With the launch of Pixelady Figmata today, Scatter will be introducing a new mint mechanic, Auto Auctions! If you would like to make a Scatter Auto Auction collection, read on. We can even assist you in making your own customized auction dapps for that extra level of polish.
- ETYMOLOGY: Zora Auction House -> Noun Auction House -> Bonkler Auction -> Scatter Auction
Auto Auctions
Auto Auctions involve a minting process where the total supply of a collection is auctioned off generally one piece at a time. Once an auction’s time limit has elapsed, the highest bidder has won that auction and is able to claim or receive their NFT in question. When one auction ends, the next auction automatically can begin.
For Bidders
If you’ve ever bid in NFT auctions on other platforms the process on Scatter will feel familiar, but there are some important things you should definitely know if you are planning to participate in auto auctions on Scatter as a buyer. Firstly, every bid is a transaction. This means it will cost you ETH/gas to put a bid through. It also means that popular auctions may become PvP scenarios for bidders, and you may experience failed transactions where another participant's transaction confirms for a higher bid before your bid transaction confirms. It is important to note that custody of the bid amount is taken by the contract when the bid is placed, this prevents paper bidding shenanigans. In the event another bidder places a higher bid, your funds are returned to you automatically.
Once you win an auction, the auction must be finalized. Either you or anyone else can finalize an auction. Most of the time, finalization will occur with the first bid of the next ID in the same lane. If you see a token with a 0.0 price that accepts the minimum bid amount (which, for Figmata, is 0.0), you can enter the minimum amount to secure a bid increment for yourself. In addition, you will be the one to execute the actual mint transaction for the previous token that is being finalized. These finalization transactions carry a standard mint transaction fee of around $4-5 in gas. Therefore, even if a 0.0 auction bid costs nothing but gas, you will still be paying slightly more in gas than with a standard bid. However, this might be worth it to you if you value participating in limited and historical auctions!
For Artists
In designing our version of the auto auction system, we aimed to take the same artist first approach that we do for everything at Scatter, and endeavored to make a setup as versatile as possible to suit a variety of needs:
Starting Bid
The starting bid (reserve price) is the minimum price an artist is willing to accept for their NFT. It's up to the artist to determine this price point, but it's crucial to ensure that it aligns with the project's scope. A starting bid of zero indicates openness to any bid, fostering goodwill and competition among participants. The range of 0.01-0.07 is considered standard for mint prices, appealing to a broad user base. Starting bids of 0.1 or higher are typically reserved for highly anticipated or high-concept collections, especially those featuring unique 1/1 pieces or long-term utility plans. Figmata, for example, allows for a 0.0 ETH starting bid, which means (however unlikely) if no other bids take place, the person who is able to place a 0.0 ETH bid could effectively mint a token for free.
Minimum Increment Amount
Similar to the starting bid, the bid increment amount depends on the artist's preferences and project characteristics. General guidelines suggest around a 0.025 to 0.25 range for collections. ███ ██████████ █████████ ███ ████████ █████ ██ ███████ ███████, so artists should choose wisely.
Auction Time
Artists have various options to customize the timing of their auctions. They can set the auction time limit, ranging from minutes to days, based on their project's content and desired pace. Additionally, they can define an auction time extension period during which each bid placed extends the auction. The length of the extension period should be considered carefully to avoid excessive delays and ensure an exciting experience for bidders.
Auction Lanes and Multi Auto Auctions
Scatter's Auto Auction system supports Multi Auto Auctions, allowing collections to have multiple NFTs auctioning simultaneously. These NFTs are sorted into "auction lanes" that run concurrently but independently of each other. Each lane follows a predetermined order, and auctions within one lane do not impact auctions in other lanes.
For example, if you have a collection with three lanes, your lanes may look like this:
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1,4,7,…
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2,5,8,…
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3,6,9,…
Each lane must happen in a predetermined order and each auction still finalizes independently. As such, one lane may progress through its auctions faster than another. For example in the example above, if the auction for NFT 1 in lane 1 finalizes, but bidding is still occurring on NFT 2 in lane 2, lane 1 will still move on to the NFT 4 auction. Auctions in one lane have no impact on auctions in another.
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Note to bidders: ██ ██ ███ ████████ ███ ██████████ ██████ ██ ██ ████████ ████ ███ ███████ █████ █████ ██████ ███ ███████████ ██ █████ ██ ███ ███ ████████ ████ ███ ███████ ██████.
