How to participate in GBM’s upcoming Bid-to-Earn charity auction
If you haven’t been involved in a Bid-to-Earn Auction before, this short guide will give you all the information you need to be ready to start bidding (and earning) in the upcoming auctions on the 16th May.
The Bid-to-Earn model explained
First of all, you might be wondering how exactly a “Bid-to-Earn Auction” works! We’ve created this short video which explains everything you need to know about our innovative auction model.
If you’re outbid in a GBM auction, you’ll immediately receive your original bid back plus an added incentive on top. The amount you can earn is based on two factors: the incentive setting for the auction and the amount that your bid has outbid a previous bidder. You can see on the bidding page how much you will earn if outbid when you place your bid.
In the auctions for Dr. Gavin Wood’s blockchain memorabilia, the incentive level will be set at 1%-10% which means that you can earn from 1% up to 10% of your bid back as an added incentive. To give an example, if you placed a bid for 1000 GLMR and you are outbid you may receive as much as 1100 GLMR back to your bidding wallet. You are free to bid as many times as you’d like, whilst earning an incentive any time you are outbid!
To receive the highest possible incentive of 10%, you’d need to have placed a bid that was 100% higher than the person you’ve outbid. Placing a bid which is less than 100% higher than a previous bid will still earn you an incentive, however it would scale down based on the % increase of your bid vs the previous bidder. For example, if the previously highest bid was 500 and you bid 750, you’d receive a 5% incentive back when outbid rather than the 10%, meaning you’d earn 37.5 GLMR.
If you’d like to see how the calculations work in more detail, you can use our auction simulator to experiment with different amounts: https://gbm.auction/simulator
During the auctions, you won’t need to worry about doing any complicated calculations because when you place a bid, our auction platform will show you what amount you can earn when outbid.
Participating in the upcoming auctions
At 4pm (GMT+2) on the 16th May, during the ‘Decentralised Lugano’ event, the auctions will go live at https://gavinwood.gbm.auction
This will be your first chance to start bidding on the amazing pieces of blockchain memorabilia up for auction. These auctions will last for 7 days, so although you will have plenty of time to get your bids in you may want to get in as early as possible to maximise your chances of success.
Once the auctions are live, you will need to connect your wallet using the ‘Connect Wallet’ option displayed at the top right hand corner of the website.
As the auctions will be taking place on the Moonbeam Network, you’ll need to switch to this network and have your GLMR tokens ready for bidding. If you haven’t already, we recommend checking out our guide on how to add the Moonbeam Network to your wallet which also includes guidance on purchasing GLMR tokens.
Once you’ve successfully connected your wallet, your GLMR balance will be displayed alongside your connected wallet address. You will see the Ethereum Yellow Paper, Polkadot White Paper and JAM Gray Paper as available items along with their current bids.
Select the option ‘Bid now’ to head to the live auction for a specific item.
On the live auction page, you will see the current bid and be given other information about the ongoing auction. If you’re fast enough to be the first visitor to the page, you’ll be able to kick off the bidding!
To place your bid, click on the field that says ‘Enter bid’ and enter your desired GLMR bid.
Once you’ve entered the amount you wish to bid, you’ll be shown exactly how much you will receive if you’re outbid. In this example, we are placing the very first bid meaning we are guaranteed to receive the maximum incentive of 10%.
Select the ‘Place bid’ option and then confirm the transaction via the pop-up from your wallet to submit.
When your bid has been successfully confirmed via the blockchain, you’ll see a confirmation pop-up and can return to the bidding page with the knowledge that you are currently the highest bidder in the auction!
If you are subsequently outbid, you will immediately receive your original bid back with your incentive. As mentioned previously, you are free to bid as many times as you want but you will not be able to outbid yourself.
If you have any questions or face any issues when attempting to bid, feel free to contact us via our Twitter or Discord.
