MAD partners with GBM Auctions to bring Bid to Earn to the Metaverse
The MAD Metaverse, a cutting-edge gaming platform, is partnering with GBM Auctions to help revolutionise the way in-game auctions work with their innovative GBM™ formula.
Typically, in an auction, there is only one winner and everyone else loses. However, with GBM™, every bidder has a chance to come out on top or earn money. So,
How does it work?
When a bidder places a bid, the GBM™ formula calculates how much money the bidder will earn if they are outbid. This customizable feature allows bidders to earn a share from the pot called an incentive. Every bidder that gets outbid earns an incentive, and the highest bidder at the end of the auction wins, with the seller receiving what is left in the pot.
GBM™ auctions are suitable for selling almost anything that traditionally uses an English auction, Dutch auction, or even a fixed-price sale. Additionally, this innovative feature works with both centralized databases and blockchain applications, further enhancing the platform.
One of the biggest benefits of the GBM™ auction is the removal of the advantage of bots by eliminating the emphasis on speed, creating a fairer system for selling assets on the platform. This feature will not only generate more activity and better prices, but it will also create a level playing field for all bidders.
For users of The MAD Metaverse, participating in auctions hosted on its in-game marketplace, The Field, with GBM™ will offer a great experience where they either win or make money. This new feature will encourage more bidders to join in and offer a unique opportunity for players to earn money even if they are not the highest bidder.
In conclusion, The GBM™ formula is an innovative feature that will benefit the users of the platform. The enhanced auction system will create a fairer and more exciting environment, allowing users to participate in a unique opportunity to make money even if they don’t win the auction. As The MAD Metaverse continues to grow, this new feature will further enhance the platform’s reputation as a leader in the gaming industry.