GBM Auctions Holds Inaugural Charity BidtoEarn Auction for Polkadot Ecosystem

London, UK, June 12th, 2024, Chainwire
The inaugural charity Bid-to-Earn auction for the Polkadot ecosystem, organized by GBM Auctions, has successfully concluded. Taking place on the Moonbeam Network, the event raised an impressive sum of over $92,000 for charity while introducing participants to GBM’s innovative bidding mechanism.
Kicking off on May 16, GBM Auctions orchestrated a series of week-long auctions showcasing three unique 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.
Bidders engaged in the auction using the native Moonbeam token GLMR, with proceeds from the event directed towards the Ukraine Humanitarian Appeal charity. Leveraging Moonbeam’s scalable architecture, the auction facilitated swift bidding processes and minimal gas fees. This successful event highlighted the adaptability of GBM Auctions’ distinctive auction format.
The Bid-to-Earn auction model employed in this event ensures that every bidder receives an incentive, even if they are ultimately outbid. This feature encourages increased bidding activity, ultimately leading to a higher fundraising outcome for the specified project. Importantly, it guarantees that all participants gain something from the auction, including those who are outbid.
Reflecting on the auctions’ success, Hugo McDonaugh, GBM Auctions’ co-founder, expressed his satisfaction: “We are thrilled with the results of the auctions, which exceeded our expectations. The outcomes underscore the effectiveness of our GBM Bid-To-Earn system.”
The final bids for the items were as follows: the Ethereum Yellow Paper fetched 193,600 GLMR, the Polkadot White Paper went for 116,160 GLMR, and the JAM Gray Paper sold for 60,000 GLMR. In addition to the significant charity contribution of $92,000, the auction also distributed $12,000 in rewards to bidders who were outbid. This innovative approach 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, stating, “I am proud to have played a role in raising funds for such a noble cause, especially within Polkadot’s Moonbeam network.”
GBM’s Bid-to-Earn design leverages smart contracts to establish a transparent and equitable bidding system. By encouraging participation and simplifying the bidding process for items of uncertain value, the system ensures fair revenue distribution to all participants, including underbidders.
Having introduced the Bid-to-Earn system in 2018, GBM Auctions has conducted over 70,000 auctions, benefiting bidders with over $6 million in earnings. Notable figures in the crypto community, such as Vitalik Buterin and Dr. Gavin Wood, have utilized this model for charitable fundraising. Moreover, web3 projects like Aavegotchi and Unstoppable Domains have employed the system to distribute NFTs to their communities.
In addition to hosting Bid-to-Earn auctions through a dApp, GBM’s system can be integrated into secondary marketplaces, enabling web3 projects to sell digital assets in a transparent and equitable manner. This approach eliminates unethical bidding practices while fostering community engagement and rewarding experiences for all participants.
About GBM Auctions
GBM Auctions is the pioneer of the world’s first Bid-to-Earn auction system. Utilizing web3 technology, including smart contracts, the platform enables bidders to earn money even if they are outbid. With a lifetime volume exceeding $200 million and over $6 million earned by bidders, GBM Auctions offers a fair and transparent bidding system for blockchain communities.
For more information, visit: https://www.gbm.auction/
Contact
Jake Scott
Head of Marketing
GBM Auctions
[email protected]