Revolutionizing Domain Auctions with Crypto and Web3 Technology

26min Snip

00:00

Play full episode

Summary

Transcript

Episode notes

Hugo McDonald, founder and CEO of GBM auctions, discusses the launch of the GBM domains platform that leverages Coinbase's network for tokenizing domains. The chapter explores the use of crypto in auctions to prevent fraud, the benefits of blockchain for auction systems, and the transition from NFT auction systems to entering the domain industry. It delves into the concept of bid to earn dynamics in live auctions, incentivized bidding markets, and the importance of integrating Web3 technology to enhance traditional domain markets.

As we say on DomainSherpa - all roads lead to domains. And our work with domains has us venturing "down the rabbit hole" into different topics all the time. So this is a tech-adjacent, digital asset, pop-culture, tangent-positive monthly podcast - with some domains stuff thrown into the mix for good measure. In this episode, JT is joined by Drew and special guest Hugo McDonaugh, co-founder and CEO of GBM Auctions (GBM.auction), a bid-to-earn platform where the bidders are incentivized to bid on an asset. When a new bid is placed, the GBM formula calculates how much money that bidder will earn if they are outbid. 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. Together, the Sherpas get into how GBM Auctions work and some exciting and groundbreaking things happening with GBM. The Sherpas also discuss how GBM Auctions are now being applied to domain names at GBM.domains, including a few premium domain names being put up for auction by Drew starting this week and running through July 25th. BrickWeed_com ChainChoice_com GetBlazed_com HigherCaliber_com NiceRides_com Synopsis_co Trippy_co The Sherpas also cover the crypto onboarding for the GBM Auction platform in this special episode, so tune in and jump down the rabbit hole!