What is a Bucket Auction?
All you need to know about the Bucket Auction for the Legendary Collection
Check our video explaining the Bucket auction.
Disclaimer: This page was last updated on 3/06/23. 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.
Before the access crystals are minted, we will have a bucket auction for 3000 PFPs from the collection (which were not available through gamification). This auction will serve as the "price discovery" for the collection. After the auction, there will be a separate mint day for crystal holders where their crystals' rank will give them a discount on the mint price (determined by the auction).
What is a Bucket Auction?
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 it comes to bidding on auction day! We will provide lots of examples on this page and provide you with different scenarios to make it easier to understand.
The Basics
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 was 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
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.
Example Scenarios:
Letβs imagine 2 scenarios for an auction with 5 NFTs available and 6 people bidding in the auction.
In scenario 1 we have the following bids and clearing price:
Bidder | Amount & Quantity | Clearing Price | Result |
---|---|---|---|
A | 1.1 ETH | Bid A gets 2 NFTs and is refunded 0.1 ETH | |
B | 1.0 ETH | Bid B gets 2 NFTs | |
C | 0.6 ETH | Clearing Price = 0.5 ETH | Bid C gets 1 NFT and is refunded 0.1 ETH |
D | 0.4 ETH | Bid D is refunded 0.4 ETH | |
E | 0.3 ETH | Bid E is refunded 0.3 ETH | |
F | 0.1 ETH | Bid F is refunded 0.1 ETH |
In scenario 2 we have the following bids clearing price:
Bidder | Amount & Quantity | Clearing Price | Results |
---|---|---|---|
A | 1.1 ETH | Bid A gets 2 NFTs and is refunded 0.3 ETH | |
B | 0.7 ETH | Bid B gets 1 NFT and is refunded 0.3 ETH | |
C | 0.5 ETH | Bid C gets 1 NFT and is refunded 0.1 ETH | |
D | 0.4 ETH | Clearing Price = 0.4 ETH | Bid D gets 1 NFT |
E | 0.3 ETH | Bid E is refunded 0.3 ETH | |
F | 0.1 ETH | Bid F is refunded 0.1 ETH |
Frequently Asked Questions:
Last updated