Aavegotchi's Bid-to-Earn Auctions are now Accessible

GBM Auctions

Aavegotchi, an NFT gaming protocol, has announced that anyone can launch their bid-to-earn auctions anytime. Before this new development, participants could only participate in the GBM auctions during major NFT drops like the Gotchiverse Land Sales. However, the tides have changed as accessibility to the GBM Auction House has been granted to all.

GBM auctions have been categorized as the fairest way to sell NFTs. This is because the Aavegotchi protocol has been using the GBM's proprietary technology for about a year now. This has enabled auction participants to earn GHST as reward for playing their part in the price discovery of the new NFT. 

The GBM auction has granted everyone a fair chance at winning the NFTs up for auction. Even though a player's bid doesn't win, such a player will have their bid back as a reward for participating. This is to say that the Bid-to-earn auctions are a win-win in every sense possible. Participants can either win the NFT or win additional GHST for being outbid by another user. With Aavegotchi's GBM bid-to-earn auction, every bid stands for something. 

GBM Auctions Methodology 

To begin the GBM auction for the Aavegotchi ecosystem NFTs, participants must visit the Aavegotchi website. Once on the website, users are to click on the "Auction" bar beneath the NFT to be sold. After selecting the auction button, users can set the auction parameters, such as the duration and GBM incentives. Finally, users can click the "Confirm and Go Live" button to confirm the transaction after choosing the parameters of their choice. 

Every GBM auction has a 60-minute cancellation period in the end. This means the seller will have 60 minutes to cancel the sale by paying the incentives and selling fees if they decline to sell the item at the final bid price. Placing a bid, the hammer time, winning, and tracking a bid were further explained by the team.