GBM Auctions for Bidders
Win, even when you lose.
Picture an all too familiar scenario. Bidding on your favorite NFT only to get outbid at the last second and walking away with nothing, or sometimes worse — you’ve racked up gas fees! Waste of time. Waste of money.
But what if there was a way to win, even when you lose? Introducing GBM, the auction where everybody wins.
The world’s first Bid-to-Earn auction
With GBM, whenever a bidder gets outbid, they make money; introducing the concept of Bid-to-Earn. For the first time through our patented mechanism, bidders are now rewarded for their participation. This means as a bidder in a GBM auction, there are literally only two possible outcomes- you either win the item or you walk away with a payout. Win-win.
How is this possible? When you place your bid, a formula calculates how much money can be earned if you’re outbid. When a higher bid comes in, you get your full bid back, plus an incentive. The highest bidder wins, and the seller gets whatever is left in the pot.
The beauty here is, bidders know upfront how much they will make if their bid is topped. And if it is, the funds are paid in real-time directly into their wallet. You decide if you want to re-bid, or if you’re happy just to keep the rewards.
Fair Access to All
The benefits of a GBM auction aren’t just monetary. Pesky bots lose their advantage as the auction system eliminates the emphasis on speed, creating a fairer system.
In a fixed-price sale, if prices are undervalued, floors can immediately be swept by bots, not giving actual members of the community a chance to even participate. Users who are left out must then buy on the secondary market for inflated prices.
With English Auctions (traditional ascending auctions), not only are there no incentives to participate, but bids can be sniped at the last second if there is no extension feature enabled.
Dutch auctions (descending price auctions) aren’t much better either on a blockchain as bots can identify when a bid is coming and front run, humans simply can’t compete. Bots aside, there is also the winner’s curse as you have no idea what the second-highest bidder would have paid, leaving a sour taste.
Conversely, with GBM, everything is transparent. Front running is not an issue anymore, and sniping bids is also made impossible thanks to our ‘Hammer Time’ feature- where any bid placed towards the end of a GBM auction extends it, giving every bidder a fair opportunity to win.
GBM Auctions puts the power back in your hands, the bidders, giving you a fair chance whilst also being the only auction system where everybody goes home with something.
There have already been 60,000 GBM auctions completed and over $6m has been distributed as incentives to GBM bidders across the world.
Make sure the next drop you participate in, you are being paid your dues.
You can see all current live GBM auctions here.
