GBM Auctions has concluded the first charity Bid-to-Earn auction within the Polkadot ecosystem, hosted on the Moonbeam Network. The event raised over $92,000 for charity and highlighted GBM's innovative bidding system.

Starting on May 16, the week-long auction featured three unique Polkadot-related items: physical copies of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, all signed and annotated by Dr. Gavin Wood. Bidders used Moonbeam's native token, GLMR, with proceeds going to the Ukraine Humanitarian Appeal charity. Moonbeam’s scalable architecture enabled fast bidding and low gas fees, showcasing the flexibility of GBM Auctions' unique format.

In a Bid-to-Earn auction, every bidder receives an incentive if they are outbid, encouraging higher bidding volumes and raising more funds. This ensures all participants benefit, including those outbid.

Hugo McDonaugh, co-founder of GBM Auctions, expressed satisfaction with the auction's success, stating, "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."

Top bids 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. In addition to raising $92,000, outbid participants earned $12,000 in rewards. This model shows potential for various applications within the Polkadot ecosystem and the broader blockchain space.

Dr. Gavin Wood, co-founder of Ethereum and creator of Polkadot, remarked, "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’s Bid-to-Earn design uses smart contracts for a transparent and fair bidding system, incentivizing participation and helping establish fair value through progressive bidding. Since its inception in 2018, GBM Auctions has hosted over 70,000 auctions, earning bidders more than $6M. The model has been used by notable crypto figures like Vitalik Buterin and Dr. Gavin Wood for charity, and by web3 projects like Aavegotchi and Unstoppable Domains for NFT distribution.

Besides its dApp, GBM’s system can be utilized on secondary marketplaces, allowing web3 projects to sell digital assets fairly and transparently while engaging the community in a rewarding experience.

About GBM Auctions

GBM Auctions developed the world's first Bid-to-Earn auction system, leveraging web3 technology and smart contracts to ensure bidders can earn even when outbid. With over $200M in lifetime volume and $6M earned by bidders, GBM Auctions offers a fair and transparent bidding system for blockchain communities.