Doodles set the trend with an exciting new NFT bucket auction.
Doodles, an NFT with a lot of pastel colors, continues to push the limits of Web3 innovation. This time, they showed their pioneering spirit by putting on the first NFT Bucket Auction which was a lot of fun.
Doodles historic interventions
Back in June, Doodles brought the Web3 space back to life again with their latest clever NFT drop. They launched 20,000 Genesis Boxes through the NFT Bucket Auction, which was a great new way to do things. Basically, everyone who was interested put in their best opening bid based on how much they were willing to spend on NFTs. Then, an algorithm figured out the best “clearing price” (floor price) for that collection. Then, it gave each bidder the number of items covered by their opening bid. When the auction was over, Doodles gave all losing bidders their money back and gave the winners any extra Ethereum they had paid.
When the dust settled, the Doodles Genesis Box collection received bids totaling 12,000 ETH from 6,528 wallets. There were a total of 4,446 winners, and the final clearing price was 0.508 ETH. The highest bidder in the NFT Bucket Auction put down 290.01 ETH and got 570 Genesis Boxes and a 0.124 ETH refund in return. This shows that Doodles is still a very popular asset in the NFT world.
What we expect from the Doodles NFT Bucket Auction
Experts say that the NFT Bucket Auction is the fairest way to give out NFTs so far because it is a new, creative way to do it. Its first-of-its-kind solution lets NFTs be priced at what they’re really worth and makes sure that the whole collection finds a new home. Even so, the Doodles Genesis Box is now worth less than it did when it was brand new.
In the future, Doodles will send out another 4,000 Genesis Boxes through more traditional channels. Each of these boxes will have a lot of mysterious NFT wearables for their upcoming Doodles 2 drop.