By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CoinworldstoryCoinworldstoryCoinworldstory
  • HOME
  • CRYPTO
    • AI
    • BOTS
    • ICO
    • AIRDROP
      • Featured Airdrops
    • Price Prediction
    • EXCHANGE
      • Best Centralized Exchange List 2025
      • Best Decentralized Exchange List 2025
    • ALTCOIN
    • Alt Coin Signal
    • Crypto Analysis
    • Bitcoin Loan
    • Bitcoin Mining
    • WALLETPRO
  • PR
    PR
    If You Looking For Submit Cryptocurrency Press Releases Than Coinworldstory Is Best Choice For Crypto Press Release Submission
    Show More
    Top News
    MinexPay: Pay with crypto instantly anywhere! The easiest and fastest way to make everyday purchases with Crypto debit card!
    2 years ago
    The Revolutionary Exchange -DEXAGE- Has Secured An IEO On BitForex And Exmarkets.
    The Revolutionary Exchange -DEXAGE- Has Secured An IEO On BitForex And Exmarkets.
    1 year ago
    APENFT Expands Into GameFi with WINkLink
    2 years ago
    Latest News
    10 Best Investor Reporting Software for LP Reporting​
    2 days ago
    RIVER Gains 5x Following Binance Perp Listing, Supported by Time-Encoded Airdrop Conversion
    18 hours ago
    Trezor Launches Trezor Safe 7: First Hardware Wallet With Transparent Secure Element
    2 days ago
    Roba Shatters Closed Systems: The People’s Robotics Platform Launches To Dominate $218b Industry
    2 days ago
  • NEWS
    • Mining
    • Altcoins
    • Ban
    • BANKING/FINANCE NEWS
    • Bitcoin
    • Blockchain
    • CRYPTO CRIME
    • Ethereum
    • Exchange News
    • Government News
    NEWSShow More
    10 Best Performing Crypto last 6 Months
    10 Best Performing Crypto last 6 Months
    1 day ago
    10 Cryptos Listed as Securities: Top Tokens Under Regulation
    10 Cryptos Listed as Securities: Top Tokens Under Regulation
    2 days ago
    10 Best Crypto Volume Trackers for Accurate Market Insights
    10 Best Crypto Volume Trackers for Accurate Market Insights
    3 days ago
    10 Best Crypto Trading Courses on YouTube
    10 Best Crypto Trading Courses on YouTube
    3 days ago
    10 Best Dog Meme Coins To Buy In 2025 For Crypto Fans
    9 Best Dog Meme Coins To Buy In 2025 For Crypto Fans
    4 days ago
  • MORE
    • Guide
    • Only Best
    • Off Topic
    • Best Affiliate Marketing
    • Best Affiliate Programs
    • BOTS
    • Trusted Currency Exchanger Platform
    • Blockchain Games
    • Metaverse Review : Best Metaverse Program Review
    • Online Survey
    • Payment Platform
  • VPN
  • Contact Us
Reading: GBM Auctions Hosts First Charity Bid-to-Earn Auction for Polkadot Ecosystem
Share
Notification Show More
Font ResizerAa
CoinworldstoryCoinworldstory
Font ResizerAa
  • ADVERTISEMENT
  • SUBMIT PR
  • CONTACT
  • GUEST POST
  • ABOUT US
  • DMCA
  • SITEMAP
  • DISCLAIMER
  • PRIVACY POLICY
Search
  • HOME
  • CRYPTO
    • AI
    • BOTS
    • ICO
    • AIRDROP
    • Price Prediction
    • EXCHANGE
    • ALTCOIN
    • Alt Coin Signal
    • Crypto Analysis
    • Bitcoin Loan
    • Bitcoin Mining
    • WALLETPRO
  • PR
  • NEWS
    • Mining
    • Altcoins
    • Ban
    • BANKING/FINANCE NEWS
    • Bitcoin
    • Blockchain
    • CRYPTO CRIME
    • Ethereum
    • Exchange News
    • Government News
  • MORE
    • Guide
    • Only Best
    • Off Topic
    • Best Affiliate Marketing
    • Best Affiliate Programs
    • BOTS
    • Trusted Currency Exchanger Platform
    • Blockchain Games
    • Metaverse Review : Best Metaverse Program Review
    • Online Survey
    • Payment Platform
  • VPN
  • Contact Us
Have an existing account? Sign In
Follow US
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Home » Blog » GBM Auctions Hosts First Charity Bid-to-Earn Auction for Polkadot Ecosystem
Press Releases

GBM Auctions Hosts First Charity Bid-to-Earn Auction for Polkadot Ecosystem

Chainwire
Last updated: 28/08/2025 1:15 PM
Chainwire
1 year ago
Share
Disclosure: We are not a registered broker-dealer or an investment advisor. The services and information we offer are for sophisticated investors, and do not constitute personal investment advice, which of necessity must be tailored to your particular means and needs. !
GBM Auctions Hosts First Charity Bid-to-Earn Auction for Polkadot Ecosystem
SHARE

London, United Kingdom, June 12th, 2024, Chainwire

GBM Auctions has announced the completion of the first charity Bid-to-Earn auction for the Polkadot ecosystem. The event, which was hosted on the Moonbeam Network, raised over $92,000 for charity and showcased the GBM’s novel bidding mechanism.

On May 16, GBM Auctions commenced the week-long auctions that saw three unique Polkadot-related items offered to the public: physical copies of the Ethereum Yellow Paper, the Polkadot White Paper, and the JAM Gray Paper, each signed and annotated by Dr. Gavin Wood.

