Revolutionizing Blockchain Auctions: GBM's Model, Digital Assets, and the Rise of Web3 Domains

Unlock the potential of your digital identity with insights from our special guest, Cameron from GBM who shares the alpha about the innovative GBM auction mechanism. Imagine a bidding war where everyone walks away with something in their pocket – that's the power of GBM's unique auction model, designed to reward every participant. As we venture through the realm of Web3 Domain Auctions, we touch upon the vibrancy of community connections and the tangible value of digital assets, painting a picture of a future where your online presence is as valuable as your real-world interactions.

Join us as we discuss the evolution of auctions, where blockchain technology makes bid withdrawals obsolete and secures transactions with unbreakable fairness. Hear firsthand about our rigorous approach to fully funded bids and smart contract escrow, ensuring that every auction is a bastion of integrity against manipulation. From the importance of transparency to the seller's control over auction outcomes, we cover all angles, even considering the intriguing concept of "fidgetals" – a blend of physical and digital assets that are the next frontier in collectibles.

As we gaze into the horizon, the discussion turns to the transformative potential of partnerships in the NFT space and the ripple effect of GBM's technology on traditional auction houses. We explore how collaborations with companies like Unstoppable and Decentraland are setting the stage for the next wave of auctioneering. Prepare to be a part of the excitement with the upcoming auction events that promise to revolutionize how we value and trade in the digital world, while also strengthening the bonds within our incredible community.

Chapters

• 1:30 Web 3 Domain Auctions and Technology
• 14:44 Understanding the GBM Auction Mechanism
• 26:36 Discussion on Auction Mechanisms and Considerations
• 30:01 Prevent Bid Withdrawals in GBM Auctions
• 35:54 GBM Auction Process and Seller Control
• 45:40 The Future of Incentivized Auctions
• 54:20 Partnerships and Expansion in NFT Space
• 59:38 Web 3 Auction Tools and Features
• 1:04:39 Reminder and Excitement for Upcoming Auction

Transcript

Speaker 2: 1:30

We will get started in just a moment. Can everybody hear me? Just want to make sure how you don't, chris.

Speaker 4: 1:37

I'm doing good, I can hear you.

Speaker 2: 1:40

Yeah, technology has been acting super weird. Today it was a Solano with with fan and water. Earlier today announced like my Twitter. But, yeah, happy to be here. Also very glad to have our guests in the building. Do we have a camera behind GBM?

Speaker 3: 1:58

Hey Marcus, yep, it's cam yeah you sir. Yes, sir.

Speaker 2: 2:04

And then, of course, we've got our favorite guest collector and house. How are you, sir?

Speaker 5: 2:10

GM, gm, is it like? Gm, gbt, gmb, gbm, like there's a lot of like GM's and GB's and GMB's and GBMs. And yeah, bullish, happy Friday guys. It's another in. This is gonna be a fun domain alpha. A lot, of, a lot of alpha is gonna be said here. So, guys, get a pen and paper, get something to drink, sit back, relax late. I'm sure, like when a name or like wouldn't mind. If you guys want to come up on stage as well, drop some comments, retweet the room, get it active. If you're enjoying what the speakers are saying, make sure to like, throw up some emojis and engage with the Speakers. And great to see like GBM here as well. Very bullish on the post the winds pinned up. I think you guys have some big news to discuss today, so very, very, very Bullish on that. Let's go. Happy Friday.

Speaker 2: 3:07

Yeah, I definitely do encourage Anyone with any questions to please request a speaker, or this is the perfect opportunity to ask them. I know a lot of people have had questions working in the DM and all tweets. So, yeah, this is a follow-up. You know, obviously, from the spaces that we did Wednesday and the announcement, so Getting ready to get into it. But, yes, as you guys come into the space, please do me a favor and, as always, like and retweet. Also, if you don't want to come up stage to ask your questions, feel free to leave them in the comment section and then, yeah, we will try to get to them that way. I sent you a Host requests GBM just in case you have anybody that you want to add up. But, yeah, if anyone else wants to come up just anything.

Speaker 5: 3:50

Before we even get into the serious part of this very Domain web 3 domain space, I want to point the fact out is when day today. There was a massive Solana launch and the token was actually called when For anyone that's like being active on, like Jupiter. So I just want to like put that kind of like emphasis in the room today. Today is when. Day when has the domain, when the airdrop as well on like free name select? This branding is like inscribed, it's embedded on the blockchain. Like we're here for it. Wednesday, let's go.

Speaker 2: 4:26

Yeah, my time has come. Everyone today is saying when airdrop yeah, that's, that's kind of the power of personal branding, digital identity. When airdrops actually my very first in my primary digital identity. So for those of you who don't know who's behind, I Thank you for sharing that. Happy window yeah it actually has been a happy one day for anybody.

Speaker 5: 4:59

When my barack to be more like culturally like appropriate, says when my barack Now what that works to I'm.

Speaker 3: 5:07

I'm currently doing this in Dubai, so yeah, make sense.

Speaker 5: 5:10

Do you know my bar right when my bar right clay, it's all in one and we see when in the audience now, like if anyone wants to follow, he's the cute little like you, like a smurf or something. I don't even know if that like Hat and stuff. So yeah, with the red, you know actually, sir, this was some.

Speaker 2: 5:28

I don't want to necessarily call it fan art, but a friend of mine made this on his own a very talented NFT collection designer and sent it to me. So it's an actual, really nice tea. There's like a one-off one when someone made it without having to be asked to, so that that's what makes it mean something to me.

Speaker 5: 5:46

Wait, is there one of one or a winner when?

Speaker 2: 5:48

now, that's a one of win.

Speaker 5: 5:50

Oh, one of when.

Speaker 2: 5:53

Yes, sir, yes sir, yeah, thank you for all that. Yeah, and again, as everybody comes in, please like and retweet, share the space. Let's go ahead and get into it because, yeah, got some interesting questions and I'm sure everybody else may as well.

Speaker 2: 6:07

So, yeah, I would like to welcome everybody To I heart domains in our tech talk a may where we highlight in deep dive with builders, entrepreneurs, visionaries and protocols and the web 3, digital identity, blockchain tech and domain name space. As always, for those who are unable to attend or who want to listen back later, these tech talks are recorded so you can listen back to them. Yeah, that's coming down on the soundboard, but we can listen back to them both here on Twitter or you can view our entire content archive Both on our website at I heart domains, calm, where we'll publish this along with a blog overview, and the spaces itself will be embedded so you can listen to it on the website or, if you like to listen, in podcast form. We are on every major podcast player, including Apple and Spotify. You can get to that easy at tech talk dot host.

