WEBVTT - EYL #182: NFTs, Web 3, & Crypto with John Henry & Buster Scher 0:00:00.400 --> 0:00:03.120 Coach, the energy out there felt different. What changed for 0:00:03.160 --> 0:00:03.800 the team today? 0:00:03.880 --> 0:00:06.000 It was the new game day scratches from the California 0:00:06.080 --> 0:00:07.080 Lottery players. 0:00:07.120 --> 0:00:09.840 Everything. Those games sent the team's energy through the roof. 0:00:09.880 --> 0:00:11.880 Are you saying it was the off field play that 0:00:11.920 --> 0:00:13.000 made the difference on the field. 0:00:13.119 --> 0:00:15.840 Hey, little play makes your day, and today it made 0:00:15.880 --> 0:00:18.800 the game. That's all for now, coach, one more question. 0:00:18.960 --> 0:00:21.800 Play the new Los Angeles Chargers, San Francisco forty nine 0:00:21.880 --> 0:00:24.960 ers and Los Angeles Rams scratchers from the California Lottery. 0:00:25.040 --> 0:00:28.200 A little play can make your day. Peace made responsibilit 0:00:28.240 --> 0:00:29.800 must be eighteen years or older to purchase late or 0:00:29.800 --> 0:00:30.400 claim well. 0:00:30.480 --> 0:00:32.440 I mentioned I was buying the dot Eath domains pretty 0:00:32.520 --> 0:00:34.840 much like Go Daddy of Web three. I had manfucking 0:00:34.840 --> 0:00:37.440 coins and I said, well, what's the value of these coins? 0:00:37.920 --> 0:00:40.320 And you know, when you register your coins, there's like 0:00:40.360 --> 0:00:42.840 an official registry and then they peg a value. Value 0:00:42.840 --> 0:00:45.280 was seventeen dollars per I only spent three grand on 0:00:45.320 --> 0:00:46.960 the domains? Is it true that this shit has war 0:00:47.080 --> 0:00:49.800 seventeen thousand? I sold all the coins and I took 0:00:50.000 --> 0:00:54.040 the cash out. When's the last time Go Daddy gave 0:00:54.080 --> 0:00:58.560 you anything for owning a dot com. 0:00:58.840 --> 0:01:04.039 My graduates from my SKO being forced back drop b drop, 0:01:04.680 --> 0:01:07.080 Mike drop backdrop. 0:01:18.120 --> 0:01:20.160 If y'all love E y L, I need you to 0:01:20.160 --> 0:01:27.280 make some noise please. I got my guy John Henry. 0:01:27.400 --> 0:01:28.360 Y'all know John. 0:01:29.800 --> 0:01:32.679 Legend, buster Ship. If you're a true E y L you. 0:01:32.640 --> 0:01:34.360 Know he was the first person on our platform to 0:01:34.400 --> 0:01:37.759 speak about n f T S for anybody else. That's 0:01:37.800 --> 0:01:40.640 a very little known secret, so only the diehard E 0:01:40.800 --> 0:01:42.039 y L fans know about that. 0:01:42.120 --> 0:01:46.440 But we got a jam Pat Day for you, guys. Man. 0:01:46.600 --> 0:01:49.000 We got these two legends right now, My brother Troy, 0:01:49.000 --> 0:01:52.560 he's coming on next with the one and only Master Investor. 0:01:52.600 --> 0:01:56.960 He and Dounlap Wall Street Trapper we got. 0:01:57.120 --> 0:02:01.440 We got the O g Be's gonna come a town, 0:02:01.600 --> 0:02:07.320 DJ Michael Watts. Of course my god Tolby Wigway Legend 0:02:07.880 --> 0:02:08.880 Legure themself. 0:02:09.000 --> 0:02:10.680 So you know it's a vive man. 0:02:10.800 --> 0:02:13.160 Shout out to Ally, shout out to our partners at 0:02:13.240 --> 0:02:16.520 United Masters. Every time we get together, we make magic happen. 0:02:16.639 --> 0:02:19.040 So just want to thank you guys for coming out. 0:02:19.160 --> 0:02:20.680 Were about to get it to it. Let's do it. 0:02:23.200 --> 0:02:25.800 All right, So the moment you've all been waiting for. 0:02:25.919 --> 0:02:28.600 This is a conversation that I'm excited to actually ask 0:02:29.120 --> 0:02:31.640 to host this panel because I felt like this is 0:02:31.720 --> 0:02:33.720 something that we don't get a chance to talk about 0:02:33.760 --> 0:02:36.080 a lot. We talk about stocks, a lot, real estate 0:02:36.120 --> 0:02:37.840 a lot, and I love I love both of those. 