DomainSherpa – Down The Rabbit Hole – July 18, 2024: Passport to Earn
Jul 18, 2024
01:05:41
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Special guest Hugo McDonaugh of GBM Auctions joins the Sherpas to discuss bid-to-earn platforms, exciting things happening at GBM, and how domain auctions are revolutionized with crypto and Web3 technology. They cover the upcoming auction for premium domain names like BrickWeed_com and ChainChoice_com, as well as the integration of Coinbase's network for tokenizing domains. Tune in to learn about zero starting price auctions, efficient bidding processes, and the potential for earning opportunities in the world of cryptocurrency.
GBM expands into domain industry, offering tokenization of traditional domain names via GBM.domains and Dynadot partnership.
GBM announces auctions for eight domain names with zero starting price, emphasizing inclusivity and rewarding engagement.
Deep dives
Introduction to GBM Auctions and the Bid to Earn Platform
GBM Auctions, co-founded by Hugo McDon, introduces the bid to earn platform, aiming to revolutionize auctions by tokenizing domain names. This platform integrates blockchain technology to ensure fully funded bids, preventing fraud and enhancing price discovery. The bid to earn concept rewards bidders with returns when outbid, aligning incentives between buyers and sellers for efficient price determination.
Incorporating Auction Technology into the Domain Space
GBM expands into the domain industry, leveraging its auction system for domain tokenization. GBM .domains allows users to tokenize traditional domain names, enabling instant transactions and access to platforms like GDN for enhanced market interactions. By partnering with Dynadot as a registrar, GBM bridges the gap between traditional and tokenized domains, offering buyers ownership rights via clear license agreements.
Launching Domain Auctions on the GBM Platform
GBM announces auctions for eight domain names, including 'brickweed.com', 'chainchoice.com', and others. These auctions feature a zero starting price, no reserve highest bid wins, emphasizing inclusivity and rewarding participants' time and engagement. By utilizing cryptocurrency infrastructure, GBM aims to drive adoption and innovation in the domain industry, showcasing the value of tokenized assets and efficient auction dynamics.
Introduction to Base Network and Transactions
Base Network serves as an L2, Layer 2, operating on the Ethereum network, providing faster processing abilities on top of the existing security layer. Base uses Ethereum bridged to its network, with Ether as its token, and auctions conducted in USDC on Base. Users create a Coinbase wallet, deposit fiat or other cryptocurrencies, swap for USDC and ETH on Base, enabling transactions with Ether for gas payments and USDC for actual spending.
Innovative Auction and Escrow-less Transactions
GBM Auctions introduce a new standard for asset auctions, emphasizing price discovery, liquidity, and lending within the domain space and beyond. Sellers and buyers transact via USDC on Base, where auctions feature Hammer Time extending bidding periods, and private listings with whitelist options. GBM aims to revolutionize asset auctions with minimal escrow involvement, 1% service fee, low gas fees, and seamless domain tokenization for instant trustless transactions.
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!
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