GBM Auctions Launches Inaugural BidtoEarn Auction for Polkadot Ecosystem with Charity Focus

London, UK, June 12th, 2024, Chainwire
GBM Auctions has proudly revealed the successful conclusion of the inaugural charity Bid-to-Earn auction dedicated to the Polkadot ecosystem. The event, held on the Moonbeam Network, raised a remarkable sum of over $92,000 for charity while showcasing GBM’s innovative bidding process.
Starting on May 16, GBM Auctions initiated a series of week-long auctions featuring three exclusive Polkadot-related items available to the public: 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.
Bidders engaged in the auctions using the native Moonbeam token GLMR, with the proceeds generously donated to the Ukraine Humanitarian Appeal charity. The auction leveraged Moonbeam’s efficient architecture, enabling swift bidding and minimal gas fees. In doing so, it highlighted the adaptability of GBM Auctions’ distinctive auction format.
The Bid-to-Earn auction model ensures that every bidder receives a reward if they are outbid, encouraging increased bidding activity and ultimately raising more funds for the designated project. This approach guarantees that all participants gain something from the auction, even those who are eventually outbid.
Co-founder of GBM Auctions, Hugo McDonaugh, expressed his satisfaction with the auction outcomes: “We are thrilled with the success of the auctions, surpassing all our expectations. The results underscore the effectiveness of our GBM Bid-To-Earn system.”
The Ethereum Yellow Paper fetched the highest bid of 193,600 GLMR, the Polkadot White Paper went for 116,160 GLMR, and the JAM Gray Paper sold for 60,000 GLMR. Apart from the substantial $92,000 raised for charity, the Moonbeam-hosted auction rewarded outbid bidders with a total of $12,000. This formula holds promise for diverse applications within the Polkadot ecosystem and the broader blockchain sphere.
Dr. Gavin Wood, Ethereum co-founder and Polkadot creator, shared his thoughts on the auctions: “I’m proud to have contributed to raising funds for such a noble cause and it’s fantastic to witness it happening on Polkadot’s Moonbeam network.”
GBM’s Bid-to-Earn system leverages smart contracts to establish a transparent and equitable bidding process. By incentivizing participation and simplifying bidding for items with uncertain values, the system ensures fair revenue distribution to all participants.
Having introduced the Bid-to-Earn system in 2018, GBM Auctions has conducted over 70,000 auctions, generating over $6M in earnings for bidders. Prominent figures in the crypto space like Vitalik Buterin and Dr. Gavin Wood have utilized this model to support charitable causes, as have web3 projects such as Aavegotchi and Unstoppable Domains to engage their communities with NFT distributions.
In addition to hosting Bid-to-Earn auctions through a dApp, GBM’s system is adaptable for use on secondary marketplaces, enabling web3 projects to sell digital assets fairly and inclusively while eliminating unethical bidding practices.
About GBM Auctions
GBM Auctions is the pioneer of the world’s first Bid-to-Earn auction system. Utilizing web3 technology, including smart contracts, it empowers bidders to earn rewards even when they are 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
Head of Marketing
Jake Scott
GBM Auctions
[email protected]