Tokenized Domains and Game-Changing Auctions: Bringing Web3 to Web2 with GBM Domains

Can domain names be the key to revolutionizing the Web3 space? Join us for an insightful conversation with Hugo McDonough, the visionary CEO and co-founder of GBM Auctions and GBM Domains, as we explore the transformative potential of tokenized domain names. We discuss how GBM Domains merges traditional domain name systems with groundbreaking Web3 technology to tackle market inefficiencies, including issues surrounding price discovery, liquidity, and transaction friction. Learn how the platform, in collaboration with Dynadot, leverages smart contracts for seamless domain management and transfers, setting a new standard for security and efficiency.

Imagine a marketplace where domain names, the original NFTs, can be tokenized to offer unparalleled transparency and liquidity. Hugo explains the numerous benefits of this approach, such as fractional ownership and collateralization, making it easier than ever for users to manage and trade their domains. In this episode, we delve into the mechanics of the GBM auction system, revealing its unique game theory strategies that incentivize early bidding and ensure fair market value. Hear real-world examples and user feedback that highlight the excitement and efficiency brought by this cutting-edge auction model.

Don't miss our discussion on the domain transfer process and how GBM Domains plans to simplify it by integrating more registrars and addressing current limitations. Hugo shares exciting updates on early adoption opportunities and upcoming no-reserve domain auctions, providing a rare chance to acquire valuable domains at potentially low prices. Whether you're a seasoned domainer or just getting started, this episode promises valuable insights into the future of domain tokenization and the innovative auction strategies that ar

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Chapters

• 2:15 Tech Talk
• 14:39 Domain Tokenization and Bridging Web3
• 23:47 Revolutionizing Auctions and Domain Tokenization
• 32:57 Domain Transfer and Tokenization Process
• 46:37 Auction Mechanics and Incentivized Auctions
• 51:07 Value and Liquidity in Domain Auctions
• 58:26 Early Adoption and Tokenization Opportunities
• 1:03:45 Exploring Tokenized Domain Auctions
• 1:16:10 Upcoming Domain Registration Opportunity

Transcript

Speaker 1: 2:15

Thank you. Thank you, hello, hello. Hopefully everybody can hear me. We are going to get started in just a moment, as always. If you guys could do me a huge favor as you're coming into the space, let's show some love, like retweet. Get as many people in here as possible. We're blessed today to have a great AMA slash Tech Talk panel session. Hey, how are you doing today, hugo?

Speaker 2: 2:41

Hey, marcus, good to hear from you, man, I'm well. Thanks, looking forward to chatting to everyone here about GBM Domains, and thanks for having me.

Speaker 1: 2:51

Yes, sir, definitely Glad we get a chance to come back and do a dive on Spaces. It was definitely a pleasure meeting you in person out there at NamesCon, had probably like a hundred conversations since names con about how names con was and what some of the highlights were and, you know, definitely getting the chance to, to connect with you guys. You know, after you know the relationship that we've, we've built between you know, up to then, uh, that was definitely, you know, uh, one of our highlights. And then, yeah, getting to get to take a peek at this new platform that you've built and, yeah, now getting a chance to talk about it. I know a few people are going to be running a little late, including potentially, paige himself actually just got out of, or hopped out of, a meeting VIP meeting that we have with free names. So a lot of people are still pretty tied up in that one and it's a good one. So, yeah, as everybody fills in again, please like retweet and get started very shortly.

Speaker 1: 4:00

Oh, and I was going to say, if you, if you have anything that you want to pin up to the top, feel free to do so. I have pinned up the recent Domain Name Wire article and then I also pinned up kind of a teaser for what I'll get into a little later in the space which is our upcoming auction. But yeah, if you got something you want to pin up at the top and again, we'll get started in probably just a minute or so. And yeah, as always, if anybody else wants to request to speak, this will be a little less formal than kind of our AMAs. We're kind of really restrictive, although we're going to kind of be like in the middle. So, please request if you'd like to come up or feel free to, like I said, ask any questions in the chat. But yeah, without further ado, we will go ahead and get started. I see that page here. Our second invite, whenever you're able to come up. It'd be awesome if you could do so. But yeah, we're going to get into it. So let's get started.

Speaker 1: 5:28

Welcome everyone to iHeart Domains and our Tech Talk spaces or podcasts, where we discuss news, innovation, education, alpha and business development in the Web3 domain and digital identity space. We are the number one platform for unbiased Web3 and blockchain domain content, with over 100 Tech Talk episodes and YouTube videos produced over the past two years. And you know, we're just getting started. As always, our Tech Talk spaces are recorded so you can view our entire content archive up to now at iHeartDomainscom, pretty well categorized there on the page, and also our Tech Talks are available in podcast form on every major podcast player, including Apple Podcasts, spotify and Our Heart Radio, and pretty easy to get to all of it at techtalkhost.

Speaker 1: 6:11

Once again, as you guys are coming into the space also, if you showed some love, if you have any questions, feel free to leave them in the comments or request a tweet or roll, but please like and retweet. Let's get this out here. And yeah, as you guys can see from the topic ahead or topic above, self-service tokenization and auctions with GBM domains. And it is a pleasure, as always, to have our privileged guests at the house.

Speaker 2: 6:44

If you want to go ahead and say hi and introduce yourself, here you go. Thanks, marcus, and yeah, yeah, just on that point, it was great to meet you in person finally at Namescon and to meet all the other great OG domainers out there as we begin to build in the space. But my name is Hugo McDonough and I'm CEO and co-founder of GBM Auctions and GBM Domains, which is what I kind of want to talk about most today and is an application of the GBM auction technology that I've spoken about here previously. And GBM domains is really our first kind of straight B2C product around the auction technology and specifically applying kind of Web3 technology and Web3 mechanics to the traditional domain namespace, where we see a huge amount of opportunity basically to make that market better for existing users and new users. So if I just kind of give you a sort of a quick overview of what GBM domains does and kind of what our mission was was, we see a lot of friction in the existing domain name market. There's, you know, cooling off periods between transfer to registrars. Price discovery is not easy. It's a fairly illiquid market. The assets are completely unique, the escrow system and transacting on the private sale market is costly and can take time, and so we saw a room basically to alleviate all these problems with smart contracts and blockchain technology and our auction technology, and so that's why we built GBM domains.

Speaker 2: 8:27

But, in short, what it does is it allows you to tokenize any TLD, any domain name that isn't a Web3, so traditional domain name and then, with that token, you can now sell and do all the wonderful things that you can do with tokens that you can't do with traditional domain names that sit in a registrar right. So this token sits in your wallet. This token represents the ownership of the underlying domain name that sits securely in a registrar, in this case Dynadot, who are the partners we're working with, and you can now move this domain name as a token. And so one of the some of the things we provide on the platform are one we can now do escrowless transactions, which is pretty cool, because if you've got a private buyer and you're the seller of the domain name and you've agreed on a specific price in order to create the trust in that transaction, you usually need a third party, probably escrowcom, which currently transacts about 80 to 85% of the private sale aftermarket in the domain name space, and they'll charge you 1.9%, and it'll take a bit of time and it's fairly cumbersome, whereas what you could do with a tokenized domain, with a GBM domain and through our platform and our UI is you can say okay, here's my buyer, they have a wallet address. I whitelist that wallet address and only that wallet address can purchase the token that represents the domain name for this amount of price, for this exact amount of USDC, let's say, on base, and then that buyer can send those funds to the contract and immediately, in an atomic transaction, the seller receives the funds and the buyer receives the token, the underlying domain name, and so essentially, what you've done here is you've completely got rid of escrow, and we can do that at half the cost, automatically, instantaneously and in a trustless way. So we think that's a pretty powerful way to bring buyers and sellers together.

