London, United Kingdom, June 12th, 2024,
Chainwire
GBM Auctions has announced the completion of the first charity
Bid-to-Earn auction for the Polkadot ecosystem. The event, which
was hosted on the Moonbeam Network, raised over $92,000 for charity
and showcased the GBM’s novel bidding mechanism.
On May 16, GBM Auctions commenced the week-long auctions that
saw three unique Polkadot-related items offered to the public:
physical copies of the Ethereum Yellow Paper, the Polkadot White
Paper, and the JAM Gray Paper, each signed and annotated by Dr.
Gavin Wood.
Bidders used the native Moonbeam token GLMR for bidding, with
funds from the event going to the Ukraine Humanitarian Appeal
charity. The auction utilized 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, every bidder earns an incentive in
the event of being outbid. This provides incentives for greater
bidding volume, helping to raise more funds for the project in
question. In the process, it ensures that all participants make
something from the sale, including the bidders who are eventually
outbid.
Hugo McDonaugh, co-founder of GBM Auctions, shared his thoughts
on the success of the auctions:“We are delighted with the outcome
of the auctions and they surpassed all our expectations. The
auction results prove just how powerful our GBM Bid-To-Earn system
is.”
The Ethereum Yellow Paper ultimately sold for a top 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
charity, the Moonbeam-hosted auction saw the bidders who were
outbid collect $12,000 in rewards. The formula has the potential to
support a wide range of use cases within the Polkadot ecosystem and
the wider blockchain space.
Dr. Gavin Wood, the 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 it happen on Polkadot’s Moonbeam network."
GBM’s Bid-to-Earn design makes use of smart contracts to provide
a transparent and provably fair bidding system. It incentivizes
participation while making it easier for the public to bid for
items whose fair value may be hard to determine in advance. Through
allowing participants to start low and enter increasingly higher
bids, the system ensures that a fair value is eventually reached
while fairly distributing revenue to underbidders.
Since developing its Bid-to-Earn system in 2018, GBM Auctions
has hosted over 70,000 auctions, earning bidders more than $6M 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 charity. It has also been harnessed by web3 projects such as
Aavegotchi and Unstoppable Domains to distribute NFTs to their
communities.
As well as hosting Bid-to-Earn auctions via a dApp, GBM’s system
can also be used on secondary marketplaces which enables web3
projects to sell digital assets in a fair manner that eliminates
unscrupulous bidding practices while allowing the whole 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, it
ensures that bidders can make money even when they are outbid. With
lifetime volume of over $200M and over $6M earned by bidders, GBM
Auctions provides a fair and transparent bidding system for
blockchain communities.
Users can learn more: https://www.gbm.auction/
Contact
Head of
Marketing
Jake
Scott
GBM
Auctions
jake@gbm.auction