What is a Drop or Exhibition on DoinGud?
A Drop or Exhibition is a limited duration sale event of one or many creations from a creator or collective. The DoinGud Gallery and our future community of Galleries host drops weekly at a predetermined frequency and time which are announced beforehand. NFTs can be obtained from drops and exhibitions through a variety of sale mechanics such as open edition, auction, etc. and are often limited in quantity or time available.
How to Apply for a Drop or Exhibition?
At DoinGud there are no applications for drops, since creators, galleries, and their communities will be able to host their own in the future or by submitting creations to the Curation Pool for community galleries who can host their own Drops or Exhibitions. From time to time DoinGud will host community open calls to curate for drops or exhibitions submitted to the Curation Pool.
What type of drops are available on DoinGud?
The following sale types will be available for drops with more coming in the future:
Ranked Open Edition
Triggered English Auction
Ranked Auction (Coming Soon)
Packs (Coming Soon)
Dutch Auction (Coming Soon)
Raffle (Coming Soon)
Instant Buy (Coming Soon)
What is an Open Edition?
As opposed to a limited edition, open editions are not limited to a specific number of pieces or units being sold, but rather have a time limitation for the sale of an unlimited amount of units.
What is a Ranked Open Edition?
Ranked Open Edition is a DoinGud specific sale mechanic that combines the concept of an Open Edition Sale with an English Auction. For this sale type, users are allowed to purchase only 1 NFT per wallet address.
Collectors can acquire 1 NFT at the purchase price within the first time limit displayed. Collectors may also bid a higher amount than the minimum purchase price during this phase in order to get a lower edition number from the series.
What is the difference between Dutch and English Auctions?
An english auction is what we have in mind as a traditional auction, where collectors unite to bid for one or several sellers' collection, in this case the highest bid wins all after other bidders have had a chance to bid higher.
In a dutch auction, collectors will enter their bids per piece or per unit of what is being sold, without knowing what other bidders are ready to place per piece or per unit of the piece. After all bids have been placed privately, the seller may for example choose to keep the 10 highest bids, the price per piece/per unit of the piece for each of the retained bidders will be aligned with the lowest bid previously accepted by the seller.
In practical use, if a collector was ready to pay $100 for 3 pieces of the sellers collection, while the lowest accepted bid was ready to pay $80 for the same amount of pieces, all collectors who's bid were accepted will see their unit price aligned with $80 dollars for 3 pieces or $26.6667 per piece.
How are NFTs for a Drop or Exhibition minted?
On DoinGud, NFTs are lazy minted in an effort to reduce unnecessary transactions, network congestion, and energy usage. This means they are published to the blockchain only after a purchase or transfer takes place.
Can I Drop a collection?
You will be able to designate a Collection in the future if submitting multiple artworks for a drop, or have your work added to a Gallery Designated collection if part of a collective or group drop.
Can I change the supply quantity once my NFT is scheduled for a Drop or Exhibition?
Once your NFT is listed for a Drop, you cannot go back and change the supply or quantity.