What is Pace Verso?
Pace Verso is Pace Gallery’s hub for Web3 projects, launched in 2021 under the leadership of Pace President and CEO Marc Glimcher. Pace Verso works closely with artists within and beyond the gallery’s program to incubate, develop, and realize their Web3 projects. In addition to releasing independent projects, Pace Verso frequently collaborates with leading web3 platforms to share artists’ work with wide audiences. In 2022, Pace Verso established a multifaceted partnership with Art Blocks, the leading generative art platform, encompassing boundary-pushing generative NFT releases by Pace’s artists as well as crypto-native artists, exhibitions, and community programming. In our first year, Pace Verso—which reflects the gallery’s longtime and ongoing support of innovative artists who have cultivated advanced studio practices engaged with boundary-pushing technologies—has presented NFT projects by Jeff Koons, Zhang Huan, Glenn Kaino, DRIFT, Lucas Samaras, Loie Hollowell, Tara Donovan, Robert Whitman, A.A. Murakami and other artists. Click here for more information on Pace Verso.
How do I join the Pace Verso community?
Join our Discord here for access to exclusive perks and early announcements and information about upcoming drops.
What is an NFT?
Non-Fungible tokens, or NFTs, represent unique digital items that are stored on a blockchain. They cannot be replicated.
What steps do I need to take before making a purchase on the Pace Verso platform?
You must complete a Know Your Customer (KYC) identity verification process before you can acquire artwork from Pace Verso’s platform. Please proceed to your Account page to complete your KYC process and check the status of your KYC.
If you need any guidance related to registering on the Pace Verso platform, creating a crypto wallet, or buying cryptocurrency, please contact email@example.com.
What is KYC?
KYC means “Know Your Customer.” It is the mandatory process of verifying a user's identity when transacting online.
Why is my KYC still pending?
Our KYC team is currently reviewing your details. This may take up to 24 hours. You will see a green checkmark on your profile page once your KYC has been approved.
How do I pay for an NFT from Pace Verso?
Pace Verso offers credit card and cryptocurrency payment options. However, please note that payment options may vary for each Pace Verso project.
In the case of Tyler Hobbs’s QQL: Parametric Expression auction, collectors must pay with cryptocurrency because of the onchain nature of the auction. “onchain” means that bids are placed directly onto the blockchain and managed through a smart contract.
Do I need to set up a crypto wallet in order to purchase from Pace Verso?
Some Pace Verso projects, such as Tyler Hobb’s QQL: Parametric Expression, do require a crypto wallet to purchase. Due to the onchain nature of QQL: Parametric Expression, collectors are required to have a crypto wallet in order to place a bid. “onchain” means that bids are placed directly onto the blockchain and managed through a smart contract.
Other Pace Verso projects do not require a crypto wallet to purchase (for example, teamLab’s Matter is Void). Instead, Pace Verso can hold a collector’s NFT in a MultiSig (“custodial”) wallet. Collectors can then transfer their NFT to their own self- custodial wallet at any point. Please note collectors paying via credit card will incur a 14 day hold period before they can transfer their NFT to their own wallet.
How do I bid in a Pace Verso’s auction?
- In order to bid, you will need a crypto wallet. Coinbase and MetaMask are a few of the most commonly used wallets in Web3.
- You must create an account on verso.pacegallery.com and go through the “Know Your Customer” (KYC) identification process. To successfully submit your KYC, you must provide the following:
- First Name
- Last Name
- Date of Birth
- Contact Information (Street, Apartment, City, State / Province, Country, Zip Code)
- Identity Document (e.g. Passport, Driver License, Identity Card, Residence Permit)
- Once your KYC has been verified, you can connect your crypto wallet by clicking on the ‘Connect Wallet’ button at the top of the webpage.
- You must have enough Ethereum to cover your suggested bid, gas fees, and taxes (if applicable). If you need any guidance related to buying Ethereum, please contact firstname.lastname@example.org.