Speaker 2: 6:59

And, yeah, I want to give an opportunity for our speakers on stage to kind of introduce themselves so people can get Familiar with you. I want to go ahead and start with my co-host, chris from Namertips. Go for it, sir. Well, what's going on, everyone?

Speaker 4: 7:14

Another great space. I am Chris, for all of you all who don't know, I'm the strategy director for Namertips and I have the privilege of being a part of these wonderful tech talks. This is another great one because I think that auctions in the web 3 and blockchain space don't get enough attention. And here it is. We are part of this wonderful space where we're getting ready to give it some attention it deserves. Thanks to the good folks over at GBM.

Speaker 2: 7:37

So, yeah, looking forward to it, I yes, sir, yes sir, this is definitely going to be a nice and informative one. And then, yeah, collector, if you want to go ahead and introduce yourself real quick before we get to our main guest.

Speaker 5: 7:50

Hey guys. So I was on Fiverr. I don't know if you guys have heard of it, fiverrcom. It's quite like a cool thing. Like you get like gigs and stuff like micro gigs. So I saw this thing like attend the space, come on stage and like get like eight dollars or something. So I'm currently participating in that. Hopefully I get like the airdrop at the end of the night, If the guys actually going to send it. Well, it's Wednesday so I feel like it should come at the end of the space. But yeah, I'm kind of like new to this. Don't really know what like web free domains are, Don't really know what TLDs are and stuff. So just here, kind of hanging on a space, is cool that you guys let me up as well to speak.

Speaker 2: 8:28

Yeah, I feel like. I feel like you wasted that entire opportunity to introduce yourself. But for those who have already been to these spaces and are familiar with you and your lovely use of the soundboard Collector is also one of my colleagues in the Web 3 digital identity space as well as with free name, so very much glad to have you here as well. A lot of the travels that we've made in our Web 3 domain journey have been alongside you. And then, last but not least, cameron, go ahead and introduce yourself, sir.

Speaker 3: 8:58

Thank you very much and, yeah, happy to be here. Thanks for getting us on here. When happy Wendow to everybody, it's, I feel like it's a good day to do this spaces. So happy to be loving the soundboards as well. We've got. We've got the. We've got the the entertainment in the background, which is which is dope.

Speaker 3: 9:15

I'm Cam. I am head of partnerships here at GBM. I'm sure we're going to dive into the nitty gritty of GBM. I had all work, so I'll save that for in a bit.

Speaker 3: 9:25

But just to kind of warm everyone in, what we have created and what we have invented and what we have patented is a new gamified way of auctioning your Web 3 assets Any type of entity. But where we're kind of really seeing some real search and activity in what's a really awesome use case is, of course, web 3 domains and the type of auction that we create. The reason why it's gamified is we like to call it a bid to an auction. Now, what that means very simply is whenever a bidder gets out bids, they make a return. So you're, in fact, making money by participating in these drops. Users are incentivized to come in, participate, and what that achieves for the sellers here is a lot more activity. You're incentivizing people.

Speaker 3: 10:15

All point of Web 3 is people want to be rewarded for their time, so we've added that mechanism into our auction More users, more demand, much better price discovery, and then for the end user, for the bidders and for the community, what that translates to is just a more more fun experience with this type of auction the end user, the bidder there's literally only two possible outcomes you either win the domain or you make money. So, either way, everybody goes on with something, everybody has a fantastic experience, and yeah, that's that's what GBM is all about. Our company slogan is literally everybody wins. So that's that's what we're trying to do.

Speaker 2: 10:53

And yeah, I'm definitely, I'm definitely looking forward to diving before we get started. My good friend, if we could during this day it may calm down a little bit on the soundboard, just so everybody can soak in all this good alpha. That would be appreciated.

Speaker 5: 11:09

I think the soundboard is also alpha. Like that happens that moment of alpha and it's like holy shit, that was alpha. That's why there's like a soundboard and stuff you have to embrace it. So, it's when it's when they like that's. That's my mood, so it's going to be excessive soundboards. I'm sorry, yeah, so at some point.

Speaker 2: 11:27

You will probably get removed from the speakers, but I do love you nonetheless, sir. Also, before we get started, I do encourage anyone who hears something or is interested in what we have to say to join both the GBM community and our community directly. As always, we never get financial advice and please do your own research. But yeah, so, yeah, great for the brief introduction. Like I said, we're going to deep dive. Most of you, like I said, by now have seen our latest news, but in case you haven't, we have partnered with GBM to launch our very own brokerage, brokerage and auction debt for Web 3 domains. Also, for some of you who are in the space, you may have seen their name alongside unstoppable domains as the platform behind their reaching auctions, such as X dot crypto that just recently went. I think there may even be one live now, or maybe, or didn't just end, but in any event, I first became there is indeed it's live, with some things running live right now.

Speaker 2: 12:27

Yes, sir. So awesome sauce for those of you who are looking to experience the platform and are bullish on unstoppable domains. You actually have that opportunity right now. They have a few of their auctions or a few of their domains available.

Speaker 2: 12:39

I first became familiar with GBM and their innovative auction process through projects like Avogaci, which a lot of you know of, and big girls rise, which is a small project that I had a relationship with and still pulls it up. But, yeah, I'm excited now to introduce them to my community for this special AMA One of the things I did want to start with too, because it's probably one of the most, I guess, differentiating things about this auction process than what people are traditionally familiar with. Let's dig more into that bid to earn and kind of specifically, you touched on the mechanics If you could repeat those, but let's also talk about how it incentivizes engagement and bidding Some effective bidding strategies that you've seen because, like you said, this offers an opportunity both for people who intend to win the bid or when the object of the bidding on, but also provides an opportunity for those who want to participate in order to collect these bounties and then also as an advantage to people who are listening how they can use this is a promotional or marketing tool to incentivize people to participate.

Speaker 3: 13:53

For sure. Yeah, I'd be definitely happy to. And before I dive into all of that, just want to say if anyone wants to see live right now how it works when, as you mentioned, we've got something running with Instoppable right now, you can head to auctionunstoppabledomainscom. That is our DAPT, that is live right now and they're auctioning off a bunch of really cool premium domain domains. The first one I'm just looking at right now is pretty, pretty awesome Actually is dmx. So any fans of the late and great DMX now has a chance to either earn it and some and some magic, or win the domain itself.

Speaker 5: 14:27

I literally just thought I was thinking that one's a heavy one. And I didn't even think it in that way. I thought just like dmx, like bullish.

