The Bonkler project further gamifies NFT auctions
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A Bonkler made with the Remilia Corporation's Bonkler Creator (there is no NFT associated with this iteration).
A net art NFT project called Bonkler will soon launch an experiment where bidders on a big NFT will win smaller NFTs, even if they lose the auction for the larger work.
Zoom in: Buyers are dropping an average of 14 ETH (about $24,000) each day for the latest Bonkler NFT, and that's likely to pop if every bid also gets an asset.
- That's like a decent new car getting sold every day for a JPEG.
How it works: A Bonkler looks something like fantasy knights if they were constructed out of low resolution, late-90s era internet ephemera (play with making your own design), but they aren't only that.
- The creators of Bonkler, the Remilia Corporation, are calling the idea of sending NFTs to auction bidders "Auctioncore." It's a companion or subcollection of Bonkler.
What they're saying: "Bonkler is an eclectic gestalts of all things material and tangible. Bonkler gives life to objects you'd never think would exist together, as a beautiful whole," Charlotte Fang, Bonkler's co-creator, said in the project's announcement blog post.
Of note: Nouns, an influential NFT project that runs using the daily minting and auction system, are selling for around 20 to 25 ETH each day now (they used to sell for more like 100 ETH, back when ETH was much more dear)
By the numbers: The first Bonkler sold for 60 ETH. The next few sold for about 20 ETH. Since then they've all been below 20 ETH, generally closer to 10 ETH. The cheapest ones have gone for 9.4 ETH.
- Bonklers are a limited run of 400 NFTs (bidding is open on the 59th as I write this).
Each time a Bonkler is sold at auction, 70% of the ETH used to buy it goes in the Bonkler treasury. Burning a Bonkler entitles its owner to a proportional share of whatever's in the treasury (and the proportion is based on what it sells for).
- In theory, this will force holders to make guesses based on the value of their Bonkler based on its unique attributes with regard to the value of the portion of the treasury it's good for.
Be smart: If this all sounds complicated, that's the point: to make people think hard about game theory as they make moves. Fang calls it "a finance art."
Each time a Bonkler burns, all remaining Bonklers become a bit more rare.
- Bonklers are not trading much so far, with no sales showing on OpenSea since the end of May.
Zoom out: NFTs with some sort of crypto asset attached are nothing new, at all. Aavegotchis and Hedgies were way ahead of Bonklers on that level, for example.
- Bonklers are worth watching because its creators seem to know how to tap into crypto's hunger for weirdness especially well.
