named Secrecy, Intuition, Will and Energy. Those values are drawn at random during minting, stay hidden permanently (even from the FungoLabs team), and cannot be steered by anyone.
The hidden stats are not just for show. FungoLabs plans a game in which the secret attributes decide battles, and a launchpad where other studios can run their own sealed sales. Studios can already apply to that launchpad, suggesting the team sees encrypted drops as a product line rather than a one-off experiment.
$FUNGO tokenomics and the airdrop plan
Alongside the NFT sale, FungoLabs has confirmed a native token: $FUNGO. The total supply is 10 billion tokens, with no presale and no investor allocation — a structure the project presents as a fair launch.
The FungoLabs airdrop plan, as detailed in the published tokenomics breakdown, breaks down like this. Genesis NFT holders receive 36% of the supply, working out to roughly 1,113,861 $FUNGO per NFT. Holders of Zama’s OG NFTs get 7%. Another 20% of launchpad revenue will be split equally across all 3,232 Genesis NFTs, paid in ETH, ZAMA and tokens from new collections. Finally, a 300 million $FUNGO reward pool covers the X campaign, rewarding posts about the project made since 1 November.
What is missing matters too: the project has not announced a date for the token generation event (TGE), when tokens are first handed out, nor any exchange listings. Anyone joining for the airdrop is betting on a future announcement, not a confirmed schedule.
The risks to know before joining
Sealed bidding sounds fair, but the risks are plain. Bids cannot be pulled back, the bidding fee is gone whether you win or not, and the encryption method — while mathematically sound — is new in a live commercial sale. NFT prices can collapse, and the $FUNGO token carries no promised return. Whitelist applications are also closed, so latecomers can only enter through the public auction.
It is also worth noting what FungoLabs has not published: the official site carries a roadmap and FAQ but no whitepaper or audit link, according to third-party trackers. For a project asking users to lock funds into encrypted bids, independent scrutiny of the sale contracts is the standard due-diligence step.
Pakistan’s own crypto landscape is evolving fast — regulators and lawmakers are actively debating how digital assets fit into the economy, as covered in our guide to cryptocurrency’s legal status in Pakistan. Tomorrow’s sale will be the first real test of whether private bids can produce a fair price on-chain. If it works, the $FUNGO TGE and the next launchpad drops will draw far more attention than this first one.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Crypto markets carry significant risk. Always do your own research.
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