Speaker 3: 14:36

Yeah, there's a lot of ways to interpret that one, so that one's going to be pretty interesting and it's got the highest bid right now of 800matic. People come in and bid and you can see the cool thing about GBM areas and this ties into what you were asking when is you know bit more details on the mechanic? When you go into that screen and you type in the number in the bid box, first of all, it's very subintuitive. Everybody in the space will know what an auction is and it's similar to the traditional English auction model, english auctions being price ascending. You know, someone bids 10, somebody else comes and bids 11. Right, and it goes through that, through that process here. When you see that bidding box, the current bid and I'm looking at this live, I encourage you guys to check it out along with me the current bid is 800matic. Now, if I go into that bidding box, what's that? Like.

Speaker 5: 15:30

What's that like dollar, because everyone's on like different chains and stuff right now about free $400 maybe something like that.

Speaker 3: 15:38

I don't know what the live matic prices right now, but they're really.

Speaker 2: 15:41

It's a little. It's a little better than 50%. It's probably like yeah.

Speaker 3: 15:44

I think it's nearly a one to one to one to one. Now I think it's closer to a dollar, so this is around 800 bucks.

Speaker 3: 15:53

And I'm looking at it right now and there's a box which says enter your bid, like like anyone would be used to at this point in time. But the biggest difference here with the GBM auction is if I were to type in 900, then a calculation pops up right there on the screen which says you will earn 11.25 matic if outbid and that equates to 1.25%. Now that is not always going to be the case. That's because I put in 900. If I were to put in 1500, for example, now it tells me I'm the earning 131 matic, which is roughly 8.75% ROI on my own bid. So what I'm trying to get at here is the way that the mechanism works is, even before I've committed the bid, even before I've put it in and placed and put my money on mouth, is I already know upfront that if I'm outbid I'm going to make that much money.

Speaker 3: 16:52

Now what this does and the game through behind this is I'm a user, you know I'm interested in dmx. It's a pretty pretty dope domain there. But I'm, you know, I'm kind of I'm on the fence and thinking how much should I bid? And if I put that number in now, for me as a user, as a bidder, I went either way. So if I was on the fence about, should I, should I put this much money?

Speaker 5: 17:15

in terms of that. How does it actually work to like mechanism behind that and stuff? How do you afford to pay everyone for like their bids and stuff? Is it great question? Like is it based on like the fees that you take and then you just calculate that and like that's probably the most obvious way, right?

Speaker 3: 17:32

Not really. That's not what we do. So but great question and that's always the first question that we get is this concept sounds super cool. This sounds almost too good to be true. You know, where is the money coming from? Is it all upon the scheme? But no happy to report. It is a entirely self sustainable mechanism. So the short answer here is ultimately these awards come out of the final sales price.

Speaker 3: 17:56

However, when we built this out, we didn't want to wait until the end of the auction for rewards to be distributed out to the bidder. So the whole point is you know we're gameifying this when incentivized people in real time, we want to make sure that as soon as you're outbid, you get the rewards in real time directly into your wallet, and that's what encourages people to bid again if they want to or bid on something else, but it's entirely dead decision what they want to do with those rewards. So the way that we've been able to do this is a we created kind of a nifty mechanism which it comes out of the bidder that's just outbid you. So, for example, let's say the current bids is 10 and this could be. You know, 10 in whatever currency can be massive, either stable coin. We're even building out a Web 2 version of this with VR capabilities. So the current bid is 10 and I outbid and I put 20.

Speaker 3: 18:52

The interesting mechanic here is, with GBM auctions, bids are fully funded. What that means is I need to have the tokens in my wallet and when I place the bid, they leave my wallet and get put into a smart contract, a scroll account, and this is what prevents, you know, spoof bidding and it allows the whole auction to be liquid. So if the current bid is 10 and I bid 20, so that means the 20 is left my wallet and gets put into what we call the pot. Then I that that alert will come to me saying that if I'm outbid, you know I will earn a certain amount.

Speaker 3: 19:24

Now, the person who I've just outbid so whoever put in that 10, they've now been outbid, so they receive some, some money, and that money has come from the 20 that I've just put in. And this is why it's so important that you know bids are fully funded and everything is liquid. So the short of it is it comes out of the bid to the person who's just come in and outbid you and that kind of accumulates until, ultimately, there will be no person that outbid you. Ultimately, there will be a winner and the rewards come out of that as the as the sellers cost. Did that make sense?

Speaker 2: 20:02

These ask you. But yes, that made perfect sense and answered my question.

Speaker 5: 20:06

It always happens like when you're writing a tweet then you get like referred back to you like fuck, let me like save the tweeters draft. Come back quickly into the room and like yeah, yeah, it makes sense. So, it's like floating liquid, like while people are bidding. It also comes out as well. And then you said, like you're building like a web to version. Is there like any things for like other chains and stuff as well, like Solana, avax, that kind of stuff?

Speaker 3: 20:33

Yeah, yeah, absolutely. So where we, where we've kind of traditionally been, is in the EVM space. And just a side note, we've been doing this for some time. You know we the first QBM auction was kind of early 2019.

Speaker 5: 20:46

Yeah, what was it? Tamagotchi, or Avogotchi, Avogotchi. You know some.

Speaker 3: 20:50

Avogotchi yes, they were they were one of our earlier projects and exploded, yeah, yeah they tested with us and then the community loved it so much they first did only the wearables and then they moved on to land sales and then pretty much not everything is being done for them. One of their primary drops they generated $52 million in that drop and we can't say that that was all us. You know that was there, was there was other factors involved. Obviously they're great projects, solid community and some great assets and it was in the middle of a bull run. But I like to say you know the GBM mechanism definitely optimized that as well. You know it gets people going, it gets people to place their bids in and you get very efficient and it's a significant price discovery.

Speaker 5: 21:31

One thing Sorry, no go.

Speaker 3: 21:34

Yeah, I just wanted to add to that is in contrast to a traditional auction which most people there would be familiar with. Let's say, in English auction Typically the price discovery or even the activity is quite flat during the initial stages of the auction, or even for most of the auction is pretty flat and people are just bidding the minimum, right, it's okay, what do I? What's the minimum I need to put in to just get be the highest bidder? So you get this flat kind of curve and then only in the last couple of minutes people come in with their stinkfids. Even in real life auctions, when there's the guy going, going once, going twice, you know that's when everyone kind of puts in their distinct bids and tries to tries to clinch it. So you don't really get efficient price discovery with that traditional model because people are waiting a little right until the end, last second, and you know people might miss out at that point.

