what's GBM Auctions?
GBM Auctions is a decentralized auction protocol designed to create fair and inclusive onchain markets where all participants benefit, regardless of winning or losing. It introduces a "Win-Win" model that rewards bidders for their participation through outbid payments and points systems, powered by smart contracts on EVM-compatible chains like Base and Polygon. The protocol supports various assets including NFTs, tokens, domains, and digital art, enabling issuers to achieve better price discovery while incentivizing market making behavior from the community. At its core, GBM uses game-theoretic mechanisms to distribute value equitably. In a GBM auction, bids contribute to a shared pool, and outbid participants receive proportional rewards from subsequent higher bids, ensuring no one loses value for engaging. This contrasts with traditional auctions by turning every bid into a potential earning opportunity. The protocol also features Initial Distribution Auctions (IDA) for token launches, where bundles of tokens are auctioned with USDC bidding and yield boosts for winners. GBM offers no-code deployment for custom-branded auction houses, allowing projects to integrate seamlessly without upfront costs—only a small fee on usage. It has facilitated over 80,000 auctions across integrations and supports multi-chain scalability, fostering broader adoption in Web3 ecosystems.
GBM Auctions' contract had a 56-year end time bug affecting live bids and missing NFT transfer.
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x.com/gbmauctionExperienced a critical bug in the auction contract where the end time was incorrectly set to 56 years in the future due to a front-end form error, affecting the first live auction bid.
Discovered the auction contract lacked a function to transfer NFT ownership, preventing any NFTs from being transferred from the creator's wallet to auction winners.
Bidders on IDA auctions collectively earn over $37k USDC so far, demonstrating active reward distribution on the platform.
GBM Auctions conducts an active fundraising round with a few days remaining, described as successful despite challenging market conditions.
New partnership with Sandbox launches LAND auctions featuring no minimum bids and $SAND rewards for all participants.
Auction Festival launches with point system: 1 point/$1 USDC for bids, 4 points/$1 USDC for wins, and incentive-based points for sellers.
Auction Festival announces 2.5% token allocation through airdrop, rewarding participation with points, tokens, and boosted-reward NFTs.
Points program launches on Base chain with $GBM airdrop rewards; protocol pays both winning and losing bidders.