Bidding points have been updated to incorporate trait bids. Trait bids earn more points based on how much higher they are than the top collection bid and the supply of the trait. Note that while all collections have trait bids enabled, only certain collections have trait bidding points. You can find the full list of collections that have trait bidding points here.
IMPORTANT: Trait floors can be less liquid and more volatile than collection floors. When you trait bid, only bid at prices you are truly willing to buy at. You should study the price history of that trait to get a sense of the market value. Do not just base your pricing on the trait listings, or on other trait bids in the orderbook, because listings and bids can change rapidly.
Trait bid score = (Trait bid/Top collection bid) x (# of NFTs with that Trait)
The higher your trait bid is, and the more items in that trait, the more points you’ll receive.
The weight a trait bid can receive based on its price is capped. You can’t just bid 1000 ETH on a 1/1 to game the system.
Bids on mids with a moderate premium can yield more points than bidding on rares with a high premium, due to the higher supply of mids.
Trait bid points are not dilutive. If a collection received 100 bidding points per day before, it’ll still receive 100 bidding points per day. The only difference is that those points are now distributed across collection bids and trait bids.
Collections with traits that collectors are willing to pay a premium for will have more points allocated towards trait bids.
On the flip side, collections with traits that collectors aren’t willing to pay a premium for will have more points allocated towards collection bids.
In practice, the majority of points will go to collection bids because there are typically a lot more floors than mids and rares. The exact distribution is something the market decides. For instance, say there is a collection with 3 items: 2 floors and 1 rare.
If the market doesn’t value the rare such that the top bid on each item is the same as the top collection bid, then all bidding points will be allocated towards collection bids.
However, if the market values the rare item at a 2x premium, such that the top trait bid on the rare is 2x the top collection bid, then approximately 50% of the bidding points will be allocated to collection bids, and 50% of the bidding points will be allocated to trait bids (each floor item gets 1 point, so 2 points total, and the rare item gets 2 points due to having a 2x premium).
The weight of premiums is capped. So if the owner of the 1 rare item bids at 1000x the floor on their own NFT, they wouldn’t be able to get a disproportionate amount of the bidding points.
In practice, trait bids on mids will likely get more points than trait bids on rares. Ie consider a collection with 10 items: 6 floors, 3 mids, and 1 rare. If the mids trade at a 1.5x premium and the rare trades at a 10x premium, the weights may be as follows:
6 floors: 6x
3 mids: 3 x 1.5 = 4.5x
1 rare: 1 x MIN(3, 10) = 3x
In this case, the top collection bids get allocated 44% of the points, the top trait bids on the mids get allocated 33% of the points, and the top trait bids on the rare item get allocated 22% of the points. The top bids on the rare item received less points than they otherwise would have because the premium was capped to 3x.
Note that these numbers are illustrative. Premiums are not necessarily capped to 3x the floor, and will likely be adjusted based on market conditions.
REMINDER: Only 12 collections currently have trait bidding points enabled. All other collections support trait bids, but only receive points for collection bids.