Speaker 3: 22:23

In contrast to this, with a GBM auction All the action happens right at the beginning. Everybody wants to be the first bidder because they're guaranteed that reward. But also, at its heart, gbm is an algorithm. So, like you when I was putting out an example, depending on what I bid is. You know, the higher that I bid, the better percentage of return I will get. So the theory behind this is it encourages users to bid the fair price straight away. If you know, these domains go for a certain price, whether it's 500, but it's thousand, whatever it is, it's in your bidder's best interest to bid that straight away, because either they'll win at the fair price or they're maximizing the rewards if they get out bid. So again, they, they, they win either way. So what you see in this kind of dynamic is Explosive growth at the beginning, a lot of interest, a lot of bidding people out, bidding each other, people making money, people winning, and it's just a much more fun experience.

Speaker 2: 23:18

Yes, sir, yes sir, Definitely loving that. We're gonna go you real In a bit, chris, just real quick. I wanted to also introduce is really who we're looking at in the space? How are you doing today, sir?

Speaker 6: 23:33

Thank you. Thank you appreciate it. I'm doing great man. Gm. It's Wednesday. I got my one token already. Wasn't worth a lot of money. Air drugs are a big part of what. What the matter is right now excited.

Speaker 6: 23:48

That's what you have to a pet launch and just hope for the best, like yeah, yeah you know, it's always kind of like Walking in the minefield when you're claiming an airdrop you don't really gonna get drained or whatever. So it's like you know you just have to use a little bit of common sense and you know intuition and sort of like reverse social engineering. See if anyone else has gone first, is it safe? So yeah, when? But this one like.

Speaker 5: 24:15

This one was like different, because it was actually like the Like biggest techs on Solana Jupiter. They were dropping like I think this is like their second or I think see a second Meme coin that they've launched in Anticipation of launching, like their official point, which they've said that's gonna be like a like tests and stuff as well. So this is gonna be like a whole bunch of these random airdrops come in.

Speaker 6: 24:36

Yeah, yeah, we were excited about that. I think Anyone, especially if you're struggling with liquidity, should leverage as air drops, and you know that's the topic at hand with the auctions. I think that's also very important stuff to allow people to Create another channel to market names or acquire names. Auctions have been very effective in web 3. I know Right, if the don't have that one auction would unstoppable domains that generated six figures and that was sort of like a proof of concept.

Speaker 6: 25:13

I've acquired some names at auctions before. I buy names at auctions every day. I'm literally looking at Expired domainsnet right now buying. You know auctions are a big part of domain in because you know domains they're very Unique. Like one, I've bought names that people didn't renew and sold them for six figures, seven figure. Some people have done that and sold those names for seven figures. They've been names that have expired that went at auction for seven figures. Right, like it's it's, it's just part of the domain, and so to see that being applied in web 3. I think it's just not only necessary but it's also very cool. So kudos to what you guys are working on and I just look for us kicking back and learning more.

Speaker 2: 26:00

Yes sir, yes sir, Definitely glad to have you here and definitely glad for the input as well.

Speaker 2: 26:05

And yeah, like I said, this is part of like our, our economy for web 3 domains beginning to mature and starting to add some of those traditional tools. You know that that create the market that we're looking for. So, yeah, definitely, you know. Glad that we were able to connect the GBM Definitely, that the GBM was also able to connect with unstoppable, and I encourage more people to create and participate in these solutions that that help, you know, find price discovery and generate liquidity in the space and I was gonna say ish.

Speaker 3: 26:36

You know you mentioned you've been in multiple auctions, you've been collecting some names for all this time. Just imagine, you know, if these were GBM auctions you'd be, you'd be earning all this time as well as winning those domains. So that would be. That would be pretty, pretty dope actually.

Speaker 6: 26:50

You know, if I, if I had some, there's some sort of rebate or tokenomics behind acquiring names, I'll be pretty cool and that's that's the cool thing about web 3 is like we're able to Re-engineer things or have a blank canvas and we can execute my dears like this. Well, web 2 is like stuck in the way they do business and there's been a lot of Issues like I've bought names of auction before and go daddy, just goes over. Refunded, yeah, what do you mean? You refunded me. I want the name, I want it, yeah.

Speaker 6: 27:20

And there's been a lot of you know conversations about people you know doing fraud at the auctions, like they'll come in and you know you know, run a bit up and then they won't pay. So you know the the second closest buyer wins the auction, and just a lot of, a lot, of, a Lot of Loopholes, so to speak. Right, but I think web 3 is a bit more transparent and you know the fact that domains are now getting tokenized. I think this is definitely the future. I'm so bullish NFC auctions. I own suit domain names. I NFC auction org and NFC auction X, y, z and I'm very, very bullish on those names because I know that you know auctions are going to be a big part of our. We Buy and sell these assets.

Speaker 2: 28:17

We got a couple mics on. I wanted to go to Chris, though, but you've had your hand up. Go for it, sure.

Speaker 4: 28:22

No, I was gonna ask a question about. You know the auction process. So you know, being here in New York City, you know where the Christie's and the Sotheby auctions take place. There's, and many other auctions there's. There's this strong emphasis that's placed on the auction, the auction process, the lots and all of that are good stuff.

Speaker 4: 28:44

I'm curious to know. I mean, I think that it's great that you guys have the, the, the earning aspect of bidding, because it does, it makes the bidding process and just auctions in general more dynamic, and I think that it's great for web 3. But we all, we also have to keep in mind that you know there are folks who try to, you know they try to gain the system, so to speak. So I'm curious to know what mechanisms do you guys have in place to discourage Individual searching for ways to exploit the earning potential on the bids? And then, on top of that, do you have you guys given any consideration to bid withdrawal Right, not saying that it should or shouldn't be a thing, but just have you all given consideration to it?

Speaker 4: 29:28

Because I'm imagining that if you get the right storm of the right item being offered, the right amount of bidders and the, the, the in accelerated amount of bidding traffic that you could have some individuals unconsciously Hitting bid, bid, bid, bid, bid. And I would imagine that there will possibly be people who would reach out and say, well, hey, you know, I didn't mean to what? What are you guys in stands? Bid withdrawals.

Speaker 3: 29:59

Yep, great, great questions actually, and I think I can. I can answer both of your questions with with one roots. I think one was you know, how do we prevent people gaming the system and how we have we looked into bid withdrawals. The answer to both of them actually is the way that we built this out actually makes it impossible for for bid withdrawals. As I mentioned, for the whole system to work, bids have to be fully funded. So you need the token, the cash, whatever it is that you're, the currency that you're you're doing the auction in, that need to be fully funded and that needs to be in your wallet in the first place, and when you place the bid, it leaves your wallet and yet gets put into the, the smart contract escrow account. And you know, as as ish was just saying moments ago, the benefit of web3 and having this all in blockchain means that it's all transparent. This is all executed via smart contracts. You know there's no, we're not centralized ourselves either. We couldn't game it if we wanted to. It's all done on code and via smart contracts. So, to answer your question there, bid withdrawals are impossible because it would break our system. The way that rewards are paid out is because there is money in that pot from the bidder who just placed it. So, yeah, a GBM auction. We just it's inbuilt in the way, it's fundamental to how it all works. And I know there's been other auctions out there where this has been a problem and things have collapsed and you know it's been, they've been called scams and all this kind of thing. But yeah, with us it would literally be impossible for that to happen. It's just not the way that the system is built. So that's on bid withdrawals. But it also the reason we we have we built it this way as well is because it does prevent this, this people trying to game the system as well.

