The Aauction House
"VR Headset going for 3000 GHST"
A gotchi raises his hand.
"VR Headset going for 5000 GHST!"
Another gotchi raises her hand.
"VR Headset going for 10000 GHST"
The room went quiet.
"VR Headset sold for 10000 GHST!"
The Aauction House is the place where aauctions take place. It can be found here.
The Aauction House has 4 tabs for users to interact with. They can be found in the left-hand corner of the page:
- Instructions: A brief description of how Aavegotchi aauctions work
- Open Aauctions: A list of open aauctions that you can participate in
- My Bids: A list of open aauctions you have bidded in. It will display historical bids as well. When an aauction closes and you won that particular aauction, you can come here to claim your winnings
- My Payouts: A list of which aauctions you have been outbidded by others and the winnings you received from them. The winnings will go straight to your wallet address, without the need of you manually claiming it
Aavegotchi aauctions are powered by the Gonnaud-Bessire-McDonaugh (GBM) auction format. First pioneered by Cryptographs back in 2019, the GBM auction is a patent-pending system, and Pixelcraft Studios has officially been licensed to use it for all Aavegotchi NFT Drops, including Haunt 2, REALM, and even Wearables.
In a typical auction, there is only one winner and everyone else loses. Many auctions don’t attract enough bidders and some get none at all. GBM™ turns any auction into a great experience where you either win or you make money.
You place a bid, and if someone outbids you, you get your bid back, plus a share from the pot called an incentive.
When a new bid is placed, a formula calculates how much money the bidder will earn as an incentive if they are outbid. This is customisable depending on how much you want bidders to earn. 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.