London, UK, June 12th, 2024, Chainwire
GBM Auctions proudly announces the successful completion of the inaugural charity Bid-to-Earn auction for the Polkadot ecosystem. Held on the Moonbeam Network, the event raised a remarkable $92,000 for charity and highlighted GBM’s innovative bidding approach.
Starting on May 16, GBM Auctions launched a series of week-long auctions featuring three exclusive Polkadot-related items: physical editions of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, all personally signed and annotated by Dr. Gavin Wood.
Participants utilized the native Moonbeam token GLMR for bidding, with proceeds benefiting the Ukraine Humanitarian Appeal charity. Leveraging Moonbeam’s efficient architecture, the auction facilitated swift bidding processes and minimal gas fees, showcasing the adaptability of GBM Auctions’ distinctive auction model.
In a Bid-to-Earn auction, each bidder receives an incentive if outbid, encouraging higher bidding activity and ultimately raising more funds for the cause at hand. This framework ensures that all participants, including those ultimately outbid, gain something from the auction.
Co-founder of GBM Auctions, Hugo McDonaugh, expressed his satisfaction with the auction outcomes, stating, “We are thrilled with the auction results, exceeding all our expectations. The success of these auctions underscores the effectiveness of our GBM Bid-To-Earn system.”
The Ethereum Yellow Paper fetched the highest bid at 193,600 GLMR, followed by the Polkadot White Paper at 116,160 GLMR, and the JAM Gray Paper at 60,000 GLMR. Alongside the $92,000 raised for charity, the outbid bidders received $12,000 in rewards. This model holds promise for various applications within the Polkadot ecosystem and the broader blockchain industry.
Dr. Gavin Wood, Ethereum co-founder and Polkadot creator, commended the auctions, saying, “I’m pleased to have contributed to such a noble cause and to witness it unfold on Polkadot’s Moonbeam network.”
GBM’s Bid-to-Earn system leverages smart contracts to establish a transparent and fair bidding process, incentivizing participation and simplifying bidding for items with uncertain fair values. By allowing participants to incrementally increase bids, the system ensures fair valuation and equitable revenue distribution among bidders.
Since introducing its Bid-to-Earn system in 2018, GBM Auctions has hosted over 70,000 auctions, benefiting bidders with over $6M in earnings. Prominent figures in the crypto realm, such as Vitalik Buterin and Dr. Gavin Wood, have utilized this model to raise funds for charitable causes. Additionally, web3 projects like Aavegotchi and Unstoppable Domains have employed it to distribute NFTs to their communities.
In addition to dApp-hosted Bid-to-Earn auctions, GBM’s system can be implemented on secondary marketplaces, enabling web3 projects to sell digital assets fairly, eliminating unethical bidding practices, and offering the community an engaging and rewarding experience.
About GBM Auctions
GBM Auctions is the pioneer of the Bid-to-Earn auction system, utilizing web3 technology like smart contracts to ensure bidders earn rewards even if outbid. With a lifetime volume exceeding $200M and over $6M earned by bidders, GBM Auctions provides a transparent and equitable bidding platform for blockchain communities.
For more information, visit: https://www.gbm.auction/
Contact
Jake Scott
Head of Marketing
GBM Auctions
[email protected]