Speaker 3: 31:48

So a question we often get asked is you know how do you stop collusion? What if there's two people who know each other and kind of bidding things up and just kind of earning, earning the rewards? Or another question we get is you know what about people who are just, who are not even interested in the domain or the item and they just kind of get involved just for the incentives? And the answer to this also goes back to the fact that that bids are fully funded. What that means is people always have financial exposure If we're colluding, if there's two people who are like, yeah, you put, you put a hundred and I'm gonna put 110, and then you know, blah, blah, blah, blah, well, they need to have those funds and they get locked in, right, they get put into escrow. So if nobody else out bids them, then they've affected. We just bought their own item, minus costs and all the pain through it as well. So that's why it's doesn't really yeah, there's, there's not a way for it to be gamed in that way.

Speaker 3: 32:43

And then another question we get asked is you know what about people who kind of low ball? So if and you know, they just, it's great, they love the idea that you know, get a lot more traffic, that's, that's awesome. Everybody wants that. What kind of traffic are you getting? Right? Are you going to get people who just bid at a crazy low amount just to get the reward of it? Well, to answer, that is number one no, traffic is bad traffic. Right, you're still getting people in and ultimately you're getting that, that action in the bids, and you want as many people in the room as possible in an auction. That that's what's going to drive price discovery.

Speaker 3: 33:18

But having said that, the way that the algorithm works is this is this is not a fixed percent that you get, not. Not everybody will get 10%. Not everybody will get 2%. It's in relation to how much your your particular bid is. You know the delta, the step in between the bids. So if someone does kind of coming in and low ball it's, it's not in their interest because they'll get a tiny, tiny, insignificant reward out of it. In fact, what it does is the opposite encourages people to put in the fair value of the price because that way they will maximize their reward or they'll win. So they're happy to do that and they're happy with either outcome. So, yeah, there's various ways that we put it in. And then there's all the technical stuff as well. You know about anti bot measures, as captures. There's all sorts of things to make sure it's safe and fair for everybody.

Speaker 5: 34:11

Yeah, you guys.

Speaker 2: 34:15

All of you collectively, both Ishmael and you and neighbor tips and your questions actually set up one of my next questions, probably one of the biggest benefits and differences between this auction and what others experience, such as some of the things that you're able to incorporate with blockchain tech and the mechanics of how this works. Continuing on what you're saying, so bids themselves are, in essence, custody. If you make a bid, those funds are taken from your wallet and they're held into the auction list until either when the auction or you get out bids. So, as you said, that's one of the mechanics that makes this different.

Speaker 2: 34:53

I'm saying this and also in response to some of the questions that people have asked, comparing this process that they're not familiar with with the process that they've already been through, and some of the complaints are obviously not getting paid or not getting the asset. So, aside from just the bids themselves, how are both the assets custody prior to the auction, so that people know that the assets are even real and available to be distributed, ie can't be withheld from them once the bidding process starts? Then how are the auctions settled, and is it a process that takes weeks? That involves a lot of trust, in the same way as people are used to in traditional auctions, or is it something that happens in the way that I think we prefer and aligns more with our ethos and blockchain, ie, just click the button and settle it?

Speaker 3: 35:47

Yep short answer is definitely the latter one. So, yeah, everything is done in a decentralized fashion. To answer your first part of the question, how do you even know that the assets are there? That is, with any type of auction, whether it's with an English, a GBM, a Dutch auction or any kind of asset, it's. You're going to this site because you know them, you're part of the community and you want to be bidding on that item, that part.

Speaker 3: 36:14

We work with the seller. In that instance, they hold the custody of the assets. Again, whatever they may be they could be PFPs, they could be board Apes, they could be domains, whatever it is but we, as GBM, we don't have access to that. So you own the smart contracts, you own the bidding mechanism. Everything has been audited. We've done over 70,000 auctions, all of them gone out or gone off without a hitch. Over $200 million worth of bidding volume has run through the smart contracts and, on the last count, actually over $6 million worth of incentives have been paid out to bidders across the world. So the system is battle tested is what I'm saying on that regard.

Speaker 3: 36:59

And then for the seller, they're in complete control. So they own the assets, they put them up and they're placed in escrow Again. Everything's decentralized during the auction process. So not even then the seller can kind of take away or back out mid auction as well, as bidders won't be able to do the same, they won't be able to withdraw a bid. And then, with regards to kind of settling, that's exactly how it works. Once the auction finishes, there's no more, there's no high bidder, all the time runs out. They can simply go to the page and click settle and the NFT, the asset, will be transferred directly into their wallet. So everything's done in a trustless fashion.

Speaker 2: 37:40

Yeah, and one thing that I wanted to highlight in case anyone hasn't had experience with these auctions or may have missed it that process that he said of the assets first being custody by us. In order for them to then be placed into the auction and even be available to bid upon, they must then be uploaded into that smart contract, so real asset has to exist inside of the contract in order for you to start bidding on it.

Speaker 2: 38:07

Which is another good thing, because the item's already there. It's in the smart contract, you're bidding on something real and you're able to go through all of the details. You have the smart contract information, you have the metadata that it's pulling from the NFT or the domain itself to be able to re-verify and check on before you're making your bid. So double checking via blockchain again another thing that aligns with our ethos and another tool for people. Go for it, chris.

Speaker 4: 38:36

Yeah, I know this might come off a little bit premature, but I'm curious as to whether or not GBM has given consideration to, you know, fidgetles being paired with digital items and kind of how that process would work.

Speaker 3: 38:53

Yeah, absolutely. We're actually in talks with a couple of Fidgetles projects and it's largely the same approach. You know they'll have the digital representation of the asset, the bidding will be done on that and as part of the metadata or the trades, as Ben was mentioning. You know you can see all of that. That's all displayed on the site as well. You know there will be the information on. You know you will get the physical component of this item as well. Of course, that part we can't put that. You know that relies on the good old postal service. So you know, once they've won the item, they've. You know that's all verified on blockchain. Then the physical item can be sent to that person as well. But the actual, the monetary aspect of it all the bidding, that's where you need it to be decentralized. That's where it is.

