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

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As a researcher with a background in blockchain technology and auctions, I am deeply impressed by the success of GBM Auctions’ first charity Bid-to-Earn auction for the Polkadot ecosystem. The event, which raised over $92,000 for charity and showcased the versatility of GBM’s unique bidding mechanism, is a significant milestone in the blockchain space.

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

As an analyst, I’m excited to share that I had the privilege of being part of GBM Auctions’ groundbreaking charity auction for the Polkadot ecosystem. Held on the dynamic Moonbeam Network, this event successfully raised over $92,000 for charitable causes, showcasing the unique bidding mechanism developed by GBM.

Beginning on May 16, GBM Auctions initiated a week-long bidding process where three distinct Polkadot-themed artifacts were made available for the general public: authentic, signed and annotated versions of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, all personally marked by Dr. Gavin Wood.

At the auction, participants employed Moonbeam’s native token GLMR for placing bids. The proceeds from the event were directed towards the Ukraine Humanitarian Appeal charity. Leveraging Moonbeam’s scalable architecture, the bidding process was swift and economical in terms of gas fees. This occasion served as an illustration of GBM Auctions’ innovative auction format capabilities.

Using a Bid-to-Earn auction system, each bidder receives a reward if they get outbid by another participant. This setup encourages more bids, resulting in increased revenue for the project. Simultaneously, it guarantees that all bidders profit from the transaction, even those who ultimately lose the bidding war.

Hugo McDonaugh, the co-founder of GBM Auctions, expressed his satisfaction with the recent auction results: “We are thrilled with how well the auctions performed and they exceeded all our predictions. The successful bids demonstrate the effectiveness of our innovative GBM Bid-To-Earn system.”

In the Charity Auction hosted by Moonbeam, the Ethereum Yellow Paper was bid up to a highest price of 193,600 GLMR, followed by the Polkadot White Paper at 116,160 GLMR and the JAM Gray Paper at 60,000 GLMR. The event generated $92,000 for charity, with an additional $12,000 awarded to unsuccessful bidders as incentives. This innovative formula offers versatile applications within the Polkadot ecosystem and beyond in the broader blockchain sector.

Dr. Gavin Wood, the co-founder of Ethereum and creator of Polkadot, expressed his pride: “It’s a humanitarian cause I’m glad to have contributed to financially. It’s heartening to see it unfold on Moonbeam network, which is part of Polkadot.”

Using smart contracts, GBM’s Bid-to-Earn mechanism offers a clear and trustworthy bidding process. This setup encourages engagement and simplifies the bidding experience for items whose true worth may be uncertain beforehand. By enabling participants to initiate low bids that gradually rise, the system guarantees a reasonable final price while fairly distributing earnings among underbidders.

As an analyst, I’ve examined the significant growth of GBM Auctions since its introduction of the Bid-to-Earn system in 2018. To date, this innovative platform has facilitated over 70,000 auctions, generating earnings exceeding $6 million for bidders. Notably, crypto luminaries such as Vitalik Buterin and Dr. Gavin Wood have employed this model to raise funds for charitable causes. Moreover, web3 projects like Aavegotchi and Unstoppable Domains have utilized the system to distribute NFTs to their respective communities.

I, as an analyst, would describe it this way: In addition to facilitating Bid-to-Earn auctions through a decentralized application (dApp), Global Blocks Marketplace (GBM) offers a solution for secondary marketplaces. This feature allows web3 projects to trade digital assets in a trustworthy manner, preventing dishonest bidding activities. Simultaneously, it invites the entire community to partake in an inclusive and stimulating experience.

About GBM Auctions

GBM Auctions is the pioneer in creating the first-ever Bid-to-Earn auction platform, leveraging web3 technology with smart contracts. This innovative system allows bidders to generate income even if they get outbid. With a total transaction volume surpassing $200 million and over $6 million earned by successful bidders, GBM Auctions offers a trustworthy and open bidding environment for blockchain enthusiasts.

Contact

Head of Marketing
Jake Scott
GBM Auctions
jake@gbm.auction

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2024-06-12 12:20