#155 - NFTs Explained: How Digital Art Is Being Sold For Millions and What the Opportunities Are

u yeah i feel like i could rule where i know i could be what i want to put at all in it like a day's all on the road less travel never looking back alright we're live sam how cancun i don't know up upstairs free what's up with your boy ted cruz yeah what a asshole man he failed about us us texas yeah what a what a jerk whatever i am going to hawaii next week though i'm gonna be recording from hawaii so i'm bail as well but i'm not elected official so it's okay did the funniest picture was somebody posted this meme and it goes it's ted cruz and it just says like i didn't go to cancun but he's got his hair like braid like every girl would got to cancun i saw one that was a missing poster like have you seen me last seat crossing the border so we're back and we've been talking big game about how acquisition done that was both a busy time and a stressful time and you were running a company i doing ten things and now you're able to focus more of the podcast so we've been talking a big game about this podcast is gonna level up what do you wanna tell the people what's the plan how are we gonna deliver yeah so i'm working with karen the guy i was on the podcast sean know you're gonna have to work with them together but basically we're gonna do a few things but our goal i think sean needs to be become top ten in the business category which is like an official category i think a hundred thousand listens per episode will get us there so we need to do that and so there's a few things that huntsville hubspot is gonna do for us the first is that we are gonna have a dedicated researcher so i'm gonna just summarize going forward we're gonna level up the podcast in a couple of different ways so we're trying to go top ten sam says to get top ten we gotta have a hundred thousand listeners per episode which is kinda creates number yeah i i think that's fair you know a hundred thousand people listening every episode that's stadium football stadium more than a football stadium which is yeah but like a good episode of ours gets about a third of that maybe right what's like thirty four are we at forty i don't know what at the think i think we're about thirty now so we gotta like we got all those triple basically to get there which we should be able to so then or how we're gonna do it hubspot hooking hook us up with some resources so we're having a researcher we're gonna do recap summaries clips that we're gonna post on instagram twitter youtube so clips of different little segments we talk about we're gonna have a dedicated email like recap that you can sign up for and then one other thing is we're gonna try doing some live live shows where we go live on twitter spaces or club house at the same time so i think that'll be pretty cool i'm writing that down because i forgot to write that down alright let's get it into some ideas let's get back into it book first did you see i became a meme this week oh yeah dude what happened you started getting like oh what i saw was the node coastline who's like a big dog of silicon valley basically re retweeted some guy who was re retweeted your twitter thread about what you learned from me front friend andrew about thing and but did you see that we're taking shots so the tweet reach about two million people and if you search i was trapped like in the quotations you'll see maybe twenty like people saying i was trapped this weekend i was trapped in la with kim kardashian and kanye west so or is that what they're making fun of you for because you you said i was trapped with you know these silicon valley people so there's tons of then there's another one says this weekend i was trapped in the ocean with a dolphin so if you go to my twitter feed and i retweeted a few of them some of them got like liked thousands of times or maybe hundreds of times but i think a couple were a thousand and it was interesting first of i wanna say this the whole i was trapped it was kinda supposed to be like a joke it was like supposed to be like royalty it was like i was teasing and i said the most powerful person something like that that's actually not wrong i think but like i was obviously being like hyper like as a joke i guess it wasn't obvious and second of all people were angry at me and i'm like guys i didn't say any of this i'm just sharing one unique person's interesting perspective people are like dude this guy sam is like such a bro about the boy club i didn't say this i didn't say i agree or disagree i'm just saying this is like one person's opinion and it's really cool to share interesting ideas so i got roasted pretty hard yeah he deserved it it's all good i got roasted as well this week we just get roasted that's good what did you get roasted for i got roasted because of my opinion on the fucking bachelor you know last week when i was talking about this though i don't someone was talking about it yes was like i can't believe sean said he agrees with everything this guy said i was like look maybe i did say that i don't know but i get back and listen obviously literally i don't agree with every word that somebody says it's not my point i agree with the point the guy was trying to make i tried to explain it but in general i think it's good like i was if somebody was asking me they're like hey like i've seen you've been growing your audience a lot lately because like my twitter kind of like exploded to over a hundred k and they were like what do you think i'm doing wrong and i said i looked at your feed and you say only reasonable agreeable things and i don't think reasonable and agreeable people is very notable to follow or share and so i said you gotta take some risks like it doesn't mean you have to be controversial but you have to have some part of what you're saying that people love and if you and the way to test is it do people love what i'm talking about is some people need to be hating your style or the content or your opinion that you're talking about if there's nobody who's strongly disagreeing or really dislikes your style then you haven't really put forth anything that is new unique or bold and so that's kind of like a back test so the goal isn't go out there and get hated no the goal is put things forward in a like bold style and have like original opinions and and like say original things say things that are that aren't just stuff that everybody already knows and agrees with and the way you'll know you're doing that is periodically you're gonna get a bunch of people thinking you're an idiot or thinking you're a jerk or thinking you're too arrogant or whatever it is those are natural consequences we're both in the get roasted club so congrats fellow members so today we're gonna we have three ideas we wanna discuss the first one is n t which sean actually talked about this so maybe a month ago and i thought it was so stupid and we've got some a follow up that proves that you're actually right and i wasn't the second one is this thing called inside car by which i would love to start with and then followed by that following up we're gonna do this thing called coin market cap but can we talk about the one that i suggested first because yeah might be quick but i'm trying to buy a car right now nothing like crazy fancy maybe like a pickup truck or something i don't know yet but i found the site called insight car buying dot com my friend neville told me about it and if you go to it it looks very old school the blog has not been updated since two thousand fifteen but i did some research on it it has some good reviews and it has one of the most interesting value props i've actually heard of in a long time and so i don't know if it's just this one person