1 00:00:00,080 --> 00:00:02,880 Speaker 1: Hello, and welcome to another episode of The Mark Moss Show, 2 00:00:02,920 --> 00:00:06,320 Speaker 1: where we talk about bitcoin. We talked about cryptocurrencies, we 3 00:00:06,360 --> 00:00:10,400 Speaker 1: talk about the decentralized revolution that is taking the world 4 00:00:10,400 --> 00:00:14,400 Speaker 1: by storm. It's no surprise if you're paying attention at all, 5 00:00:14,600 --> 00:00:17,119 Speaker 1: things are rapidly changing. Of course, I've been talking about 6 00:00:17,160 --> 00:00:19,479 Speaker 1: this for about a year and a half of how 7 00:00:19,680 --> 00:00:21,639 Speaker 1: we are at the end of a cycle, not just 8 00:00:21,720 --> 00:00:25,680 Speaker 1: one cycle, but three converging cycles that will change the 9 00:00:25,800 --> 00:00:28,920 Speaker 1: entire world as we know it. We're talking about a 10 00:00:28,960 --> 00:00:32,120 Speaker 1: financial revolution cycle, and eighty year financial revolution cycle, a 11 00:00:32,200 --> 00:00:35,559 Speaker 1: fifty year technological revolution cycle, and a two hundred and 12 00:00:35,600 --> 00:00:40,120 Speaker 1: fifty year political revolution cycle, all three converging right now. 13 00:00:40,120 --> 00:00:43,800 Speaker 1: I talked about it all the time, and we can 14 00:00:43,840 --> 00:00:47,239 Speaker 1: see signs of it all around us. Peak centralization, and 15 00:00:47,280 --> 00:00:49,960 Speaker 1: of course the world is rejecting that and pushing it back, 16 00:00:50,000 --> 00:00:55,320 Speaker 1: going to decentralization, and we have this technology that's leading 17 00:00:55,360 --> 00:00:57,880 Speaker 1: the way. That's one thing that analysts like Ray Dalio, 18 00:00:57,960 --> 00:01:01,680 Speaker 1: who I really respect, just recently read his new book, 19 00:01:02,200 --> 00:01:06,200 Speaker 1: Uh It's an amazing book that was The Changing World Order. Um. 20 00:01:06,280 --> 00:01:08,600 Speaker 1: The amount of research that got into the book is 21 00:01:08,640 --> 00:01:12,760 Speaker 1: amazing and highly recommended for anybody, but what somebody like 22 00:01:12,880 --> 00:01:16,600 Speaker 1: him misses is technology. And so he's done a really 23 00:01:16,640 --> 00:01:19,360 Speaker 1: good job studying the rising fall of empires from a 24 00:01:19,400 --> 00:01:22,040 Speaker 1: financial level and gets into the political level as well. 25 00:01:23,520 --> 00:01:25,520 Speaker 1: For some reason, this seems like what he fails to 26 00:01:25,560 --> 00:01:29,080 Speaker 1: recognize is that it's it's technology that changes the world 27 00:01:29,080 --> 00:01:31,720 Speaker 1: through thousands of years of history if we go back 28 00:01:31,720 --> 00:01:34,040 Speaker 1: and take a look at it, and that is what 29 00:01:34,080 --> 00:01:36,680 Speaker 1: we're witnessing right now. I got a lot of stuff 30 00:01:36,680 --> 00:01:38,759 Speaker 1: to talk about on the show today that I want 31 00:01:38,800 --> 00:01:41,000 Speaker 1: to cover. One of the things that I want to 32 00:01:41,000 --> 00:01:43,319 Speaker 1: cover is something that I haven't talked about on the 33 00:01:43,360 --> 00:01:47,280 Speaker 1: show before, and it's been a hot topic. It's been 34 00:01:47,319 --> 00:01:50,240 Speaker 1: something that I've been asked to cover many, many, many times, 35 00:01:50,680 --> 00:01:54,360 Speaker 1: and that is the world of in f tas that 36 00:01:54,440 --> 00:01:59,200 Speaker 1: stands for a non fungible token. So what the heck 37 00:01:59,240 --> 