0:02:37.880 --> 0:02:40.640 But you know, I get into a whole different vibe 0:02:40.639 --> 0:02:44.520 when we talk about NFTs, crypto and Web three point 0:02:44.560 --> 0:02:46.040 zero and this is what we you know, we're in 0:02:46.080 --> 0:02:48.960 the future, So we're in the future now, so it's 0:02:49.000 --> 0:02:51.840 important to educate ourselves and know what's going on. So 0:02:52.280 --> 0:02:55.200 John Henry really needs no introduction, but I'll give one. 0:02:55.520 --> 0:02:58.119 He actually is based in Austin now from New York, 0:02:58.440 --> 0:03:04.399 co founder of Harlem Capital, Legendary hallm Capital for Black Brothers. Yeah, 0:03:04.440 --> 0:03:07.040 give it a clap for that. That started the legendary 0:03:07.120 --> 0:03:11.480 venture capital firm. Then now what he's doing now is 0:03:11.520 --> 0:03:15.639 the CEO of Loop Loop Car Insurance. So Loop Car 0:03:15.639 --> 0:03:19.160 Insurance has revolutionized the car insurance industry. And we got 0:03:19.160 --> 0:03:22.000 to thank him because he gave us our opportunity for 0:03:22.080 --> 0:03:26.040 our first angel investment, our first ever angel investment was 0:03:26.080 --> 0:03:26.679 into his career. 0:03:27.639 --> 0:03:30.000 Yes, sir, I appreciate you. I appreciate you. For that. 0:03:30.280 --> 0:03:31.440 Sean Henry's a whiz kid. 0:03:31.480 --> 0:03:33.680 Man knows everything when it comes to the you know, 0:03:33.880 --> 0:03:37.200 valuations and selling the company and all of this stuff. 0:03:37.240 --> 0:03:40.520 Man extremely extremely smart guy. And then Buster Shire, like 0:03:40.560 --> 0:03:42.240 I said, if you don't if you don't know, you 0:03:42.280 --> 0:03:45.800 should check his episode out, episode one thirty of EYL. 0:03:45.920 --> 0:03:49.880 Last April. We spoke and Buster he's a whiz kid 0:03:49.880 --> 0:03:52.680 for real. Twenty one years old. He's the founder of 0:03:52.760 --> 0:03:55.680 hoop Nation, which is an Instagram page has one million followers, 0:03:55.720 --> 0:04:00.520 five million followers on TikTok. He is the voice of 0:04:00.560 --> 0:04:05.640 the Crew League on Revolt, and he's an avid NFT investor. 0:04:06.000 --> 0:04:09.840 He actually we talk about it, but he spoke save it. 0:04:09.840 --> 0:04:12.800 I'll save it for later. But he If you listen 0:04:12.880 --> 0:04:15.880 to his episode and actually did some of the things 0:04:15.880 --> 0:04:18.200 that he said, you made a lot of money. If 0:04:18.200 --> 0:04:21.640 you didn't, then shames on you. But first and foremost, 0:04:21.640 --> 0:04:24.280 thank you guys. I appreciate it absolutely, absolutely. 0:04:24.560 --> 0:04:24.760 Yo. 0:04:25.040 --> 0:04:28.159 First things first, every time I'm proud of this one, 0:04:28.200 --> 0:04:31.400 every time I've jumped on the EYL platform, I've first 0:04:31.680 --> 0:04:36.600 started by paying respect to the brothers at EYL, because 0:04:36.720 --> 0:04:41.159 it wasn't that long ago when someone got me hooked 0:04:41.200 --> 0:04:44.520 up with them episode forty five, and I pulled up 0:04:44.560 --> 0:04:48.599 to Troy's crib in like yonkers in their living room, 0:04:48.640 --> 0:04:51.400 and they was talking about doing really big things. And 0:04:51.480 --> 0:04:53.880 I don't know if y'all been keeping up, but they've 0:04:53.880 --> 0:04:56.680 been doing some really big things. So I'm gonna need 0:04:56.720 --> 0:04:59.119 Jah to make some noise for Ernie Leisure because every 0:04:59.200 --> 0:05:02.920 generation we have a couple of superstars that emerge, and 0:05:03.000 --> 0:05:05.760 this is that time right now with these brothers. 0:05:05.839 --> 0:05:10.720 So so agreed. Appreciate that, brother, So let's get into this. 0:05:10.880 --> 0:05:14.120 So Bust, I'm gonna start with you. Let's start with 0:05:14.160 --> 0:05:17.279 this NFT conversation. So if you listen to his episode 0:05:17.279 --> 0:05:20.560 when he came on in April, he talked about crypto punks, 0:05:21.040 --> 0:05:24.680 he talked about board Apes, he talked about open Sea, 0:05:25.800 --> 0:05:28.440 and that was early crypto punks. 