GBM Auctions Hosts First Charity Auction for Polkadot Ecosystem
London, United Kingdom, June 12, 2024, Chainwire
GBM Auctions has announced the completion of its first charity auction for the Polkadot Ecosystem. The event, hosted on Monbeam Network, raised more than $92,000 for charity and featured GBM's novel auction method.
On May 16, GBM Auctions kicked off a week of auctions that saw three unique Polkadot-related items offered to the public: an Etrem Yellow Paper, a Polkadot White Paper, and a Jam Gray Paper, each signed and illustrated by Dr. Gavin Wood.
Bidders used the Monbeam token GLMR for bidding. The auction leveraged Moonbeam's scalable architecture, which supports fast bidding and low gas fees. In the process, it demonstrated the versatility of a unique auction format pioneered by GBM Auctions.
In a bid-for-bid, any bidder gets an incentive when outbid. This gives an incentive to bid more, helping to raise more money for the project in question. In the process, they ensure that all participants do something from the sale, including the final bidder.
Hugo McDonough, Co-Founder of GBM Auctions, shared his thoughts on the success of the auctions: “We are delighted with the results of the auctions and they exceeded our expectations. The auction results prove how powerful our GBM bid-to-win system is.
Ethereum Yellow Paper was last sold for 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 Monbeam, saw non-bidders raise $12,000 in prizes. 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, founder of Ethereum and creator of Polkadot, shared his thoughts on the auctions: “I'm proud to raise money for such a humanitarian cause and it's great to see it happen on the Polkadot Moonbeam network.”
GBM's Bid-to-Earn design provides a clear and transparent bidding process using smart contracts. It encourages participation by making it easier for the public to bid on items whose fair value is difficult to determine in advance. By allowing participants to start at a low level and gradually enter higher bids, the system distributes revenue to followers to ensure that a fair price is eventually reached.
In the year Since developing the bid-to-win system in 2018, GBM Auctions has hosted more than 70,000 bids, raising more than $6 million in bids in the process. The auction model has been used by prominent crypto figures such as Vitalik Buterin and Dr. Gavin Wood to raise funds for charity. It has also been used by web3 projects such as Avegochi and Unstoppable Domains to distribute NFTs to their communities.
In addition to handling auction revenue through DAP, the GBM system can also be used in secondary marketplaces, allowing Web3 projects to sell digital assets in a fair manner, allowing the entire community to participate in the auction. and participatory experience.
About GBM auctions
GBM Auctions is the developer of the world's first bid-to-win auction system. Using Web3 technology, including smart contracts, ensures that bidders can earn money even when they are out of bids. With a lifetime volume of over $200M and over $6M in bidders, GBM Auctions provides a fair and transparent auction system for the blockchain community.
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Head of Marketing Jake Scott GBM Auctions[email protected]
