London, United Kingdom, June 12th, 2024

GBM Auctions recently concluded the inaugural charity Bid-to-Earn auction dedicated to the Polkadot ecosystem. The event, held on the Moonbeam Network, successfully raised over $92,000 for charitable causes and highlighted the innovative bidding mechanism employed by GBM.

Commencing on May 16, GBM Auctions conducted a series of week-long auctions featuring three distinctive Polkadot-related items available to the public: physical editions of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, each personally signed and annotated by Dr. Gavin Wood.

Participants utilized the native Moonbeam token GLMR for bidding, with the proceeds directed towards the Ukraine Humanitarian Appeal charity. Leveraging Moonbeam's scalable architecture, the auction facilitated rapid bidding processes and minimized gas fees, showcasing the adaptability of GBM Auctions' unique auction format.

The Bid-to-Earn auction model incentivizes participants by offering rewards even if they are outbid. This setup encourages increased bidding activity, thereby enhancing fundraising efforts for the relevant projects. Importantly, it ensures that all participants receive something from the auction, including those who are ultimately surpassed in bidding.

Reflecting on the successful auctions, Hugo McDonaugh, co-founder of GBM Auctions, expressed his satisfaction with the outcomes: “The auction results have exceeded our expectations, underscoring the effectiveness of our GBM Bid-To-Earn system.”

The top bids included 193,600 GLMR for the Ethereum Yellow Paper, 116,160 GLMR for the Polkadot White Paper, and 60,000 GLMR for the JAM Gray Paper. In addition to the charity proceeds of $92,000, outbid bidders received $12,000 in rewards. This model holds promising potential for diverse applications within the Polkadot ecosystem and the broader blockchain sphere.

Dr. Gavin Wood, the co-founder of Ethereum and the mastermind behind Polkadot, expressed his pride in contributing to the charitable cause through the Moonbeam network: “I am pleased to have been a part of raising funds for such a crucial charity, especially within the innovative Polkadot ecosystem.”

GBM's Bid-to-Earn framework leverages smart contracts to establish a transparent and verifiably fair bidding system. By encouraging engagement and simplifying the bidding process for items with uncertain values, the system ensures a fair valuation is ultimately achieved, with revenue distributed equitably among participants.

Since introducing the Bid-to-Earn concept in 2018, GBM Auctions has overseen more than 70,000 auctions, generating over $6 million in earnings for participants. Noteworthy figures in the crypto space like Vitalik Buterin and Dr. Gavin Wood have utilized this model for charitable fundraising. Additionally, projects such as Aavegotchi and Unstoppable Domains have adopted this approach to distribute NFTs within their communities.

Aside from conducting Bid-to-Earn auctions through a decentralized application (dApp), GBM's system is compatible with secondary marketplaces, enabling fair digital asset sales for web3 projects. This method promotes an ethical auction environment, preventing unethical bidding practices and fostering inclusive community participation in rewarding experiences.

About GBM Auctions

GBM Auctions is the pioneer behind the world's first Bid-to-Earn auction system. By leveraging web3 technologies like smart contracts, it ensures participants have the opportunity to earn rewards even if they are outbid. With a cumulative volume exceeding $200 million and participants earning over $6 million, GBM Auctions offers a transparent and fair bidding system for blockchain communities.