but go sean what do you see no i just wanted you to explain it like tell give me the two sentences of what they do for you so you pay five hundred dollars and it's a money back guarantee and what this guy does is i believe you tell him the type of car you want i don't know how specific like in color but like i imagine you tell him the year and model and like any options or anything he scour the web finds cars that map that criteria and then negotiate for you and says alright this is the cheapest one and if he can't get you a good deal or you can't save at least the four hundred dollars or five hundred dollars that you pay him you get your money back and it's so fascinating that this exists because it's actually doesn't sound that challenging it's probably just gonna like has like a whole bunch of canned emails right but it's incredibly interesting because this business model makes a ton of sense and i think of what all this can apply to ours is an interesting one and whenever i see something like this this guy's site i think wow this is amazing it looks like a sole prop provider so just one person he's based on a white plains new york and i'm like if you go to this guy's website it looks like it's from like two thousand and eight like it's really but what happens if you put a little lipstick on this package a little bit differently i think it's incredibly fascinating this is a sam par special finding these little niche things that are great bootstrap businesses that just make a lot of sense okay so i like this idea a lot and i've also when i went through the process of buying a car i mean you spend hours just looking researching and then you have to like reach out you have you go check them out you have to negotiate so when do you do they negotiate before you've actually scene or like test drive of the vehicle or after i'm not sure yet i'm actually gonna give them my money and sign up for this the reason i hadn't so far was it looks so old that i wasn't even sure it was still in the service but i'm gonna sign up for it and give a test because it claims money back guarantee here i don't know if that's true but we'll find out but it's four hundred dollars is a good shot the like i'm gonna say on average our average customer says four thousand two hundred and nineteen dollars maybe bullshit but i would believe it because there is like with cars there's actually quite a bit of wiggle room around price and it's about somebody who knows how to negotiate and is not gonna get fatigued by the process and just be like whatever i want it i just want this process to be done with and so if this person if they actually cared about how much they saved you i would actually be even more excited that my problem with all brokers is that the brokers incentive is to tell you they're gonna you know they're gonna treat you great and then they want you off their books as fast as possible they want to match you with the thing you wanna buy as fast as possible they can move they can get their commission and move on to the next client and so that's the only thing i don't like about this is this person's incentive is to get you the first car that you're willing to buy rather than maybe the best car or negotiating a bit further and things like that that are totally aligned with well i'm not endorsing this particular brand the service but i think it's actually really interesting because i've seen a few of these things pop up recently we're gonna call them like what saas sample software as a service yeah this is nice like nas negotiated as and i've seen a few of them i think our good friend andrews started one i forget what they negotiated and they negotiate saas table but saas tools so tools you're paying you know i don't know the hustle paying but i would guess the hustle paying quarter million dollars maybe more in just software licenses for different tools that you're using slack and zoom and whatever else and what they do is they say okay great hand your bill like we just give us your monthly p and l and then we're gonna go call a bunch of people and we're gonna save you money because we're gonna go negotiate with these people and it's called buyer dot c i think that's a great idea i don't know how it's there we should ask andrew next time he's on like it and then there's a a third one called main street which isn't exactly the same but pretty but a very similar premise which is they you upload your quickbooks or whatever you use and they find ways that you could save money because the government gives like let's say and we actually did this manually because my this woman who works from ed is good at this but it was like alright you can actually save twenty five percent of your taxes because you have this many people on research and development or if you have someone in canada you can get a rebate here and main street automate and i believe from what i've heard i have no insider your information other than rumors is that they're crushing it they're doing really well they're doing extremely well and i regret passing on and investing of them now very much alright so what else could you do nas what what is them other the nasty businesses that we could do i have a i think cars is i don't think cars is being tough so right so you're saying you could do this better and you could do this and market better great i don't it would work but i bet you if i spent a month researching it i could totally figure it out and figure out the opportunity and build something here so software is a good thing because we were a very small company but we spent seven figures probably on software a lot of people are doing it for i think you could do it for what else you could do it i mean i've bet a lot a lot of companies already do do this for what you owe in taxes so you kinda hear these scam commercials on the radio of like we help we we negotiate for you with the irs that's a huge business but for some reason those are i actually don't know if those are scam or not but they certainly appear that way what else is there there's a few so i would say also a business that we've talked about before do not pay falls into this category where they basically say hey you got a parking ticket we will just hand it over we will go and contest this we will we'll try to get you off the hook of this or we're gonna negotiate it down so i think they do a good job of this there's some others that i think are interesting so one is venture investing so when you go and we wanna raise around most founders what makes a great founder somebody who could build a great product somebody who's great at selling customers somebody really knows a certain niche market just what they're not good at they're not good at this like fundraising dance and then they're going up against expert negotiators which are venture capitalists who are seeing hundreds of founders every you know every month and negotiating term sheets with them and so maybe there's an opportunity in the tech world to be able to just hand it over and say okay cool i will do the pitch with you right i will go in alt explain my business to you i'll tell you why so great i'll answer all your questions about the business but in terms of the round talk to my agent right talk to you know inside fundraising and inside fundraising is gonna do the actual negotiation on terms valuations and handle all ten firms i'm talking to they're all talk to that guy and then he'll come to me and basically say hey here's what i think the best thing is so think you could do it there i think apartment searching or house searching is something you could do here where it's not the same as like a a listing agent or like a listing broker i think there's something else if you talked about if you