Speaker 2: 10:26

Another thing that we do is other than the tokenization and obviously the private escrow is our auction technology right.

Speaker 2: 10:35

So once you've got your tokenized domain, you can sell it on our platform via a GBM auction, and the GBM auction is the concept of an incentivized auction.

Speaker 2: 10:46

So in our auctions, there are only two outcomes you either make money as a bidder or you win the asset, and so essentially what's happening here is, every time you're outbid, you make a return, and the return you make depends on how much you outbid the previous person.

Speaker 2: 11:01

Or if no one outbids you and you're the last bid, then you win the underlying domain name. So it's a way of rewarding bidders in real time for helping to discover the highest possible market value of the asset for the seller, and it's a great way to create engagement, to get better price discovery, to bring more people into the auction and to try and find the truest highest possible market value for the asset. And so we looked at combining all of these things together and creating this platform and making it as a place for people to be able to kind of experience just what you can do with traditional domain names using Web3 technology, and we launched it very recently only about a week ago and Paige here has listed some really cool domains for auction, and that's kind of where we are right now.

Speaker 1: 11:49

Yeah, I really appreciate the introduction and overview. For those of you who are just joining the space and are going to continue to join in, it might be a little repetition because we are going to walk right back through it to kind of guide everybody a little bit through the process so they can understand the value and to kind of start everybody off on the same page as to where we're at. First and foremost. Welcome to our tech talk. And we've got our guest Hugo, ceo of GBM Auctions, in the building. We're going to be talking about GBM domains auctions in the building and we're going to be talking about GBM domains To preface it.

Speaker 1: 12:31

You know, web2 to Web3 domain tokenization, as you guys know, has been a pretty hot topic in recent months. We've got platforms such as 3DNS and NameFi and even WebUnited leading the charge to bridge the two worlds together. As our space continues to develop, the value proposition is becoming more and more clear and this technology is beginning to find its place, I truly believe, on the retail investment and resale side of our industry. One clear cut and obvious utility of domain tokenization I've kind of been screaming on the rooftops is the ease and speed of transacting that Web3 and NFTs provide. It's a completely different experience. You know that those of us that are used to blockchain and Web3 and trading NFTs, like we appreciate this like 5000 percent. So, and as you know, ease and speed are two crucial elements for adoption and you know, as Hugo has said, you know one of the first to wrap this into a complete service self-service package, you know, is GBM and I definitely want to give you guys your flowers for that and it is, you know, definitelybm domains.

Speaker 1: 13:45

And we're going to talk about GBM auctions as well, because I do think that, in order for people to appreciate you know, what you've built or what you're building, it's good to appreciate what you've built and what you're already doing in the space. But, yeah, I do actually want to get some insight and input, also from our resident OG, paige, who did just beta test the platform. We've got some domains that have ended in the auction and some that are still live. I think you may have like 30 or 40 minutes to squeeze some bids in, if you guys haven't already gone on gbmdomains, but then I also want to do a little showing of our own upcoming auction that's going to be starting on Monday, which features 12 of my xyz domains that have zero reserve. And again, as you guys are coming into the space I see more and more people are coming in Feel free to request a speaker role. Also like and retweet. But yeah, paige, if you want to go ahead and say a few words, get everybody acclimated with who you are if everybody doesn't already know you and then,

Speaker 1: 14:46

yeah, we're going to do this deep dive. Are you there, sir? All right, while we wait for his mic to work, I said, let's, let's kind of rewind. It's not even really a rewind. This is your current platform. Right now is a big innovation in the space. You know giants such as unstoppable domains, and you know even little guys such as myself are very much benefiting from your current technology, which would be GBM auctions. If you could do us a favor and kind of get us all bullish on the current platform, what it does for the space, and you know how people may have already currently interacted with it or may interact with it in the future.

Speaker 2: 15:43

Totally yeah. So I guess the first thing to kind of preface everything with is domain names are really the original NFT in many ways, and so bridging that market into a fundamentally Web3 space is an obvious move and makes sense. But I think where a lot of other companies have come at it is don't get me wrong, you know I've been in crypto now for 10 years and you know if you cut me I'll bleed. I'll bleed crypto. But trying to take a market that's 20, 30 years old, very mature, has existed for a long time, works on top of the original protocols of what the internet was built on, and trying to replace it with no, the future is going to be full Web3 DID, it's going to be full ENS. It's going to be full unstoppable domains, whatever it might be, is, I think, the wrong way to go about bringing these markets together. I think the right way to go about it is to say, okay, well, what does the Web2 domain space have to offer, and what does the Web3 space have to offer, and how do we bring them together in a way that isn't just sort of trying to kind of say this one's better than the other and we need to replace the whole system, and so that's kind of how we came at the whole market. That was our thinking.

Speaker 2: 17:07

And registrars serve obviously a vital purpose and they're the backbone of how these things are stored and owned and transferred, and trying to kind of reinvent that to us didn't really make make a lot of sense. What made sense was what a token intuitively and instinctively brings to an asset, which is transparency on ownership, transferability and tradeability and therefore liquidity. So the velocity at which you can move this thing, the ease at which you can move this thing, the ability to move things globally and instantly for various cryptocurrencies, and then the ability in the future to start doing all the wonderful things that you can do with tokens, like fractionalization or collateralization or lending contracts or, in our case, using a GBM auction, you know, and these are things that you can't do with, let's say, a traditional registered domain name in fiat on a registrar. So rather than trying to kind of replace the whole system, it's like, how do we augment the current system? And so yeah, in short, that was kind of where we were coming from, and I guess the very first crux of all of that is the tokenization process. So when you come to GDM, you can either register a new domain name through Dynadot, our partner, who is. We work on their API on the backend who is the registrar on which your new domain will be registered? Api on the backend who is the registrar on which your new domain will be registered?

Speaker 2: 18:46

Or you could transfer a domain from an existing registrar to our Dynadot registrar account, and these are how you bring it into custody, let's say into the space, and then, as a result of doing that, you're immediately given a token on base. Everything's powered by base. We've chosen base for a whole variety of reasons and I'm sure we can dive into that a little later but you get given this token and that token gives you the legal, absolute license right of the underlying domain name that is held in our registrar account. So it's not just like, oh hey, let's just mint a token and see what happens, and it's not really clear and it's muddy as to what you own and what you don't own, because ownership in the domain namespace is super, super important and it's really what the purpose of the registrars provide, and so we've tried to mirror that importance with the bridge that we've created. So you know, for example, with the GBM domain, you can redeem it at any point in time. So you can, if you want to take it out of its tokenized form and redeem the underlying domain name on the registrar to your own registrar account on DynaDot or to another account to another registrar later on, you can do that. You can do that at any time and that's to kind of clearly show you how important it is in that, when you have this token, you do have all of the rights and all of the licenses and everything that you would need to own the underlying domain name via that token.

