Art Blocks uses a variety of minters and auction types. Whether you’re new to our site or a seasoned collector, this guide will help you get familiar with these systems, making it easier for you to participate in the exciting world of generative art on our site. We’ve included a link to additional resources for more in-depth information about other auction styles and minters on Art Blocks at the end of this article. 

Ranked Auction Minter (RAM)

Overview: In a Ranked Auction, the highest bids win. Bids are ranked from highest to lowest, and if two bids are the same, the earliest one gets priority. There are only as many winning bids as there are artworks for sale.

At the end of the auction, all winners pay the same price, which is the lowest winning bid. If your winning bid is higher, the extra funds will be automatically returned when your artwork is created.

Artwork is created (this process is also called ‘minting’) and sent to winners in the order of bid ranking (highest winning bid to lowest winning bid). If the auction ends with fewer bids than artworks in the auction, the remaining pieces will be available for purchase at a fixed price equal to the auction’s lowest winning bid.

Like other auction types designed by Art Blocks, ranked auctions are fully on-chain with fallback protections against centralization, aligning with our minting philosophy.

Placing a Bid and Minimum Requirements

Placing a Bid: RAM uses a special system designed by Art Blocks to keep transaction fees low by using 512 preset price levels. You can select a preset price level to bid at and even place multiple bids at the same price. When placing your bid, you can opt-in for email updates to get notified if you’re outbid, about final auction results, when your artwork is created, or for any additional claim opportunities.

Minimum Bid: If there are fewer bids than artworks in the auction, any new bid is accepted. If the number of bids matches or exceeds the number of artworks, new bids must beat the lowest winning bid by at least 5% (if it’s less than 0.5 ETH) or 2.5% (if it’s greater than 0.5 ETH).

Bid Changes and Return of Funds

Outbid Returns: If someone bids higher and your bid no longer qualifies as a winning bid, your funds will be automatically returned, and your bid will be canceled.

Bid Cancellation: Once submitted, bids cannot be canceled by the participant. They can only be canceled by the system if you’re outbid.

Increasing Bids: You may increase the price of your winning bid during the auction. The difference in price will be collected, and the bid’s timestamp will be reset.

Auction Timing and Post-Auction Process

Auction Extensions: Artists have the option to configure the auction to extend the duration by 5 minutes if a bid is placed within the last 5 minutes of the auction. The total extension period will not exceed 60 minutes.

Auction Sold-Out: An auction sells out when the total number of winning bids equals the number of available pieces. Artwork will be sent to winning bidders at the wallet used to bid within 72 hours, starting with the highest bid.

Auction Not Sold-Out: If the total number of winning bids is fewer than the available items, the remaining artwork can be purchased at a fixed price equal to the auction’s lowest winning bid. Post-auction buyers can choose to send the artwork to any wallet.

Price Settlement: At the end of the auction, all winners pay the same price, which is the lowest winning bid. If you bid more than that, the extra amount will be returned to the wallet you bid with.

Fixed Price Minter

Overview: The Fixed Price Minter allows you to purchase a piece at a set price without the need for bidding or an auction. Each artwork is available for a fixed ETH price, providing a simple and predictable way to collect systems-based art.

How It Works

Before the release, the artist sets a fixed ETH price for each artwork, ensuring that all collectors pay the same amount. There is no ranking, bidding, or price adjustments during the sale. Once the release goes live, collectors can purchase available pieces directly at the set price as first come first serve. 

Purchasing Process

Check the Release Page: Before the release, visit the Art Blocks website and navigate to the collection’s page to review the release details, including price and supply.

Prepare Your Wallet: Ensure you have enough ETH in your wallet to cover the purchase price and transaction fees.

Purchase Your Artwork: Connect your wallet to the Art Blocks website. When the collection goes live, click the “Buy Now” button and confirm the transaction.

Receive Your Artwork: Your transaction triggers the creation of your artwork, which is then sent directly to your wallet.

Additional Notes 

If a collection sells out, no further purchases will be available. Transaction fees on the Ethereum network (“gas”) vary based on network activity and are paid to people running the ethereum network, not Art Blocks or your wallet provider. Clicking purchase while artworks are available does not guarantee success—your transaction must be confirmed before the collection sells out. If your transaction fails, any gas fees spent are still paid to validators and are not refundable. Check current gas prices here.

Allowlist/Token-Gated Minter

Overview: The Allowlist/Token-Gated Minter restricts purchases to collectors who meet specific eligibility requirements set by the artist. Access may be granted through an allowlist, where specific wallets are pre-approved to participate, or through a token-gated system, which requires collectors to hold a designated artwork in their wallet at the time of purchase.

How It Works

For Allowlist Minters: Your wallet must be pre-approved and added to an allowlist before the release begins. Only wallets included in the allowlist will be able to purchase. The artist may also enforce a limit on the number of artworks each wallet can purchase, so be sure to check for any specific rules in advance. The website will automatically verify whether your wallet is eligible at the time of purchase.

For Token-Gated Minters: To be eligible, you must hold a specific artwork in your wallet when making a purchase. The website will check your wallet before allowing you to proceed. If you sell or transfer the required artwork before purchasing, you will no longer be eligible. 

Purchasing Process

Confirm Eligibility: Before the release, check the collection’s details and connect your wallet the Art Blocks website to ensure you are on the allowlist or hold the required artwork.

Prepare Your Wallet: Make sure you have the necessary ETH to cover the purchase price and transaction fees.

Purchase Your Artwork: Be sure your wallet is connected to the Art Blocks website. Once the collection goes live, click the “Buy Now” button and confirm the transaction if you meet the criteria.

Receive Your Artwork: Your transaction triggers the creation of your artwork, which is then sent directly to your wallet.

Additional Notes

If you are on an allowlist but do not complete your purchase before the deadline, you may lose your spot, and any unsold artworks may become available through another distribution method set by the artist. Always verify your eligibility before the release goes live to ensure a smooth purchasing experience.

For further information on Art Blocks Minter Suite, visit our docs here.