Live Auctions in the Metaverse

How do they work?

The Old Master Meme Gallery makes IRL artwork available on the blockchain as NFTs and by that to the members, the holder of the OMM NFT, but also to bring them to the Metaverse.

Each artist launched on OMMG will give a defined amount of NFTs to the OMMG project to exhibit them and make them available in the OMMG Galleries in the different Metaverses.

We will exhibit and sell them and some will be auctioned.

The revenues from these auctions will be added to the OMMG DAO’s treasury. For more details, have a look here: https://medium.com/ommg/the-dao-of-ommg-ce6596373db5

How do I know about the auctions?

We will announce on Twitter and in our Discord where the auction happens, what exactly is in the auction and what will be the starting price for the artworks auctioned.

How can I participate?

The auctions are free for all (only special auctions might be for holders only). They will be in a Gallery in the Metaverse and everyone can just enter and be at the auction.

How is the auction of an artwork processed?

The auctions work like IRL auctions. Everyone in the event can bid by chat.

After the winner of an auction is found, this person is requested to send the amount to the given address. The auction’s currency is always ETH, BUSD, USDC. Pricing is given in ETH.

Example auction:
“We have a wonderful artwork of the <artist>’s collection in the auction. This piece is really rare and has the following properties: White background, black foreground, these and those traits. The starting price is 0.xxx ETH. Does anyone bid 0.xx5? Anyone? Ok. I’ve ready 0.xx5 from user X. Does anyone bid more. Noone? Ok. To the first, …Anyone more?… to the second,… Noone? …to the third …Last chance!..., sold. The artwork of <artist> with the id #1 goes to user X for 0.xx5 ETH. Congratulations!“

If user X is not paying within 24hours the artwork goes to the second winner.