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As mentioned previously, Scatter’s implementation of ███ ███████ ███████ ███ ██████ ██████████████ ██ ██████ ███████ ███ ███████ ████████████ █████ ███████ ███ ██ ████ ██ ██████ ██ ██████ ██████ ██████ ████████ ███ ██████ ████████ ████████ █████████ ███ ██ █████████ ██████ ██ ███████████ ██ ████ ██ ███ ███████ ███ ██ █████████ ██████ ██ ████████████ ██ ███ ███ ██████ ██████ ██ ████ ██████ █████████ ███ ████ ███████████ ███ ███ ████████ █████ ███████ ██████ █████████ ██ ██████ ███ ███ ██ ████ █████████ Be creative with these flexible features!
Auction Core as an Ethos and an Aesthetic bleeds through a lot of work, especially all of mine at Remilia Collective. Auction Core can be described as a modern practice heavily related to the Found Photography tradition of elevating “non-art” or “anonymous” photography to the level of Art. Auction Core finds its Artistic raw materials in the documentation of someone’s collection, often at the time of sale. ... I can include images in my work that I have carried with me forever, or that I only just found today, and both are canonized and beautified equally. — Sprite Bonkler💫 (精灵)
As seen in “Bonkler: Critical Notes” by Charlotte Fang. ███████ ███ ███████ ██████ ██ ████████████ ██ ███ ███████ ██ ████████ ███ █ ███ ██ ███████████ ███████ ██ ████████. In simple terms, █ ██████ █████████ ███████████ ██ █ ██████ █████████████. As mentioned above, █████████ ██████████████ ████ ███ ████ █████ ███ █████ ██ █████ ████ ████ █ ███ ███ █████ ██████ ███ █████ █ ██ ██ ███ ███ ███████ ███ ██████████ ████.
One course we suggest to creators using auto auctions and looking to ██████ ████████████ ██ █████████ ███████ ██ ██ ██████ █████ ███████ ███ ██ █████ ██████ ███████ █████████ ███ ████ █████████ ███████ ███████ ███ ███████████ ████ ███ ████ ██ ██████ ████ ███ █████ ███████ ██ ████████ ████ ██ ███ ████████ ████ ███ █████ ███ █████████ ████████ ██ ████████ ███ ██ ████ ███ ███████ ██ ███ ████ ██████ ███████ ██ ██████ ██ ███ █████████ ██ ███████ █████ ██ █████ ██.
Out of respect for the great and powerful Bonkler, ██ ████ ███ ██ ████████ ███████████ ██ ███ ███████ ███████ █████ ███ █████ ███████ ████████ █████ █████████████ ███ ███ █████ ████ ████ ███████ ██ ███ █████ ███ ██ ████ ███ ███████ ███ ██████ ███████ ███ ██████ ██ ███ ████ ███ ███████ ██ ███████ ████ ████████ █████ █████ ███████ ████████████ ██ █████
Please note, Scatter Auto Auctions ██ ███ ████ ███ ██████ ███ ████████ ████ ████████ █████ ██ ██████ ███ ██████ ███ █████ ████ ██ ███████ ███████ ██ █ ██████ ████ ██ ███ ███ ██ ████████ ███ ███ █ ███████ ███████ ████ █████ ██ ██████████ ███ █████ ███████████.
Conclusion
At Scatter, we are expecting many new auction first collections to come. Some super hype collections that have huge bids. Other chill collections that have lower bids. Auctions are awesome. Auto Auctions are awesome. ███ ███████ are awesome. Bonklers are awesome. Auctioncores are awesome.
Huge shout out to vectorized.eth whose low level code Solady magic has made these contracts much more optimized.
If you have any questions regarding the Auto Auction system or ███ ███████, join our discord and open a ticket, we’re always here to help!
We hope that your bids are the winning bids in Pixelady Figmata!
𝐍𝐎𝐓𝐈𝐂𝐄! ＨＹＰＥＲ ＣＯＮＦＩＤＥＮＴＩＡＬ ＩＮＦＯＲＭＡＴＩＯＮ ＨＡＳ ＢＥＥＮ ＲＥＤＡＣＴＥＤ ＵＮＴＩＬ ＡＤＶＥＮＴ ＤＡＴＥ ＨＡＳ ＢＥＥＮ ＲＥＡＣＨＥＤ！