AUCTION BUCKETS

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HOW ΛUCTION BUCKETS WORK

1. Win the amount of any Auction Bucket - as an Auction.
2. Earn the amount of any Auction Bucket - as a Reward if they meet a Bucket’s Bid Goal.
3. Win the amount as a random, instant Prize.

1. Reserve - is the goal amount of Total Bids that a Bucket must reach to declare an automatic winning Bidder - which is the Bidder with the highest amount of bids - and if there is a tie, the member who reached the highest amount first.

2. Bid Goal - is the amount of Individual Total Bids required for any individual member to be instantly eligible to earn the amount of an Auction Bucket - as a Reward.

BUCKETS AUTOMATICALLY RESET

After a Bucket reaches its Reserve and a Member has won (the underlying Auction), the Bucket (ie. Auction) then automatically resets and the Reserve (ie. goal amount of bids) must be reached again - for the next, new winner to be automatically declared.

This allows there to be new Auction Winners ongoing, perpetually and indefinitely - forever, or as long as there are Bidders.

KEY FEATURE: ROLL-OVER BIDS

Bids roll-over over - making it so no bid is ever truly wasted. So, if you placed 1 bid and that Bucket (ie. Auction) was won by another Member - and then you placed another 3 bids in the next round (ie. after the Bucket resets), then you’ll have 4 Total Bids for that Bucket’s next round.

This creates a predictable, built-in, automatic way for members to eventually win an Auction/Bucket - without necessarily waiting to be approved by Microbid’s System (ie. algorithm) or Approvals Team.

Think of it as a sort of "Next In Line" feature where it’s sort of like taking turns as far as which members receive Approvals and payouts next.

BID GOAL TIES

Perhaps the one and only tricky part of having low Bid Goals is the fact that there could be ties between multiple members. So, in these cases, we plan to soon use various metrics like Loyalty Score, Bidpower, Referrals (who’ve placed 1 or more bids), enrollment status in paid Memberships (ie. Microbid+ Plans & Passes), Global ID, etc. to "break" the tie and select an "Auction" (ie Bucket) Winning Bidder.

Each of these factors will also basically "bump" you up +1 position in line (as far as which member gets to win the Auction next).

But, for now, it’ll just be based on the sequence of who reaches the Bid Goal first.

In general, we fully expect Bid Goals to create a sort of Waiting List of members/winners.

INSTANT REWARDS/PRIZES

Instant Rewards/Prizes can and may trigger the moment you click the "Place bid" button(s) on the Auction Bucket page.

These create a sort of rolling bonus for all members.

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