✅Bidding Example

Example Auction for a new NFT Mint in SOL:

Collection size - 10,000

Whitelist Allocation - 2,500

Bidding Phases - Public, Whitelist

Public bidding is open for 23hrs. This gives everyone a fair time window to make bids.

WL bidding is open for 1 hr, immediately after the public phase. Bids are ranked by SOL value with a timestamp tie-breaker.

Public Bidding

Public bidding opens and any Solana wallet can connect and make bids to mint a NFT. Bids are logged by BidHub and ranked from highest SOL value bid to lowest.

At the close of public bidding the top 7,500 bids are locked in as successful bids. Their wallets will be distributed NFTs on close of WL window.

The bottom 2,500 bids are still logged and in line for an NFT. However as there are 2,500 WL allocations they risk being knocked out in the WL phase, this is the 'WL risk zone'.

Any bids that aren't in the top 10,000 will be refunded automatically as they are outbid.

WL Minting Price

The price will either be fixed by the project pre-mint, or be automatically fixed by BidHub at the end of the public phase. The launching collection will chose which method they want to use prior to the mint. If the collection chooses pre-notified fix price then it's like any other WL mint.

If WL price is not fixed by the collection then it will be automated by BidHub. The formula for automatic WL price calculation is: WL Price = the price of the public phase bid which falls at =sum(collection total supply - WL supply). In simple terms the lowest likely successful public bid.

In this scenario BidHub automated WL price would fix the WL price at the SOL value of the 7500th public bid (because there are 2,500 WL slots).

WL Phase Minting

Whitelisted wallets have a simple bid button with a fixed price. Connect and Confirm the bid, that's it. This will guarantee you a NFT once the transaction is complete. Any allocated WL spots that don't get minted in the WL phase will lose their opportunity to mint once the phase closes. If this happens then some of lowest SOL public bids will still be successful.

NFT Distribution

On close of all phases, the entire 10,000 NFTs will be randomly distributed to the final list of successful wallets.

Audio - Bidding Example (Inc BidHub Calculated WL Price)

Flow Diagram of Bidding Process