Reserve Prices & The GBM Cancellation Period

Seller Flexibility, Bidder Protection

GBM auctions don’t use traditional reserve prices. Instead, we offer a smarter, more flexible alternative: The GBM Cancellation Period.

⚙ How It Works

If enabled, this feature gives the seller a short window after the auction ends to:

• Accept the final bid, or

• Cancel the sale if the price doesn’t meet their expectations

If the seller takes no action, the sale is automatically finalised.

📤 If the Seller Cancels

They must pay a cancellation fee that covers:

• All incentive debt - ensuring every outbid bidder receives their incentive

• The incentive to the winning bidder

• A full refund of the winning bid

• The GBM protocol auction fee + any other fees set by the auction house publisher

The exact fee amount depends on the incentive preset and bidding activity — calculated once the auction ends.

🤝 Why It Works

This gives sellers a fair way out if the price isn’t right without relying on rigid price reserves. And because cancellation isn’t free, it discourages abuse, protects bidders, and keeps the system trustless by design.