Speaker 2: 20:18

I think that's just a really important point to make because I think there's going to be a big. There is a big, you know, trust issue. I think for people that have been in the Web2 space for a long time with what happens in the Web3 space, you know things happen fast, things move very fast, some things aren't clear. There's been a lot of scans in our industry over the years, so it's important to really get that, that core bit of the bridge sorted and we spent quite a lot of time and energy and thought on doing that. So, yeah, that's the kind of very first step of the process is you come register a new domain on the Dynadot backend and get a token to represent its ownership, or transfer one from an existing registrar that you own into the Dynadot account that powers GBM domains. And I guess that's step one. I can go further if you want me to, marcus, but that's step one.

Speaker 1: 21:10

I did want to ask a question, and I think this is a good and very important question for those who have been kind of paying attention to GBM and the developments and partnerships up until now the speed at which the bridge is being built between web two and web three, like it's, it's super fast and and a lot of different, like I said, use cases and technology and developments that are making our two worlds work together. They're just, it seems like they're coming from one day to the next, and you guys have built a pretty substantial, I would say, footprint in our space. As you know, the blockchain auction platform that many use, such as, like I said, unstoppable for Web3 domains, other NFT platforms like Avogadro for their NFTs, us, you know, as a brokerage, etc. And so for people who may have, you know, kind of this, already set maybe understanding of the mechanics of GBM, the kind of pre-question I wanted to ask just to tie these together. You know, and as I even recently learned, your relationship in the Web2 domain space isn't a new one, you know, and in fact, some of the earliest supporters and even investors in your platform include Andrew Rosner himself, which to me, adds a whole nother level of credibility to our Web3, you know, and blockchain narrative.

Speaker 1: 22:39

So, just FYI, what kind of inspired you to now transition from what many see as the current model to now you know this one and is this something? Is this a transition that you guys kind of already knew from the start? Like, was you know the DApps and the auctions kind of the first step of it to introduce people, like you said, to the concept of tokenization itself? And then you know this new model and what we're going to deep dive into it and kind of the ease of how it makes the process for listing domains and stuff for other people. But did you always know that you were going to transition to this? And you know GVM options is kind of the first iteration of it. Yeah, because something like this doesn't happen overnight, like a partnership with Dynadoc, you know, giving access to that many TLDs, like you guys built a pretty nice platform once people start to see it. So, yeah, sorry for this long-winded question.

Speaker 2: 23:33

Yeah, yeah, no, it's a very pertinent question. It's quite a long journey. I mean a little bit on the background, like I've been in crypto now since like 2013. Background, like I've been in crypto now since like 2013. The very first thing that me and my two co-founders developed back in 2017, when I guess NFTs were really just beginning, you know, at the time when people were sort of minting punks, let's say, we created a platform called Cryptograph, and the concept of Cryptograph were these NFTs that raised money for the creator and for a charity forever. They were like a perpetually passive kind of income instrument for good causes. That was the idea.

Speaker 2: 24:08

And it was in the creation of these assets that we were like well, how do you price these things? How do you price Vitalik Buterin's first ever NFT? How do you price Paris Hilton's first ever NFT? I mean, we don't know. So they go to auction.

Speaker 2: 24:26

And it was at that time the three of us kind of sat down and we were like well, running an English auction on chain has problems. Running a Dutch auction on chain? You can front run it really easily. It can be expensive. There's lots of issues with existing price discovery systems being transposed on chain. And we were like, well, why don't? When we kind of had a moment where we were like, wait a second, we can make a better one, a moment where we were like, wait a second, we can make a better one, because with fully funded real-time payments ie bids on chain, and a trustless smart contract that can do all of the logic of the auction in real time, we could create incentivized auctions. And then that's when it was born, that was in. So we were like, hang on a minute, this is really big. This is a whole new way to discover value for unpricable assets.

Speaker 2: 25:04

And then it was at that time we went and raised a small round and I spoke to lots of different people from all over the world and one of those people was Andrew Rosner and we had a really fun chat and I showed him the auction system, how it works, what our plan was you know the white paper behind the technology and he was kind of like immediately like, oh my God, we need this for domains like this needs to be in domains. It's like I spend my life in auctions every day. I'm always bidding on stuff. This is a much better way to discover value and a way for me to be rewarded in real time for helping to do that. And so he came in as an investor in those in those early days, and so he always knew that domains was something we wanted to aim for and was a market that we wanted to come into.

Speaker 2: 25:52

And I guess between then and now we turned GBM into a Dapp, as you said, marcus, and we licensed out that Dapp and we build out those Dapps for other platforms and other projects and individuals that want to use the technology, and we've been doing that now for about 18 months and we've got lots of really great clients, as you said, like Avogadro, like Unstoppable, like yourself, like Page lots more others in the pipeline that are coming that I can't talk about just yet.

Speaker 2: 26:23

And we've, you know, done over 70,000 auctions and upwards of 250 million in bidding volume across all of those clients. And we realized that after having, you know, crunched all the data built out, the initial kind of B2B version of the product had kind of all of our ducks in the row. We were like, okay, now's the time to release our first consumer product for the market that we always knew that we wanted to tackle first, which is domains, and that's kind of the journey as to why and how we got here, and Andrew's been an important part of it from the get-go and his help and enthusiasm for what we're doing has been really, really helpful for us. But yeah, that's a bit about the journey and, I guess, how we've kind of come to this stage.

Speaker 1: 27:10

That was perfect and thank you for catching everybody up to where we're at now. And so here's now where we're going to get into a little bit of the repetition part. So I know that you covered quite a bit. You know about the GBM domains platform, but we're going to slow it down and walk through it so everybody can really get familiar. And yeah, just a reminder again if anybody does want to come up on stage, please feel free to request a speaker role. We've got some speakers on stage. I see Paige's mic is on. Go ahead and talk, sir. How you doing?

Speaker 3: 27:46

Well, hello everybody. Hello, hugo Wynn, how you doing. It's June and I feel like it's. You know where we all thought we'd be last November Tokenized domains, web2 domains, on chain. So thanks, hugo, for bringing it to actuality. It's terrific and I think you guys have probably covered, if this follows the format of the prior call, the idea of tokenization. But I'm also just as excited about the bid to earn and the bid to win and you get something back. And I don't know if you've left that for later or not, but were you able to cover that?

Speaker 1: 28:28

Oh, we're going to get into all of that. I started laughing when you started saying it was June because I thought you were going to dive into you know what time of the year it is.

Speaker 3: 28:38

Well, I can't say that I'm not tempted to chill a little bit. There are some live auctions on the platform. I wanted to be a test user of all these new technologies. For those of you that know me, I am a consultant with Freename, but I've used NameFi, I've used 3DNS, I've tried to use ENS, I've tried to use UD, and what I really thought I could maybe help here was to give them some feedback on what a natural domainer would think, and I wanted to commit to them that I would spend some money, buy some names, put them out at no reserve to let people see if they want to buy them and let people experience the system and especially experience onboarding. And so that's where I've come from. You know, to put up the names that are closing in the next hour. I'll let you guys keep going.

