How the Rumble Kong League's First-Ever Club NFT Auction Will Work
All of the club auction information including when & how it will take place!
The RKL Clubs Auction
With the highly anticipated Rumble Kong League (RKL) Club NFT Pass auction rapidly approaching this Wednesday, April 27th at 12PM ET, the appetite for information on the specifics of the auction is next level.
So to feed a hungry Kongmunity we have here a description of what to expect and how the auction will function.
But first, a quick recap:
Our December article on Clubs provided the first details on the vision for what Clubs would be and got everyone’s creative juices flowing.
Dozens of Clubs began to form and RumbleClubs created the first database for Clubs
Our March article on Clubs went into detail on the pillars of value that Clubs would deliver initially and into the future
Now that we’re caught up on the details that got us to this point, here’s what we’ll be covering in this article:
The details of the auction
How the auction will work
How you will receive your club pass NFTs
The Details of the Auction
As you might know, there will be a total supply of 300 RKL Clubs. This number is finite and we won’t be increasing the supply ever.
Clubs will be released in waves, with the first consisting of 50 clubs. 4 clubs have already been raffled to some of the early adopters, another club is being kept by the RKL team itself for prod troubleshooting/testing. This means a total of 45 clubs will be a part of the first auction.
The first club auction will start on April 27th. The auction will go live at 12 PM ET and run for 48 hours until 12 PM ET on April 29th. During this time, any wallet which holds at least 1 Kong will be able to place a bid in the auction.
How the Auction will work
When the auction starts, any wallet containing a Kong will be able to place a bid on the auction contract
When a bid has been placed, the ETH from the bid will be withdrawn from your bidding wallet and held in the contract until the auction ends
As bids are placed on the auction you may find yourself needing to increase your bid. You can increase your bid by 0.1 ETH or more at a time. You can’t increase it by anything less than 0.1 ETH
It is important to note: Increasing your bid will ADD the amount you are increasing to your original bid. For instance, if you have a bid of 2 ETH already live and you enter 1 ETH in the text box and execute the increase transaction.. your bid is now 3 ETH
Also important to note: Your bid may take a minute to display on the auction interface as the data indexing can take a while. There is no need to refresh the page, just sit tight and wait. It will show the old bid and you will have to wait a few minutes for the front-end to pick up your bid if you do refresh. Again, this is because it takes time to mine the transaction and have it pick up on the indexer. There is no error and if the transaction was successful your bid will show within minutes.
When the auction ends, the bidder will either receive the club mint pass NFT (if the bid was above the “Sale Price" of the 45th highest price) or a refund (if the bid was below the “Sale Price”)
The “Sale Price” is the “Lowest Winning Bid” at the end of the auction. This means since there are 45 clubs in this wave, it is the 45th highest bid at the end of the auction. Every single of the winning bidders (top 45) will have purchased their club NFT for the same price.
Refunds will be handled in a separate script off-chain, you will receive your refund within 24 hours after the auction ends MAX
Winning bidders will also be refunded any amount above the “Sale Price” within 24 hours after the auction ends MAX. Example: If you bid 10 ETH and the final price (45th highest) is 5 ETH, you will be refunded 5 ETH.
The Club NFT Pass will be minted and sent to you shortly after the auction
To Summarize: Only Kong holders are allowed to bid in this auction. Your first bid has to be the floor price of a Kong or greater. Your subsequent bids must be at least 0.1 ETH higher. Subsequent bids increase your total bid. Refunds and NFT mint will be handled after the auction and executed.
Below is a screenshot of what the auction page looks like, we will now explain what these numbers mean.
Floor Price - What we have just talked about, is how much your first bid will be. In this example, the first bid would be 2 ETH as this is the floor price shown in the auction simulation.
Your Bid - Your total current bid.
Your Rank - Your position amongst all the bidders in the auction.
Highest Winning Bid - If you have a bid that is the largest against all the other bidders, you will be #1.
Lowest Winning Bid - This is the total bid of the person at rank #45. This is also how much everyone will pay for the club (who won the auction). For example, If we are auctioning 45 clubs, that means that your rank should be #45 at the very least to win. The difference will be refunded. Also, everyone who lost will get their full amount refunded. After the auction ends, you will have a screen that tells you if you won or not.
Example if lost
Example if you’ve won
We also have this technical breakdown from Co-founder Naz, he took some time to summarize the nitty-gritty on Twitter:
How you will receive your clubs
As mentioned, after the auction is finished, a script will be executed to airdrop all Club mint passes to the 45 winning addresses. You will later be able to burn this club mint pass to secure the actual Club NFT, this will occur when we select and announce our L2 scaling solution.
We also wanted to take this opportunity to congratulate the RKL club raffle winners:
The Bitkong Club
The 100 Club
The Seattle Superkongs
The Great Kong Club
These four clubs are the very first to be welcomed into the official RKL family. They’ve already been working hard on building their brand, we can’t wait to see who else joins the official club roster this week.
We are incredibly thrilled to get the first wave of CLUB NFTs in the community’s hands! This marks the initial kickoff of club auction waves to come, including future brand wave partners, collaborations, and a whole lot more.
We wanted to take this minute to thank every single Kong for their endless support as we build the RKL beast together. We cannot wait to see what you all build with your clubs, we will be there to help and provide all tools necessary along the way!
Community over everything.
Let’s do this… #WEAREKONG