- On the artwork page, click the 'Place bid' button and enter your bid amount in ETH. Please note, the exact amount that you enter will be bid immediately once submitted and cannot be canceled. Your funds corresponding to your bid will be locked for as long as you remain the highest bidder. Your bid must be at least 5% higher than the previous bid. If you are the first to bid on that artwork, you must place a bid that is equal to or greater than the auction starting price.
- Press 'Submit bid' and confirm the transaction in your wallet. This may take up to one minute.
- You will receive a confirmation email after you have submitted your bid. You will then be notified via email if you are outbid, or if you have won the lot at the end of the auction.
Are sales on the Pace Verso platform conducted onchain or off-chain?
The onchain or off-chain distinction varies by each Pace Verso project.
In the case of Tyler Hobbs’s QQL: Parametric Expression auction, the auction is completely onchain. This means that the auction is carried out fully onchain on the Ethereum network, and you can only bid with Ethereum.
What happens if I’m outbid in a Pace Verso auction?
If you are outbid, you will receive an email notification. You can return to the artwork page to submit a higher bid. You will be reimbursed immediately. Please note that gas fees will not be reimbursed.
What sales tax will I need to pay?
Pace Verso is required by law to collect sales tax based on where you reside. Sales tax (if applicable) will be calculated based on the address that you submit with your KYC when you place a bid, and automatically held back with your bid.
Can I withdraw my bid in an auction after submitting an offer?
Once you place and confirm your bid amount, you will not be able to amend, retract, or revoke your bid. Your funds corresponding to your bid will be locked for as long as you remain the highest bidder.
How do I know if I’m the winning bidder in an auction?
When the auction closes, the winning bidder will receive an email notification from email@example.com You can also view the bid history on each artwork’s auction page to see the bid amount and wallet address of the current highest bidder.
I’m the winning bidder in an auction! What happens next?
The NFT will be transferred to the wallet that you submitted your winning bid from with no further action required.
Where can I see the NFTs that I have purchased?
If you elect to have your NFT(s) transferred directly to your own non-custodial wallet (e.g., MetaMask), then it will be transferred there once payment confirmation is received. Otherwise, it will be held in a custodial wallet, which you can view on your Account Page. From there, you will be able to transfer it to your non-custodial wallet at any time.
Where can I find my sales invoice?
You can find your sales invoice in your Account page, under the “Orders” section.
I paid with a credit card - what should I expect after completing my purchase and when will I receive my NFT?
It can take up to 24 hours for your payment to go through, after which your NFT(s) will automatically be transferred to a MultiSig ("custodial") wallet, which you can view on your Account page. You will be able to transfer it to your own non-custodial wallet (e.g. MetaMask) after 14 days. You will not be able to make text edits until you transfer the NFT to your own wallet. If you would like to transfer the NFT sooner, please pay by crypto.
I paid with crypto - what should I expect after completing my purchase and when will I receive my NFT?
If you elected to have your NFT(s) transferred directly to your own non-custodial wallet (e.g. MetaMask), then it will be transferred there once payment confirmation is received. Otherwise, it will be transferred to a MultiSig ("custodial") wallet, which you can view on your Account page. From there, you will be able to transfer it to your own non-custodial wallet (e.g. MetaMask).
I paid - why can’t I see my NFT?
Please read the responses above based on your payment method. Network congestion can prolong the amount of time your NFT takes to show up in your wallet. If you paid with crypto and you don’t see your NFT after 10 minutes, double check that you sent your NFT to the correct wallet address. If you’re still having trouble seeing your NFT, please reach out to our support team at firstname.lastname@example.org.
Why can’t I transfer my NFT out of my custodial wallet?
Collectors paying via credit card will incur a 14 day hold period before they can transfer their NFT from their Pace Verso custodial wallet to their own crypto wallet. This is not necessary for buyers who purchased using crypto because payment settles instantly. If you are still having trouble transferring your NFT, please reach out to our support team at email@example.com.
Can I sell my NFT?
You are the owner of the NFT, so you can sell it at any time using a NFT marketplace like OpenSea.
What happens if I forget my password?
In the event that you forget your password, press “Forgot password?” on the account log-in page. An email will be sent to your inbox, if there is an account associated with the information provided. Locate the “reset password” button within the email and follow the prompts to reset your password.