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

GBM Auctions recently concluded the first charity Bid-to-Earn auction benefiting the Polkadot ecosystem. Taking place on the Moonbeam Network, the event garnered over $92,000 for charity and highlighted GBM's unique bidding mechanism.

The auctions, which kicked off on May 16, offered three exclusive Polkadot-related items to the public. These items included physical copies of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, each personally signed and annotated by Dr. Gavin Wood.

Participants in the auction utilized the native Moonbeam token GLMR for bidding, with all proceeds directed towards the Ukraine Humanitarian Appeal charity. The seamless auction on Moonbeam's scalable infrastructure allowed for swift bidding processes and minimal gas fees, showcasing the efficacy of GBM Auctions' innovative auction model.

The Bid-to-Earn auction concept ensures that every bidder receives an incentive even if they are outbid. This dynamic encourages increased bidding activity, leading to enhanced fundraising outcomes for the targeted projects. The inclusive nature of the process guarantees rewards for all participants, including those who may not secure the winning bid.

Hugo McDonaugh, a co-founder of GBM Auctions, expressed his satisfaction with the auction results, stating, 'The auction outcomes have surpassed our expectations, showcasing the effectiveness of our GBM Bid-To-Earn system.'

The top bids for the auction items were 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. Alongside the significant charity contribution of $92,000, unsuccessful bidders received a collective reward of $12,000. This innovative format holds promise for diverse applications within the Polkadot ecosystem and the broader blockchain industry.

Dr. Gavin Wood, the co-founder of Ethereum and the mastermind behind Polkadot, lauded the charitable initiative, stating, 'I take pride in supporting such a noble cause through charity, especially within the innovative environment of Polkadot's Moonbeam network.'

GBM's Bid-to-Earn design leverages smart contracts to establish a transparent and unbiased bidding mechanism. By encouraging engagement and enabling seamless bidding for items with ambiguous market values, the system guarantees a fair valuation and equitable revenue distribution among participants.

Since introducing the Bid-to-Earn system in 2018, GBM Auctions has conducted over 70,000 auctions, benefitting bidders with cumulative earnings exceeding $6 million. The auction model has been embraced by prominent figures in the crypto sphere, such as Vitalik Buterin and Dr. Gavin Wood, to support charitable causes. Additionally, leading web3 projects like Aavegotchi and Unstoppable Domains have utilized this model to distribute NFTs within their communities.

In addition to hosting Bid-to-Earn auctions through a decentralized application (dApp), GBM's system has the flexibility to integrate with secondary marketplaces. This integration empowers web3 projects to facilitate equitable sales of digital assets, ensuring a fair bidding environment and engagement across the community.

About GBM Auctions

GBM Auctions pioneers the world's first Bid-to-Earn auction system, utilizing web3 technology and smart contracts to enable bidders to earn rewards even when they don't secure the winning bid. With a cumulative transaction volume exceeding $200 million and over $6 million distributed to bidders, GBM Auctions fosters transparency and fairness within blockchain communities.