Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership.
Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
Speaker 1: Under President Trump, attempted illegal border crossings are at the
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
Speaker 1: aliens have been arrested. If you are here illegally, your
Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
Speaker 1: and deported.
Speaker 2: You will never return.
Speaker 1: But if you register using our CBP home app and
Speaker 1: leave now, you could be allowed to return legally.
Speaker 2: Do what's right. Leave now.
Speaker 1: Under President Trump, America's laws, border and families will be protected.
Speaker 3: Sponsored by the United States Department of Homeland.
Speaker 4: Security, NFTs reported this at the end of the day
Speaker 4: that ninety five percent of NFTs are currently worthless. Uh
Speaker 4: stark draw down from the glory days a few years ago,
Speaker 4: when things were running rampant, and people were buying Board
Speaker 4: eight yachts for six hundred thousand dollars. So Board eight
Speaker 4: six hundred thousand. So the NFT market looks like it
Speaker 4: has I don't want to say collapse, because there are
Speaker 4: is not dead completely, but definitely.
Speaker 3: Vital size in a danger area.
Speaker 5: Danger area for sure.
Speaker 4: But we also saw the same thing with crypto if
Speaker 4: you think about it, you know around twenty seventeen, twenty eighteen,
Speaker 4: when a crypto crashed and probably I don't know the
Speaker 4: exact percentages per se, but I would say probably around
Speaker 4: ninety percent of cryptocurrencies we're worthless, right for Crypto still here,
Speaker 4: Ethereum is still here, XRP still here, bitcoins still here.
Speaker 4: So it didn't that didn't destroy crypto. We also saw
Speaker 4: the same thing with the dot com boom. Again I
Speaker 4: don't know the exact percentages, but a large, a large
Speaker 4: portion of those companies fell apart and fell off the
Speaker 4: face of the earth. So okay, So what does it
Speaker 4: say about the current NFT marketing? Where are we at
Speaker 4: with NFTs?
Speaker 6: I just put some context behind the numbers.
Speaker 7: So we have out of the seventy three thousand, two
Speaker 7: hundred and fifty seven NFT collections sixty nine thousand, seven
Speaker 7: hundred and ninety five have a market cap of zero
Speaker 7: ether right, so not dead, but doesn't look pretty Of
Speaker 7: that number, approximately twenty three million investors own these tokens
Speaker 7: with no practical.
Speaker 6: Use or value. So dead no trouble signs.
Speaker 7: Yes, But I like the comparison that you just said
Speaker 7: with the cryptocurrency and the dot com. It's about finding
Speaker 7: which companies over the next five to ten years will
Speaker 7: be the ones that stay around, which ones have practical use,
Speaker 7: which have functionality that can sustain over time. And so
Speaker 7: that looks like what has happened here, But I don't
Speaker 7: think the technology is that. I think that's the key
Speaker 7: part that people really need to remember is that, yes,
Speaker 7: that this case scenario has looked gloomy, but the technology,
Speaker 7: when it's done right, will be here.
Speaker 6: You can go yeah.
Speaker 8: I know everyone thinks that I'm going to come on
Speaker 8: and say I told you so, I'm not. When George
Speaker 8: hit the game winner in Game six over the Jazz,
Speaker 8: he just shot the ball, let it go in and
Speaker 8: went back down court, I'll say there's too many people
Speaker 8: copy board API club and crypto punks as a grift.
Speaker 8: I know that's a favorite term going around on the internet.
Speaker 8: Number two, I agree that most spaces, when they're not valuable,
Speaker 8: will draw down ninety to ninety five percent. And my
Speaker 8: main thing that I was saying regarding NFTs is that
Speaker 8: most of them have no value. The underlying technology is amazing.
Speaker 8: But thirdly, even though some may not want me to
Speaker 8: say this, a lot of the banks and major institutions
Speaker 8: were complicit and maybe having this market draw down so
Speaker 8: that they can come in and then put their projects
Speaker 8: on certain platforms and allow them to do incredibly well.
Speaker 3: But the bigger point is, like most companies that.
Speaker 8: Have no use cases, that have no real world resolution,
Speaker 8: don't solve a real problem, does not speed up revenue
Speaker 8: top line revenue, bottom line revenue, does not give you
Speaker 8: high in that margin, does not make the lives better
Speaker 8: for those in Asia, United States, Mexico are going to
Speaker 8: fail anyway.
Speaker 3: We'll talk about IPOs later, but I.
