GBM offers a new approach to auctions aimed at solving traditional system problems and introducing more inclusive mechanisms for participation.
Problems with Traditional Auctions
The traditional auction model in many industries faces serious issues: it focuses on a single winner, leaving the rest of the participants empty-handed and significantly lowering engagement levels. This dynamic creates conditions for speculation and bot usage, undermining the ability to form communities. Experts argue that existing auction systems need reform that governs the process based on active participation from all participants.
Participation as a Strategy
GBM offers an auction mechanism that makes participation in them more appealing. According to Hugo McDonaugh, CEO of GBM, the new approach allows participants not only to win but also to earn rewards in the process. 'Our goal is to make auctions more engaging and inspiring for users,' he notes. This fosters strong communities where participants feel valued and are willing to return for future involvement.
The Future of Auctions with GBM
GBM also implements technology based on game theory, ensuring fair and transparent conditions for all participants. The platform has already hosted over 70,000 auctions, with total bidding volume exceeding $200 million. 'Our achievements demonstrate the strength and versatility of our model,' Hugo emphasized, outlining future plans that include launching various new features and navigating market and regulatory challenges.
Thus, GBM represents an innovative solution aimed at changing the perception of auctions in the Web3 space, making participation more meaningful and accessible to all.
