GBM & Moonbeam collaborate to bring Bid-to-Earn auctions to the Moonbeam ecosystem
GBM Bid-to-Earn auctions have arrived on Moonbeam!
Offering a completely new experience for buyers and sellers, GBM auctions incentivise true price discovery and ensure that every participant has a positive experience regardless of whether they win the auction or end up being outbid. In a typical auction there is only one winner and everyone else loses, because of this, many auctions don’t attract enough bidders and some get none at all. GBM presents a unique solution to this problem by rewarding bidders who participate in an auction so that everybody wins, rather than just the highest bidder.
How exactly does it work?
Sellers decide what level of incentive they want to offer when hosting a GBM auction. When a bid is placed, the GBM formula calculates how much money that bidder will earn if they are outbid based on the incentive level set by the seller. Every bidder that gets outbid earns an incentive, and the highest bidder at the end of the auction wins, with the seller receiving what is left in the pot. Bidders are immediately rewarded with their incentive the moment they are outbid, meaning they are free to bid again if they want to. Any bid placed towards the end of a GBM auction extends it, so every bidder has the chance to win the item if they have the capital.
The GBM model has proven to result in average sale prices over 234% higher versus standard auctions whilst providing an engaging experience for everyone involved.
Moonbeam: The Gateway to Polkadot
Moonbeam is a smart contract platform for building cross-chain connected applications that can access users, assets, and services on any chain. By uniting functionality from Ethereum, Cosmos, Polkadot and more into a single platform, Moonbeam solves today’s fragmented user experience — unlocking true interoperability and paving the way for the next generation of applications.
The Moonbeam platform uses integrated cross-chain messaging to allow developers to create smart contracts that access services across many remote blockchains. This approach, plus Moonbeam’s developer-friendly EVM platform, vast tool support, and modern Substrate architecture, creates the ideal development environment for building connected applications.
As a culmination of these compatibility efforts, there are already 100+ projects building on the Moonbeam network of which Singular is one of GBM’s current partners. This brings a number of attractive opportunities for builders in the space that need access to a variety of DEXes, launchpads, bridges, and other key DeFi applications that can help them successfully launch.
GBM auctions on Moonbeam: Enabling access to developers
Using Moonbeam, GBM is able to operate across multiple chains and offer low-cost transactions for any platform, team or individual who seeks to sell their assets on the network.
Singular has already implemented the GBM auction mechanic on their NFT 2.0 Marketplace, which supports the Moonbeam ecosystem, meaning any developers can create their own NFT collections and enable trading for their users. With a partnership between GBM and Zoombies World having just been signed and other exciting collaborations coming soon, there is plenty more in store as we extend further support to the Moonbeam ecosystem.
Stay tuned for these upcoming announcements, Twitter spaces and other content which will show additional collaboration between GBM and the fantastic teams building on Moonbeam.
You can follow Moonbeam on Twitter at: https://twitter.com/MoonbeamNetwork
You can follow GBM on Twitter at: https://twitter.com/GBMauction