Speaker 2: 39:48

Awesome, so awesome, I wanted to go back in. So another concern that I wanted to ask you about that hopefully you can answer Another one of the things. So one of the biggest fears and, I think, a reason for apprehension for a lot of people, especially right now in the market that we currently have for even entering one of these auctions, really is the potential of letting something go that they think is a grail for less than what it's worth. I've got a lot of people who you know are willing to put some assets in the auction but want to sell those grails until the market catches up because they want to avoid, basically, the concept of selling remorse. You have a couple mechanisms even for now, and that's perfectly fine. I definitely encourage that.

Speaker 2: 40:32

If you got your super grail grails you think it worth a million dollars, definitely wait until the market catches up. But even for now, there are some tools that are in place and when setting up the auction itself and even at the close, that help mitigate that, one of those being the ability to set a minimum bid up front as well as an interesting option at the end of the auction. So my question to you is if you can go through that and kind of explain at the end of the auction. If a seller does happen to get cold feet, looks at the ending bid and says you know what? I really think I can hold onto this and get more for it. What are some of their options?

Speaker 3: 41:10

Yeah, yeah, I mean you label them beautiful, they beautifully they're. When option one is you can you have the ability to set that kind of minimum starting bid. That's all kind of built in. There's not an extra coding we need to do. That's all set up and people, sellers, can very quickly plug that in.

Speaker 3: 41:28

From a game theory perspective we actually don't really encourage doing that, and the reason being is two reasons really. Number one is you don't want to be pricing anybody out. You want the entire world able to come in and bid on this. The more people the better. And that's what causes that. You know the extra demands come in and you see that kind of price discovery rocket up. And the second reason is this is all done on chain. You know you'd be able to see what that minimum bid is and we see, just from an auction psychology point of view, that does signal to the market that this is what you believe the value is. So people kind of you know, take a range or standard deviation around that kind of price level and mentally they think that that's what the value is. So you don't want to be capping anything either. So that's just from a market psychology point of view. You can absolutely free to do it to your asset. You can decide whether you want a minimum price, what that price is. You have the full freedom to do that. You know, it's just our job to give you the best practices.

Speaker 3: 42:31

And then the second aspect, which I think is a bit more elegant solution, which takes into account this the psychology is, on the off case that a seller is not happy with the end result and again, this doesn't really happen anyway, but we built in the failsafe just in case. So after the auction has finished, you have a grace period so this is around 30 to 40 minutes and the seller can decide whether they want to accept that final bid or reject it. And if they are not happy with that and they choose to cancel it or reject, then they can do that. However, they will need to pay out those incentives Because, again, remember this is the incentives ultimately come out of the sales price and the auction is done its job because, at the end of the day, an auction is a price discovery tool. What you've done is gone out to the market and valued your asset in real time, and so those incentives need to be paid off.

Speaker 3: 43:35

And there also should be a certain kind of repercussion because from a self side as well, you don't want people just really nearly canceling auctions and that's not great for the community. I'm sure people get pretty annoyed if they think they've won something and then it gets taken away from them. So you don't want that from you know. It's just a general UX perspective If it happens all the time, so there needs to be some sort of repercussions on that and it's just the way that the system works as well. So you know you've gone out to the market and used the service. You found out what the value of the item is. If you're not happy with that value of the item, you can cancel it. You have to pay the incentives and you get the asset back. It unlocks from Esco and it comes back to the sellers wallet instead of going to the buyers wallet.

Speaker 2: 44:24

Yeah, that's extraordinarily fair and, like you said, you know the people participating in the auction they're doing your service by helping you discover the true value and then also, like I said, it does incentivize people to take entering these auctions seriously, enter assets that you want, that you're serious about selling.

Speaker 2: 44:45

You know, as you said, you know most people do a very good job of committing to the auction, but for those people who are also, you know, in that rare scenario where you know the domain name comes up short and you're able to extract more value for it, it is good and a good safeguard for you guys to have that option. And just a reminder for everybody that that's exactly what I'm here for. So this isn't something that you would be doing on your own end, neither setting up the auction or going through this process. This is what I'd be helping you facilitate, do as the broker, as the person who controls the app and as kind of your liaison, to help you set up your auction. So these are obviously, if we come to that scenario, you know, something that I would walk you through and also help you, you know, kind of get through the process as well as anybody who's bidding on it. So you've got me to hold your hand, but go for it, Chris.

Speaker 4: 45:34

Yeah, I think that I think the bidding process is is is solid and, as you stated, fair Um and. But it sparks 2 questions with me, 1 of which is Um, by the platform being in the earlier phases right now. Um are the individuals that that might list items that draw a lot of traffic to the platform. Are they incentivized for that additional traffic or that influx of traffic that they bring to the platform? Be there on.

Speaker 3: 46:06

So just to maybe maybe I didn't get get that question, but um, just to clear up 1 1 kind of misconception that we usually get is we are not a. Gbm itself is not a is not a platform. We're not a marketplace. We're not taking traffic away from from projects. What we do, we think of us as back and whether we're the bidding engine with the infrastructure and we partner with projects like I heart domains and we will set up alongside them, um, they're dedicated auction site.

Speaker 3: 46:38

We have a DAP, so we have the, the back end, which is all the technical algorithm, the smart contracts, the program that calculates how much incentives we're going to go, all that kind of stuff. That's the back end. And then there's a front end as well so people can interact with it, place the bids, see what incentives are, all that kind of stuff. We package that up. So we would work with someone like I heart, we'd set that up for them. It's customized, it's branded, so that is the platform itself, um, that is, you know there'll be individual kind of bidding sites. So when we worked with unstoppable, for example, um, you know they've got their own instance running and that's that's the only thing. It's branded for them, um, and then they have their own community which they bring in and they list their, their, their items on there. And the same will happen with with I heart.

Speaker 2: 47:24

Yeah, so further answer the question that you were asking in this case, as far as, like if I were to incentivize, you know, people who have the capability of drawing more traffic than others, yeah, that would be kind of my responsibility to, to, to create campaigns and partnerships and people who can drive traffic and floencers, et cetera.

Speaker 4: 47:43

Okay, because? So the reason I was asking? Because I get exactly where they're coming from not necessarily being a platform, but just, you know, providing the technology for you to be able to host the auction. I'm just thinking about the fact that, you know, blockchain technology is something that a lot of people are experimenting with and we can only imagine where it's going to be, you know, in the near term. So I'd imagine that, with you guys taking such an innovative approach, there are going to be other parties who are going to either try to imitate or they're they're going to try to do their version.