Speaker 1: 29:29

Yeah, first of all, thank you. I'm grateful, as always again, and I always speak flowers or try to give you your flowers whenever possible, but thank you for joining the space. I do hope to tap into your experience in a couple of minutes Because, yeah, that is a very important part of the process. You were the first to beta test this platform. As you have said, and as I mentioned earlier, there are some of your domains that are still live.

Speaker 3: 29:56

Well, well, well, now, hold on a second now. The first was WinAirdrop. Marcus, I just had to run options two or three months ago, and that's how I found out about it, and that's how I found out about this platform, and what I liked about what Marcus had done is he had stepped up and done the options. So I'm still giving you first.

Speaker 1: 30:34

I really appreciate the love. Thank you, sir. I really appreciate the love. Thank you, sir. This newest retail-facing iteration of the product you did do us all the favor. Normal domainer, who sells these things? You know what the process is, you know what the pain points are and, if this does, in fact, you know solve them and how easy this makes the process. So, yeah, definitely look forward to tapping into that expertise and True Domain. Since you're up on stage, go ahead and introduce yourself, say hi, how are you doing, sir?

Speaker 4: 31:24

Or not, but I was like I have to join because, as you guys know that I'm highly excited that this is actually all coming into play. Like you said, we've been speaking about the tokenization of domain names for a while now and it's actually awesome to see that people are working on this constantly and the fact that not only you have the, as you said, you highlighted the key points right, and the fact that not only you have the, as you said, you highlighted the key points right the ability to fractionalize, the ability to collateralize. But I think that one of the things that I've really realized, especially these past couple of months, is the ability for price discovery, and I know that I spoke to a couple of people from the GBM team. In fact, over at NameFi, we were able to basically have an interview with GBM in regards to auctions and one of the key points that we were really emphasizing was the need and the pretty much just the need for price discovery, especially when it comes to things like domain names and seeing how GoDaddy Auctions works. That pretty much gives an insight in how, I would say, auctions are run and it's really important to be able to actually try to use these different platforms, but I did have a couple of questions for you guys, if you didn't mind.

Speaker 4: 32:51

Yeah, go for it sir. Yeah, and I'm sorry that I'm, like I said, mid-workout, so kind of out of breath. But when it comes to GBM, right, let's say you have a couple domains on another platform, you're not using Dynadot how easy is it to transfer a domain? As far as let's say that you know, you just recently had it registered, let's say on GoDaddy, right, how long does it take to transfer a domain to Dynadot?

Speaker 2: 33:21

Yeah, it's a great question. At the moment it has to go through the you know, the normal transfer process of a domain name between registrars, which is fairly cumbersome. So you'd need to have an account on Dynadot that you could receive the domain on in order to transfer it to our reseller account. And then that would be if it was already on GoDaddy and it had already had its cooling off period, it could be pretty quick. But if it's in its cooling off period, it can take time up to 60 days, which is the ACAN rules.

Speaker 2: 33:56

Our plan over time is to work and integrate more registrars to make this more seamless for users and make it easier to transfer between them and to us, between them and to us. But for the moment, we're working with one partner and one API because, well, in our opinion, it was the best one. It was the best one out there, really and lots of different registrars have lots of different terms, lots of different ideas as to how people can use their API, what's allowed to be done on it, et cetera. So the plan is to do that over time, but it's going to be a long road because you're dealing with individual enterprises that all have their own rules and their own API systems. But no, it's a great question because registrar-to-registrar transfer is still cumbersome and will still be traditional. If we can make that better over time, that's definitely the goal, but at least for now, with one partner, we've created that initial bridge, as it were.

Speaker 4: 34:53

Right and that's definitely one thing I saw as well the ability to transfer a domain name. It's really cumbersome when it comes to just trying to transfer from one registrar to the next one. Now, follow-up question. The reason I asked that question is because I wanted to make sure that I had all the right information. But the main question is let's say I already have a domain tokenized. Let's say that is already on, either like the main net let's say Ethereum or it's already on base. Let's say I have it from another platform. Do I have the capability of actually transferring it over to GBM domains?

Speaker 2: 35:35

Another great question yeah, not yet.

Speaker 2: 35:37

So if you've tokenized a domain on a separate platform, even though it's a token, that would let's say it's a NameFi token or something I don't know that would let's say it's a namefile token or something I don't know then moving it into the gbm domains marketplace to be able to be sold via gbm. Yet it's still not possible. Um, this is another thing we're looking at and alongside doing that, the creation of um, being able to introduce more kinds of web3 domain names to that marketplace is is a possibility that we're looking at as well, but for the moment it is all through the Dynadot registrar via GBMdomains tokenization system, and for now that's the way it has to be because of how the architecture is built. But these are two great questions and two great room for kind of growth and integration to widen up the market in the pool and make it easier for retail who are working with different providers to be able to engage with the price discovery system and the other tools that we provide, and it's totally on our roadmap, but it's a long road, let's say.

Speaker 1: 36:50

That's something that I was actually planning to highlight towards the end of this space is that there's still very much value, not only in platforms that have a DApp built through GBM, such as myself, but even those who may even be looking to develop a DApp for themselves is there's still plenty of opportunity for certain assets that aren't going to fit in this model? This is very much a web two tool. This is a tool designed to help tokenize web two domains and, you know, create a blockchain market for them, slash whole bunch of other tools for them and make that process extremely easy. But there, there still needs to be at the moment, like you said, until you guys develop something else, there still is very much a need and a value for the individual dApps to place, like I said, web3 domains, for instance, pure Web3 domains, also domains from other platforms, as long as they're compatible with that auction. So yeah, with that being said, let's dig into this platform again.

Speaker 1: 37:53

A little bit of repetition, because you covered some of it already, but for those who may just be tapping in, let's give a general overview of what GBM domains is. I'll make it simple for you guys If you guys want to follow along the easiest way to get there is gbmdomains. They made it real simple for you with the domain name. But yeah, give us an overview about GBM, the value it brings to the domain space, ie the Web2 or Web2 domain space.

Speaker 1: 38:22

And also, we're going to kind of touch back into that process and I'll even give a little testimonial of my ownial of my own, because you know, this is my first time actually using Dynadot to register domains and it was quite an easy process. So, yeah, if you could do that for us, Sure thing.

