Far reaching pastel infused non-fungibles, Doodles, continue to push the boundaries of Web3 innovation. This time, demonstrating their pioneering spirit through an exciting debut of the ‘NFT Bucket Auction’.
Back in June, Doodles once again reignited the Web3 space through their latest ingenious NFT drop, taking to the ether with the launch of 20k Genesis Boxes through the grand new medium of the NFT Bucket Auction. In essence, all interested parties first placed their preferred opening bid based on how much they are willing to spend on NFTs. Then, an algorithm calculated the optimum ‘clearing price’ (floor price) for that collection. Afterwards, it awarded the bidders with the number of items covered by their opening bid, ending with Doodles returning the funds of all unsuccessful bidders and excess Ethereum payments from the winners.
Once the dust had settled, the Doodles Genesis Box collection had amassed 12k ETH in bids over 6,528 participating wallets, ending up with a grand total of 4,446 winners and a final clearing price of 0.508 ETH. The highest bidder in the NFT Bucket Action pledged 290.01 ETH and received 570 Genesis Boxes, as well as a 0.124 ETH refund for their troubles, demonstrating the exceptional pulling power that Doodles still holds in the NFT world to this day.
The Bucket Auction has concluded!
– 6,528 total bidders
– 4,446 successful bids
– 11,975.42 ETH auction total
– 0.508 ETH price per Genesis Box
– 23.11 ETH in gas fees
Collection: https://t.co/9fw5OIpvhk pic.twitter.com/wHodTxSCm8
— doodles (@doodles) July 1, 2022
Through this innovative new approach, experts tout the NFT Bucket Auction as the fairest form of NFT distribution yet. Its pioneering solution offers a chance to price NFTs at their true value, and ensures the whole collection finds a new home. Having said that however, the Doodles Genesis Box has now dropped below its original mint price.
Going forwards, Doodles will distribute a further 4k Genesis Boxes through more traditional means, all containing a wealth of mysterious NFT wearables for their forthcoming Doodles 2 drop.
Snag a Doodles Genesis Box >> Here
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