framed it as a negotiation service specifically and so you can say you're gonna use a broker anyways to go house hunting or go apartment hunting for where you wanna rent but when you get there you called me and i'm gonna save you money and i'm gonna basically i'll make five hundred dollars a pop but i'm gonna save you three hundred dollars a month on your payments another version of this could also be ref refinance a house i refinance my house and it was like the most painful tedious process and i've regretted ever agreeing to do it even though i knew i was gonna save i think six hundred dollars a month i think there's like a ref you know a ref pal who could refinance your how to go through the whole refinance process and shield you from like eighty nine percent of the bullshit and now you're only dealing with eleven percent of the leftover bullshit that only you could do and i have three more examples the first is for high paying jobs so i've hired i don't know the exact number between fifteen and a hundred people and i'm i would actually say i'm not i'm i'm a horrible negotiator i'm really bad at it but i've noticed that the average person there's a huge difference between people who are good at it and people who are not good at so i've had people taking a lot of money from me and at get a salary way higher than what i was willing to pay because they were such good negotiators i think there's a by the way is my game too high ab i mean if you wanna turn it down just a little but it's not not horrible i've noticed a lot of people are really bad at negotiating jobs and i have a friend who's an executive recruiter and he helps people negotiate higher end jobs which that probably pay half a million or more but i do think there's a world where you can get this for a a hundred thousand dollar job you can turn a hundred thousand dollar job into a hundred and five thousand or a hundred ten thousand i think that actually could exist the second one is i used to have this app that got shut down by the by the city of san francisco but if you got a parking ticket it would automatically fight it for you what was that called do you remember that yeah do not that's what i was talking about no it was before that it was even i i know the one were talking about yeah it got shut down right like it was the most effective i've ever seen like it told me before i been knew if i was inside somewhere like am my like my house it's said boom you just got a parking ticket we're finding it for you and it was awesome in the city of san francisco she got it down but it was so good and then the third thing that i could bring to you about this which i don't know thing what i can say that inc me or not so i'm gonna say i have a friend who got a speeding ticket recently and you know how a lot of the court like this was in kansas this person wasn't in kansas anymore they were in texas where they moved and they had to fight the ticket because they thought that they it was unjust like it wasn't really happening do you know how a lot of these so you gotta go to court and a lot of times are in zoom you know that yeah now now they're on zoom yeah yeah well this person sister is a lawyer and they were on speaker phone chatting with quote me and telling quote me what to say while like they were listening like right and it was awesome and it was fantastic there we had like a lawyer lawyer in your ear like secret service style you know say this don't say that and granted i didn't get away with it but and i had to pay two hundred dollar ticket it was nice having this lawyer in my ear side right yeah and so i think that that's interesting and i'm like that should exist for negotiating a salary that's kind of intriguing thing so i think there's a lot this this whole category is actually really really cool and the reason why it's cool is if you do a good job it's a no brainer to pay you money just like main street or just like a salary negotiator it's like i'm only taking what i get you above what they offered you right i'm only i'm only taking from the savings of your parking ticket and so it's a very like non scary sort of a tooth list pricing structure where the person doesn't have to feel like they're gonna over pay and not get something you only pay if you get it and incentives are aligned alright i like that this is a cool one and i think there's also something cool about you know if you do this on the internet let's if you are the best car negotiator you know this guy in new york he's gonna service clients you're in texas he's gonna service clients all across the country and you could become kind of like the domain authority of doing this and i think that's kinda cool as solar style business and we'll move on but as a reminder it's inside car buying dot com i have not connected to this person my friend showed it to me i just thought it was nifty for all i know this is a really common thing i i don't know too much but it's pretty neat alright you wanna move on to the n t yeah you said nifty so here we are n entities alright so where do you want me to start with this because this is like a big topic i can start where more well let's give the background sean brought up digital trading cards a month ago and both me and jack i think it was and a few other people like sean this is really stupid like this what are you talking about why would you ever do this there's a company called tops shot is what i was telling you guys about i think on the on the podcast and now i want you to go to this following link i'm gonna put it in here crypto slam dot io o i just want you to go go to crypto slam dot io o and tell me what you see wow oh wow okay crypto slam dot io is collectible ratings by sales volumes and nba top shot in the last twenty four hours has sold forty five million dollars worth of stuff and is up in only twenty four hours a hundred and sixty five percent in the last thirty days which is around the time that we discussed this they've sold a hundred and sixty four million dollars of the volume and they're up twelve hundred percent and it's been about right fifty six hundred buyers fifty six thousand buyers less thirty days just yesterday or last twenty four hours thirty two thousand buyers what it says which is an insane number and i gotta say the numbers for tops shop are so insane that i am personally a little bit skeptical there might be something called wash trading going on where people are just buying and selling back and forth between either them and their friends or them and a bot or a bunch of bots to drive up the value of the portfolio to make it look like oh wow there's a lot of activity here and it's really just you know i'll pay you ten dollars you pay me back ten dollars i'll pay you ten dollars you pay me back ten dollars like that's a thing in crypto that has happened for a long time and i suspect it's what's going on here but that's a conspiracy theory what everybody else sees is that nba tops shot this idea that we were talking about i like hey this is kind of interesting but kind weird and you guys were like is that it makes no sense forty five million dollars last twenty four hours of gross market of gm in the marketplace and they just raised money at a two billion dollar valuation so there's definitely some legit people that that believe in this thing so i'm gonna explain n t's as best as i can and i have no expert but i i'll do my best here okay so cryptocurrencies came out and people were like wow this is amazing there's like kind of like a digital digital money there's a little little digital coin and for the most part by every coin is the same if i have bitcoin and you have bitcoin and we swap they're all identical it's like dollar bills right but what a n is is n is