Speaker 2: 38:40

So I'll walk you through the whole kind of user journey from A to Z and what you can do. But yeah, you can come to the platform. So for the the moment we're only whitelisting certain sellers, certain wallet address addresses on the sell side, because that's just how we're kind of scaling out. At some point we will open it up, but for the moment it's for specific domainers and whitelisted sellers. Those users can then come to the platform and they can tokenize any domain of any TLD if it's held at Dynadot. So, as True Domains mentioned, it needs to be transferred there first. But once it's transferred there first or you can register new ones directly on that registrar you can create the tokens for $1. It's a $1 fee to tokenize, that's all, and you get your tokenized representation of the underlying domain name held at dynadot registrar. Well then, you can do two key things for the moment, or three key things really. The first is you can then manage that domain name through the gdmdomains UI via the token, so via your wallet. You sign in, our platform reads that you own the underlying domain name and you can, you know, manage the name servers. You can do forwarding, you can do self forwarding, you can do all of the management things that you need to be able to do with your domain name via our UI, with a, with a Web3 connection. You can then, if you wanted to, do a private escrow transaction, which I mentioned before, so you can assign one wallet address to be the purchaser and a set amount, and that purchaser can purchase the domain that you've listed for sale in that private sale, as we call it, and that's an escrowless transaction from one buyer to from one user to another, directly together, no escrow needed, fully trustless, via a smart contract, and that's only a 1% fee compared to the existing 1.92% of the existing domain. Private sale aftermarket and then you can list your domain for sale as a GBM auction, and so this is where I'll kind of dive into a bit more as to what actually that is. But you can essentially set a time period and an incentive preset, which I'll talk about, and list your tokenized domain for sale via GBM and anyone can participate on the buy side of the platform right now. So anybody can bid, anybody can engage with the marketplace. As long as you've got a wallet, you can connect that wallet to the Coinbase network and you have a little bit of BaseEth and a little bit of USDC. So that's the kind of prerequisites that you need. Now, obviously, in the crypto native market, that's something that's fairly commonplace these days. People understand what that is. But bringing domainers into the buy side of the market and educating them on those things and what they need and how to get a Coinbase wallet We've released a lot of tutorial videos about this and we're working with Paige and others on trying to educate traditional domain is about how you can engage with this technology and the easiest way to onboard.

Speaker 2: 41:55

The great thing is those. Once they are onboarded, they're. They're web3 forever. You know, once they have their wallet and a little bit of ether and a little bit of usdc in it, you're. You have your passports for the whole web3 world. So it's an initial lift, but once that's done, there they're plugged in. Let's say it's an initial lift, but once that's done, they're plugged in.

Speaker 1: 42:09

let's say Sorry for the interruption, but this does seem like the perfect opportunity to get some feedback from Paige, as somebody who's probably registered more Web2 domains than most of us have even thought about. How easy of a process was this to do or kind of get used to? And I got the no mic work.

Speaker 3: 42:44

All right, I'm here. Sorry about that. Too many buttons. It's uncomfortable for a Web2 domainer. The bidding and the play to win is really good and works smoothly.

Speaker 3: 43:02

Getting crypto and when we say crypto here, remember all the auctions that are being run right now are on USDC. Crypto here remember all the auctions that are being run right now are on USDC. And what that means is you're taking advantage of digital currency as a micropayment method, not that your wallet and your Bitcoin is going to go up 10%, down 10% up 20% down 50%, whatever. We're just doing it in USDT. So what that means is you're going to move money, like if you have a Coinbase exchange account, move money from your bank or your credit card into Coinbase, into something called USDC, which just stays at a dollar it's like a money market fund and then, with a wallet that's going to attach this money that you used to keep like in your bank into your browser. Basically, I know that's too general of a term, but just think of it that it's for your use on thousands of applications in your browser. You're not having to give, like in the domain world, each registrar 100 bucks to be able to buy names there. You just have 100 bucks in your wallet to use anywhere you go connect and one of those places you connect is GBM. So that's the key, and it's not always clear on the site that the first thing to do is connect your wallet.

Speaker 3: 44:20

You say what's a wallet? Okay, go through the process of getting a wallet where Wynn's got some great education. You've got this money teed up and then you say, well, what currency do I want to have? And you want to have this thing called USDC on base. And that just means that, rather than being on Ethereum network, which we all maybe remember from the NFT craze, you've got it on something where you're not having to pay $10, $20, $30, $40 of what's called gas every time you want to do something. And in the GBM model, because you're going to be doing, hopefully, a lot of bidding, you're going to bid. You're going to get your money back. You're going to bid again. Having it be really a low gas transaction is a lot of the elegance of what they've built here recently. But yeah, the key to be ready to bid.

Speaker 3: 45:10

Listen, domain name auctions are always going to come down to name and price. The names you see at gbmdomains. Do you like the name? Do you like the price Just because they're there isn't going to make the domain any better than it already is. But this idea of being able to bid early to make money or get the name and to bid with crypto and to have it be gamified, I think it's pretty cool. It's always going to get a name and price, but, yes, I'd say the process is a little uncomfortable if you're not crypto native.

Speaker 3: 45:46

And if you're crypto native, then you're wondering, well, what's a good domain? And that's and I'll finish with this that's the price discovery that True Domains talked about. Most domain auctions don't get a bid till 10 minutes left to go, so it's a seven day auction and for six days and 23 hours and 50 minutes it looks like no one wants it and you're like, well, if no one else wants it, why do I want it? But this price discovery kind of shows that there are domainers that are trying to make a little action on the name, that have bid it up to kind of a safe level, and that does help, I think, maybe a crypto native person who's new to domaining at least see where some of the action is, what's hot, instead of waiting for the last 10 minutes. So that's everything I know in a quick synopsis.

Speaker 1: 46:37

Yeah, thank you, I really appreciate that, and sorry for the interruption, hugo, but I did really want that input before we started deep diving in the technicals, you know. Just to bring it back to the UI, right, the UI is extremely important. How real people are going to use it, how real domainers are going to end up interacting and recepting with it, and kind of prepare yourself for it, right Cause there is there still a technical journey per se. Uh sure, uh, I think this UI and and as you guys, uh, you know, continue to guys, continue to mess with the dApp and the platform, you'll get used to it pretty easy, because if you're already dabbling in Web3, this is very well set up and very well easy to walk through.

Speaker 1: 47:19

But there are some, perhaps, challenges. But with those challenges also come reward, and that's the part of the technicalities we're about to go into. So kind of wanted to slow everybody down and get some real use case in there before we start talking about the mechanics of the auction itself. Because once someone is able to self-tokenize an auction or self-tokenize a domain through your platform, they now have access to the same auction tools and the same settings in order to incentivize people to participate, you know, in purchasing their domain, as you guys have already seen in the apps with Unstoppable. So yeah, if you want to kind of tell us what those things are, you know what kind of tools people can look forward to utilizing once they've tokenized their domain.

Speaker 2: 48:04

Totally yeah. So I guess you know we spend a good amount of time talking about how it works on the on the sell side, the tokenization side, but, as Paige mentioned, on the buy side. Definitely this is one of the big problems in crypto overall is how do we get non crypto savvy people into the crypto world? And it's you know, getting a wallet, understanding a wallet, getting some crypto, getting some crypto on an exchange or through a wallet, you know there are hundreds of thousands of people and millions of dollars and huge amount of time spent trying to solve these problems. A lot of it doesn't help by regulation. Regulation actually makes it very difficult for people to build these systems well. But I think we've come to a stage now, after many years of development, where, yes, there is a learning curve but it is doable and it is possible, and those that jump through a few of those initial hoops will be rewarded earlier than those that don't. But I guess that's the same with any new technology and any new kind of innovation adoption cycle. But anyway, back to the buy side of the marketplace. So Paige did talk about it.