Speaker 8: Think the bigger macro picture that we're looking at is
Speaker 8: that when you launch a project or a company at
Speaker 8: the tail end of a financial boom, which was quantitative
Speaker 8: easing from the time Obama got an office until twenty
Speaker 8: twenty one, when they started to tell you that they
Speaker 8: were going to tighten. You have to know what cycle
Speaker 8: we're in. A lot of companies did incredibly well just
Speaker 8: by being in the middle of the twenty ten, twenty fifteen,
Speaker 8: twenty sixteen rain and had six or seven years to
Speaker 8: run free. But most of these projects when they were
Speaker 8: launched were worthless, if you will. But that's the one
Speaker 8: thing about the efficient market hypothesis. The companies that are
Speaker 8: good and projects that are good will stay afloat. The
Speaker 8: ones that are not will die. And I was talking
Speaker 8: to a brother at Revolt the same day when that
Speaker 8: news was announced. That was an NFT that came out,
Speaker 8: that went out, shot out ninety five percent, and has
Speaker 8: held some value since then. So I think we're just
Speaker 8: seeing a mass exodus or a mass correction in the
Speaker 8: projects and or companies that are not doing well. For
Speaker 8: anyone who thinks that I'm caping, no I'm not. But
Speaker 8: there's just not a reason for.
Speaker 3: Me to beat a dead horse.
Speaker 8: I may give them a sledgehimmer out at the back
Speaker 8: half of the show caping.
Speaker 6: Okay, we're going wrong with that on a cap got you?
Speaker 6: Got you? Yeah? I mean it's interesting.
Speaker 7: The other part of it was people started looking at
Speaker 7: the environmental impact of having NFTs, which is something you
Speaker 7: never hear about when people are making money, and so
Speaker 7: you hear about the carbon admission that goes into minting
Speaker 7: and if you have more products being minted, the energy
Speaker 7: that it takes, so that becomes an issue.
Speaker 6: And then again it the average price.
Speaker 7: And we can't say dead right because the average price
Speaker 7: of the board got apes are now forty thousand. It's
Speaker 7: so far a cry from the six hundred and the
Speaker 7: five hundred thousand dollars.
Speaker 6: But they're still there now.
Speaker 7: The things right, they're still there though like a forty
Speaker 7: thousand dollars value, it's still it's not worthless. But the
Speaker 7: thing that they have, I guess to their advantage is
Speaker 7: that the technology, like I said, I don't think goes away,
Speaker 7: and so they can turn it into something that can
Speaker 7: become incentivized or it can become something where we're having
Speaker 7: it outing. And if you have it like that, they
Speaker 7: still have that technology. It's just about is that now
Speaker 7: worth the course of analysis that you paid? Probably not for.
Speaker 8: Everyone in the crypto space. I know you're going to say,
Speaker 8: I'm not a crypto expert. That's fine, but when we
Speaker 8: talk investing, I said, the master investor out that master
Speaker 8: investor stocks. I'm going to tell you something that I
Speaker 8: think would help a lot is to not tell what
Speaker 8: you plan to do. I can't prove it, but anyone
Speaker 8: that I talk to in the music industry has not
Speaker 8: said that I'm wrong. As soon as they started saying
Speaker 8: that they're going to put an artists on these platforms
Speaker 8: to give royalties to some of the biggest artists, you
Speaker 8: don't think Universal Sony got on the line that labeled
Speaker 8: bad Bunny assigned to and said, hey, let's find a
Speaker 8: way to kill this market. As soon as that became
Speaker 8: the narrative. And I love the royalty model, I love
Speaker 8: the fan payment model. I love that everything can be
Speaker 8: tracked on a blockchain. But when you start to become
Speaker 8: a threat to one of the biggest industries and exports
Speaker 8: of our country, you're going to have some pushback. We
Speaker 8: taught inrypto in general. As soon as crypto was saying
Speaker 8: that we're going to take over at banking, everybody in
Speaker 8: banking got together and own majority of crypto. Even though
Speaker 8: Chebank they are offering bitcoin and crypto custody services They
Speaker 8: currently manage one point three four trillion dollars they expect
Speaker 8: over the next ten years to get up to two trillion.
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Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan. These are just
Speaker 1: some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership.
Speaker 1: I'm Christy nom the United States Secretary of Homeland Security.
Speaker 1: Under President Trump, attempted illegal border crossings are at the
Speaker 1: lowest levels ever recorded, and over one hundred thousand illegal
Speaker 1: aliens have been arrested. If you are here illegally, your
Speaker 1: next you will be fined nearly one thousand dollars a day, imprisoned,
Speaker 1: and deported.
Speaker 2: You will never return.
Speaker 1: But if you register using our CBP home app and
Speaker 1: leave now, you could be allowed.
Speaker 2: To return legally. Do what's right. Leave now.