more like beanie babies so an n stands for non fungi token meaning one of them is not the same as the other one right just like i was saying bitcoin is fungi what they're all does fungi being like bleeds fungi means like one can be swapped for the other and there's no difference got it one bitcoin is the same as all other bitcoins in theory right and non fungi means when i own this lebron trading card or i own this lebron video there may be only two hundred of those and it be different than a different one of steph curry doing anything thing right they're not the same they can't be swapped like all for each other so anyways that's stands for so this started you know a while back with crypto kitties do you remember that did you ever hear about crypto kitties i heard about it at the dojo when i worked there because they loved it but i didn't know what it meant alright so actually i'll take about and make it more approachable so there's been you know different types of collectible whether it's pokemon cards baseball cards beanie babies there's a whole bunch of different collectible out there coins differentiate like that and they have value because people enjoy collecting them and there's some ra to them right like a charizard is like the rare pokemon card so it's more valuable than like a squirt which is just like you know the kind of the common card and so all of a sudden a bunch of people give a shit about a thing and within that set of things there's like a a scarcity there's only a limited number of them so that makes some of the valuable and so you'll see pokemon card sets going for like forty thousand dollars nowadays or a lebron james rookie card of which there are only i don't know a thousand or ten thousand of them or whatever will be sold for hundreds of thousands of dollars and the one that's in mint condition that most expensive ones sold for one point eight million dollars right so people spend a lot of money on these collectible and you know back in the day with beanie babies there was like i don't even know what they're you know princess the bear and claw the crab and like whatever beanie babies made these things and people started going nuts for them i started collecting them and they were all of a sudden selling on ebay for thousands of dollars and it was sort of a craze i didn't last forever but some things last longer than others sports cards have lasted for a long time they still remain valuable beanie baby not so much that's what's going on now in the crypto world on ethereum which is the second biggest cryptocurrency you can now create your own set of things like beanie baby so i can go and i can make up a set of things that i'll call bd babies and i can make it on using ethereum and i can say hey guys come buy it and that's what a bunch of people are doing and they're doing it with stuff like crypto kitties which was the first big one they basically created a bunch of the little animated cats and you could buy this cat for like initially like a dollar then the price went up to ten dollars and some were selling for thousands of dollars of people are getting really excited and then the hype faded away crypto cryptocurrencies like went to zero according to your this thing you just brought up crypto in the last thirty days has sold seven hundred and thirty million dollars in stuff last twenty four hours crypto sixty one thousand dollars of volume so not not dead but the same team that built crypto committees they're the ones who built tops shots so they basically pivoted the company to doing tops shot what they did with tops shop was they went partnered with the nba and they were like hey nba we wanna create you know you already make money on digital like trading cards which are sorry just trading cards which are like piece of cardboard with you know just a picture on it but like hey with the internet we can actually take lebron james dunking we can take that highlight clip and we can turn it into like a collectible item is that's just that clip that highlight moment and so that's what tops shot is it's a bunch of these little moments and you open up a pack and you'll get like five different highlights and you're hoping to get like a really famous players highlight and like most of the time you get like some average player doing some average thing but nonetheless that's what people are and so there's a whole bunch of so i'll show you one that i did where do you show this off so like if you had a card collection you would mostly hide it away but everyone wrong maybe frame it or something right how do you do it so with these there's basically like digital displays to like on their website itself you'll have like collection you can kind of share it it's like an instagram account you basically share it and people can go browse your stuff what i did is yesterday i bought a six hundred dollar display that i'm putting on my wall behind me that will rotate through all my digital art and that's by the way that's one what's that called so i bought this one called mural that's made by net gear of all companies it's like so this is one of the business opportunities there is so much volume going on in this n space that people will want to display it on their desk on their walls at home and there's no simple way to it like right now you could use kinda like a tv but that's pretty clunky and it's like it's a tv it's kinda like overkill and then there's this other thing i want you to check out called infinite objects i need to get art from my house i just only this is pretty neat it is pretty cool so i don't wanna send a hundred grand though on a on a lebron dunk but i would so so let me explain slowly and i'm i feel like i'm a little all over bike so let me explain a little bit slowly i want you to go to this link i'm gonna send you right now this is the first n nxt i ever bought it looks pretty sweet tell me when you have it open it was a kobe bryant n made by this artist called boss logic and i've been following this guy boss logic you've probably seen him because he makes a bunch of u art and joe rogan like res shares his stuff all the time so he's just kinda just famous instagram artist and like he would sell some posters sometimes and he would get like some rich people would slide into his dms to like commission some artwork it's just like a neat i guess the video is what it is but it looks sick it's like a it's like a looping video so he created a piece of digital art which is an animated picture of kobe bryant shooting a fade away and he's kinda fading away and becoming an angel because he passed away right so it's called forever mama he goes to a website called nifty gateway fifty gateway is basically like ebay for all these collect for like the crypto collectible right ebay made its name on crypto it has like i just may scroll down i'll show you why so if you scroll down on that page you're gonna see at the bottom all this data market stats right it'll say that the average resale price of this item is four thousand dollars but i was there an average resale if this is one of a kind i bought this and i sold it so i bought this for eight a hundred twenty four dollars that was when it was released all of them cost eight hundred twenty four dollars and there was five minutes where you could buy as many of these as you wanted so it dropped five minutes a bunch of us bottom so there were i think four hundred twenty nine people bought this thing for eight hundred dollars so if you just look at same one the same piece of our yeah so i got like number two hundred somebody else got like number one know that sort of thing so this guy did four hundred thousand dollars worth of art sales in five minutes this artist and fifty gateway takes like a fifteen