> ## Documentation Index
> Fetch the complete documentation index at: https://docs.wemog.fun/llms.txt
> Use this file to discover all available pages before exploring further.

# How Wemog works

> Understand bonding, graduation, Gacha trading, ownership, and metadata.

Wemog gives each NFT collection a market from the moment it launches. The market begins with a bonding curve and permanently changes to a Gacha pool when the collection graduates.

## One collection, two market phases

### Phase 1: Bonding

During bonding:

* You choose the exact available NFT IDs you want to buy.
* Every available NFT uses the same collection-level price at the same point on the curve. Artwork, traits, and rarity do not change that protocol price.
* Each buy moves the next price up.
* Each sell returns an NFT to market inventory and moves the next price down.
* You can swap an NFT you own for a specific available NFT by paying the fixed swap fee.
* You can trade several NFTs in one transaction. The contract prices each NFT in sequence, so each item changes the price of the next.

When you sell an NFT to the market, the contract burns it and makes its token ID available again. If someone buys that ID later, the collection contract mints it to the new owner with the same committed metadata.

### Graduation

Every collection has a visible graduation target. The current default tiers graduate when the net sold count reaches 51% of the maximum supply.

The qualifying buy graduates the collection automatically. Graduation is permanent:

* Bonding-curve trading stops.
* The collection's market liquidity moves to the Gacha pool.
* The Gacha pool becomes active.
* The next Gacha market price continues from the bonding curve instead of resetting.

Selling during bonding reduces the net sold count, so graduation progress can move backward before the target is reached.

### Phase 2: Gacha

After graduation:

* A buy purchases a random NFT instead of a chosen NFT ID.
* Chainlink VRF provides verifiable randomness for buys and swaps.
* You can buy up to 10 random NFTs in one order.
* You can swap up to 5 NFTs for the same number of random replacements.
* You can sell collection NFTs back to the pool for the quoted collection-level payout.

<Info>
  A Gacha buy or swap first submits and pays for an order. Chainlink VRF fulfills the random result in a later onchain callback, so wallet confirmation and NFT delivery may happen at different times.
</Info>

## Collection price and individual NFT value

Wemog's built-in markets use one collection-level price. They do not assign a higher protocol price to rare artwork or specific traits.

After graduation, you can also trade a specific NFT on an external marketplace. Its external listing price can differ from the Wemog pool price because buyers may value its traits differently.

## Ownership and metadata

Each collection has a fixed maximum supply. Token IDs run from `1` through that maximum. The blockchain records ownership.

The collection's metadata root is stored on IPFS and becomes immutable when the creator activates the collection.

## What to review before you trade

On a collection page, check:

* the current market phase;
* the quoted market price and fees;
* graduation progress during bonding;
* recent trades and holder activity;
* the creator and collection description;
* the collection's contract addresses and connected network.

Continue with the [trader guide](/docs-copied/trader-guide) or read [fees, pricing, and graduation](/docs-copied/fees-pricing-and-graduation).