00:02:01,480 Speaker 1: are n f t s? Why isn't everybody wants me 38 00:02:01,520 --> 00:02:03,200 Speaker 1: to talk about n f t s? And why is 39 00:02:03,200 --> 00:02:05,240 Speaker 1: it that I have not wanted to talk about n 40 00:02:05,320 --> 00:02:09,000 Speaker 1: f t s? Pretty interesting? So I thought, you know what, 41 00:02:09,080 --> 00:02:11,200 Speaker 1: let's dig into that a little bit. I saw an 42 00:02:11,280 --> 00:02:14,280 Speaker 1: article that came out this week on the Wall Street 43 00:02:14,400 --> 00:02:16,920 Speaker 1: Journal talking about it and I thought, you know what, 44 00:02:17,000 --> 00:02:18,880 Speaker 1: this might be a good place to pick it up 45 00:02:19,160 --> 00:02:21,600 Speaker 1: and talk about it. Now, let's say, I guess actually, 46 00:02:21,600 --> 00:02:23,200 Speaker 1: now I'm thinking about it. It's not the first time 47 00:02:23,240 --> 00:02:24,639 Speaker 1: I've talked about n f T s. I have talked 48 00:02:24,639 --> 00:02:28,200 Speaker 1: about them before. It might have been a month or 49 00:02:28,200 --> 00:02:30,080 Speaker 1: two ago. I was talking about n f T s 50 00:02:30,080 --> 00:02:35,919 Speaker 1: and we were talking about specifically how they are used for. 51 00:02:37,120 --> 00:02:41,160 Speaker 1: How do I say it, You know, manipulation, market manipulation, 52 00:02:41,200 --> 00:02:43,680 Speaker 1: if you will, And so there's a lot of market 53 00:02:43,720 --> 00:02:46,320 Speaker 1: manipulation happens in the art industry n f T s. 54 00:02:46,520 --> 00:02:48,040 Speaker 1: So first of all, that me back it up here. 55 00:02:48,080 --> 00:02:50,239 Speaker 1: So an n f T, if you're just tuning in, 56 00:02:50,760 --> 00:02:54,520 Speaker 1: an n f T stands for a non fungible token 57 00:02:54,800 --> 00:02:58,480 Speaker 1: n f T non fungible token. Well, if it's non fungible, 58 00:02:58,919 --> 00:03:02,440 Speaker 1: what what is what is fungible? It's a good question. 59 00:03:02,480 --> 00:03:05,359 Speaker 1: So fungible means one is worth one. So for example, 60 00:03:05,960 --> 00:03:10,040 Speaker 1: a very old US dollar that's all dirty and ripped 61 00:03:10,080 --> 00:03:13,120 Speaker 1: and torn up is worth the same as one brand 62 00:03:13,120 --> 00:03:16,519 Speaker 1: new US dollar that's all clean and crisp and brand new. 63 00:03:16,840 --> 00:03:18,799 Speaker 1: It doesn't matter if it's old, dirty, torn up, or 64 00:03:18,800 --> 00:03:21,520 Speaker 1: if it's brand new, crisp and clean. One dollar is 65 00:03:21,520 --> 00:03:26,280 Speaker 1: worth one dollar. It's fungible. For money to be money, 66 00:03:26,320 --> 00:03:29,160 Speaker 1: it must have certain attributes that make it good money. 67 00:03:29,520 --> 00:03:32,400 Speaker 1: Some of those attributes are it needs to be portable, 68 00:03:33,560 --> 00:03:37,720 Speaker 1: it needs to be divisible, it needs to be durable. 69 00:03:38,480 --> 00:03:40,200 Speaker 1: So portable, you have to be able to carry it around. 70 00:03:40,320 --> 00:03:43,240 Speaker 1: It's one of the reason why gold didn't um It's 71 00:03:43,240 --> 00:03:45,400 Speaker 1: got all the other attributes of money, but gold lacks 72 00:03:45,480 --> 00:03:48,880 Speaker 1: in this one attribute. It's not very portable. Uh, it's 73 00:03:48,960 --> 00:03:51,760 Speaker 1: it's big, it's heavy. So it led to us putting 74 00:03:51,800 --> 00:03:54,760 Speaker 1: gold into the banks, and then the banks gave us 75 00:03:54,880 --> 00:03:58,360 Speaker 1: back receipts or io use or claims on that gold 76 00:03:58,440 --> 00:04:01,920 Speaker 1: or what we would call paper gold certificates or then dollars. 