percent cut so then now look at like click global history down there you and then click only sales and go to page so global history only sales and go to page four and the second at to the bottom one it says that curious goods bought forever moment but number two hundred thirty six from sean por for eight thousand one hundred dollars i basically eight hundred to eight thousand in twenty days i ten x my my money i bought for eight hundred bucks i sold it for eight thousand bucks and i actually sold too early now these are selling for fifteen thousand dollars currently at twenty thousand dollars because a lot of people are really into this and there's only four hundred twenty nine of them that will ever exist so because that's how many were initially mint when he dropped it now anybody who sells it we're selling not copies we're selling the original i no longer own this this other guy owns this i couldn't just rip this off and put this in my frame you can so so you can would look as good it would just be like i'd be oppose if you'd be opposed you would know just like if you go buy a mona lisa poster right now from you know amazon that's not the mona lisa you'll know that's a picture of the mona lisa dude their sales for twenty thousand exactly so the one i sold i think is on sale for forty five thousand dollars now you pick your price as the owner of the art you could pick your price whatever you want so yesterday for example there was another drop that me and ben we woke up early in the morning and we went in and we because we've seen these things when they drop there's just like appreciating like crazy right now right i ten x my money in twenty days so i was like alright let's see let me just take those winning and so let me pour later this let me see if i can turn my initial eight hundred dollars of capital into a hundred thousand dollars so i'll show you this other one that i bought yesterday i'm looking at all these some of them are great like there was this artist who was a former baseball player he became an artist named micah johnson he created this character called ak and he makes this this video i just sent you the link by the way this is all owned by gemini though is that the wink of bosses yeah actually what's funny is the wink of us twins they started gemini which is like coinbase it's a place to go buy cryptocurrency you can go buy bitcoin there and they bought nifty gateway from these other twins so the wink twins bought these other twins the cock foster twins they made this little ebay for selling digital collectible and they own it and now this thing is taking off like i talked to griffin the founder and he was sharing some of the the stories about how it started slow and then now it's just doubling like every month i'm looking at the traffic and it looked like in august they had eleven thousand people in october they had these are all estimates thirty eight thousand than forty eight thousand then a hundred and fifty thousand and now close to four hundred thousand yeah i think they're doing twenty million in sales every month right now i believe they will get to by the end of this year i believe they will get to a hundred million dollars in art sales per month i don't know what like christy and so and those guys do i don't think this is that far behind and so what they're doing is they're doing a pop they they find a popular artist well i don't know how big there what saying is like this is not like just some super fringe thing anymore the forever mama one that you got is the best one yeah it's sick but there's some other good ones like i've i told you people when he did his drop he has really cool art he did four million dollars of art sales you know on the and his like five minute drop and then the cool thing is for the artist every time i resell it the artist gets a cut of the resale too so this artist the boss logic guy yeah he put his initial ones up for eight hundred bucks and now they're selling for way more but i think there's been two hundred million dollars of total sales and resale of that piece of art actually that that sounds high maybe it's twenty million i think might have got the number wrong but he's getting a cut of all the resale too as an artist you don't just get sort of like exploited by making something great and then rich people start trading it with each other and making a bunch of money the artist always because it's linked again because it's all done on the blockchain it's all perfectly kept records there's no way to sell it kind of just for cash on your own and some art gallery with five rich old white people this thing is all done in public on the internet everything is recorded and because of that there's a you know a perfect way to pay royalties to the artist so can you have this oh my god these some of these are really neat can you have this at your house in a frame and then just you know what i'm just gonna sell this right now boom sold and then i'm gonna buy another one and it now it's uploaded in my frame exactly that's exactly what i'm gonna do i bought me in ben frames and we're gonna put them up next week and we've been collecting so and yesterday's drop i bought five each one was a thousand dollars in the drop i bought five of them and already each one of those is selling on average for twenty five hundred dollars so in one day i could you know go sell it without thing i bought for a thousand dollars i could sell for twenty five hundred dollars right now if i wanted to i think it might appreciate some more so i'm gonna hold on to it i will you ever sell any of them when i saw hey the thing i'm about for eight hundred dollars i can get eight grand for that video right now i sold it and i kinda had sellers or remorse as soon as i sold it but it's hard to say no to ten extra money in twenty days it's sounds pretty good i i know it's good but what i'll say is n nxt let you do a lot of things one of which is this the word n t correctly would an f it would like a beanie baby being an n well if a beanie baby was was created or registered on the blockchain yes we would add so only it doesn't refer to a one off rear car it only refers to something that uses it is a digital collectible it is a unique digital collectible now you can have let's say five hundred of these but each one is like a serial number right like i owned number two hundred and six out of four twenty nine so i owned that one and it two hundred and six is unique it's not the same as two zero five and it's not the same as two zero seven right they're all serial number basically logan paul which i can't believe i'm quoting but you know he left his podcast and moved to puerto rico to focus and he was like i wanna dedicate my next little bit of career to n entities yeah so him and gary v of like gone all in on this whole like logan paul i like this whole n thing because they've made a killing in like sports cards and pokemon cards recently so they're like oh dude this just makes money there's no like downsides to this but logan paul did a n t drop i think yesterday he did three point five million dollars of sales of i'll show you the the thing he sold which is it's basically like it just like a like a picture of him it's like a little card and you could go look this up so basically it was one ethereum per so you bought it for one at one ether and this is his thing what's five linked newsletters that yours yeah this is my new thing i'm gonna every friday i'm gonna send out a bunch of links i think are cool at one of the links this week is about logan paul's thing and the details behind it so anyway so he he did a million dollars of sales in the first thirty minutes he ended up doing three point five million in the day and that's it that's