Speaker 2: 49:04

But the real big kind of innovation here in many ways is access to the auction technology, access to GBM as a bidder. So I touched on it before, but in detail, each GBM auction has its own incentive preset and the seller can pick this. So Paige, for example, has a multiplicity of different domains and he has different auction presets that he's decided for different domains, like medium, high or low, and these, or even DGN, which is probably our favorite preset, and these are the amount of return that a bidder can make when they get outbid. So low is, let's say, 1%, 2%, medium is 5%, high is 10%. Dgn is 20%, let's say right. So these are all different amounts of return that if you are outbid you make your bid back plus that kicker. So if I just take you through a basic example, let's say there's an auction out there right now, let's say the domain on auction is $100. If you came in and you bid $200 and it's say the normal preset of a ten percent return, you've just doubled as the new bid of the previous bid. Right, you've increased the price dramatically, you've added to the price discovery a lot, and so in return, when your $200 bid is outbid, you will make 20 bucks. You will leave with 220, you will leave with more money than you started with, and this is the power of an incentivized auction that's happening in real time on blockchain tech and, from a system perspective, the way this kind of works is the seller is essentially foregoing a portion of their overall proceeds to try and find a truer market value and to try and generate more engagement around the sale of their assets and more excitement. Try and generate more engagement around the sale of their assets and more excitement, and this is a seriously powerful new way using crypto economics basically to find price and to discover value, and that's what Andrew Rossner got so excited about initially. That's what Page is really interested in engaging with and that's definitely a big part of what we've created here.

Speaker 2: 51:07

So anybody can go to gbmdomains. They can see any of Page's really cool items. I think he's got some really cool ones on there at the moment, like fuatocom, abuicom. He's got some really good XYZs that are kind of crypto-specific and you can go in there and you can just place a bid and the worst outcomes are if you get outbid, you're going to make a return based upon how much you outbid the previous person or if you're the first bid. If you're the first bid, you always make the maximum return if you're outbid. So if you're the first bid and no one outbids you, you're going to win the great domain name. If you're the first bid and someone outbids you, you're always going to make the return that is programmed into the preset of that auction. So it's a very powerful incentive to get things started, to get it moving, and that's really what GBM does.

Speaker 2: 51:56

I think I should also talk a little bit about the example I gave you of $100 to $200. That's an example of doubling the previous bid to make the maximum return when you're outbid. It's a sliding scale, right? So if the current standing bid is, say, 100, and you bid 110, or, yeah, let's say 110, you've only increased the price by 10%, right, you haven't doubled it. And so when you get outbid on your 110, you will still make a return, but it will be a smaller amount. It'll be, you know, one buck or two bucks. So that's something to think on and that's how the game theory is designed to try and reach the highest possible market value for the asset as quickly as possible.

Speaker 2: 52:37

Basically and this also leads to more efficient auctions and, as Paige said, when everyone in the GBM auction understands exactly how it works, the price discovery is totally different to an English auction a normal auction right, a normal price ascending auction All of the price discovery happens in like the first 10 minutes and then it stabilizes for a bit and then there's a flick up at the end, like there is in every auction, because there's always the most excitement at the end and that's just like flipping it on its head compared to a normal auction system, which Paige alluded to, where, like, nothing happens for ages and there's a little flick up at the end and it can be fairly inefficient and doesn't drive as much kind of activity or engagement.

Speaker 2: 53:20

So that's really what GBM auction is. That's what it does. That's how it works For bidders out there. The key is that you're either going to make some money or you're going to win the asset that you bid on, and I think that, as far as auctions go, that's a way better offer than locking up capital or spending time in auctions and not winning right. Like you put your hand up in a big normal domain name auction and you get our bid and you just wasted some time and you've not been rewarded for it and you've actually helped to discover value by pacing that bid and there's been no reward, and so, rather than spending all your time in all of these auctions not being rewarded for the value that you're adding. We just kind of want to turn that on its head, and that's what we do.

Speaker 1: 54:09

Yeah, there's some scenarios in the future and I can't wait till this happens. I mean, surely, when people like money or somebody at some point or some of that type of inventory that he gets his hands on, you know, comes through this, there's going to be some auctions that are going to go crazy if they mirror anything that happens, you know. Know, in the live space. Also, the D-Gen preset too. I think that's a new one and you guys will notice on, you know, on all mine that I have listed coming up Monday, that I definitely selected that.

Speaker 1: 54:51

But the prospect of you know being able to earn, you know, up to 20 percent%, that type of gamification, you know, obviously, you know, coming from the DGN side of the crypto, web3 space, I think a lot of us are all about it and, again, you know, that's got the potential to create some crazy scenarios, kind of going back the page, you know, while we have you here and you know, kind of going through the process and coming to the end of your own auction. How do you feel like this helped with the current inventory that you uploaded into the auction? I mean, obviously you know what the probability would have been if you're moving it otherwise. But yeah, what's your feedback?

Speaker 3: 55:26

Well, it hasn't worked out well as a seller because really we've got one bidder who's been able to get all the names at the minimum and I'm fine with that. I knew what I was doing when I put it in there, and so I think the resistance for people to try something new to connect a wallet Um, you know not, you know I, I think everyone's just waiting for it to be on D and journal or you know it's awesome, and then there'll be more bidders and then it'll be great for me and there'll be more sellers and everyone will want to sell later, you know, when there's a thousand bidders. So I was probably too early to list these. Um, but anyway, some people are going to get great deals, I think. You know.

Speaker 3: 56:12

I think that when you buy a domain name at wholesale I've done the wholesale market it's about 40% of my business for 10 years or more you know you are just paying to be the holder of a name until a retail buyer comes along and pays a higher number. So I've always felt that domain names had two values the end user value that you could extract from someone who wants the name, and then the price. It's worth to buy it now, to hold it, and if we're ever going to have the liquidity that crypto provides in domains, it's only going to be at this wholesale level, at this optionality level. What is it worth to own Springfield blog, which is about to close? You know, there's, you know probably, five or six big cities called Springfield and someone down the road may want to build a blog, or or or you may want to contact people that have a blog today and try to sell them Springfield blog for a thousand or 2000. And so what is the value of that domain to hold it now and that's where I think I've wanted to try to use this technology to make markets is that we would have volume amongst domain investors at wholesale and the last time it happened was on was on clubhouse, when we had seller auctions there, and it, it put it moves money around the market.

Speaker 3: 57:29

You know what I mean. Which is good. It lets us pick, sell some, win some, lose some, buy some. But the fact that in one click you can take a name from being tokenized that you want on the auction to being in your Dynadot account ready to sell to an end user, I think that's the pathway for domainers to an end user. I think that's the pathway for domainers and then for traders. You keep it tokenized and you can put it up for auction or sell it to another crypto investor. So there's so many things I liked about it. But yeah, right now I guess I was too early. People still don't want to get wallets and get on base and get ETH, but hopefully it'll change and get.