0:05:28.440 --> 0:05:29.640 How much was it at that time? 0:05:29.920 --> 0:05:32.599 So the floor of crypto punks was about twenty thousand 0:05:32.600 --> 0:05:36.000 at the time, it's about two hundred thousand now and 0:05:36.200 --> 0:05:39.400 board Apes was had just minted and they minted at 0:05:39.480 --> 0:05:42.840 point zero eight eighth and now it's at about three 0:05:42.920 --> 0:05:44.760 hundred thousand dollars. 0:05:45.120 --> 0:05:46.839 See, all you got to do is listen. 0:05:47.960 --> 0:05:50.000 So let's let's back it up because I still feel 0:05:50.000 --> 0:05:52.240 like a lot of people don't fully understand what what 0:05:52.440 --> 0:05:55.120 NFTs are. So before we go into two and depth, 0:05:55.120 --> 0:05:56.720 can we just go up with some basic terms. When 0:05:56.720 --> 0:06:00.440 you when you talk about a floor, right, can you 0:06:00.440 --> 0:06:03.039 explain to them what a flow in an NFT project is. 0:06:03.560 --> 0:06:06.159 Yeah, So a floor of an NFT project is essentially 0:06:06.200 --> 0:06:09.760 the cheapest that you can buy, said NFT FO. Usually 0:06:09.800 --> 0:06:13.640 projects have between five thousand and ten thousand total supply. 0:06:14.160 --> 0:06:17.200 The best ones will be the highest and the worst 0:06:17.279 --> 0:06:19.120 per se will be at what. 0:06:19.080 --> 0:06:20.720 Is the floor? Which is the cheapest you can get 0:06:20.720 --> 0:06:24.200 one for? So minting, what is minting? 0:06:24.760 --> 0:06:27.200 Minting is getting it when it first comes out, so 0:06:27.240 --> 0:06:29.159 you're the first person to own it, and you have 0:06:29.240 --> 0:06:34.120 to pay gas to actually receive it from wherever they 0:06:34.160 --> 0:06:37.000 put it out initially from and usually it's a it's blind, 0:06:37.080 --> 0:06:38.840 so you don't know which one you're going to get. 0:06:39.120 --> 0:06:42.400 So you're minting an NFT in a project. You know 0:06:42.440 --> 0:06:44.040 you're going to get one from the project, but you 0:06:44.080 --> 0:06:45.440 don't know which one you're going to get. 0:06:45.800 --> 0:06:49.480 That is minting. Well, somebody says they pulled the rug, 0:06:49.520 --> 0:06:50.040 what was them? 0:06:51.480 --> 0:06:55.200 So a rug is essentially when somebody launches a project, 0:06:55.279 --> 0:06:59.120 makes all these promises and then doesn't fulfill those promises. 0:06:59.440 --> 0:07:02.520 That is what's called getting rugged, which is when a 0:07:02.600 --> 0:07:06.880 founder just leaves the project entirely. Similar to where in 0:07:06.880 --> 0:07:09.360 like a traditional business standpoint, if somebody took a bunch 0:07:09.360 --> 0:07:11.800 of investment and then said, I don't really care about 0:07:11.800 --> 0:07:12.640 this company anymore. 0:07:13.200 --> 0:07:15.280 So all right, now you got some basic terms. 0:07:15.360 --> 0:07:18.520 Let me also paint a little context, because I feel 0:07:18.560 --> 0:07:21.920 like this NFT shit kind of came out of nowhere. 0:07:22.880 --> 0:07:25.600 I don't know if you guys agree, but I'm seeing 0:07:25.800 --> 0:07:29.240 Heineken and Budweiser and a lot of corporates now. I 0:07:29.360 --> 0:07:32.320 like to pay attention to big money because they don't 0:07:32.320 --> 0:07:34.200 do shit for the fun of it. They do it 0:07:34.240 --> 0:07:36.680 because there's money to be made. And it wasn't that 0:07:36.800 --> 0:07:40.280 long ago that some of the first projects were emerging. Now, 0:07:40.400 --> 0:07:43.000 I had long since been following crypto and people was 0:07:43.040 --> 0:07:46.160 talking about yo by you know, bitcoin all other stuff, 0:07:46.160 --> 0:07:48.480 and people made a lot of money doing that. But 0:07:49.080 --> 0:07:51.680 I'm not