how many there are and now whatever you could trade these now so let me be clear a lot of this stuff it's gonna do what crypto katie did it's gonna go way up and then it's gonna go crashing down because there may not be people who wanna collect these things right and especially with n entities it's like it's not even like beanie babies but being able was you to go create a toy with n entities it's like i can literally go in microsoft paint right now i can create forty files and then i can print them i i can basically token them i can say great here's my rare art right so there's like there's gonna be a lot of supply so i would say there's a very good chance that this is a a hype bubble right now it is a very cool mechanism for artists to that big of a hype i mean not i mean if logan paul did it then yeah it's probably close to mainstream but it doesn't seem that mainstream yeah i i'm saying is mainstream what i'm saying is like i'm not saying that all this stuff is gonna hold its value i think that right now this is like just kind of a frenzy and everybody's piling in and i was trying to make a buck i don't think most people want to like own the art and display the art i think a lot of people are just buying stuff to flip it at my home we don't have any art and that's what we're doing now i would one hundred percent in invest ten to twenty thousand dollars in the total of frames brand cool shit like this so that's i started with the art example because the art example is the least it's the most familiar and it's the least hate because you're like wow this is like this is a real unique piece of art that somebody did it looks beautiful i could put this up on my wall i've seen people by art before that makes sense now let me show you something else that's done with n entities and you're gonna tell like can you name where all the places people can go to buy this stuff so nifty gateway dot com what else nifty gateway dot com is where the best art drops are happening and it's the easiest to use you can go buy it with a credit card you don't have to have like you know you don't have to have like a big crypto wallet to be able to it can just go and be like cool put this on my visa i'm gonna buy this thing so that's why if gateway is smart and they're partnering only with like high profile artists so there's not a bunch of trash there but if you want the opposite if you want like what's everything here's what's trying to be ebay for the crypto world is open c so go to open c dot io like open like ocean so open c and this where anybody can list any n there's no like kind of curation filter and you could just sell and resell anything here and so you'll go there and you're gonna be like this is like a little picture of a plant this is like a picture of like this is literally just like a pixelated image of a hamburger and it's selling for three dollars and so this is just like it's just like ebay there's just this is everything if you wanna buy it you can buy look at the link i put into put in slack okay i'm put a slack so this i don't understand they have like domain names to what this is so interesting i'm gonna tell you a little bit more of a hate one now and you tell me what you think of this so this is crypto punk crypto punk same ideas as beanie babies they made a bunch of little characters and the character looks like a little eight bit thing from an old school video game it's just like a head of a little video game character oh my god and they're selling for a hundred and fifty k you know there's like ten thousand of so right now crypto punk number two zero one three just sold for ninety two thousand dollars now when you see that you're gonna not feel the same way about oh yeah like this i'll put this up on my wall in my house and i'll like i can i'd pay for digital art i don't think you would go by these crypto punk little collectible figurines anymore that you would go by a a funko doll for seven hundred dollars on ebay right now you know what i mean you don't own any crypto by buying this correct no you actually spend crypto to buy right because they have the sounds you pay you pay any theory you pay an ether right to go buy one of these things and so yesterday somebody dropped half a million dollars on crypto punk in about a thirty minute time span and so a lot of people think it was cha off because he's talked about he said i'm building a very big n nlp portfolio right now i'll reveal the details of it later you know there's only so many whales who are gonna go by half a million dollars of n entities in like a thirty minute span and so some people think us mouth maybe it's some other random crypto millionaire or a hundred billionaire or something like that but there are many many different types of so i'll give you another example music there are artists that can just release a ten seconds sound sample i think is gonna release a track on nifty gateway i believe hope i'm not breaking any news there but there are artists who are gonna release songs or clips of songs as tokens that you can own so you can own that song or you can own that clip of that song they're gonna release it as like a piece of art basically that you can go by and bid on so the opportunity obviously here is displaying all these things i think so so i'll i'll tell you the three i mean that there's the biggest opportunity is these marketplaces but i believe if somebody was to make a very cool simple frame if that's like kinda marketed and branded towards n collectors right now there's so much money being splash around here i think that you could sell three hundred dollar frames four hundred dollar frames i think you could sell probably five million of them in a month five million dollars of sales at a month right now easily because of people need a way to display these how do i get this thing literally in the frame so there's two ways one is you download your you right click this thing you save video as and then you just like most of the frames can accept like a video file so you just upload it that way the frames are attached to wifi yeah the frames are wife or internet smartphone frame right it's like a digital picture frame and so the other way to it the better way i think is if you're gonna make this and marketing towards those people you would just say cool link your nifty gateway account just like log in and once you log in cool your whole collection is there what's your ethereum in wallet just connect it and then boom will display whatever you want here and this is a little companion app that lets you do now check this out our our friend ryan hoover invested in this company called infinite objects have you seen this before i dismissed all this i i think it's cool i don't know if people are gonna like this because a a bunch of this visual and if you're listening to this i'm not sure if you're gonna get it and b i think i'm talking a little bit fast and all over the place because i'm excited and i think you get it pretty quickly but for a camera i don't know if what i if any of what i said is gonna make sense so let me know you could tweet me and be like that no sense can you do it simpler but look at this side i just sent you so infinite objects a first glance you're just like oh this is like this is just one of those digital picture frames right it is and it is first it's like kinda well designed it looks pretty slick it looks like something like i don't know like apple would make or something but the cool thing is it's an infinite object meaning whatever you put inside that's it forever it is a forever looping video of whatever you put in so i think these are great gifts by the way really cool gift for like valentine's day or whatever like to get somebody mother's day that