77 00:04:02,280 --> 00:04:05,600 Speaker 1: Those dollars were just claims on the gold, and we 78 00:04:05,640 --> 00:04:08,640 Speaker 1: did that because gold was big, heavy, clunky, and the 79 00:04:08,760 --> 00:04:11,760 Speaker 1: dollars was debt issued on that there was a debt. 80 00:04:11,760 --> 00:04:15,600 Speaker 1: It's an IOU. It allowed us to increase the velocity, 81 00:04:15,640 --> 00:04:17,520 Speaker 1: It allowed us to increase the speed in which we 82 00:04:17,560 --> 00:04:19,640 Speaker 1: can transfer the gold, because, as I'm saying, it doesn't 83 00:04:19,640 --> 00:04:22,800 Speaker 1: fit the one attribute of money, which is portable. If 84 00:04:22,839 --> 00:04:24,719 Speaker 1: you have a gold coin, sure that's pretty portable you 85 00:04:24,720 --> 00:04:28,200 Speaker 1: put in your pocket. If you have millions of dollars 86 00:04:28,279 --> 00:04:30,520 Speaker 1: or tens or millions or hundreds millions of dollars like 87 00:04:30,640 --> 00:04:34,320 Speaker 1: nations do, it's not portable at all. Especially and even 88 00:04:34,360 --> 00:04:36,839 Speaker 1: though a coin may be somewhat portable, it's not in 89 00:04:36,960 --> 00:04:40,880 Speaker 1: today's information age. So today we're working in a connected world, 90 00:04:41,040 --> 00:04:44,320 Speaker 1: internet based world. Most of my team works all remote 91 00:04:44,640 --> 00:04:47,159 Speaker 1: and I pay them remotely, And how can I pay 92 00:04:47,200 --> 00:04:50,080 Speaker 1: them with gold remotely? Of course you can't because it's 93 00:04:50,080 --> 00:04:53,960 Speaker 1: not portable. Uh. Money also should be durable. So obviously 94 00:04:54,000 --> 00:04:56,800 Speaker 1: it wouldn't make much sense to store all my life savings, 95 00:04:56,839 --> 00:04:59,120 Speaker 1: all my wealth in banana because the banana is not 96 00:04:59,120 --> 00:05:02,640 Speaker 1: gonna last that long, right, It's not durable. Gold is 97 00:05:02,760 --> 00:05:05,160 Speaker 1: very durable. Gold couldsider at the bottom of the sea 98 00:05:05,200 --> 00:05:07,880 Speaker 1: for you know, forever and not get corroded. Gold is 99 00:05:08,080 --> 00:05:11,960 Speaker 1: very extremely durable, So that's good. It must be divisible. 100 00:05:13,000 --> 00:05:16,160 Speaker 1: So if we were using you know, in the early days, 101 00:05:16,160 --> 00:05:18,799 Speaker 1: it was a barter system, and so we had a cow, 102 00:05:19,400 --> 00:05:21,240 Speaker 1: and uh, I want to trade you my cow for 103 00:05:21,360 --> 00:05:25,120 Speaker 1: your two goats or whatever. But if you don't want 104 00:05:25,160 --> 00:05:28,440 Speaker 1: the whole cow, that cow is not divisible, so that's 105 00:05:28,480 --> 00:05:33,960 Speaker 1: not good. It also has to be recognizable, recognizable or 106 00:05:34,000 --> 00:05:36,080 Speaker 1: what we call sailable, So that means that a lot 107 00:05:36,120 --> 00:05:38,000 Speaker 1: of people have to take it. So a lot of 108 00:05:38,000 --> 00:05:41,000 Speaker 1: times people when we talk about cryptocurrencies, we talked about bitcoin. Obviously, 109 00:05:41,040 --> 00:05:43,880 Speaker 1: I talk about bitcoin all the time. Pretty much anywhere 110 00:05:43,880 --> 00:05:45,440 Speaker 1: in the world today, you could find someone that could 111 00:05:45,440 --> 00:05:47,960 Speaker 1: take your bitcoin. People say, well, what about x y 112 00:05:48,120 --> 00:05:50,560 Speaker 1: z coin? What about you know this privacy coin? Privacy 113 00:05:50,640 --> 00:05:53,240 Speaker 1: coins are better, they're more private. Well, they may be 114 00:05:53,240 --> 00:05:55,880 Speaker 1: more private, but privacy isn't one of the main attributes 115 00:05:55,920 --> 00:05:58,960 Speaker 1: of money, but sailability or recognizability is. And so I 116 00:05:58,960 --> 00:06:00,880 Speaker 1: can get anyone in the world to take a bitcoin, 117 00:06:01,240 --> 00:06:03,440 Speaker 1: but I can't find somebody in the world to take 118 00:06:03,480 --> 00:06:06,279 Speaker 1: a pirate coin or mon arrow or x y z 119 00:06:06,360 --> 00:06:09,960 Speaker 1: privacy coin. So it must be salable um, and it 120 00:06:10,000 --> 00:06:13,440 Speaker 1: also has to be fungible. So back to the dollar example. Uh, well, 121 00:06:13,480 --> 00:06:16,080 Speaker 1: and it has to be scarce. That's another thing. Oh, 122 00:06:16,120 --> 00:06:17,320 Speaker 1: that's a good one to bring up. So it has 123 00:06:17,360 --> 00:06:19,480 Speaker 1: to be scarce as well. That's the problem with our 124 00:06:19,520 --> 00:06:22,240 Speaker 1: fiat dollars, the the US dollars that we use today. 125 00:06:22,720 --> 00:06:25,760 Speaker 1: They're not scarce as a matter of fact, they print 126 00:06:25,880 --> 00:06:28,960 Speaker 1: trillions of them all the time. As a matter of fact, 127 00:06:29,040 --> 00:06:32,560 Speaker 1: in the last two years, the amount of money, the 128 00:06:32,680 --> 00:06:35,600 Speaker 1: amount of dollars in existence in circulation, has gone up 129 00:06:35,600 --> 00:06:41,320 Speaker 1: by over forty percent. Let me say it again, the 130 00:06:41,880 --> 00:06:43,840 Speaker 1: Federal Reserve, the Central Bank of the US, has has 131 00:06:43,920 --> 00:06:48,040 Speaker 1: increased the money supply by over forty percent and just 132 00:06:48,080 --> 00:06:52,400 Speaker 1: the last two years. So any wonder why home prices 133 00:06:52,400 --> 00:06:56,880 Speaker 1: are up on average about and use cars or up 134 00:06:56,880 --> 00:07:01,520 Speaker 1: on average about doesn't make sense because when they when 135 00:07:01,520 --> 00:07:05,200 Speaker 1: they increase the value of the money, it decreases or 136 00:07:05,240 --> 00:07:08,400 Speaker 1: when they increase the volume of the money, it decreases 137 00:07:08,480 --> 00:07:11,560 Speaker 1: the value or the purchasing power of those dollars. So 138 00:07:11,600 --> 00:07:13,640 Speaker 1: it's not that houses are getting more valuable or use 139 00:07:13,680 --> 00:07:15,840 Speaker 1: cars are getting more valuable. People think their house is 140 00:07:15,880 --> 00:07:17,840 Speaker 1: getting more valuable, but you certainly don't think you're used 141 00:07:17,840 --> 00:07:20,840 Speaker 1: cars getting more valuable. What's happening is your dollars are 142 00:07:21,560 --> 00:07:25,200 Speaker 1: losing their value, losing their purchasing power, and so it 143 00:07:25,240 --> 00:07:28,920 Speaker 1: takes more dollars to buy that same thing, that same 144 00:07:28,960 --> 00:07:31,600 Speaker 1: good that it did before. And so the US dollar 145 00:07:31,880 --> 00:07:35,960 Speaker 1: is is very portable, it's very divisible, it's very recognizable, 146 00:07:35,960 --> 00:07:38,360 Speaker 1: it's most recognized money in the world. It's divisible. I 147 00:07:38,360 --> 00:07:41,160 Speaker 1: can break it down to a hundred pennies, right, It's 148 00:07:41,200 --> 00:07:43,520 Speaker 1: it's pretty durable. At least coins are pretty durable. Even 149 00:07:43,520 --> 00:07:45,160 Speaker 1: the paper dollars are pretty good durable if you put 150 00:07:45,160 --> 00:07:47,880 Speaker 1: them through the wash. So and and it's definitely recognizable. 