a currency trader. I'm busy. I run a 0:07:51.680 --> 0:07:55.000 fifty five person company, you know, and we're trying to 0:07:55.040 --> 0:07:58.480 change it at financial services. But it's my job as 0:07:58.480 --> 0:08:03.600 a co SEO to pay attention to friends. And what 0:08:04.080 --> 0:08:10.440 happened was a collectible layer came emerged on top of 0:08:10.480 --> 0:08:13.800 the cryptocurrencies. So now it's not just you trading coins, 0:08:13.840 --> 0:08:17.520 like trading dollars and pounds. It's like now people made 0:08:17.560 --> 0:08:21.720 stuff on top of it that you can collect, right. 0:08:21.760 --> 0:08:24.280 And so if a pop and ass artist, for example, 0:08:24.520 --> 0:08:27.240 makes a limited collection of a certain type of art, 0:08:27.600 --> 0:08:29.720 people can buy and sell those and it's really cool 0:08:29.760 --> 0:08:33.200 for artists, including musicians, because they get a perpetuity of 0:08:33.200 --> 0:08:36.960 the royalties. So like Boskio, for example, he only sold 0:08:36.960 --> 0:08:39.720 that art one time and only made money that one time. 0:08:40.120 --> 0:08:42.560 But now we have a device that allows the artists 0:08:42.559 --> 0:08:47.160 to collect royalties and perpetuity. And so there's signal and 0:08:47.200 --> 0:08:49.880 then there's noise. Noises when you can't decipher the value, 0:08:49.960 --> 0:08:53.920 signals when there's value. So the noise is all the speculation. 0:08:54.559 --> 0:08:57.680 How these fucking apes were three hundred thousand, I have 0:08:57.760 --> 0:09:02.439 no clue, but paying attention to the signal, the signal 0:09:02.600 --> 0:09:08.239 is big corporates moving in the signal is NFTs potentially 0:09:08.280 --> 0:09:12.920 having more utility beyond just trading apes. It might be 0:09:13.040 --> 0:09:14.880 the future of how leases are done, the way you 0:09:14.920 --> 0:09:17.520 buy all different types of things can be NFTs in 0:09:17.559 --> 0:09:20.280 the future. So I wanted to start this conversation first 0:09:20.360 --> 0:09:23.480 by contextualizing. I don't want you, guys, don't make the 0:09:23.520 --> 0:09:28.320 mistake of discarding this. We can't afford to do that 0:09:28.360 --> 0:09:29.880 as a community. I'm gonna keep it a buck with 0:09:29.960 --> 0:09:33.120 y'all right now, because the bank consystem done left us 0:09:33.120 --> 0:09:35.439 out at the FAHA program in nineteen sixty five when 0:09:35.440 --> 0:09:38.280 it was the single greatest driver of personal wealth in 0:09:38.320 --> 0:09:41.959 this country. Okay, so we have a new revolution right now, 0:09:42.000 --> 0:09:45.400 as Rashad was saying, So don't make the mistake to 0:09:45.440 --> 0:09:49.079 discard this, discard the noise, and pay attention to the signal. 0:09:50.000 --> 0:09:53.120 That's a fact, ladies and gentlemen, John Henry, waste no time. 0:09:53.160 --> 0:09:57.199 It's like a heavyweight fighter just came out swinging. So 0:09:57.320 --> 0:09:58.880 all right, so let me ask you guys this, both 0:09:58.880 --> 0:10:01.280 of you guys. You can chime in. What's the future 0:10:01.320 --> 0:10:03.520 of NFTs. Do you think we want to talk about utilities? 0:10:03.520 --> 0:10:05.400 And you can kind of explain utilities a little bit 0:10:05.440 --> 0:10:07.679 more if you want. But a lot of projects are 0:10:07.679 --> 0:10:10.640 starting to, you know, go down in value, like any 0:10:10.720 --> 0:10:13.120 new emerging industry, like even with crypto a couple of 0:10:13.160 --> 0:10:14.800 years ago when a lot of coins went to zero. 0:10:14.920 --> 0:10:18.280 But I always say, like the dot Com era, most 0:10:18.320 --> 0:10:22.760 of those companies went to zero, Crypto, most of those 0:10:22.800 --> 0:10:23.800 coins went to zero. 0:10:24.160 --> 0:10:25.839 But the Internet is still here. 0:10:25.960 --> 0:10:30.040 Doesn't devalue the Internet, it doesn't devalue cryptocurrency. So what 0:10:30.120 --> 0:10:33.280 do you feel for the naysayers that says like this 0:10:33.400 --> 0:10:35.599 is just a one time thing and it's going to 0:10:35.640 --> 0:10:38.080 be going next year. And how do you feel about 0:10:38.160 --> 0:10:40.440 utility because that's where I see the value is in 0:10:40.520 --> 0:10:42.240 more of a utility of projects. 