Aavegotchi Bid-to-Earn Auctions are coming to Polygon

6 min readJul 14, 2021

Everyone wins in the world’s first Mass Bid-to-Earn Auction, starting on July 15!

Blink, and you miss it.

Five words that describe the majority of NFT Drops. Didn’t get one? Better luck next time, fren. Head to the Baazaar and look for a deal.

…there must be a better way, right?

What if I told you, NFT Drops could last longer than a minute?

Why Most Auctions Suck

Auctions are a great alternative to the typical First Come First Serve™️ model used in most NFT Drops — they last longer, and give more opportunities for participants to get involved. But the problem with auctions is: only one person wins.

Your bid is meaningful — it gives valuable data to the market and ultimately determines the final market price. You should be rewarded for your contribution!

That’s why Pixelcraft Studios (the lead developers of Aavegotchi) went seeking for an alternative to the traditional English and Dutch Auctions, and we are happy to announce — we found one!

Introducing the Aavegotchi Auction, Powered by GBM

The GBM Auction, first debuted in the iconic Cryptograph NFT Auctions back in 2020, is a new crypto-native auction system that rewards participants for bidding, even if they don’t ultimately win the auction.

A GBM auction is a normal English auction, with a twist. Every time you are outbid, you earn a payout up to a certain % of your original bid. The payout is credited immediately to your wallet, along with your refunded bid, so you can keep bidding and keep earning!

We’ve dubbed this new model a “Bid-to-earn Auction”.

This model has been battle-tested in dozens of Cryptograph auctions, but Aavegotchi is taking it to a completely new level. Instead of bidding on 1/1 NFTs, we’ll be using this model for Haunt 2 and REALM Parcels, for a grand total of over 30,000 NFTs auctioned simultaneously, in realtime. That’s a lot of earning!

But before those big Auctions happen, we’re debuting the model on a smaller scale, with an ERC1155 Aavegotchi Wearables Aauction. Join us at Aavegotchi.com/auction this Thursday, July 15 at 10pm SGT to kick off our very first Bid-to-earn Auction. The auction runs for 72 hours and concludes on Sunday, 10pm SGT!

How it works

First, head to the Aavegotchi Aauction House, where you’ll see Auctions appearing in realtime. When you see an Auction you’d like to bid on, click into the Bid page and place your bid.

You can view all of your bids in the My Bids page.

If your bid is outbid, you will receive a notification that you’ve been outbid, and your payout will appear immediately in the My Payouts section, alongside your refunded bid.

When the Auction ends, whoever has the highest bid will be allowed to claim their NFT via the Bid page.

What’s Up for Grabs?

Each item in our #Bid2Earn Aauction modifies at least one of an Aavegotchi’s four personality traits: Energy, Aggression, Spookiness, and Brain Size. Because traits exist on a bell curve, it is important to equip those that slide your Aavegotchi’s traits towards the extremes of 0 and 99, to maximize its rarity.

In the #Bid2Earn Wearables Aauction, you will be able to bid on the ebic NEW Gamer and Steampunk Wearables!

Gamer Set:

UNCOMMON: Game Controller (500) NRG +1, AGG +1
RARE: Gamer Jacket (250) NRG +1, AGG +2
MYTHICAL: VR Headset (50) NRG +2, AGG +3

Steampunk Set:

UNCOMMON: Steampunk Trousers (500) SPK +2
RARE: Steampunk Goggles (250) SPK +3
LEGENDARY: Mechanical Claw (100) AGG+2, SPK +2

Finally, we’ll be auctioning 1000 commemorative Gotchi Mugs, to celebrate the first ever Aavegotchi Auction.

COMMON: Gotchi Mug (1000) NRG +1

Pimp out your Gotchi before Rarity Farming Season 2

Rarity Farming Szn 2 is COMING SOON! All summoned Aavegotchis can farm across each of the three categories: Rarity, Kinship and XP scores. So grab some more items to power up your Gotchi Rarity Farming Szn 2 with its best yield farming abilities!

More details will be announced soon! To learn more about Rarity Farming, click here. To learn more about Wearables, click here.

FAQ

When does it start?

Our first #Bid2Earn Aauction will open on July 15, 2021 at 2PM UTC, with a 72 hour bidding window, and will be closed July 18, 2021 at 2PM UTC.

How much can I earn?

Each GBM auction can be configured with certain presets for maximum earning. For this Wearable auction, we have chosen the same presets used in Cryptographs — minimum 1% , and maximum 10%. This means that the max amount you can earn from being outbid is a full 10% of the bid amount!

For example, if you bid 2000 GHST, the maximum you can earn if outbid in this auction is 200 GHST. Future Auctions will also be experimenting with different presets to keep it interesting!

Can I outbid myself?

Yes, there is nothing wrong with outbidding yourself to earn the incentive. Just don’t overpay!

Why is the minimum increase 10%?

This minimum “step” has been carefully calculated by the game theory experts at GBM to ensure the auction remains fully funded no matter how many bids are thrown at it. Without a minimum increase, the auction would be at risk of becoming underfunded.

Is there a minimum bid?

There is no minimum bid for this Auction. You can bid 1 GHST if you’d like! Just keep in mind, the higher you bid, the more you potentially earn if outbid.

What prevents bots from swiping up all the items?

In a First Come First Serve NFT drop, an automated script can listen for blockchain events and be the first to purchase an item the moment it hits the blockchain.

This speed advantage is fully mitigated by the auction system — bots will NOT be running off with NFTs in an Aavegotchi Aauction!

What prevents bots from being able to snipe the end of an auction?

If a bid is placed within the last five minutes of the Auction, the “hammer time” is extended by another five minutes. This effectively prevents bots from sniping the end because they can still be outbid.

How do I claim my NFT?

If you’re the highest bidder at the end of the Auction, you’ll see a “Claim NFT” button appear in your My Bids page, which will allow you to claim the NFT directly to your wallet!

We’re extremely excited to launch this first-of-its-kind auction on Polygon, the native chain of Aavegotchi, and look forward to your participation!

We welcome all new frens to join the Aavegotchi Discord, where there’s always someone happy to answer any questions you have about the game.

See you in the Aauction House!

Stay spooky frens,
Aavegotchi Team

About Aavegotchi

Aavegotchis are on-chain collectible ghosts staked with Aave’s interest-generating aTokens.

Compete for player rewards by earning XP, leveling up, and increasing the rarity of your Aavegotchi fren. Owned by the community, Aavegotchi is governed by the AavegotchiDAO and the native eco-governance token GHST. Summon your first Aavegotchi today and join the future of playable NFTs staked with DeFi!