What is a Bucket Auction?
Simply put, it’s an auction where bidders can bid however much ETH they want in their initial bid and optionally increase their bid. The number of NFTs for sale and the auction time are both fixed. At the end of the auction, a clearing price is determined and successful bids above the clearing price will receive NFTs along with a refund of any ETH remainder from calculating individual user bid / clearing price. Unsuccessful bids below the clearing price will receive a full refund.
How do I win the auction?
To win the auction, your total bid, which includes the sum of any increased bids, must be higher than the clearing price. If your total bid is 2 and the clearing price is 0.75, you will receive two NFTs and a 0.5 ETH refund for the remainder.
What happens if I win the auction?
If you win the auction, you will receive the NFT(s) in your wallet shortly after the auction ends. After the clearing price is established, you will receive any excess ETH after the transaction completes.
What happens if I lose?
All of the ETH in your unsuccessful bid will be refunded.
How do refunds work?
Refunds will be automatically transferred shortly after the auction completes. This applies to successful bids (who will also get their NFTs delivered) and losing bids.
When is the auction?
June 29, from 7pm ET to June 30, 7pm ET. The auction will run for 24 hours and end at 7pm ET on June 30th.
How do I bid?
Before submitting a bid, You will need a wallet that has ethereum in it. All bids can be submitted at doodles.app/auction
How much ETH do I need to put in?
We recommend you put in an amount that is more than the clearing price and return back to the auction website in the final hour to make a bid increase as needed should the clearing price go beyond your initial bid. You are allowed to make multiple bids and each subsequent bid will build on the last one additively.
Can I cancel my bid?
It’s not possible to cancel a bid in our smart contract. However, refunds for leftover eth and unsuccessful bids will be sent back to the wallet that submitted the bids at the end of the auction.
How do I request a refund?
All sales are final. Partial refunds for all successful bids and full refunds for unsuccessful bids will happen shortly after the auction concludes.
What is the bid leaderboard?
It’s simply a list of people who have made the largest bids at any given time and a cumulative number of winning and losing bids.
What am I bidding on?
Each box contains a random assortment of apparel and accessories that can be applied to your Doodles 2 base character. Genesis Boxes will be unboxed by users at a later date.
Wearables are hats, clothing, accessory NFTs that are interchangeable with your Doodles 2 character. Wearables are tradable NFTs.
What is Doodles 2?
Doodles 2 is a mass-market, identity-focused NFT that lets its collectors express themselves with wearables, animated characters, fully-licensed music and more. You can mix and match wearables on top of your Doodles 2 to suit your vibe.
Why is the Genesis Box valuable?
Genesis Box NFTs are first edition wearables in Doodles 2. They will be used to seed the initial economy of Wearables and will be recognized within the product as limited-edition.
What does this mean for my OG Doodle?
Your OG Doodle is able to bring its traits into Doodles 2 for use on new Doodles 2 base characters through utilizing the Dooplicator. Dooplicated wearables are the most OG tier of wearables in Doodles 2.
When can I use the Genesis Boxes?
Genesis Boxes are scheduled to be opened in 2022 with the release of Doodles 2.
How many Genesis Boxes are there?
There is a capped supply of 24,000 Genesis Boxes. Of this 24,000, up to 4,000 have been reserved by the team for distribution in its Genesis Factory IRL events for Doodlers and Dooplicator holders.
What blockchain will the Genesis Box be minted on?
Genesis Box will be distributed as ERC-721s on the Ethereum blockchain but may be bridged onto a new blockchain prior to them being utilized and prior Doodles 2.
What blockchain will the Genesis Box be usable on?
We’re actively testing multiple blockchains for mass-market accessibility that can support Doodles 2. The final blockchain remains to be announced.
When will I receive my Genesis Box?
For successful bidder in the bucket sale, you will receive your Genesis Box once the bucket sale concludes.
For Genesis Factory pre-sale purchasers, you will receive your Genesis Box once the bucket sale concludes.
Why should I purchase a Genesis Box at the Genesis Factory?
To incentivize IRL event attendance, we’ve reserved up to 4,000 Genesis Boxes to be purchase-able in-person at the starting price of the bucket sale. This means that you will not have to compete with other bidders to be guaranteed a Genesis Box and you will also receive a significant discount.
What if I change my mind?
All sales are final.
What is in the box?
Wearable NFTs. A rare assortment of apparel and accessories for Doodles 2.
How is the final price determined?
When the bucket auction ends, we will have a bunch of addresses and their bids. The auction algorithm determines a final price such that 20,000 tokens (total supply of 24,000 less 4,000 reserved for live minting experience) are sold for the highest price given the distribution of bids.
The price algorithm uses binary search, which roughly works like a “guess the number” game. The system starts from the halfway point, and figures out whether the guess is too low or too high. It keeps dividing in half until the guess is the right number.
Put another way: we pick a starting price and calculate how many tokens we've sold at that given price. if the tokens sold is over 20,000, we raise the price. If it's under 20,000, we lower the price. This is repeated until we get exactly 20,000 tokens sold (or if not, as close to 20K as we can get without going over).