0:10:42.679 --> 0:10:44.880 Yeah, utility is one hundred percent of value. 0:10:44.960 --> 0:10:48.560 I think the projects that haven't panned out since you know, 0:10:48.600 --> 0:10:51.200 we first started talking about NFTs last April are the 0:10:51.200 --> 0:10:53.240 ones that don't have utility. And the ones that do 0:10:53.640 --> 0:10:56.360 are those where they actually send you physical things. They 0:10:56.400 --> 0:10:58.920 give you tokens, they give you a lot of these 0:10:58.960 --> 0:11:02.839 projects give you digital land where there are these metaverses 0:11:02.880 --> 0:11:05.880 where they give each holder plots of those land, and 0:11:06.120 --> 0:11:10.040 people who hold conferences and share and talk and educate people, 0:11:10.320 --> 0:11:12.079 those are the ones that I've seen do the best. 0:11:12.360 --> 0:11:15.640 The future is in everything, right, Like you mentioned, royalties 0:11:15.960 --> 0:11:18.800 think about that for a traditional artist that has to 0:11:18.880 --> 0:11:21.720 pay to rent Madison Square Garden. Let's say Drake's coming 0:11:21.760 --> 0:11:24.880 to New York, he plays at MSG, he pays the venue, 0:11:25.360 --> 0:11:27.440 then they sell some of the tickets. The arena gets 0:11:27.480 --> 0:11:30.680 a cut of that too. Now he so before he 0:11:30.800 --> 0:11:33.440 sold that front row ticket for ten thousand dollars and 0:11:33.440 --> 0:11:37.000 that was it. The resaler then sold it for twenty thousand. 0:11:37.160 --> 0:11:39.880 The resaler of the resaler sold it for forty thousand. 0:11:40.200 --> 0:11:43.160 But now if that ticket is an NFT and it 0:11:43.240 --> 0:11:46.720 can't be converted without ten percent going to the original artist, 0:11:47.080 --> 0:11:50.600 now Drake's making you know, fifteen to twenty twenty five 0:11:50.679 --> 0:11:54.800 thousand just from resales of those tickets. So think about 0:11:54.840 --> 0:11:58.280 that across the board for every sporting event, for every concert, 0:11:58.480 --> 0:12:01.360 For an event like this, even if there were if 0:12:01.840 --> 0:12:05.200 entry costs money and it was a limited amount of 0:12:05.240 --> 0:12:07.360 tickets and you had to pay to get in, and 0:12:07.400 --> 0:12:09.679 more people wanted to get in, then could fit everybody 0:12:09.760 --> 0:12:12.440 here would resell theirs, but at least a percentage of 0:12:12.480 --> 0:12:15.040 that would go back to the original creator. So the 0:12:15.080 --> 0:12:19.079 way that money is going to be sent and brought 0:12:19.120 --> 0:12:21.959 back to the original creator of anything, whether it be 0:12:22.040 --> 0:12:26.360 a podcast or a concert or a sporting event is 0:12:26.480 --> 0:12:27.160 changed forever. 0:12:27.679 --> 0:12:29.320 Let me double click on that. I think that's a 0:12:29.360 --> 0:12:33.040 great building block. I was upstairs early. I've seen a 0:12:33.040 --> 0:12:37.120 lot of rolexes and people pull up and whips and 0:12:37.280 --> 0:12:41.400 you know, it's an investment. It's an investment, right right, right. 