Charity Bid-to-Earn Auction on Polkadot Ecosystem Raises $92,000

GBM Auctions recently completed the inaugural charity Bid-to-Earn auction dedicated to the Polkadot ecosystem. This notable event, which took place on the Moonbeam Network, successfully raised over $92,000 for charity and introduced participants to GBM's innovative bidding approach.

The auction commenced on May 16 with a series of auctions spanning a week. Three exclusive Polkadot-related items were up for grabs: 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.

During the auction, bidders utilized the native Moonbeam token GLMR for their bids. The funds generated from the auction were directed towards the Ukraine Humanitarian Appeal charity. This auction employed Moonbeam's efficient architecture, supporting swift bidding transactions and maintaining low gas fees, thereby illustrating the prowess of GBM Auctions' distinctive auction format.

The unique aspect of the Bid-to-Earn auction model ensures that each bidder receives an incentive if they are outbid. This structure encourages increased bidding activity, ultimately leading to higher funds being raised for the respective project. Moreover, it guarantees that all participants, even those who are ultimately outbid, gain from the auction.

Hugo McDonaugh, one of the co-founders of GBM Auctions, expressed satisfaction with the auction results, stating, "The auctions' success has exceeded our expectations. This outcome underscores the effectiveness of our GBM Bid-To-Earn mechanism."

The top bids for the items were as follows: the Ethereum Yellow Paper fetched 193,600 GLMR, the Polkadot White Paper sold for 116,160 GLMR, and the JAM Gray Paper garnered 60,000 GLMR. Aside from the substantial charity donation of $92,000, participants who were outbid collectively received $12,000 in rewards. This innovative approach holds promise for supporting various applications within the Polkadot ecosystem and the broader blockchain sector.

Dr. Gavin Wood, Ethereum's co-founder and Polkadot's creator, also shared his thoughts on the auctions, expressing pride in contributing to a humanitarian cause through the Moonbeam network on Polkadot.

GBM's Bid-to-Earn design leverages smart contracts to establish a transparent and verifiable fair bidding system. It incentivizes involvement and simplifies the bidding process for items with uncertain fair values. By allowing participants to commence with low bids and progressively increase them, this system guarantees a fair value and equitably distributes revenue to underbidders.

Since the introduction of its Bid-to-Earn system in 2018, GBM Auctions has hosted over 70,000 auctions, resulting in bidders earning over $6 million. Noteworthy crypto figures like Vitalik Buterin and Dr. Gavin Wood have used this auction model to raise funds for charitable causes. Furthermore, it has been adopted by prominent web3 projects such as Aavegotchi and Unstoppable Domains to distribute NFTs among their communities.

In addition to conducting Bid-to-Earn auctions through a decentralized application (dApp), GBM's system supports secondary marketplaces, enabling web3 projects to sell digital assets fairly by eliminating unethical bidding practices. This inclusive approach allows the entire community to engage in a rewarding and participatory experience.

About GBM Auctions

GBM Auctions pioneered the world's first Bid-to-Earn auction system, employing web3 technologies like smart contracts to ensure bidders can earn rewards even if they are outbid. With a cumulative volume exceeding $200 million and bidders earning over $6 million, GBM Auctions offers a transparent and equitable bidding environment for blockchain communities.

For more information, visit GBM Auctions official website.

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Head of Marketing

Jake Scott

GBM Auctions

For inquiries, contact Jake Scott at [email protected]

Disclaimer

This is a paid press release. Any investment decisions regarding cryptocurrencies should be made after thorough due diligence and consultation with a financial advisor.