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What is a Bucket Auction?

All you need to know about the Bucket Auction for the Legendary Collection
Disclaimer: This page was last updated on 3/06/23. Please be aware that some dates or details might still be updated in the future. Please make sure to double-check our official communications before any purchase.
Before the access crystals are minted, we will have a bucket auction for 3000 PFPs from the collection (which were not available through gamification). This auction will serve as the "price discovery" for the collection. After the auction, there will be a separate mint day for crystal holders where their crystals' rank will give them a discount on the mint price (determined by the auction).

What is a Bucket Auction?

A bucket auction is a type of auction that allows the market to decide on the mint price. This type of auction is growing in popularity in NFT communities and this page is dedicated to going over the details so you can be better informed when it comes to bidding on auction day! We will provide lots of examples on this page and provide you with different scenarios to make it easier to understand.

The Basics

A bucket auction is a way to set a single price for the whole auction, known as the "clearing price."
  • If you bid below the clearing price, you lose.
  • If you bid at or above the clearing price, you win.
  • If your bid was higher than the clearing price, you'll only pay the clearing price and will be refunded whatever you bid above.
  • You will receive as many NFTs as you bid multiples of the clearing price. For example, if your bid is at or greater than 1.5 ETH and the clearing price is 0.5 ETH, you will get 3 NFTs.
  • The clearing price is updated in real-time and is visible to everyone.
  • You can increase your bid as many times as you want up until the end of the auction, but you cannot decrease it.

The Clearing Price

The clearing price is calculated by determining the highest price at which all NFTs could be sold at the same price without going past the total supply of NFTs.

Example Scenarios:

Let’s imagine 2 scenarios for an auction with 5 NFTs available and 6 people bidding in the auction.
​

In scenario 1 we have the following bids and clearing price:

Bidder
Amount & Quantity
Clearing Price
Result
A
1.1 ETH
​
Bid A gets 2 NFTs and is refunded 0.1 ETH
B
1.0 ETH
​
Bid B gets 2 NFTs
C
0.6 ETH
Clearing Price = 0.5 ETH
Bid C gets 1 NFT and is refunded 0.1 ETH
D
0.4 ETH
​
Bid D is refunded 0.4 ETH
E
0.3 ETH
​
Bid E is refunded 0.3 ETH
F
0.1 ETH
​
Bid F is refunded 0.1 ETH

In scenario 2 we have the following bids clearing price:

Bidder
Amount & Quantity
Clearing Price
Results
A
1.1 ETH
​
Bid A gets 2 NFTs and is refunded 0.3 ETH
B
0.7 ETH
​
Bid B gets 1 NFT and is refunded 0.3 ETH
C
0.5 ETH
​
Bid C gets 1 NFT and is refunded 0.1 ETH
D
0.4 ETH
Clearing Price = 0.4 ETH
Bid D gets 1 NFT
E
0.3 ETH
​
Bid E is refunded 0.3 ETH
F
0.1 ETH
​
Bid F is refunded 0.1 ETH
​

Frequently Asked Questions:

Can I bid on multiple NFTs in a single auction?
You can place bids from as many different wallets as you want. If you want to bid on multiple NFTs from the same wallet, you will have to set your bid to match the quantity you select. For example: If you want to bid on 3 NFTs and the clearing price is 0.5 ETH, you will need to bid at or above 1.5 ETH (at 0.5 ETH each).
What is the difference between Access Crystals and the auction?
The auction is for the actual Smurf PFP. Once the auction is over, winners will be able to mint their PFPs at the clearing price.
Access crystals are tickets to mint a particular Smurf PFP at a discounted price. After the auction, crystal holders will have the opportunity to mint their Smurf PFP for the clearing price set during the auction, minus the discount associated with their crystal.
Can I choose which Smurf I want in the auction?
No. Auction winners will receive totally randomized Smurfs; neither the character nor the rarity will be known until the reveal in May 2023.
If you want to choose a particular Smurf character, the only way is to win an access crystal through gamification on our app or by purchasing one on OpenSea.
When will I know the rarity and be able to see what my Smurf PFP looks like?
All Smurfs from the Legendary collection will be revealed at the same time. The reveal experience is scheduled to take place in May 2023. Stay tuned for a precise date and an invitation to the reveal experience.
Will I be able to see what the clearing price is, or will it be hidden until the end of the auction?
The clearing price will be visible during the auction. You can change your bid as often as you like.
What happens if my bid is below the clearing price?
If your bid is below the clearing price, you will not win any NFTs and your funds will be reimbursed to your wallet after the auction.
Can I change my bid?
Yes, you can increase your bid as many times as you want while the auction is ongoing. However, you cannot decrease or cancel your bid.
Can I cancel my bid?
Unfortunately, you can not cancel your bid. However, if your bid is below the clearing price, it will be refunded automatically at the end of the auction.
Will there be a minimum bid price to enter the auction?
No! Bidding starts from 0 WETH