151 00:07:47,880 --> 00:07:49,640 Speaker 1: So it has all that. It's just not scarce. So 152 00:07:49,720 --> 00:07:55,560 Speaker 1: gold isn't portable, but it is scarce. Dollars are are 153 00:07:55,600 --> 00:08:01,920 Speaker 1: are No, they're not, They're not scarce. Now I'm talking 154 00:08:01,960 --> 00:08:04,320 Speaker 1: about n f t s today. I'm gonna break this 155 00:08:04,360 --> 00:08:06,160 Speaker 1: down for you, but I'm trying to set this up 156 00:08:06,200 --> 00:08:07,920 Speaker 1: so you have a little bit of base knowledge to 157 00:08:07,960 --> 00:08:10,160 Speaker 1: go off of. We'll talk about n f t s, 158 00:08:10,200 --> 00:08:13,440 Speaker 1: but just real quick with bitcoin. Bitcoin hits all the 159 00:08:13,520 --> 00:08:18,640 Speaker 1: attributes of money. So it's extremely portable. I can transfer 160 00:08:18,680 --> 00:08:21,840 Speaker 1: it instantly right from my phone to your phone even 161 00:08:21,880 --> 00:08:24,920 Speaker 1: without electricity. By the way, let me say that, so 162 00:08:25,000 --> 00:08:29,040 Speaker 1: I can. It's extremely portable, it's extremely durable, it's encrypted, 163 00:08:29,120 --> 00:08:32,040 Speaker 1: it's just you know, can't be destroyed. It's extremely divisible. 164 00:08:32,320 --> 00:08:34,439 Speaker 1: You can break it down and do fractions of a penny. 165 00:08:34,480 --> 00:08:40,200 Speaker 1: It's it's basically infinitely divisible. Um, it's fungible. One bitcoin 166 00:08:40,320 --> 00:08:45,320 Speaker 1: is worth one bitcoin, and it's not assailable or recognizable 167 00:08:45,360 --> 00:08:49,000 Speaker 1: as the US dollar by any means. But it's getting there. 168 00:08:49,000 --> 00:08:53,439 Speaker 1: It's getting there quick. So um, that kind of arounds 169 00:08:53,520 --> 00:08:56,480 Speaker 1: out basically the attributes of money. And now we'll talk 170 00:08:56,520 --> 00:08:58,959 Speaker 1: about n f T s now that you have a 171 00:08:59,040 --> 00:09:02,120 Speaker 1: little bit of that base knowledge. But like I said, 172 00:09:02,160 --> 00:09:05,240 Speaker 1: bitcoin at least has all of those attributes. Now a 173 00:09:05,280 --> 00:09:07,000 Speaker 1: lot of people say, but it doesn't have the privacy, 174 00:09:07,040 --> 00:09:10,480 Speaker 1: But again, privacy isn't one of the attributes of money. 175 00:09:10,880 --> 00:09:14,200 Speaker 1: Now you're listening to the markmas Show. We're talking about bitcoin, cryptocurrencies, 176 00:09:14,240 --> 00:09:17,440 Speaker 1: the decentralized Revolution. I wanted to talk about n f 177 00:09:17,480 --> 00:09:19,960 Speaker 1: T s, which we are doing that right now. There's 178 00:09:20,000 --> 00:09:22,640 Speaker 1: a Wall Street Journal article that came out. Uh, n 179 00:09:22,679 --> 00:09:25,080 Speaker 1: f T sales are flatlining. I'm gonna break that down 180 00:09:25,080 --> 00:09:26,720 Speaker 1: for you and more when I get back. So don't 181 00:09:26,720 --> 00:09:29,040 Speaker 1: go away, all right, Welcome back. You're listening to the 182 00:09:29,040 --> 00:09:32,040 Speaker 1: markma Show, and we are talking about bitcoin, we're talking 183 00:09:32,040 --> 00:09:35,480 Speaker 1: about cryptocurrencies, we're talking about the decentralized revolution. Of course, 184 00:09:35,520 --> 00:09:37,800 Speaker 1: each