London, UK, June 12, 2024, Chainwire
GBM Auctions announced that it has completed the first charity bid-to-profit auction for the Polkadot ecosystem. Hosted by the Moonbeam Network, the event raised more than $92,000 for charity and showcased GBM’s new bidding mechanism.
On May 16, GBM Auctions launched a week-long auction offering three unique Polkadot-related items to the public. That means physical copies of the Ethereum Yellow Paper, Polkadot White Paper, and JAM Gray Paper each signed and annotated. .Gavin Wood.
Bidders used the native Moonbeam token GLMR to bid, and funds from the event went to the Ukrainian Humanitarian Appeal charity. This auction leveraged Moonbeam’s scalable architecture to enable fast bidding and low gas fees. The process demonstrated the versatility of the unique auction format pioneered by GBM Auctions.
With a bid-profit auction, all bidders receive an incentive if they outbid. This helps raise more money for the project by providing an incentive for higher bid volumes. This process ensures that all participants get something from the sale, including the bidder who ultimately wins the bid.
Hugo McDonaugh, co-founder of GBM Auctions, shared his thoughts on auction success: “We are delighted with the outcome of the auction and it exceeded all our expectations. The auction results demonstrate how powerful the GBM Bid-To-Earn system is.”
Ethereum Yellow Paper ultimately sold for the highest bid of 193,600 GLMR, Polkadot White Paper for 116,160 GLMR, and JAM Gray Paper for 60,000 GLMR. In addition to raising $92,000 for charity, the auction hosted by Moonbeam also collected $12,000 in rewards for outbidders. This formula has the potential to support a wide range of use cases within the Polkadot ecosystem and the wider blockchain space.
Dr. Gavin Wood, co-founder of Ethereum and creator of Polkadot, shared his thoughts on auctions: network.”
GBM’s Bid-to-Earn design utilizes smart contracts to provide a transparent and fair bidding system. This encourages participation while also making it easier for the public to bid on items where fair value is difficult to determine in advance. By allowing participants to start low and enter increasingly higher bids, the system ensures that a fair value is reached while distributing profits fairly among bidders.
Since developing its Bid-to-Earn system in 2018, GBM Auctions has hosted more than 70,000 auctions, generating more than $6 million for bidders in the process. The auction model has been used by leading cryptocurrency figures, including Vitalik Buterin and Dr. Gavin Wood, to raise funds for charity. It has also been utilized by web3 projects such as Aavegotchi and Unstoppable Domains to distribute NFTs to the community.
In addition to hosting Bid-to-Earn auctions via dApps, GBM’s system is also available on secondary marketplaces that allow web3 projects to sell digital assets in a fair way that eliminates unscrupulous bidding practices and provides a rewarding experience for the entire community. You can participate in the auction. And a fascinating experience.
GBM Auction Information
GBM Auctions is the company that developed the world’s first Bid-to-Earn auction system. Web3 technologies, including smart contracts, allow bidders to earn money even if they deviate from their bid. With over $200 million in lifetime trading volume and over $6 million in bidder revenue, GBM Auctions provides a fair and transparent bidding system to the blockchain community.
Users can learn more at https://www.gbm.auction/.
contact
Marketing Director
Jake Scott
GBM Auction
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