TokenSmart NFT Humpday Report #11: SuperRare Embraces "Coldie Method," and That's Great for Cryptoart

Welcome to the 11th issue of the NFT Humpday Report, a weekly column covering and providing embedded analysis on the NFT economy’s biggest topics du jour. Brought to you by WIP meetup collaborators and nft42 community hub TokenSmart.

Leading Ethereum cryptoart platform SuperRare just launched SuperRare Auction Week, a celebration and kick-off of the marketplace’s new permissionless digital art auction system. This system notably codifies a general version of the Coldie Method, an auction format that’s gained considerable traction since its introduction in the cryptoart ecosystem. 

Source: “The Lost Vitalik - Decentral Eyes Genesis” by Coldie, minted on SuperRare.

Who’s Coldie: Coldie is an acclaimed mixed media artist who specializes in a variety of creative techniques, e.g. stereoscopics. A trailblazer in the cryptoart scene, Coldie has gained renown for feats like being the 1st to join SuperRare’s 100/100 club (i.e. 100 pieces collected + 100 pieces minted) and pioneering the Coldie Method auction style. 

What’s the Coldie Method:
As the artist explains on his website, the Coldie Method means 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.”

In their own words:

  • The Coldie Method is about fairness, the artist said: “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.”

  • This format provides clarity and transparency, Coldie added: “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, straightforward rules to the auction. This way there is no confusion about the terms. [...] 24 hours gives all collectors an equal opportunity to bid on my art, and I think that is important in this new era of art we are helping to usher in.”

  • SuperRare co-founder Jonathan Perkins said: “It’s no exaggeration to say that we couldn’t have built SuperRare Auctions without the SuperRare community. We’ve observed the market and learned so much from this rich ecosystem of artists, collectors, and enthusiasts, and have done our best to bake all of that learning into the design of our new auctions.”

Why it’s good: As pioneers, Coldie and other cryptoartists who previously adopted the Coldie Method had to conduct the whole process manually, i.e. directly facilitating timer resets and successful bid transactions. SuperRare’s new reserve auctions are an advancement, then, because they automate and thus streamline the UX around the format. As such, there’s no more hands-on hassles for SuperRare artists if they want to go this route going forward. 

The big picture: Now that the Coldie Method has been automated via a SuperRare Ethereum smart contract, more artists can easily benefit from its utility. Additionally, the development means the Coldie Method is now that much closer to being a public good, as it’s likely we’ll see more cryptoart platforms and beyond adopt direct support for the auction style. In other words? The method officially achieved the status of a standard in the NFT economy, and that’s going to end up being good for creators far and wide. 

Check out Auction Week: Not all of the SuperRare Auction Week drops use the new reserve auction style, but there’s talented creators and amazing pieces involved across the board. To keep track of all that’s going on, check out the schedule below!

Source: SuperRare

Zooming out: There’s so much innovation coming from so many angles in the cryptoart and NFT ecosystems right now. As we stand on the precipice of creative and financial revolutions powered by networks like Ethereum, there’s room for creatives of all stripes to jump in and trailblaze toward a better collective future. That’s what Coldie did with his Coldie Method innovation, and cheers to him for it! 

Thanks for reading the 11th NFT Humpday Report! Check back this time next week for more excellent NFT ecosystem coverage! Cheers🌠