London, United Kingdom, June 12th, 2024, Chainwire
GBM Auctions has recently completed an innovative charity Bid-to-Earn auction for the Polkadot ecosystem. This event, held on the Moonbeam Network, successfully raised over $92,000 for charity and highlighted GBM’s unique bidding system.
Starting on May 16, GBM Auctions launched a series of week-long auctions featuring three exclusive Polkadot-related items: physical copies of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, all personally signed and annotated by Dr. Gavin Wood.
Participants used the native Moonbeam token GLMR for bidding, with proceeds from the auction going to the Ukraine Humanitarian Appeal charity. The auction took advantage of Moonbeam’s scalable architecture, facilitating quick bidding and minimal gas fees. This showcased the adaptability of GBM Auctions’ distinctive auction format.
In a Bid-to-Earn auction, each bidder receives an incentive if they are outbid, encouraging more active participation and ultimately generating more funds for the cause. This model ensures that all participants gain something from the auction, even those who are ultimately outbid.
Hugo McDonaugh, the co-founder of GBM Auctions, expressed his satisfaction with the auction’s success: “We are thrilled with the results of the auctions, surpassing all our expectations. The outcome demonstrates the effectiveness of our GBM Bid-To-Earn system.”
The Ethereum Yellow Paper fetched the highest bid of 193,600 GLMR, followed by the Polkadot White Paper at 116,160 GLMR, and the JAM Gray Paper at 60,000 GLMR. In addition to the $92,000 raised for charity, bidders who were outbid received $12,000 in rewards. This innovative approach has the potential to support various applications within the Polkadot ecosystem and the broader blockchain industry.
Dr. Gavin Wood, the co-founder of Ethereum and creator of Polkadot, shared his thoughts on the auctions: “I’m proud to have contributed to raising funds for such a noble cause, especially on Polkadot’s Moonbeam network.”
GBM’s Bid-to-Earn design leverages smart contracts to create a transparent and fair bidding system. It encourages participation while simplifying the process for the public to bid on items whose true value may be challenging to determine in advance. By allowing participants to start with lower bids and gradually increase them, the system ensures a fair value is reached and revenue is distributed equitably among underbidders.
Since introducing its Bid-to-Earn system in 2018, GBM Auctions has conducted over 70,000 auctions, earning bidders more than $6 million. This auction model has been utilized by prominent figures in the crypto industry like Vitalik Buterin and Dr. Gavin Wood to raise funds for charity. It has also been embraced by web3 projects such as Aavegotchi and Unstoppable Domains to distribute NFTs to their communities.
Apart from hosting Bid-to-Earn auctions through a dApp, GBM’s system can be integrated into secondary marketplaces, enabling web3 projects to sell digital assets fairly, eliminating dishonest bidding practices and allowing the entire community to participate in a rewarding and engaging experience.
About GBM Auctions
GBM Auctions is the pioneer of the world’s first Bid-to-Earn auction system, utilizing web3 technology such as smart contracts to enable bidders to earn money even when they are outbid. With a lifetime volume exceeding $200 million and over $6 million earned by bidders, GBM Auctions provides a fair and transparent bidding platform for blockchain communities.
For more information, visit:
https://www.gbm.auction/
Contact
Head of Marketing
Jake Scott
GBM Auctions
[email protected]
GBM Auctions Launches Inaugural BidtoEarn Charity Auction for Polkadot Ecosystem
