GBM Auctions Announces the Completion of the First Charity Bid-to-Earn Auction for the Polkadot Ecosystem

GBM Auctions has just announced the successful conclusion of the inaugural charity Bid-to-Earn auction for the Polkadot ecosystem. The event, held on the Moonbeam Network, raised more than $92,000 for charity and highlighted GBM’s unique bidding mechanism.

Starting on May 16, GBM Auctions began a series of week-long auctions featuring three one-of-a-kind items related to Polkadot. These items included 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.

Participants utilized the Moonbeam token GLMR for bidding purposes, and the proceeds from the event were directed towards the Ukraine Humanitarian Appeal charity. The auction leveraged Moonbeam’s scalable architecture, enabling swift bidding and minimizing gas fees. This process showcased the adaptability of the innovative auction format developed by GBM Auctions.

Through a Bid-to-Earn auction, each bidder can receive an incentive if they are outbid. This creates a positive environment for increased bidding volume, ultimately raising higher funds for the project at hand. Throughout the process, it guarantees that all participants benefit from the sale, even those who are ultimately outbid.

Hugo McDonaugh, co-founder of GBM Auctions, expressed his satisfaction with the auction results, stating that they exceeded his initial expectations. The auction results demonstrate the immense effectiveness of our GBM Bid-To-Earn system.

The Ethereum Yellow Paper fetched a staggering top bid of 193,600 GLMR, while the Polkadot White Paper commanded a respectable 116,160 GLMR. The JAM Gray Paper, on the other hand, garnered a solid 60,000 GLMR. Not only did the Moonbeam-hosted auction raise an impressive $92,000 for charity, but the outbid bidders also received a generous reward of $12,000. The formula has the potential to be incredibly versatile, supporting a multitude of use cases within the Polkadot ecosystem and the broader blockchain industry.

Dr. Gavin Wood, the co-founder of Ethereum and creator of Polkadot, expressed his satisfaction with the auctions, stating that he was proud to have contributed to a humanitarian charity. He also commended the use of Polkadot’s Moonbeam network for this purpose.

GBM’s Bid-to-Earn design utilizes smart contracts to create a bidding system that is transparent and fair, ensuring trust and accountability. It encourages people to get involved and simplifies bidding on items with uncertain fair values. By enabling participants to begin with lower bids and gradually increase them, the system guarantees a fair value is ultimately achieved, and revenue is equitably distributed among those who did not win the bid.

Since GBM Auctions introduced its Bid-to-Earn system in 2018, it has successfully conducted over 70,000 auctions, resulting in bidders earning a remarkable sum of over $6M. Notable figures in the crypto world, including Vitalik Buterin and Dr. Gavin Wood, have utilized the auction model to generate funds for charitable causes. It has also been utilized by web3 projects like Aavegotchi and Unstoppable Domains to distribute NFTs to their communities.

In addition to hosting bid-to-earn auctions through a decentralized application (dApp), GBM’s system can also be utilized in secondary marketplaces. This empowers web3 projects to sell digital assets transparently and equitably, eliminating dishonest bidding practices. It ensures that the entire community can enjoy a gratifying and immersive experience.