Q. What does it mean for a domain auction to take place live in the metaverse?
A. It just means the auction is virtual. You can bid remotely from anywhere. The "metaverse" part is that when you register as a bidder, you are given an avatar that allows you to attend the live auction in 3D (like in a video game), or you forget about all of that and simply place your bid ahead of time just like you would on eBay or any other auction site.
Q. What is a proxy bid?
A. If you choose not to attend the live auction, a bot will bid for you, in the form of what is known as a proxy bid. You tell it what the maximum price you would pay for the domain is, and the bot then tries to get it for you as cheaply as possible. For example, you may be willing to pay up to $10,000 for Yachts.com, but if the bidding at the auction only goes up to $,7,000 for it, your bot would buy it for you for $7,001 (around $3,000 cheaper than your max budget).