Speaker 4: 48:17

So I was just curious about, you know, if you have individuals that are like like here, you know, if you there, there's a reason why people choose to go ahead and auction through a Christie's versus a Southeast, and it could. It could be based on the item that they're offering or just because they feel that this particular auction house is the better way to go. So in this case, I was kind of asking that question just in case someone was thinking down the lines hey, you know, if I have these options to choose from, and now you have this crop of folks who are saying, hey, we, we offer, we can host your auctions and do all of this other stuff. Why would someone say you know what? I'm just going to go ahead and go with GBM? That was the question I was kind of geared Gertrude.

Speaker 3: 48:58

Gertrude, that's. That's my bad, maybe I didn't quite grasp that. That makes sense now. Well, I mean the first. First of all is we're the only ones on the planet doing something like this. It is, you know, this, this whole new model of incentivized auctioning. People, of course, you know, can try to imitate this and create their own bid to earn strategy or whatever it is. But what we have in our algorithm is is, is patented, is patent pending at the moment, and it's a lot, a lot of complicated maths which, to be honest with you, some of it even I don't grasp.

Speaker 3: 49:30

Cto is like this crazy whiz kid with PhDs in game theory and pure math. So it's, it's the, the kind of behind the scenes level of it is is our IP and that that's all behind the scenes. But for the, the actual, you know seller, if they're looking at a range of different places to go, well, you know, we're the only ones who can have this, this incentivized capability, where we've got demonstrable results and, as I mentioned, you know, over 70,000 auctions done. Our partners have seen a 200% increase in their sales price compared to when they were doing standard English auctions, which other auction houses would only be offering, and that that kind of fun aspect. Right, you know bidders, they want to go to a place where bidders are going to be there, and if a bidder had an option, I'm pretty sure they would want to get involved in one where they're getting paid out as well, where they were, they're making the reward. So that's, that's really what would kind of make us stand apart to.

Speaker 3: 50:28

You know, the USP is that that we bring to the table and the fact it can be, you know, completely customizable. We're working with some really awesome projects like art domains and yeah, we've got, we've been in this in the game for some time and built up a pretty, pretty cool client base and we're always looking to expand and kind of, we, to be honest with you, we honestly think that this will be the future of auctions. We had a whole empirical study written on. This actually was was an experiment was found comparing us to standard English auctions and across the board, in every scenario, this was a superior method. You had more people coming in bidding, you had less bids, so it was more efficient, but each bid was multiple, multiples higher. You had insane price discovery. So you know, we've got demonstrable empirical research behind this on the theory side and on the practical side. So, yeah, that's, that's what we're really be, what we're going to be pushing through.

Speaker 2: 51:26

You know, to continue on that and to offer some further clarification to an extremely gap for you guys coming on, because this was the purpose of this space was to highlight the technological kind of stack behind the these auctions Highlight, obviously, some of the big differences between this and traditional auctions. You know both differences, and in concept as well as technologically. But, yeah, ultimately at the end of the day as well like, like you know, we've kind of said before A lot of the difference between, ultimately, what's going to dictate what you choose, as far as we go with an auction, is not only this technological stack in the front but also the service that you're getting in the front end and that's coming, like I said again, from our platform. You know this is a tool that we've wanted to add to our platform for quite some time a service of brokerage to utilize the relationships that we built, not only in this space, but you know, other personal relationships that we built outside of this space. You know, over the years of different professional ventures trying to connect people with their correct names and trying to do so at the correct market value.

Speaker 2: 52:36

So, yeah, so keep that in mind. Most of you know, the information that you're getting here is to answer your questions about the technological process behind the scenes so that you know how the options work, who's settling them. Obviously, you know the mechanics behind you, know the bid to earn system so that you understand that. And then on the other side, on the customer service and on the setting up your options, on the consulting with you on everything like that, you know that's where we were coming.

Speaker 4: 53:05

Yeah, I just I want to commend Cameron. You know really quickly about referencing IP. That was. That was what I was fishing for, that differentiation. So I commend you because when you said IP, a lot of people in the web three space they don't understand how important that is for the sustainability of an offering, especially down the line. And the fact that you cited that just lets me know that you guys are going to be around and do very well.

Speaker 3: 53:31

Awesome, love to have that. Thank you very much.

Speaker 2: 53:35

Yes, sir, yes sir, I'm going to kind of round out with one of our final questions and then again, if anybody does have any questions while you're answering this question, I'm going to look in the comments, so feel free to ask there or still for free to request to speak or all that. No, I saw a few that have just dropped down, but so, yeah, one of the kind of wrap this up with any announcements you have and to talk about any upcoming partnerships. Obviously, you know we're excited and value our new partnership and what will bring to the space and we mentioned before that you've also partnered with unstoppable. Are there any other partnerships or developments that we should be on the lookout for? How are you all planning to continue to grow and innovate in this space?

Speaker 3: 54:19

Yeah, great question. So there's been talking to a bunch of people right now. Some I can't disclose, some I can give kind of hints with. But we really do want to be kind of diving into the main space. We've had a lot of people reaching out to us after working with yourself, when unstoppable and there's some interesting discussions there. We're also expanding with unstoppable as well in various different ways. We're waiting on some confirmation from, from from those guys, but from from their community. They seem to be loving it and they're really pushing to put GBM even deeper into into their into their space. And, as of just earlier today, we be, we can, we can share this as well Decentraland, the largest metaverse in the web through space. They they're internal down their community just approved a proposal to get GBM into their marketplace as well. So, yeah, we're we're going to be super busy ahead.

Speaker 3: 55:16

We're looking forward to it in terms of in clients we're working with, like I said, the domain space metaverses, pfp projects and what's great is, you know, the market seems to be turning around. There's more interest now in the nft space. People are everyone who was kind of on both, by the way, the, the, the cell site and the buy site. So I'm sure you you've noticed this yourself when you know people have been holding on to these super unique domains during the bear market and didn't want to sell because they weren't going to get the best price. Now I kind of coming out of the woodwork. So we think we're.

Speaker 3: 55:48

You know it's. It's good timing for everybody to maximize on this and use a tool like this to to get the best possible prices and engagement. And on a more kind of a high level route, like as kind of hinted on earlier, where we've pretty close to finishing up a web to version of this where GBM can be used in the traditional space. You know people already on this on this basis and mentioned names like southeast Christie's. That's definitely in the plan for us in the not to distance for future.

Speaker 2: 56:19

Yeah, you guys definitely have a path in front of you and excited about the partnerships, also excited that what like again, what is really was said, you know, starting to make this a standard in the space and it has so many different applications in order for people, again, not only to get the true price of the items that they're buying, but also for people, on the other hand, to maximize the opportunity and discover the best price for the item that they're trying to sell. Yeah, so I do. As I said before, I do encourage anybody. Obviously, you know we're going to be launching our first auction on March, the first. It's pinned at the top of our page. A lot of people have reached out. I've been actually a very overwhelming response, so very much appreciated and I see the bullishness.