Speaker 1: Under President Trump America's laws, border and families.
Speaker 3: Will be protected sponsored by the United States Department of
Speaker 3: Homeland Security if they add bitcoin and cryptocurrencies to their offerings.
Speaker 3: So I love the model as it strike ends with
Speaker 3: the writers.
Speaker 8: That's great, But I think these projects have to be
Speaker 8: a lot more quiet and not tell what they ultimately
Speaker 8: plan to do. Otherwise the industry is going to attack you.
Speaker 3: Am I keeping the coining, I'm doing good.
Speaker 6: Great.
Speaker 4: I think I think the technology is more so suited
Speaker 4: for real life use case. You know, having authentic authentication
Speaker 4: of products. That's still something that makes a lot of sense,
Speaker 4: whether it's with sneakers, whether it were painting, that's that's
Speaker 4: a that's a real world problem that has still has
Speaker 4: a bulletproof solution has still not been done. So in
Speaker 4: the art world, this billion dollars of things every single year,
Speaker 4: as far as fake painting and people that forge signatures
Speaker 4: of other artists, different things in that age. Is so
Speaker 4: n f ts make a lot of sense because if
Speaker 4: you have an NFT attached to a painting, then it's
Speaker 4: a one of one and you can verify that it's real.
Speaker 4: Same thing with sneakers, the same thing with any type
Speaker 4: of collectibles, autographs, whatever. So as far as you always
Speaker 4: have to be larry when things are solving problems that
Speaker 4: are not needed.
Speaker 8: So said it again, because I think most people gonna
Speaker 8: skip over, and that's really important.
Speaker 5: Yeah, that's just business in general.
Speaker 4: You always want to be leary of you want to
Speaker 4: invest in, you want to you want to fully support
Speaker 4: things that solve problems. Yeah, like what I just explained,
Speaker 4: you want to be leary of investing or supporting things
Speaker 4: that solve problems that are not really problem, they're not
Speaker 4: really needed to solve. Meaning so instead of you know,
Speaker 4: looking at it from the aspect of this n f
Speaker 4: T is gonna you know, verify that this painter actually
Speaker 4: painted it, you just want to have an n f
Speaker 4: T to show on your TV as as digital art,
Speaker 4: Like that's cool, but that's not really something that is
Speaker 4: paramount to the survival of.
Speaker 5: The human species. Or you just want to just have
Speaker 5: you know, a bunch.
Speaker 3: Of cool.
Speaker 4: Like highlights that like digital highlights of Michael Jordan dunking
Speaker 4: over like and it's like that that this is cool,
Speaker 4: but that's not really solving any problem, right, just a
Speaker 4: monkey that just shows on your phone. It's cool to have,
Speaker 4: but that's not the utmost importance of solving problems, right.
Speaker 4: So a lot of people got caught up in the
Speaker 4: NFT from that aspect of it. They got caught up
Speaker 4: in the oh, I'm just gonna buy this monkey going
Speaker 4: up so crazy, and it's like you you lost the
Speaker 4: actual utility part of it for just the hype part
Speaker 4: of it. And the hype is always going to come
Speaker 4: down eventually, but the utilities are going to be there.
Speaker 4: So it's the same thing with crypto. You know, all
Speaker 4: of those coins and all those projects that was just
Speaker 4: have no purpose and just you know, it's just there.
Speaker 4: They all fell apart, but there's real life application for
Speaker 4: a lot of these coins, and those are the coins
Speaker 4: that actually have survived, and those are the coins that
Speaker 4: probably will survive.
Speaker 5: So yeah, just.
Speaker 4: You know, think about that, and you know, people buying
Speaker 4: real estate in the metaverse once again, that's so that's
Speaker 4: another that's solving a problem that's not a problem.
Speaker 5: So you're paying fifty thousand dollars.
Speaker 4: For a house in the metaverse because Snoop Dogg did it,
Speaker 4: or it's next to Justin Bieber's house. You could rationalize
Speaker 4: anything in your brain and say, Okay, well this will
Speaker 4: be the next evolution of real estate, and who knows,
Speaker 4: potentially it could be too. So yeah, but that's not
Speaker 4: solving a problem. Buying a building in Cleveland, Ohio next
Speaker 4: to the Mayo Clinic is solving a problem because there's
Speaker 4: actually doctors and residents that actually need somewhere to physically
Speaker 4: live while they're living on Earth, and you can provide
Speaker 4: them housing. That's that's actually solving a real problem. Buying
Speaker 4: a ranch in digital world is not necessarily solving a
Speaker 4: problem right now, So just think about that when you're investing.
