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2. The Bucket Auction
All you need to know about the Price Discovery Public Sale for the Legendary Collection
Disclaimer: This document was last updated on 4/18/23. It reflects the mint process of the Smurfs' Society to the best of our knowledge. Please be aware that some dates or details might still be updated in the future. Please make sure to double-check our official communications before any purchase.
The clearing price for the auction was 0.173 ETH! This is the baseline for the mint price for the crystal mint. Crystal holders can mint their crystals for 0.173 ETH, minus their discount.
If you'd like to see the smart contract from the auction on Etherscan, click below:
Our community means everything to us, and we’ve decided that instead of setting an arbitrary price for our mint, we want to let our community decide through an auction. Given the specificities of our collection, we’ve decided to go with a fascinating auction mechanism: The bucket auction introduced by Doodle with their Genesis Box. This gives a large number of community members the option to position themselves, control their level of investment, and react to market conditions in an unrivaled way.
The price discovery public sale is a blind sale. Bidders can’t choose which Smurf character they are buying.
- The top 15% of bidders will get a Radiant Fusion NFT
- The next 35% of bidders will get a Platinum Fusion NFT
- The bottom 50% of bidders will get a Gold Fusion NFT
A bucket auction is a type of auction that allows the market to decide on the mint price. This type of auction is growing in popularity in NFT communities, and this page is dedicated to going over the details so you can be better informed when bidding on auction day! We will provide examples on this page and include different scenarios to make it easier to understand.
A bucket auction is a way to set a single price for the whole auction, known as the "clearing price."
- If you bid below the clearing price, you lose.
- If you bid at or above the clearing price, you win.
- If your bid is higher than the clearing price, you'll only pay the clearing price and will be refunded whatever you bid above.
- You will receive as many NFTs as you bid multiples of the clearing price. For example, if your bid is at or greater than 1.5 ETH and the clearing price is 0.5 ETH, you will get 3 NFTs.
- The clearing price is updated in real time and is visible to everyone.
- You can increase your bid as many times as you want up until the end of the auction, but you cannot decrease it.
The clearing price is calculated by determining the highest price at which all NFTs could be sold at the same price without going past the total supply of NFTs.
For all the Brainy Smurfs out there who want to get technical, the mechanism used to calculate the clearing price in the bucket auction is the "bisection method." This algorithm consists of repeatedly bisecting the interval between values and selecting the subinterval in which the function changes sign.
Let’s imagine two scenarios for an auction with 5 NFTs available and six people bidding in the auction.
For this innovative auction, we partnered with Rarible, a leading marketplace for NFTs, because their team is one of the best in the space and comes with incredible experience and service. Rarible developed the bucket auction for Doodle's groundbreaking Genesis Box, the first auction of this kind in Web3.
Using Rarible’s white-glove service, we're debuting a customized marketplace where the bucket auction and mint will take place. This marketplace is hosted by Rarible through an exclusive partnership (link coming soon), providing a high-end user design with an added layer of security.
You can place bids from as many different wallets as you want. If you want to bid on multiple NFTs from the same wallet, you will have to set your bid to match the quantity you select. For example: If you want to bid on 3 NFTs and the clearing price is 0.5 ETH, you will need to bid at or above 1.5 ETH (at 0.5 ETH each).
The auction is for the actual Smurf PFP. Once the auction is over, winners will receive a random Smurf PFP at the clearing price.
Access crystals are tickets to mint a particular Smurf PFP at a discounted price. Several days after the auction, crystal holders will have the opportunity to mint their Smurf PFP for the clearing price set during the auction, minus the discount associated with their crystal.
No. Auction winners will receive totally randomized Smurfs; neither the character nor the rarity will be known until the reveal in May 2023.
If you want to choose a particular Smurf character, the only way is to win an access crystal through gamification on our app or by purchasing one on OpenSea.
There is a minimum 0.1 ETH deposit to be able to place a bid. This deposit is added to your bid to create your total bid amount:
0.1 ETH deposit + 0.2 bid = 0.3 total bid
If you do not win, your total bid will be refunded in full, including the deposit.