London, United Kingdom, June 12, 2024, Chainwire
GBM Auctions has announced the completion of the first Bid-to-Earn charity auction for the ecosystem. The event, held on Moonbeam Network, raised more than $92,000 for charities and showcased the WBG's innovative bidding mechanism.
On May 16, GBM Auctions began week-long auctions in which three unique Polkadot-related items were offered to the public: physical copies of the Yellow Book (OTC 🙂, the Polkadot White Paper, and the JAM Gray Book, each one signed and annotated by Dr. Gavin Wood.
Bidders used the native Moonbeam GLMR token to bid, with funds from the event going to the Ukraine Humanitarian Appeal charity. The auction used Moonbeam's scalable architecture, which supports fast bidding and low gas fees. In the process, it demonstrated the versatility of the unique auction format pioneered by GBM Auctions.
With a Bid-to-Earn auction, each bidder earns an incentive if they are outbid. This provides incentives for a higher volume of bids, which helps raise more funds for the project in question. In the process, it ensures that all participants get something from the sale, including the bidders who are ultimately outbid.
Hugo McDonaugh, co-founder of GBM Auctions, shared his opinion on the success of the auctions: “We are delighted with the outcome of the auctions and they exceeded all of our expectations. The auction results demonstrate how powerful our GBM Bid-To-Earn system is.”
The Ethereum Yellow Paper eventually sold for a maximum bid of 193,600 GLMR, the Polkadot White Paper for 116,160 GLMR, and the JAM Gray Paper for 60,000 GLMR. In addition to raising $92,000 for charities, the auction hosted by Moonbeam saw outbid bidders receiving $12,000 in rewards. The formula has the potential to support a wide range of use cases within the Polkadot ecosystem and the broader blockchain space.
Dr. Gavin Wood, co-founder of Ethereum and creator of Polkadot, shared his thoughts on the auctions: “I'm proud to have helped raise money for such a humanitarian charity and it's great to see this happening on Polkadot's Moonbeam network. “
GBM's Bid-to-Earn design uses smart contracts to provide a transparent and provably fair bidding system. It encourages participation while making it easier for the public to bid on items whose fair value may be difficult to determine in advance. By allowing participants to start with low bids and enter increasingly higher bids, the system ensures that a fair value is eventually reached while equitably distributing proceeds among non-bidding bidders.
Since developing its Bid-to-Earn system in 2018, GBM Auctions has hosted more than 70,000 auctions, earning bidders more than $6 million in the process. The auction model has been used by leading crypto figures such as Vitalik Buterin and Dr. Gavin Wood to raise money for charities. It has also been leveraged by web3 projects like Aavegotchi and Unstoppable Domains to distribute NFTs to their communities.
In addition to hosting Bid-to-Earn auctions through a dApp, the GBM system can also be used in secondary markets, allowing web3 projects to sell digital assets in a fair manner that eliminates unscrupulous bidding practices and at the same time At the same time it allows the entire community to participate in a rewarding and engaging experience.
About GBM Auctions
GBM Auctions is the developer of the world's first Bid-to-Earn auction system. Using web3 technology, including smart contracts, ensures that bidders can make money even when they are outbid. With a lifetime volume of over $200 million and over $6 million won by bidders, GBM Auctions provides a fair and transparent bidding system for blockchain communities.
Users can get more information:
ContactMarketing ManagerJake ScottGBM Auctions[email protected]
This article was originally published on Chainwire.
