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COLDIE METHOD
‘The Coldie Method’
What it is and what it isn’tThere was a time in crypto art where there were no rules. Well, I guess not much has changed, but back in 2018-2020 when I began tokenizing my NFTs on SuperRare, there weren’t many collectors. For the most part we were getting along just fine, making art and selling it to the highest bidder.
At a certain point, it was not enough to just pick the person who had the current high bid, as there was now several collectors making bids. Instead of just randomly stopping the bidding process, I decided to experiment with creating my own auction standard.
I wanted to create an even playing field for all bidders. Given this is a worldwide marketplace, I wanted equal access so everyone has ample opportunity to place bids, no matter what time zone they live in
What is The Coldie Method™?
Coldie Method™ The highest bid over the reserve price must stand for 24 hours before the auction ends. For each new bid that exceeds the previous bid the clock resets to 24 hours.
On December 6, 2020, SuperRare implimented a variation of the Coldie Method as their official auction model.
My Coldie x Fewocious collab (LINK) was the first artwork to use this auction method.
Additional platforms including Artifex and ASYNC would later impliment the official Coldie Method as their marketplace auction mechanism.
Why did I do this?
Over the years being in crypto art and NFTs, I have seen many situations that did not end as well as hoped, for the crypto artist as well as the collector. I have very basic, straighforward rules to the auction. This way there is no confusion about the terms.
24 hours gives all collectors equal opporutnity to bid on my art and I think that is important in this new era of art we are helping to usher in. There have been games played by bad actors hoping to sneak in on a piece and this levels that playing field. While auctions are not always the preferred method of selling art on the primary market, when doing so this method has proven to be effective for all parties to find price discovery.