GBM Auctions Launches the Inaugural Charity Bid-to-Earn Auction in Support of Polkadot Ecosystem

London, UK, June 12, 2024, Chainwire

GBM Auctions proudly announces the successful completion of its first charity-focused Bid-to-Earn auction aimed at the Polkadot environment. Conducted on the Moonbeam Network, this event garnered over $92,000 for charitable causes, highlighting GBM’s innovative bidding approach.

Starting May 16, GBM Auctions kicked off a week-long event featuring three distinct items related to Polkadot: signed physical editions of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, all personally annotated by Dr. Gavin Wood. 

Participants placed bids using the native Moonbeam token, GLMR, with the proceeds directed towards the Ukraine Humanitarian Appeal. The auction leveraged Moonbeam’s advanced architecture, facilitating rapid bidding and minimal gas fees, all while showcasing the unique auction model that GBM Auctions has pioneered.

The Bid-to-Earn model allows every bidder to receive benefits when they are outbid, creating enticing incentives for higher bidding activity, ultimately leading to a larger pool of funds for the cause at hand. This model ensures that everyone involved benefits, including those who may not win in the end.

Hugo McDonaugh, one of the co-founders of GBM Auctions, expressed his excitement regarding the auction's results: \"We're thrilled by how the auctions turned out, exceeding our wildest expectations. The results are a testament to the effectiveness of our GBM Bid-To-Earn system.\"

The auction concluded with the Ethereum Yellow Paper fetching a top bid of 193,600 GLMR, the Polkadot White Paper reaching 116,160 GLMR, and the JAM Gray Paper selling for 60,000 GLMR. Beyond the remarkable total of $92,000 for charity, the event allowed outbid participants to collect a total of $12,000 in rewards. This format holds substantial potential for various applications within the Polkadot ecosystem and the broader blockchain space.

Dr. Gavin Wood, co-founder of Ethereum and the mastermind behind Polkadot, offered his perspective on the auctions: “I am honored to have contributed to raising funds for such a worthy cause, and it's fantastic to see it happen on Polkadot’s Moonbeam network.”

GBM's Bid-to-Earn structure utilizes smart contracts to ensure that the bidding process is both transparent and fair. It encourages public participation while simplifying bids for items whose fair market value may not be obvious beforehand. This system enables bidders to start low and progressively go higher, ultimately achieving a fair price while ensuring that underbidders are rewarded.

Since launching its Bid-to-Earn model in 2018, GBM Auctions has conducted over 70,000 auctions, distributing more than $6 million to its bidders. This auction framework has been employed by prominent figures in the cryptocurrency community, including Vitalik Buterin and Dr. Gavin Wood, to raise funds for charitable initiatives. It has also been adopted by web3 projects like Aavegotchi and Unstoppable Domains for distributing NFTs to their user bases.

In addition to facilitating Bid-to-Earn auctions through a decentralized application, GBM's platform is also compatible with secondary marketplaces. This enables web3 initiatives to offer digital assets in an equitable manner, eliminating dishonest bidding practices while allowing the entire community to engage in a rewarding experience.

About GBM Auctions

GBM Auctions stands as the creator of the first-ever Bid-to-Earn auction system. By leveraging web3 technologies including smart contracts, it guarantees that bidders can still earn even if they are outbid. With a lifetime auction volume exceeding $200 million and over $6 million earned by participants, GBM Auctions ensures a just and open bidding process for blockchain enthusiasts.

Users can learn more: https://www.gbm.auction/

Contact

Head of Marketing
Jake Scott
GBM Auctions