0:12:41.760 --> 0:12:44.840 There's a reason people buy those things, right Like I 0:12:44.880 --> 0:12:47.480 got a couple too, We got a couple of nice toys. 0:12:47.559 --> 0:12:51.359 There's all things that we that will invest our discretionary 0:12:51.400 --> 0:12:58.280 income on. And it's really no different in this new era, 0:12:58.400 --> 0:13:01.760 with this new type of currency. There's collections that are 0:13:02.080 --> 0:13:05.280 you know, rising and value and they're a lot more 0:13:05.320 --> 0:13:09.319 valuable than a rolex. And let me underpin a really 0:13:09.440 --> 0:13:13.360 critical fact of Web three, and that is your wallet 0:13:14.240 --> 0:13:19.719 is public. Yep, it's a publicly accessible wallet. I can 0:13:19.800 --> 0:13:22.000 go check out what you own and what you own 0:13:22.120 --> 0:13:26.640 and what you own. And so with that dynamic, you know, 0:13:28.240 --> 0:13:32.560 it's it's playing off of human behavior in the sense 0:13:32.559 --> 0:13:35.600 that the same reason you buy the bends or the rolex, 0:13:35.640 --> 0:13:37.400 it's the same reason why you're going to buy into 0:13:37.480 --> 0:13:39.760 some of the collections and show them off. And if 0:13:39.800 --> 0:13:42.040 you look on VC Twitter right now, you're going to 0:13:42.080 --> 0:13:44.640 see a lot of profile pictures of different collections because 0:13:44.640 --> 0:13:48.199 they just want to show off what tribe they belong to, 0:13:48.280 --> 0:13:51.000 what they believe in, and so on. So that's one 0:13:51.040 --> 0:13:53.920 aspect is the social behavior. The economics is important to 0:13:54.000 --> 0:13:57.280 underpin as well, especially now because you know it's south 0:13:57.280 --> 0:14:02.240 by Southwest. You know music portion Before you would have 0:14:02.320 --> 0:14:06.080 to go to a label to get funded and discovered, 0:14:06.720 --> 0:14:12.199 but web three democratizes access and it effectively becomes a 0:14:12.320 --> 0:14:16.520 vehicle by which you can fund your own projects. Fuck 0:14:16.559 --> 0:14:18.959 you got to get the approval of a label for 0:14:19.200 --> 0:14:21.520 now when you can just go directly to your fans 0:14:21.840 --> 0:14:25.040 put out an NFT that allows you to monetize the 0:14:25.160 --> 0:14:27.880 direct relationship but you have with your community, and now 0:14:27.920 --> 0:14:31.000 you have the capital to make a bang and ask album, 0:14:31.400 --> 0:14:34.520 you know, do activations and go on tour. So don't 0:14:34.560 --> 0:14:39.320 ignore this as a mechanization of monetizing the relationship you 0:14:39.360 --> 0:14:41.120 have with your community directly. 0:14:41.880 --> 0:14:43.560 Oh one other thing that I would add too. 0:14:43.800 --> 0:14:47.000 You know, I remember at the beginning of twenty twenty 0:14:47.040 --> 0:14:49.720 one when we first started talking about NFTs and a 0:14:49.800 --> 0:14:51.120 lot of people that I would. 0:14:50.920 --> 0:14:52.080 Send it to and be like, you should take a 0:14:52.080 --> 0:14:53.080 look at this. This is interesting. 0:14:53.120 --> 0:14:55.680 I think this could be the future of traditional collectibles 0:14:55.680 --> 0:14:59.960 think sports cards, memorabilia, sign things, whatever it may be. 0:15:00.440 --> 0:15:03.640 And they're like, well, there's no intrinsic value. I'm like, well, 0:15:03.760 --> 0:15:05.119 there's no intrinsic value. 0:15:04.840 --> 0:15:05.880 None of the other stuff either. 0:15:05.960 --> 0:15:10.760 The difference between in raw material value between the greatest 0:15:10.840 --> 0:15:14.840 Michael Jordan Rookie card and this board ape is about 0:15:14.840 --> 0:15:17.920 one penny because of the cardboard that it was printed on, 0:15:18.000 --> 0:15:21.840 maybe less so when you start, when you push that aside, 0:15:22.200 --> 0:15:24.440 at least you're able to look at it as okay, 0:15:24.520 --> 0:15:26.680 a lot of these things are equally. There's no intrinsic 0:15:26.800 --> 0:15:30.080 value of something that was done by da Vinci per se. 0:15:30.400 --> 0:15:33.520 The material value is very minimal. It's what we as 0:15:33.560 --> 0:15:37.120 a society put on that. And the great thing about 0:15:37.280 --> 0:15:40.360 you know, NFTs and digital things is, you know, like 0:15:40.440 --> 0:15:43.240 you mentioned, if somebody, if somebody owns a da Vinci 0:15:43.280 --> 0:15:48.360 and they keep it in their house high security. 