English auction style minter that allows bids to be place with mint(s) going to highest bidder.
I think this could be used for any edition size and is especially needed for low editions and 1/1's. Auction time can be within 1 hour as usual or potentially days to be more inclusive to global community allowing them to not be awake when auction ends.
Example:
24 Hour Auction
100 mints
#0 to artist
Bids are allowed over 24 hour period. Mint # is assigned in order of highest bids until #99.
I believe stratification of mint price will take place naturally due to premium on early mint # and community knowing more money going to artist. It can also be incentivized with rewards such as #1 receives free allowlist on future projects, #2-10 receives signed print, #11-50 receives print, etc. Bids below #99 are automatically refunded at end of auction.
If fear of bot sniping at end of hour (which there will always be sniping whether it's Art Blocks or eBay and bots or manual humans), add undisclosed auction end window. For example, 24 Hour auction with a random closing window between 22-24 hours. If window closes at 22:30 bids can be made but will not be considered "winning." Top 99 Bids prior to 22:30 receive mint.
Another method is extending the auction as new bids come in. For example, in the last 5 mins every successful bid extends the auction 5 mins until no new bids are placed.
These and similar methods have been deployed to varying levels of success:
RaidParty: https://metadrop.com/curated/raid-party
https://medium.com/raidparty/how-were-trying-to-release-an-nft-collection-the-right-way-9981af9e95ec
RP Contract: https://etherscan.io/address/0x8aD0dfD8AFFeA59fF64722E411Ad34FEc5dDf2d8#code
Beeple's Spring Collection on Nifty:
https://www.niftygateway.com/itemdetail/primary/0xdd012153e008346591153fff28b0dd6724f0c256/2
MetaDrop: https://metadrop.com/curated/wassies-by-wassies
I understand every new minter style comes with tradeoffs and nothing will be perfect, but that doesn't mean we shouldn't try alternate methods to see how these tradeoffs truly play out and keep potential bad actors on their toes. Dutch Auctions have helped prevent the initial Fixed Price gas war that only Bots can win and allow for better price discovery, but we've seen over the last 6 months it causes another type of gas war at the bottom of the auction that again, only bots can win. I have much more thoughts on this subject and happy to discussion more on a team call but I will say in closing that I don't think our problems are merely a nuisance, I think they are existential to the future of the platform. Thank you
English auction style minter that allows bids to be place with mint(s) going to highest bidder.
I think this could be used for any edition size and is especially needed for low editions and 1/1's. Auction time can be within 1 hour as usual or potentially days to be more inclusive to global community allowing them to not be awake when auction ends.
Example:
24 Hour Auction
100 mints
#0 to artist
Bids are allowed over 24 hour period. Mint # is assigned in order of highest bids until #99.
I believe stratification of mint price will take place naturally due to premium on early mint # and community knowing more money going to artist. It can also be incentivized with rewards such as #1 receives free allowlist on future projects, #2-10 receives signed print, #11-50 receives print, etc. Bids below #99 are automatically refunded at end of auction.
If fear of bot sniping at end of hour (which there will always be sniping whether it's Art Blocks or eBay and bots or manual humans), add undisclosed auction end window. For example, 24 Hour auction with a random closing window between 22-24 hours. If window closes at 22:30 bids can be made but will not be considered "winning." Top 99 Bids prior to 22:30 receive mint.
Another method is extending the auction as new bids come in. For example, in the last 5 mins every successful bid extends the auction 5 mins until no new bids are placed.
These and similar methods have been deployed to varying levels of success:
RaidParty: https://metadrop.com/curated/raid-party
https://medium.com/raidparty/how-were-trying-to-release-an-nft-collection-the-right-way-9981af9e95ec
RP Contract: https://etherscan.io/address/0x8aD0dfD8AFFeA59fF64722E411Ad34FEc5dDf2d8#code
Beeple's Spring Collection on Nifty:
https://www.niftygateway.com/itemdetail/primary/0xdd012153e008346591153fff28b0dd6724f0c256/2
MetaDrop: https://metadrop.com/curated/wassies-by-wassies
I understand every new minter style comes with tradeoffs and nothing will be perfect, but that doesn't mean we shouldn't try alternate methods to see how these tradeoffs truly play out and keep potential bad actors on their toes. Dutch Auctions have helped prevent the initial Fixed Price gas war that only Bots can win and allow for better price discovery, but we've seen over the last 6 months it causes another type of gas war at the bottom of the auction that again, only bots can win. I have much more thoughts on this subject and happy to discussion more on a team call but I will say in closing that I don't think our problems are merely a nuisance, I think they are existential to the future of the platform. Thank you