Bidders used the native Moonbeam token GLMR for bidding, with funds from the event going to the Ukraine Humanitarian Appeal charity. The auction utilized Moonbeam’s scalable architecture, which supports fast bidding and low gas fees. In the process, it demonstrated the versatility of the unique auction format pioneered by GBM Auctions.

- Advertisement -

With a Bid-to-Earn auction, every bidder earns an incentive in the event of being outbid. This provides incentives for greater bidding volume, helping to raise more funds for the project in question. In the process, it ensures that all participants make something from the sale, including the bidders who are eventually outbid.

Hugo McDonaugh, co-founder of GBM Auctions, shared his thoughts on the success of the auctions:“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.”

The Ethereum Yellow Paper ultimately sold for a top bid of 193,600 GLMR, the Polkadot White Paper for 116,160 GLMR, and the JAM Gray Paper for 60,000 GLMR. In addition to raising $92,000 for charity, the Moonbeam-hosted auction saw the bidders who were outbid collect $12,000 in rewards. The formula has the potential to support a wide range of use cases within the Polkadot ecosystem and the wider blockchain space.

Dr. Gavin Wood, the co-founder of Ethereum and creator of Polkadot, shared his thoughts on the auctions: ​​”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 makes use of smart contracts to provide a transparent and provably fair bidding system. It incentivizes participation while making it easier for the public to bid for items whose fair value may be hard to determine in advance. Through allowing participants to start low and enter increasingly higher bids, the system ensures that a fair value is eventually reached while fairly distributing revenue to underbidders.

- Advertisement -

Since developing its Bid-to-Earn system in 2018, GBM Auctions has hosted over 70,000 auctions, earning bidders more than $6M in the process. The auction model has been used by leading crypto figures such as Vitalik Buterin and Dr. Gavin Wood to raise money for charity. It has also been harnessed by web3 projects such as Aavegotchi and Unstoppable Domains to distribute NFTs to their communities.

As well as hosting Bid-to-Earn auctions via a dApp, GBM’s system can also be used on secondary marketplaces which enables web3 projects to sell digital assets in a fair manner that eliminates unscrupulous bidding practices while allowing the whole community to participate in a rewarding and engaging experience.

About GBM Auctions

- Advertisement -

GBM Auctions is the developer of the world’s first Bid-to-Earn auction system. Using web3 technology including smart contracts, it ensures that bidders can make money even when they are outbid. With lifetime volume of over $200M and over $6M earned by bidders, GBM Auctions provides a fair and transparent bidding system for blockchain communities.

Users can learn more: https://www.gbm.auction/

Contact

Head of Marketing
Jake Scott
GBM Auctions
jake@gbm.auction

10 Best Investor Reporting Software for LP Reporting​
RIVER Gains 5x Following Binance Perp Listing, Supported by Time-Encoded Airdrop Conversion
Trezor Launches Trezor Safe 7: First Hardware Wallet With Transparent Secure Element
Roba Shatters Closed Systems: The People’s Robotics Platform Launches To Dominate $218b Industry
MEGACAMPUS SUMMIT 2026 TO BE HELD IN DUBAI — THE WORLD’S LARGEST LECTURE EVENT
TAGGED:BlockchainPress ReleaseWeb3
Share This Article
Facebook Email Print
Previous Article How To Add Arbitrum To Metamask: Step By Step Guide To Follow
Next Article 10 Best Forex Teacher On Youtube
10 Best Crypto Time Zones In India for Maximum Trading Gains
10 Best Crypto Time Zones In India for Maximum Trading Gains
Guide & Crypto Education
10 Best Answering Services for Real Estate Investors 2025
10 Best Answering Services for Real Estate Investors 2025
Guide & Crypto Education
10 Best Investor Reporting Platforms for Financial Metrics
10 Best Investor Reporting Platforms for Financial Metrics
Banking & Finance
10 Best Lenders for Real Estate Investors: Top Financing Options
10 Best Lenders for Real Estate Investors: Top Financing Options
Guide & Crypto Education

Latest Published

Aster Unveils Rocket Launch: A Gateway to Early-Stage Crypto Projects and Trading Rewards

2 days ago

Phemex Upgrades Rewards Hub with $15,000 Package And Mystery Box System

3 days ago

Alps Blockchain Announces Corporate Rebranding to Alps

3 days ago
oak mining

Beyond Holding: Ushering in the Era of Intelligent Bitcoin Yielding with OAKMining

3 days ago
  • ADVERTISEMENT
  • SUBMIT PR
  • CONTACT
  • GUEST POST
  • ABOUT US
  • DMCA
  • SITEMAP
  • DISCLAIMER
  • PRIVACY POLICY
What Is Solana? A Complete Guide to the Fast and Scalable Blockchain
What Is Solana? A Complete Guide to the Fast and Scalable Blockchain
Trending
10 Best Shoes For Bunions – Comfort, Support & Pain Relief
10 Best Shoes For Bunions – Comfort, Support & Pain Relief
Trending
10 Best Macroeconomics Books-for Students and Professionals
10 Best Macroeconomics Books-for Students and Professionals
Trending
CoinworldstoryCoinworldstory
Follow US
© Coinworldstory News Network. Cws Design Company. All Rights Reserved.
  • ADVERTISEMENT
  • SUBMIT PR
  • CONTACT
  • GUEST POST
  • ABOUT US
  • DMCA
  • SITEMAP
  • DISCLAIMER
  • PRIVACY POLICY
coinworldstory logo coinworldstory logo
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?