GBM Auctions Hosts First Charity Bid-to-Earn Auction for Polkadot Ecosystem

London,
United
Kingdom,
June
12th,
2024,
Chainwire

GBM
Auctions
has
announced
the
completion
of
the
first
charity
Bid-to-Earn
auction
for
the
Polkadot
ecosystem.
The
event,
which
was
hosted
on
the
Moonbeam
Network,
raised
over
$92,000
for
charity
and
showcased
the
GBM’s
novel
bidding
mechanism.

On
May
16,
GBM
Auctions
commenced
the
week-long
auctions
that
saw
three
unique
Polkadot-related
items
offered
to
the
public:
physical
copies
of
the
Ethereum
Yellow
Paper,
the
Polkadot
White
Paper,
and
the
JAM
Gray
Paper,
each
signed
and
annotated
by
Dr.
Gavin
Wood. 

Bidders
used
the
native
Moonbeam
token
GLMR
for
bidding,
with
funds
from
the
event
going
to
the
Ukraine
Humanitarian
Appeal
charity.
The
auction
utilized
Moonbeam’s
scalable
architecture,
which
supports
fast
bidding
and
low
gas
fees.
In
the
process,
it
demonstrated
the
versatility
of
the
unique
auction
format
pioneered
by
GBM
Auctions.

With
a
Bid-to-Earn
auction,
every
bidder
earns
an
incentive
in
the
event
of
being
outbid.
This
provides
incentives
for
greater
bidding
volume,
helping
to
raise
more
funds
for
the
project
in
question.
In
the
process,
it
ensures
that
all
participants
make
something
from
the
sale,
including
the
bidders
who
are
eventually
outbid.

Hugo
McDonaugh,
co-founder
of
GBM
Auctions,
shared
his
thoughts
on
the
success
of
the
auctions:“We
are
delighted
with
the
outcome
of
the
auctions
and
they
surpassed
all
our
expectations.
The
auction
results
prove
just
how
powerful
our
GBM
Bid-To-Earn
system
is.”

The
Ethereum
Yellow
Paper
ultimately
sold
for
a
top
bid
of
193,600
GLMR,
the
Polkadot
White
Paper
for
116,160
GLMR,
and
the
JAM
Gray
Paper
for
60,000
GLMR.
In
addition
to
raising
$92,000
for
charity,
the
Moonbeam-hosted
auction
saw
the
bidders
who
were
outbid
collect
$12,000
in
rewards.
The
formula
has
the
potential
to
support
a
wide
range
of
use
cases
within
the
Polkadot
ecosystem
and
the
wider
blockchain
space.

Dr.
Gavin
Wood,
the
co-founder
of
Ethereum
and
creator
of
Polkadot,
shared
his
thoughts
on
the
auctions:
​​”I’m
proud
to
have
helped
raise
money
for
such
a
humanitarian
charity
and
it’s
great
to
see
it
happen
on
Polkadot’s
Moonbeam
network.”

GBM’s
Bid-to-Earn
design
makes
use
of
smart
contracts
to
provide
a
transparent
and
provably
fair
bidding
system.
It
incentivizes
participation
while
making
it
easier
for
the
public
to
bid
for
items
whose
fair
value
may
be
hard
to
determine
in
advance.
Through
allowing
participants
to
start
low
and
enter
increasingly
higher
bids,
the
system
ensures
that
a
fair
value
is
eventually
reached
while
fairly
distributing
revenue
to
underbidders.

Since
developing
its
Bid-to-Earn
system
in
2018,
GBM
Auctions
has
hosted
over
70,000
auctions,
earning
bidders
more
than
$6M
in
the
process.
The
auction
model
has
been
used
by
leading
crypto
figures
such
as
Vitalik
Buterin
and
Dr.
Gavin
Wood
to
raise
money
for
charity.
It
has
also
been
harnessed
by
web3
projects
such
as
Aavegotchi
and
Unstoppable
Domains
to
distribute
NFTs
to
their
communities.

As
well
as
hosting
Bid-to-Earn
auctions
via
a
dApp,
GBM’s
system
can
also
be
used
on
secondary
marketplaces
which
enables
web3
projects
to
sell
digital
assets
in
a
fair
manner
that
eliminates
unscrupulous
bidding
practices
while
allowing
the
whole
community
to
participate
in
a
rewarding
and
engaging
experience.

About
GBM
Auctions

GBM
Auctions
is
the
developer
of
the
world’s
first
Bid-to-Earn
auction
system.
Using
web3
technology
including
smart
contracts,
it
ensures
that
bidders
can
make
money
even
when
they
are
outbid.
With
lifetime
volume
of
over
$200M
and
over
$6M
earned
by
bidders,
GBM
Auctions
provides
a
fair
and
transparent
bidding
system
for
blockchain
communities.

Users
can
learn
more:

https://www.gbm.auction/

Contact

Head
of
Marketing
Jake
Scott
GBM
Auctions
[email protected]