GBM Auctions
@gbm
Auctions shouldn't just be about the final bid, everyone who participates should benefit. That is why GBM Auctions rewards bidders, empowers creators and promotes fairness to onchain commerce. We've built a system where sellers win, buyers win, and bidders win. GBM incentivises participation. Let’s simulate it 👇
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GBM Auctions
@gbm
1 - 🔧 The Auction Mechanics Every GBM auction requires each new bid to be at least 5% higher than the last. When you’re outbid, you get your full bid back, plus an incentive that is paid for from the next bidder’s increase. Example: - Bidder A bids 1 ETH - Bidder B bids 1.05 ETH - Bidder A receives 1 ETH back + a portion of the 0.05 ETH (the incentive) This makes every bid part of a Win-Win economy. To make things as simple as possible, your refund and your incentive are paid in the same cryptocurrency you are bidding with. To see how these calculations work, you can use our auction simulator, link at the end of the thread... so keep reading 👀
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GBM Auctions
@gbm
2 - 📊 Breaking it down further Transparency should be key to any auction. Which is why participants can see every important detail during our auctions. All bidding history. The original bids refunded. The incentives earned. Plus the potential incentive before placing a new bid. Everything is stored onchain. Every bid, every transaction, every outbid incentive earned - visible, verifiable, immutable.
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GBM Auctions
@gbm
3 - 💰 What happens to the final pot? As with any auction, the highest bidder wins the item - that's only fair. But, unlike other auctions, previous bidders are now rewarded for being outbid and incentivized to take part in the price discovery of an asset. The seller benefits from a scenario where bidders want to participate and everyone goes home with something instead of nothing. This is what makes our Win-Win auction model ideal for buyers and sellers. If you'd like to see how it works in practice, check out our simulator 👇 gbm.auction/simulator
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