In the ever-evolving world of web3 many new features, algorithms, and smart contracts that can be built in a single NFT are astonishing. How they are sold is no different. Unlike traditional auctions where bidders risk losing their entire bid amount if they are outbid, GBM™ Auction offers a safety net by guaranteeing that bidders will recoup their bid amount plus an incentive, mitigating the risk of loss and encouraging more active participation. The risk-free nature of GBM™ auctions attracts a wider pool of participants, including those who may have been hesitant to engage in traditional auctions due to fear of loss. This increased participation leads to more competitive bidding and ultimately higher prices for sellers.
GBM™ ensures fairness by providing every bidder with a share of the pot, regardless of whether they win the auction or not. This equitable distribution of rewards promotes a sense of fairness and satisfaction among participants, fostering trust in the auction process. Beyond the thrill of winning, GBM™ offers financial incentives for simply participating in the auction. This additional opportunity to earn money incentivizes greater engagement and investment from bidders, resulting in a more dynamic and vibrant auction environment.
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