sort of thing but it's a printed video so it can't change in the same way that like a you know a poster can't change so they basically just imprint this video in and then it's sealed and then nobody can ever change what's inside this so the first looks like that harry potter this is when that reminds me of exactly it looks like a portrait that's like moving like in harry potter exactly that's i they're that's like very much what they went for like the magic of that the very first big drop that i was talking about the biggest n nfc drop that one that that artist people did and by the they got people some people were like oh my god this guy made like four million dollars and in one day doing an nfc drop this guy is a monster for eight years he made a different digital art every day and he posted on instagram and they're all like amazing and he would do one it one a day every single day for like eight or nine years and then he like cashed in all that like fan love through an n drop and that's you know and now he's the he's the kind of highest selling artist on this thing his things are now going for hundreds of thousands of dollars and christie invited him to do a official do like a traditional art show and and sale and they're gonna accept cryptocurrency for the buyers of the arc when he doesn't there but when he did his he offered one of these with every buyer which that was really smart so he said if you buy this thing for whatever two thousand dollars you will get the digital thing and it'll be recorded on the blockchain chain but i'm also gonna send you an infinite object with the piece of art in it so you'll have it in your house and i think that's where this all goes i think artists are just gonna include a a physical token with the digital thing you bought i love this this is so cool i do have a little bit of a nit pick with infinite objects which it looks like all their stuff is really small it is small yeah it this is like it looks like a book size thing like the thing you have behind you the thing i have behind me that's what i want that's what i want and this also has a big problem right so like i think they're product is slick but this is a big problem because you can only ever display one thing in this once you do it it's forever you can't use it to display your collection you'd need to if you bought thirty pieces of digital art you need to buy thirty of these to display them and so i think that's the big flaw of this that somebody can still do as an opportunity in the n nfc space to actually make a a frame that will rotate your latest buys and if you sell something it'll leave you know that sort of thing this guy darren rave tweeted he's is kinda sports journalist type dude and he tweeted this thing out he goes look at these two images and tell me which one you would want on the left is a autograph signed there was a a trading card with michael jordan and kobe o'brien on it and it was signed by both guys signed by michael jordan signed by cob o'brien and on the right was that kobe bryant n that i showed you hey he goes both of these right now are selling for twenty thousand dollars which one would you rather buy and the twitter blush is very interesting because you know some people were like are you crazy that's a dude i could just save that little image as my wallpaper right now and boom i got it for free and then other people are like so what that other thing is just a piece of cardboard with some ink on it you know like if you break it down like believing in autograph believing in trading cards like pieces of cardboard with with somebody's scribble on it like why is that valuable leader and it's all valuable because it's rare and it's all valuable because other people believe it's valuable and so the big question is but that's what money is and that's what all this so the question people have right now is alright with this n thing you know is this the next bitcoin i kind of well this is what a lot of people feel it's like shit i kinda of missed out on that bitcoin thing is this n vat should i just be piling into this or is it more like icos three years ago where boom everyone's doing ico everybody's getting rich crowdfunding funding through icos and now ico are seen and people at that time we're saying to dude this is like kind of a money grab these projects are not legit this thing is not worth that it's just a frenzy right now my personal opinion is that n entities are nowhere near as valuable as bitcoin could be because if you just look at the collectible market a trading card market there might be like the trading card market might be somewhere between five billion and twenty billion a year bitcoin which is like financial asset financial system like things in the financial system are worth trillions ten like you know like if bitcoin digital gold gold market cap is ten trillion dollars so they're just operating on different scales so i would definitely not think of n entities as like the next bitcoin i would think of it as a really cool way now for us to make things on the internet scarce because you could just copy paste anything and i could just i can send you a file and then i have it and you have it everything was super super abundant so there was no way to have real scarcity on the internet all digital stuff was like could just be cloned and replicate replicated it infinitely do you remember watching videos and it's like rare video of eminem and m backstage talking to doctor dr it's like well no there's such thing as rare on the internet well in that case like you know my be rare because that's the you usually don't see him in a backstage but like there's definitely any gif any picture any video any song you could just like infinitely share it and send it we can all have one for free like there was no scarcity internet was amazing because it made everything so abundant so everybody could have it but what you lose is then what's the point of creating the art if it's just gonna get cloned everywhere and i don't get any piece of the action and so i what i think is cool here is that crypto is kind of unlocked way for artists to make things scarce that are digital and some of it's gonna be bullshit in the sense of yeah it's scarce but no one cares about it so therefore it's it has no value but some things that people care about now you have a way to make the valuable through scarcity i think that's really cool alright let's talk about this last thing i think that this episode is gonna be good but we'll talk about this last thing it is crypto overlaid but not in the same way so yeah sean brought up this thing that i actually looked into is pretty interesting coin market cap is that correct quote my i'll tell you how this got put on my radar somebody said coin market cap sorry somebody said this question i was gonna quiz you with this but i i put it up here so you you had a chance to research it but i was gonna say hey guess which website is bigger coin market cap dot com or wall street journal dot com and like you know any rational person who's is just i kind of on the outside you would think wall street journal of course the things best an institution it's been around years everybody knows about the wall street journal what the hell coin market cap well it turns out coin market cap has gets more traffic every month than the wall street journal and all coin market was was a guy well it's been around for for seven years has been growing it passed it up years ago it was his guy in his apartment and all he did was he just displayed some price information about cryptocurrencies that's how it i got popular and now it's turned into like a full fledged thing where they like do journalism they they write some articles about the latest news