GBM Auctions Raises $92,000 in First Charity Bid-to-Earn Auction on Polkadot | Blockchain Fundraising Success

GBM Auctions Completes First Charity Bid-to-Earn Auction on Polkadot Ecosystem

GBM Auctions has successfully concluded the first charity Bid-to-Earn auction within the Polkadot ecosystem, raising over $92,000 for the Ukraine Humanitarian Appeal charity. The event, hosted on the Moonbeam Network, showcased GBM's innovative bidding mechanism and marked a significant milestone in blockchain-based fundraising.

Auction Details and Items

The week-long auction, which began on May 16, featured three unique Polkadot-related items: physical copies of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper. Each of these items was signed and annotated by Dr. Gavin Wood, co-founder of Ethereum and creator of Polkadot. Bidders used Moonbeam’s native token, GLMR, for their bids.

Bid-to-Earn Mechanism

The GBM Bid-to-Earn auction model incentivizes bidders by rewarding those who are outbid. This approach encourages greater participation, increasing the volume of bids and ultimately raising more funds for the charity. The Moonbeam Network's scalable architecture enabled fast bidding and low gas fees, further enhancing the auction's efficiency and appeal.

Auction Outcomes

The auction results were impressive:

The Ethereum Yellow Paper sold for 193,600 GLMR.

The Polkadot White Paper fetched 116,160 GLMR.

The JAM Gray Paper garnered 60,000 GLMR.

In total, the auction raised $92,000 for charity, while outbid participants collected $12,000 in rewards. This successful event highlighted the potential of the Bid-to-Earn format to support various projects within the Polkadot ecosystem and the broader blockchain space.

Community and Expert Reactions

Hugo McDonaugh, co-founder of GBM Auctions, expressed his satisfaction with the auction's success:

"We are delighted with the outcome of the auctions and they surpassed all our expectations. The auction results prove just how powerful our GBM Bid-to-Earn system is."

Dr. Gavin Wood also praised the event:

"I’m proud to have helped raise money for such a humanitarian charity and it’s great to see it happen on Polkadot’s Moonbeam network."

GBM Auctions' Impact and Future

Since its inception in 2018, GBM Auctions has hosted over 70,000 auctions, enabling bidders to earn more than $6 million. The Bid-to-Earn system, utilizing smart contracts, provides a transparent and fair bidding process. It allows participants to start with low bids and gradually increase them, ensuring fair value determination and revenue distribution to underbidders.

The system has been employed by prominent crypto figures, such as Vitalik Buterin and Dr. Gavin Wood, to raise funds for charity. Additionally, web3 projects like Aavegotchi and Unstoppable Domains have utilized the model to distribute NFTs within their communities.

GBM’s Bid-to-Earn system can be integrated into secondary marketplaces, enabling web3 projects to sell digital assets fairly and transparently. This model prevents unscrupulous bidding practices and engages the entire community in a rewarding auction experience.

About GBM Auctions

GBM Auctions is the pioneer of the Bid-to-Earn auction system, leveraging web3 technology and smart contracts to ensure bidders can earn money even when outbid. With a lifetime auction volume exceeding $200 million and over $6 million earned by bidders, GBM Auctions provides a fair and transparent bidding system for blockchain communities.