Speaker 1: 58:10

ETH, but hopefully it'll change, ben, I really respect and appreciate that honest feedback and it's something that people need to hear, you know, along with the technology and the fact that it exists and that we truly do hope that it becomes, you know, a big instrument of success. Part of developing that out and kind of optimizing it is getting this feedback and again, we're blessed that somebody that's touched more domains than most of us have thought of is helping us go through this process, because a lot of us are on the other side hoping, we're hoping we can go hand register a bunch of domains and go list them on this platform and go get rich, and we need to hear otherwise. We need to be able to develop and optimize with you. So thank you again for that feedback and it provides also room this easier. You can go develop it, you can go build it, you can go partner with other people and you can help develop the space that we want to see. It will provide the future. It'll build the future that we're looking for a lot more than being divisive. So thank you very much for that feedback.

Speaker 1: 59:22

Wanted to also kind of touch into some of the facts, going back to Hugo, about what happens once somebody does tokenize a domain, because I know there's a couple questions out there, one of the ones that True Domains had asked and I think you had your hand up, so I'll go to you if you do have a question. But one of the questions that he had asked is if someone tokenizes it on another platform, can you transfer it over into GBM? And, as we know that that doesn't exist currently, but if tokenize it with gbm, um, and as page just mentioned, what is the process to? If someone wants to turn it back into a normal domain, is that possible? If they want to move it somewhere else? Uh, things like that yeah, totally, once.

Speaker 2: 1:00:02

once it's uh, tokenized, you can move it to, to to any wallet. It's a, it's an nft. You can move it any any way you like and it will always represent um, the, the underlying domain name, wherever it. You can move it any way you like and it will always represent the underlying domain name wherever it is. You can trade it somewhere else if you wish to, and you can always come back to gvmdomains and redeem it for the underlying domain name on the registrar whenever you want, and move it to a different one if you want, or keep it on Dynadot. So once it's tokenized as I say, it's a token you can do anything you want with it, as you should be able to with the token, and you can always come back to us to do the redemption process. And yeah, I mean you know. I just want to touch on what Paige said as well. Like I, totally, you know he's been amazing in that he's such an early adopter here. He really is an ambassador for the traditional domain community to come into the Web3 space. It takes a lot of bravery and a lot of learning. I just want to shout out to Paige for really doing that and spending the time and energy to make those jumps. Time and energy to make those jumps, and I think that he'll be well rewarded for it, for being, you know, one of the first pioneers from the traditional domain space to come in and do that.

Speaker 2: 1:01:25

And yeah, he's right, you know it's a long road. We're going to start trying to market to more of the buy side, to educate the world and let people more know about what we've built so that, you know, we can build more of that bidding community and build more of the liquidity for sellers and make it more of an active market for everyone involved. But obviously that takes a lot of time and it's not an easy road, especially if there are these blockers of go get a wallet, go get some base ETH, go get some base USDC and then let's go. So that's probably the problem we're going to sit on at the moment and really think on and try and tackle because that's in so many ways, that's how we grow the pie and grow the market for everyone is to just try and make that simpler and easier and really bring people on and onboard them.

Speaker 1: 1:02:12

Yes, sir, yes, sir, yes, sir, and we're going to start to wrap this space up, but we're going to come around to the positive part of us being early to this space. So you know, as we've mentioned, the technology in and of itself is amazing. It has the power to really transform the experience and empower a lot of us who may not currently be successful in the space. It will give us a self-service tool to get in there and try to make a little bit of money. But, as we've also illustrated, if you're not blockchain native, it may take a little bit of learning curve. But the benefit to participating right now and this is kind of where I want to, you know, kind of end with this. Let's talk a little bit about the beta period.

Speaker 1: 1:02:55

You know, the opportunity that does exist right now for being early is, like Paige said.

Speaker 1: 1:02:59

You know, some of us are putting some domains in this auction to test out this process and we're putting no reserve on them and there's an opportunity to get, you know, some pretty good domain names that make really good sense to me for really cheap, to get some pretty good domain names that make really good sense to me for really cheap.

Speaker 1: 1:03:15

So, for those of you who are looking for a reason to get in here while it's early for the benefit and opportunity. People who are early typically get a reward and you never know what you're able to build out with one of these domains. So, yeah, if you want to talk to us about when you plan to go public for everyone to use the platform as far as being able to self-service and tokenize themselves, and then you know I'm going to briefly cover, you know, some of the domains that I have in the auction right now or that are going to start on Monday with no reserve, and then, if anybody has any questions, we'll go to it. We'll wrap up, but before we get to that, thank you guys again for your time. Thank you for everybody that's currently in the space. Really appreciate you guys on a Friday. But yeah, go for it, sir.

Speaker 2: 1:03:54

Yeah, totally. So first thing I would say is, obviously, if you want to find some really good bargains at low prices right now and at the very least, make a return for being outbid, do go check out GBM Domains and see what's out there at the moment, because Paige, who is a true domaining OG, has some pretty cool gems up there, I would say. And so that's the first thing, and on that as well, when it comes to opening up the sell side, we're working on that. For the moment, we want to take it a little slow on that side of things, just to make sure everything's stable and working properly, and it seems to be right now. It seems very, very solid. But we're going to open that slowly up over time. Maybe in probably a couple months time, let's say, we'll have it fully open for anyone to be able to list and sell what they need to. But that's still a TBD at the moment. It's a moving target, but that's the kind of generalized timeline for us. And but yeah, as I say, on the bidding side and on the buy side, anybody with a wallet and some USDC and a little bit of base ETH can come and interact with the GBM system, the GBM interface and come and take a look at what I think are some really quality, really cool domain names.

Speaker 2: 1:05:05

And I think it's important to kind of reference here as well, like, if you're coming from the traditional, from the like native crypto community and the NFT world, which I am really that's my world. There's a lot of smoke and mirrors out there and there's a lot of problems with that market and the biggest problem is that what have you actually bought? What is the underlying value right? What are the rights attached to this? Jpeg, et cetera, et cetera, et cetera.

Speaker 2: 1:05:35

And what this is is a real world asset. This is a real asset that thousands of brands, thousands of people, thousands of dollars in a very large, mature market have been buying and selling for years, in a very large, mature market, have been buying and selling for years, and is the home address and the brand base for any new enterprise in the world today. So it's a very different thing to owning an NFT that had perhaps a lot of hype and a basic roadmap behind it and then everybody seemed to disappear. You own a real domain name that could one day be the home of an enterprise that would like to take it from you. So it's a very different kind of asset. I'd probably leave with that, yeah.

Speaker 1: 1:06:21

And, of course, not financial advice. But for those of you who are on gbmdomain scrolling both now and on Monday, you might be able to get your hands on one of these real world assets for as little as a couple dollars. That's the benefit to this not only being on base chain with that cheap gas and, like I said, the pricing is in USDC, so dollars a dollar but also, again, can't give enough flowers. But to those who are during this beta period, during this whiteness period, who are basically kind of volunteering their domains up for whatever price they might go for and again, not financial advice, but just me hearing that, knowing that you're going to keep the beta closed for quite some time and only domainers that you guys have a relationship with will have access to lists, You're probably going to end up with some not bad inventory on here, as opposed to when the market does become flooded with people who can list whatever they want. Might want to take advantage of it while it is cheap and while it is there, Go for it, sir.

Speaker 3: 1:07:28

Yeah, I just wanted to pick apart one small thing. Hugo said, said and win said but but if it's a big deal, let me know. There's this idea that you're going to get. This is dealing with the subject of getting the right currencies in your wallet and and I know it's tricky, but come on, you guys, we figured out domains back when there was fax machines, okay. Okay, this leap isn't as big as that, you know.