and whatnot but like fundamentally it was just a display of kind of price information about crypto and it is amazing to me that this thing was getting a hundred million monthly visitors when the wall street journal was only getting and i like eighty it had passed the wall street journal that blew my mind and i had to know some more so that's how this going on my radar what did you think was cool about this so i looked it up it was started about this one guy named brendan c i think it is c h easy start about seven years ago what's interesting is that he's the story is always a good story very secretive so i'm almost positive you can't find a picture of him i couldn't call anything i trying to find this motherfuckers picture couldn't find it yes he's only done one or two interviews and it's always a stock like outline of a black like head like a like with the shadow on you and he it's so powerful that he d listed the south korean exchanges for some reason i don't understand why i guess the story is is that he deli some south korean i'm a total new but basically like the equivalent of something off site yeah yeah he basically it was like the coinbase base of south korea he said no we're no longer gonna deal with you anymore and by the by way deli listing it's not like they lost any power he just like stopped it's like if the wall street journal stopped talking about my company that doesn't actually hurt my company but it did in this case and in this case it wiped out a hundred billion dollars in market value of of crypto asset market value so very powerful and i looked at on linkedin the company only has thirty six employees and because of its secrecy a lot of the employees actually looked like legitimate just like normal like tech worker employees although there is a lot of secrecy about it so who knows what the truth is but the company sold to bin bin sean is it bin like pretty much a coinbase competitors it's coinbase in asia it's bigger a little bit bigger than coinbase but is the biggest exchange which is like it's the biggest place to buy and sell cryptocurrencies in the world and bin bought it for a rumored four hundred million dollars and there's potential that it was like five or ten employees when they bought it and bin bought it kind of for the similar reason they hubspot bought us not exactly the same but similar which is like wow you're sending a lot of traffic to all these places that are competition what if we just own you and they promise not to like completely ruin it but i do think they like promote themselves i i don't know the i don't know the reality there's a reason they bought it let's put it that way yeah and they can promote they is they say oh you're gonna check out the price of bitcoin all day by the way if you sign up right now for buying so you can get a fifty dollar yes come by point here yeah that that's all they want they come buy it here don't buy it over there crazy fascinating because this idea of just like so i'm sure it's this product is it it's pretty slick and on the service it looks dead simple like oh all doing is like pulling data like any dummy do this i remember this thing like this looked so simple back of it like now it looks like a proper website got articles got journalists like it's well designed this thing started as just like a plain white and black display of a bunch of numbers and like that's all it was and it was popular because it was the easiest fastest way to go at a glance see what was going on in the crypto world with the price and the market caps and the change over like change in the last twenty four hours and stuff like that so it's amazing this is a great example of why comb calls picks and shovel businesses which is something our andrew wilkins and likes a lot which is whenever there's a big gold rush don't try to be one of the people in the gold rush go sell shovel to the people go and try to who wanna go get gold and so examples of this would be you know andrew's company e commerce which is basically okay shopify is getting big e ecommerce is getting big don't try to be a big e commerce site sell tools to people who wanna start their own who wanna go in the gold rush e ecommerce and go try to build their stores and now ecommerce is a public company worth like i don't know eight hundred million dollars or something this is that same idea which is instead of trying to become a a crypto fund or buy a bunch of bitcoin or speculate on the price or anything think they're like we'll just report like the price and then he was will just be like a a display of information and that picks and someone's business like they you know sold four hundred million dollars i think it's kind of amazing this is wild i think that this episode is i don't know if people are gonna absolutely love this or think those too too much but this is a fascinating i'm kinda amped up to be honest this i i'm leaving this amped up and by the way the that i wanna told you about crypto slam or you know whatever there's all whole bunch of these now def defy pulse they're building the coin market cap they're trying to build the same thing coin market cap for n entities they're like oh we'll display a bunch of like that thing i sent you that showed you how much money tops shot had made in the last twenty four hours that's what coin market cap is but they're just doing it specifically for an n entities and they're trying to become the coin market for n entities and i think you could take that same principle to really any space that's hot right like you could do it with crunch base or whatever did it with start up funding news every time is funding cool we're gonna write it down here and it's a searchable database of that and you guys just do this in any any industry where there's a lot of interest you could just become the like info display sites for that thing chart does this with podcasts for example now well what's this one you're saying you guys gotta fix this what what does the use i sent you a world meters out info and i think they blew up just because they showed the daily count of coronavirus yeah i remember that so it was a kid he might have been not even twenty it was a young kid and he did the same exact chart but for covid cases and it blew up and i think the new york times did an article about how he refused to sell it and he refused to put advertising on it and they've estimated that he could be making four or five million dollars a year off just display ads brady just sent the traffic it's two hundred and twenty million visits this last month oh then he would made way more this was like right when covid started a year ago you could just sell masks on this one one link to a mask yeah and then make my but i saw that i was like dude make money off it you're working hard get paid like how are you gonna keep doing this if you can't make any money two hundred million people come here your website a month how on earth you afford unless they're gonna give you that that's gonna cost you surely that would cost tens or six figures a month maybe yeah i i don't know how much cost maybe any aws credit ads on it this guy is making some good money all it's doing it's what you guys said he's just pulling data for corona cases in different countries and two hundred million hits up yeah now i see i i turned off my ad i see like squarespace ads all over it now so whatever that guy was saying where he wasn't gonna do it at the bottom you can same care refinance calculator well this is good i think we should wrap up here this is pretty sick we're gonna bring this heat hopefully every time and yeah this is sick well thank you for listening tell us the feedback on this i wanna know what people want and if they dug it alright we're out of here