Aavegotchi Bid-to-Earn Auctions are coming to Polygon

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.

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.

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.

What’s Up for Grabs?

  • UNCOMMON: Game Controller (500) NRG +1, AGG +1
  • RARE: Gamer Jacket (250) NRG +1, AGG +2
  • MYTHICAL: VR Headset (50) NRG +2, AGG +3
  • UNCOMMON: Steampunk Trousers (500) SPK +2
  • RARE: Steampunk Goggles (250) SPK +3
  • LEGENDARY: Mechanical Claw (100) AGG+2, SPK +2
  • 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!

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!

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.

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!

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.

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Aavegotchi

Aavegotchi

DeFi-enabled Crypto Collectibles Collect, compete, and combine your Aavegotchis for the ultimate gamified DeFi experience! Powered by @aaveaave.