Speaker 2: 57:07

As you said, this is the perfect time in the markets, coming right back around, we're discovering new things, we're hoping to climb back to some of those all time.

Speaker 2: 57:17

We're going to be launching our first auction a couple of years ago, so perfect timing to get back into space. Our first option is going to be on the polygon network. Bidding is going to be in polygon based ETH and the assets that we're going to be auctioning are going to be from platforms that are on polygon, so that is going to be unstoppable. We're going to be launching our first auction on March the first, and then we're going to be launching our second auction on March the first, and there's a technological way to get those, those pieces, represented within the platform. So look out for not only our first and upcoming auction, but all the options that come afterwards and all the options that we are likely to see from a lot of amazing players and entities in the NFT and went through to make space courtesy of the GBM. Before we end, want to give a chance for Chris to end with anything, or for you to end with anything, and, yeah, we're going to wrap it on up and start our weekend.

Speaker 4: 58:40

Well, I have a question for.

Speaker 4: 58:41

Cameron one more. So we know that the auction system, the conventional auction systems, they can get kind of stale, they can get kind of redundant. You guys are on an innovative end of things. Have you all considered what the future of presentation for the items that are listed in auctions have you all considered, like, some unique ways to present items as opposed to the standard? You just you put the name up there, you might have a little bit of a description and that's just kind of where you go.

Speaker 4: 59:12

And the reason I asked, because I looked at the auctions that are going on now and I noticed that you guys have the custom avatars connected to the names and I am believe it or not, I think that that's a great addition because of the fact that in the web to domain space, you, your your auction list looks like a grocery list, right, it doesn't have any color or anything that appeals. So I must you know. I would only imagine that, with web 3 and the blockchain having so many assets that can go into auction, that some of the holders and owners might want to get creative in their showcase. So have you guys thought about any tools to make that possible?

Speaker 3: 59:52

Yeah, yeah, absolutely. That's actually a great comment Generally. That's what something that someone's brought up in the past. So you ever impressed that you've noticed that and put the foresight to see. You know, this is what the future of web 3 auctions could look like, and that's it's something that we've definitely been thinking about.

Speaker 3: 1:00:09

So, straight up about number one thing that I would, I would say that we've got which no one else I can say for a fact. No one else will have this, because it's all part of the incentive mechanism that only we do is that line item. There's a simple line item which tells you hey, this is how much you're gonna earn if you're outbid. That in itself changes the game, in my opinion, because, like I said earlier, if anyone's on the fence, you know they put the number in and this is before they they placed the bid. It's before you click the button bit. You're just typing in the number and right there in front of you it says, hey, by the way, if you're outbid you're gonna make X amount, and that that kind of really changes the frame for that user to get involved.

Speaker 3: 1:00:58

The second thing is you know, obviously we've got the traits and things like that people have seen, but unique to our auction in fact I'm pretty much happy to say this on record is I do believe we are the only auction on the planet which has this share button on there. You might have seen that now, if you're looking at it, we have a share button and what I was alluding to is we're the only auction where bidders want competition. They're happy to let people know that, hey, I bid this amount, come at me. You know they want that extra competition to come.

Speaker 3: 1:01:31

In Any other type of auction you would not have that. You would put your bid in and you kind of say, okay, nobody else, better beat me on this, I want to win this item, whereas ours it does the opposite. People are happy to kind of share this out and that, you know, really adds under the virality aspect of things. You're getting social shares. You're getting people talking about your allotment, your, your items, and they don't care. You know they're happy if they get out bid because they'll make a return and they can come back in if they want to. They can. They can rebit again. So that is something I think is very unique to our system that you know and is doable in the web, through space, because of this incentivization.

Speaker 2: 1:02:12

Yeah, definitely go for it.

Speaker 4: 1:02:15

No, I was just gonna say that that's. That's beautiful. I mean auctions. There's certain things in the blockchain and with 3andWeb2 space that just don't get the attention that they deserve. So it's refreshing to be able to have dialogue about something that's like super important, and auctions are one of those. Right, just like you can't get around it and and because you guys are on the forefront of things, I see a lot of attention is. I can feel it If there's gonna be a lot of attention given to auctions and I think that is gonna make for a better web 3and blockchain ecosystem.

Speaker 3: 1:02:50

Guys, I appreciate that.

Speaker 2: 1:02:52

Yeah, and blockchain is extremely social. All of our interactions on blockchain, how we share everything, is extremely social. Social media and being able to share things social has probably been one of the biggest strengths in helping anything grow. So the ability to do that easily within this platform, you know, if you're participating as a seller, we'll definitely have its strengths and its advantages. So, like I said, very glad that you guys came on. I hope everyone got value. You shared a lot of alpha and a lot of insight into how the platform works Extremely bullish.

Speaker 2: 1:03:27

Again, not to take anything from the traditional process, the traditional process will always be there in the traditional process, quite frankly, is probably gonna bring dollar amounts that are gonna be impossible to bring this way. But for those of you, again, you know we're all about building, innovating, expanding the market, bringing you know the best tools that we can so that everyone has a fair shot of price discovery, and I'm glad for our partnership and the ability to do so. Again, I encourage anyone who is interested in participating in the upcoming auction that we have a GBM to continue to reach out. I think I outlined the selection process that we are going to use a little bit during our last space, but I'll go in a little bit more detail and formally and start reaching out to people as soon as we get back next week from our little Grammy weekend event. So, yeah, very much look forward to that.

Speaker 2: 1:04:18

Again, thankful for you, cameras, for coming on the space. You and I have had a lot of dialogue. You have been awesome in helping bring you know all of this alive and and and, yeah, to the point where we're ready to get this done. So thank you again.

Speaker 3: 1:04:31

No worries, I'd love to be here and it's been a pleasure working with you and looking forward to some some great things, looking forward to the auction.

Speaker 2: 1:04:39

Yes, sir, yes sir, once again as a reminder for those of you who may have come in late or want to listen back or shared should be available here on Twitter as well as later on our website at iharddomainscom. We will share that link and, yeah, everybody, please enjoy your weekend. We're gonna do our next spaces, I think, on Wednesday or probably be. You know, just touch in space before I head out for LA and then, yeah, look forward to coming back and getting into getting this auction set up. I'm really excited, for this is a big thing and for our project, like I said, a very big thing for our community, so excited for the people in it as well. Let's get bullish. Thank you very much let's do it.

Speaker 3: 1:05:20

Have a great weekend everyone.