Speaker 3: 1:07:52

But the idea that you're going to have this wallet, which is this virtual home of your money, and, again, the benefit of that is, if you don't have a wallet now, just think of it as an account credit at over 10,000 different applications that you control, you control your money, that you have ready to interact with a bunch of these, what are called dApps.

Speaker 3: 1:08:15

Anyway, there's this idea that you have to have base, or you have to have USDC on base, and then they've kind of talked over real quick oh, and a little ETH. If that step is hard, let me know I'll send you some ETH on base, because I only have to send you a dollar or two to be able to fund 20 or 30 bids. But if that's a hurdle for anyone, just DM me or PM me or ZM me or FM me or something in me, and I can send you that part of it just so that you'll have the little bit of fee money. So that's that second part that you're hearing Hugo say this idea of you need to have a little bit of ETH on base along with your USDC on base. You're going to bid in USDC 10, 50, 100, 200. But if you had zero of this thing called ETH on base, you wouldn't be able to bid. So if you need some of that you can't figure out how to cross chain. Whatever, I'll send you some so you can be able to bid.

Speaker 1: 1:09:09

Yeah, and time and development, first of all, appreciate that and that clarification. Time and development, hopefully, will close that gap. As you said, I mean necessity forces people to learn things. So as this tool becomes more of a necessity and more of a desire, people, the learning curve kind of goes away.

Speaker 1: 1:09:32

But the good news is and this is just my little little rant on base, if you don't be you know, I got to get it in um, you're not developing alone. At least you've got a blockchain and an entity on the other side via coinbase, coinbase wallet based warpcast, all that. That. They're all trying to do the exact same thing. They're all trying to make an easier wallet for people to use, an easier wallet for people to be able to transact with, with USDC and all that kind of good stuff. So as they're building, we're building. Hopefully we meet somewhere in the middle and come up with something that is easier for everybody. Yeah, we've gone for about an hour and 10 minutes. I don't know if anybody has any questions, but usually I like to keep these about around here so they're digestible. Again, we repurpose these into podcast format so you can listen to these on any of the major podcast players. Go for it, true Domains. I'll see you at the end of it.

Speaker 4: 1:10:25

No, I was just going to say, paige, if you feel bad for being early, just reminder that back in 2010, there was a guy that sold 10,000 Bitcoin for pizza. It's like, okay, this is the point of the whole price discovery at its finest. It's like, okay, we don't know really the value or worth or anything. But because we are so early in this field, we have the opportunity to figure out. Ok, what is somebody willing to pay for a tokenized domain? And the good thing is that shout out to you, shout out to Paige, you know, shout out to iHeart for actually using these platforms, figuring out for everybody else and seeing if there is any action out there, being the first ones to do it.

Speaker 4: 1:11:07

And, honestly, it's going to be people like Hugo that are actually like playing around with the technology, seeing what can it actually do. And I'm actually I'm excited because I've learned from pretty much everybody in this, in this whole space, and what I'm doing is that I'm now, because of this, this journey that I've been going through, I've found better domains as a domainer, and because we're in this whole Web3 space, I'm like, ok, well, now that I have better domains, I'm like, ok, I can go ahead tokenize these, them out on these different platforms and willing to take that risk to see, okay, what is someone willing to pay for this? And, trust me, we're going to look back and say, hey, we were the first people experimenting with this tech and, yeah, we may have got some wins and some losses, but honestly, we brought the whole domaining community forward.

Speaker 3: 1:12:15

I know you want to wrap up, wynn, but I just want to touch on a couple points. One is I'm on NameFi too, and I love to see what we're experiencing from tokenizing what Victor's done and what you've been able to do there. Those were the first names I got tokenized anywhere. I was on NameFi and so I went the same thing. The thing that was interesting and the only reason I'm taking this extra time is that because domains are kind of an digital real life asset they're not totally in real life because you can't hold them, but they do have a value. They do have a value in the real marketplace that we're not just starting at zero. When we use crypto to price discovery, you know, and the Bitcoin pizza option people knew what a pizza was worth back then, you know.

Speaker 3: 1:13:02

And so I think that's the thing I've tried to encourage all the providers is that most of the time, we have a value for our domains. You know the same announcement that I put out on GBM. I opened up domainoutletcom. You know where I sell shill here com domains for $19 and up, so I've done like $800 on domain outlet, but I wasn't able to get people to take the leap to GBM, and so it's like you know, we're not coming from zero on some of these new platforms. We think our assets have value and then and then we need the crypto to hopefully enhance that. You know what I mean. But just getting us something more than zero is something I've shared with most of the providers. You know that we come in with an idea that the names have value. But love your thoughts, love the space, wendt.

Speaker 1: 1:13:54

Thank you for all of this views and really appreciate the guidance and hope people are really taking this to heart. The Bitcoin pizza analogy is a great one. It was a martyr. Obviously, it's something that you can't wind back to time and probably wishes he did, but at the same time, because of that sacrifice, he became a legend and it's something that we pretty much celebrate religiously. I've been to some amazing pizza parties because of it, and that's the sacrifice that we're currently making at the moment, you know, with some of these remains and trying out some of these platforms, and these sacrifices I definitely do not believe will be in vain. We've got real builders that are trying to solve some real problems and, again, we're extremely early and this is what early looks like, you know, and so thank you all for being here.

Speaker 1: 1:14:48

Speaking of sacrifice, can't leave or let the space shut down without doing my own personal self-shill Got 12 xyz domains that are going to be going live on the platform in two days and 19 hours that's going to be on Monday at 8 o'clock AM CST. These are going to be on the gbmdomains platform. You can win one of these domains for as little as a dollar, okay, so you know, very little risk. Again, do your own research. Don't just buy it, because I'm telling you to. But this is what we're doing Again. We're creating a market, we're creating a bridge, we're creating a purpose and a reason for all of this For Web3, this is a very good testament to the value of Web3 to NFTs Again, once we get to a point where people are selling multi-million dollar domains, and once we're getting auctions that are actually making the news, that are going through blockchain platforms and everything that we did here is going to mean something completely different.

Speaker 1: 1:15:42

So, yeah, I want to definitely thank you guys all for being a part of that journey. If you have anything you want to leave us with Hugo go for it, sir.

Speaker 2: 1:15:53

I would just say that some of the domains that are currently up for auction are leaving, you know, are expiring in like five, 10 minutes. So if you want to go in and check out some last minute bargains, I would go check it out now because it's an exciting time to see and there's some great stock there for very little and it's all going in the next minute. Two little and it's all going in the next minute two minutes, so it's a pretty opportune moment. That's what I'll leave you guys with gbmdomains.

Speaker 1: 1:16:18

Yeah, I'm saying if you was already going to hand register something, you got something from the mind of page right now live, so go get your USDC ready. But yeah, thank you guys all for attending another Tech Talk. I really appreciate it Again. You can view our content archive at iHeartDomainscom or at TechTalkhost in a couple days when this will be uploaded to our podcast. Thank you guys again for spending your Friday with me. You guys enjoy and happy domaining.