Speaker 4: That's kind of like a litmus test. Is this solving
Speaker 4: a real problem problem yes? Or is this solving a
Speaker 4: problem that's not really a problem.
Speaker 3: Let me run us out to you real quick.
Speaker 8: When you talk to Robert Smith Amy episode last week
Speaker 8: was amazing, DC, Young Flower, Colos, Carlos from eighty five,
Speaker 8: or Chad when you talk to Trap g Z, Steve Harvey,
Speaker 8: Tabeti Ladoon when I talk to you that has any
Speaker 8: of them mentioned NFTs. You don't have to like crypto,
Speaker 8: but if the big players you know who Mike.
Speaker 3: Novagrats ain't mentioned no fucking NFTs.
Speaker 8: He's in the space, Kathy once you got on stage,
Speaker 8: didn't mention one thing about NFTs. Now, if I were
Speaker 8: a creator, I think God rest his soul. People should
Speaker 8: have got with Virgial early and use that to authenticate
Speaker 8: some of the pieces. Should have got with other beasts.
Speaker 8: Probably should have got with Marcomanski or somebody in real
Speaker 8: estate to do it there. But it has to, like
Speaker 8: you said, solve a real use case now for my
Speaker 8: creators out there.
Speaker 3: If you do create a solution, since.
Speaker 8: The market is at a rock bottom, maybe you can
Speaker 8: provide a solution that will help the real world. So
Speaker 8: I'm not anti crypto, but just some projects are dumb
Speaker 8: me my voice, are you dumb? This is the one
Speaker 8: of them.
Speaker 3: Shot the Pap and whoever else.
Speaker 4: You can't make sense that nonsense. So that's something to
Speaker 4: always keep in mind. Like you know, you can try
Speaker 4: to make sense out of nonsense.
Speaker 5: A lot of people will do it.
Speaker 4: You can rationalize anything that you can if you convince yourself,
Speaker 4: you can really rationalize anything. But ultimately it's still nonsense.
Speaker 4: So don't get caught up in the hype. Don't try
Speaker 4: to make sense out of nonsense because trying to rationalize it,
Speaker 4: eventually you're going to realize that it's really it's just nonsense.
Speaker 8: Yeah, and even though it's an alternative investment, make sure
Speaker 8: you have your core down long term stocks, insurance, real estate,
Speaker 8: primary business, before you get to NFTs, the girl who's
Speaker 8: yum yum, all that, before you get the investment in
Speaker 8: the only fan girls that you're not talking to, and
Speaker 8: as the manager, meant sure to have your core for down,
Speaker 8: especially as interest rates go up. We have a bunch
Speaker 8: of geopolitical threats. The banking spaces came and took taking
Speaker 8: over crypto. Like, if you're entrepreneur, please write this down.
Speaker 8: Your job in any business is to accumulate more secrets
Speaker 8: than anybody else. If this was going to be the
Speaker 8: hit that everyone said that it was going to be.
Speaker 8: You wouldn't yell it out on the internet. You wouldn't
Speaker 8: do it.
Speaker 4: You wouldn't yell it out on the internet unless you
Speaker 4: were looking for offset.
Speaker 3: I'm gonna be in New York this week. I know
Speaker 3: you tough all on the issues.
Speaker 8: That's two house arrest the cook up you have, boy,
Speaker 8: I was talking about considerable drawdow.
Speaker 6: Opportunities. The only ops I know.
Speaker 5: Jesus, Jesus, yes well.
Speaker 1: An illegal alien from Guatemala charged with raping a child
Speaker 1: in Massachusetts. An MS thirteen gang member from Al Salvador
Speaker 1: accused of murdering a Texas man of Venezuelan charged with
Speaker 1: filming and selling child pornography in Michigan.
Speaker 2: These are just.
Speaker 1: Some of the heinous migrant criminals caught because of President
Speaker 1: Donald J.
Speaker 2: Trump's leadership. I'm Christine Noman, the.
Speaker 1: United States Secretary of Homeland Security. Under President Trump, attempted
Speaker 1: illegal border crossings are at the lowest levels ever recorded.
Speaker 1: In Over one hundred thousand illegal aliens have been arrested.
Speaker 1: If you are here illegally, your next you will be fine.
Speaker 1: Nearly one thousand dollars a day imprisoned and deported, you
Speaker 1: will never return. But if you register using our CBP
Speaker 1: home app and leave now, you could be allowed to
Speaker 1: return legally.
Speaker 2: Do what's right. Leave now.
Speaker 1: Under President Trump America's laws, border and families.
Speaker 2: Will be protected.
Speaker 3: Sponsored by the United States Department of Homeland Security,