0:15:46.560 --> 0:15:48.160 You know, we don't we don't see it. 0:15:48.640 --> 0:15:52.560 Whereas every wallet, my wallet, you know, everybody else's wallet 0:15:52.640 --> 0:15:55.800 is publicly available to see and see what those things are. 0:15:55.880 --> 0:15:57.960 So it really is a museum that travels with. 0:15:57.960 --> 0:15:58.760 You in your pocket. 0:15:59.160 --> 0:16:01.520 And Uh, once you sort of get over the intrinsic 0:16:01.600 --> 0:16:03.760 value home, which is that I saw early on from 0:16:03.800 --> 0:16:07.760 people that I was friends with IRL, it all starts 0:16:07.760 --> 0:16:08.640 to make a lot more sense. 0:16:08.640 --> 0:16:09.640 So I wanted to say that too. 0:16:10.200 --> 0:16:12.560 You do it all without breaking a sweat, and you 0:16:12.640 --> 0:16:14.920 do it all in style, from being a boss exec 0:16:15.040 --> 0:16:18.560 to getting the kids ready for school, checking homework, family dinners, 0:16:18.760 --> 0:16:21.520 lunches and brunches with your day ones, trips to the salon, 0:16:21.720 --> 0:16:24.200 and we can get aways at anything but a getaway. 0:16:24.520 --> 0:16:27.760 That's why Infinity fully reimagine the QX sixty to help 0:16:27.800 --> 0:16:29.200 you conquer it all with ease. 0:16:29.640 --> 0:16:31.120 A luxury suv. 0:16:30.840 --> 0:16:33.840 As functional as it is stylish, and as versatile as 0:16:33.880 --> 0:16:36.520 it is serene, even when you have back to back 0:16:36.560 --> 0:16:39.600 conference calls on top of the kids basketball practices, Not 0:16:39.680 --> 0:16:42.360 to mention your side hustles, It's all done with grace. 0:16:42.840 --> 0:16:46.320 The all new Infinity QX sixty has available features like 0:16:46.360 --> 0:16:49.400 seating for up to seven passengers, a suite of active 0:16:49.400 --> 0:16:53.120 safety features, and massage in front seats. It's the suv 0:16:53.280 --> 0:16:56.720 designed to help you conquer life in style. Now with 0:16:56.800 --> 0:17:00.560 extremely limited availability, contact your local retailer for inventory information. 0:17:01.840 --> 0:17:04.520 Yeah there's no intrinsic value in almost anything. Really. 0:17:04.600 --> 0:17:07.359 I mean the American dollar, what's the intrinsic value. There's 0:17:07.400 --> 0:17:08.880 just the faith that we have in it's back by 0:17:08.880 --> 0:17:12.800 the military. Goal you know has some uses, but most 0:17:12.800 --> 0:17:15.480 people don't use goal like that. They just hoard it. 0:17:15.480 --> 0:17:17.080 It's like, you know, that's why he said bitcoin is 0:17:17.119 --> 0:17:21.359 like digital goal. Housing has value, but even that it's subjective, 0:17:21.480 --> 0:17:24.760 Like a house in here could be the same exact 0:17:24.760 --> 0:17:26.240 house in the house in New York, but the house 0:17:26.240 --> 0:17:29.000 in New York is worth ten times more. Like why 0:17:29.080 --> 0:17:31.160 because people think that New York real estate is worth 0:17:31.200 --> 0:17:33.320 more than Texas real estate. As soon as they start 0:17:33.320 --> 0:17:35.800 to think differently than everything changes. So I think that 0:17:35.800 --> 0:17:37.840 that's very important what you said. We have to get 0:17:37.840 --> 0:17:39.880 out of that because that is something that people say like, well, 0:17:39.880 --> 0:17:42.199 it has no value. Well, you know a lot of 0:17:42.200 --> 0:17:44.720 things have no value. So let me if you look 0:17:44.720 --> 0:17:45.840 at it like that, a lot of things do have 0:17:45.880 --> 0:17:48.479 a lot of value. So you both of you guys 0:17:49.240 --> 0:17:51.840 not only talk about NFTs, but you own NFTs as well. Right, 0:17:51.920 --> 0:17:56.040 So what for people that's looking to invest in NFT projects, 0:17:56.240 --> 0:17:58.200 what are some things that they need to take into 0:17:58.240 --> 0:18:01.359 consideration when looking at this is a good project to 0:18:01.440 --> 0:18:03.399 invest in, this is a bad product to invest in. 0:18:04.240 --> 0:18:05.920 On the note of tangible value. 