We're super excited to share some auction-changing updates to the Aavegotchi Auction House with all you lovely frens! Since launching the GBM auction House in December 2022, sellers have listed their assets for sale using the GBM “Bid-to-earn” auction model, where everyone wins. This model has been incredibly successful, seeing a tremendous $1.3M in bids over the past three months alone!
Thanks to input from active traders and sellers, we're rolling out new GBM auction features that boost seller control, curb bot interference, and enhance liquidity while maintaining the #BidToEarn GBM model that benefits all bidders.
I want it; I buy it!
Ever wished you could snag that must-have collectible without the wait? The new “Buy It Now” option lets you do just that! As soon as an auction goes live, you can either place a bid traditionally or opt to purchase immediately at a set price. It's a straightforward, instant way to claim your desired item, and once someone hits "Buy It Now," the deal's done—there's no turning back.
The fees? Just the usual GBM rates, making sure that every participant benefits fairly from the transaction.
Set a Starting Bid
Tired of lowball opening bids? We've got you covered! Now, you can set a minimum starting bid to kick things off right.
Remember, setting a realistic starting bid is key. A 4% listing fee applies, which is only refunded against the selling or cancellation fees if the auction attracts bids that meet the starting bid price. This ensures that the auctions begin with genuine interest, helping to maintain a vibrant marketplace.
Choose Low GBM Incentives
For those looking to sell more liquid assets, our new “Low (0.5%-2%)” incentives preset might be perfect. This preset offers rewards to bidders scaling based on the size of the bid relative to the previous bid. To achieve the maximum reward of 2%, a bid must be at least double the previous one.
This preset is particularly effective for more liquid assets that require less intensive price discovery compared to rarer items. It enables sellers to keep a larger portion of the final bid amount, as it limits the percentage distributed to bidders. Under this preset, sellers are expected to allocate approximately 6% of the final bid amount to bidders in the most competitive bidding situations.
Special Auction Event Alert!
To kick things off and show off these new features, the GBM team is hosting a special auction featuring a GODLIKE Staff of Charming schematic! Mark your calendars—the auction starts tomorrow, Thursday, April 25th at 3:00PM UTC complete with all the new settings, including the Low incentives preset, a strategic starting bid, and the "Buy It Now" price.
We can't wait to see how the Gotchi Gang embraces these updates - so let us know what you think, and happy bidding!