0:18:06.040 --> 0:18:08.159 You know what does have tangible value and it's not 0:18:08.280 --> 0:18:12.639 subject to fluctuating sentiment. Is income produce in real estate. 0:18:13.000 --> 0:18:15.040 Because the way that you value real estate is based 0:18:15.040 --> 0:18:17.440 off the cash flow. I'm gonna tell you guys, something's 0:18:17.440 --> 0:18:20.359 gonna blow your mind right now. I own a few 0:18:20.440 --> 0:18:27.200 multi family properties. They produce cash flow. I sold one 0:18:27.240 --> 0:18:31.120 of those buildings, I took the earnings, it's a five 0:18:31.200 --> 0:18:37.560 hundred thousand, and I put I went all in into NFTs. 0:18:39.400 --> 0:18:43.119 Here's why I pay attention to the startup markets. I 0:18:43.119 --> 0:18:46.920 pay attention to the public markets. Right right now, there's 0:18:46.920 --> 0:18:49.359 a public market correction, so all the public companies are 0:18:49.359 --> 0:18:52.120 coming down to value. But even six months ago everything 0:18:52.200 --> 0:18:54.480 was at an all time high, and I'm trying to 0:18:54.480 --> 0:18:56.720 make sense of it. People are paying all time high 0:18:56.800 --> 0:18:59.359 values on multiples of revenue in the public markets. In 0:18:59.400 --> 0:19:02.199 the private market, it's even real estate. I'm getting some 0:19:02.240 --> 0:19:05.359 cash flow, but not a whole lot. And so what 0:19:05.520 --> 0:19:08.720 I need us to understand as a community is that 0:19:08.800 --> 0:19:12.240 every once in a while, there's a generational shift and 0:19:12.520 --> 0:19:16.000 potentially the emergence of a new asset class. I want 0:19:16.040 --> 0:19:20.000 you guys to view this as an asset class, and 0:19:20.240 --> 0:19:22.840 when you're looking at it from the perspective of price 0:19:22.960 --> 0:19:26.760 arbitrage and pricing inefficiency, I believe that there's a lot 0:19:26.800 --> 0:19:30.640 of room for NFT floors and prices to go way up. 0:19:31.160 --> 0:19:33.160 So I said, all right, I bet if I lose 0:19:33.200 --> 0:19:39.040 this half a M, that's gonna hurt. But if Web 0:19:39.119 --> 0:19:44.600 three plays out, it'll change my life. I get chills 0:19:44.640 --> 0:19:47.800 saying that shit. You guys, put a little bit of 0:19:47.840 --> 0:19:50.200 money and like, Ian is gonna smack me outside the 0:19:50.200 --> 0:19:52.160 head because he's you know, he's got like the long 0:19:52.240 --> 0:19:53.280 term investment principles. 0:19:53.320 --> 0:19:55.400 But if you invest a little bit. 0:19:55.320 --> 0:19:57.480 Of money on a prolonged basis in the market, bet 0:19:57.480 --> 0:20:01.240 you're gonna be up eight to fifteen percent if you 0:20:01.400 --> 0:20:05.119 find the opportunity that's generational. Like we didn't have a 0:20:05.240 --> 0:20:08.560 chance to invest in Amazon when Amazon was being founded 0:20:08.600 --> 0:20:12.119 in nineteen ninety five. You feel me like it's the 0:20:12.200 --> 0:20:15.560 two three year window. It's the twelve to eighteen twenty 0:20:15.600 --> 0:20:17.800 four months where a lot of these projects are gonna 0:20:17.800 --> 0:20:21.840 be within reach and we have to make decisions as 0:20:21.840 --> 0:20:25.040 a community, Are we gonna buy public stocks that are 0:20:25.080 --> 0:20:26.639 that are blue chip and then they're gonna give you 0:20:26.640 --> 0:20:31.480 a three percent yield? But remember scare money, don't make 0:20:31.480 --> 0:20:34.760 no money. And plus I don't know about y'all, but 0:20:34.840 --> 0:20:37.600 I grew up dead fucking broke. I come from a 0:20:37.640 --> 0:20:40.159 household that grew up below the poverty line both parents 0:20:40.160 --> 0:20:42.919 income combined it and may twenty four grand in Washington Heights. 0:20:42.920 --> 0:20:43.440