and every week, if you're not tuning in, tuning 185 00:09:37,880 --> 00:09:40,320 Speaker 1: into me, each and every week. Will you certainly should be. 186 00:09:40,520 --> 00:09:42,319 Speaker 1: You don't want to miss an episode. If you're not driving, 187 00:09:42,400 --> 00:09:44,480 Speaker 1: pull out your phone, set a calendar reminder to be 188 00:09:44,600 --> 00:09:46,720 Speaker 1: here with me at this time on this channel each 189 00:09:46,720 --> 00:09:49,400 Speaker 1: and every week, so you can understand the world as 190 00:09:49,400 --> 00:09:52,560 Speaker 1: it's changing right before our very eyes. Now, like I 191 00:09:52,559 --> 00:09:54,120 Speaker 1: said before the break, I was talking about these n 192 00:09:54,200 --> 00:09:56,000 Speaker 1: f T s. There's a Wall Street Journal article that 193 00:09:56,000 --> 00:09:58,720 Speaker 1: came out that said n f T sales are flatlining. 194 00:09:59,120 --> 00:10:01,640 Speaker 1: They say, is the is the beginning of the end 195 00:10:02,120 --> 00:10:04,400 Speaker 1: of n f T s. Now, Like I said, I've 196 00:10:04,440 --> 00:10:06,600 Speaker 1: been asked lots of times too, why don't I talk 197 00:10:06,640 --> 00:10:09,080 Speaker 1: about n f T s. I have talked about them 198 00:10:09,080 --> 00:10:11,480 Speaker 1: once before, um, and I kind of broke down how 199 00:10:11,480 --> 00:10:14,120 Speaker 1: they were used for manipulation, and part of that is 200 00:10:14,280 --> 00:10:18,840 Speaker 1: just real quickly to go into that is basically, um, actually, 201 00:10:18,880 --> 00:10:21,360 Speaker 1: I'll come back to that. Stay with me. We'll get 202 00:10:21,360 --> 00:10:23,559 Speaker 1: back to that. So before the break, I was explaining 203 00:10:23,760 --> 00:10:28,720 Speaker 1: the attributes of money. It had to be portable, divisible, durable, recognizable, sailable, 204 00:10:28,920 --> 00:10:30,880 Speaker 1: and it needs to be fungible. One has to be 205 00:10:30,920 --> 00:10:33,920 Speaker 1: worth one. So bitcoin is fungible. One bitcoin is worth 206 00:10:33,920 --> 00:10:37,520 Speaker 1: one bitcoin. N f T S or not. They're non fungible, 207 00:10:37,840 --> 00:10:40,319 Speaker 1: non fungible token. So that means each token is unique, 208 00:10:40,679 --> 00:10:42,439 Speaker 1: kind of like a baseball card. You could have to 209 00:10:42,760 --> 00:10:45,960 Speaker 1: Mickey Mantle baseball cards, or two stamps or two you 210 00:10:46,000 --> 00:10:50,960 Speaker 1: know early set you know pre set pre uh gold 211 00:10:51,000 --> 00:10:53,960 Speaker 1: coins for example. And even though they're the same coin, 212 00:10:54,040 --> 00:10:57,000 Speaker 1: the same year, same weight, et cetera, they'd be worth 213 00:10:57,000 --> 00:10:59,360 Speaker 1: different amounts because one might have a little more aware 214 00:10:59,760 --> 00:11:03,040 Speaker 1: one my whatever. Right, so they're non fungible even though 215 00:11:03,040 --> 00:11:05,760 Speaker 1: they're the same. And so these tokens are basically that. 216 00:11:06,040 --> 00:11:10,199 Speaker 1: And right now they're being used for um, collectibles, they're 217 00:11:10,280 --> 00:11:14,000 Speaker 1: using being used for art things like that. I'll break 218 00:11:14,000 --> 00:11:15,480 Speaker 1: that down a little bit more. We'll get into that 219 00:11:15,520 --> 00:11:18,480 Speaker 1: a little bit. Um, we're seeing like, uh, you know, 220 00:11:18,600 --> 00:11:22,080 Speaker 1: musicians who have fan clubs, for example, starting to issue 221 00:11:22,120 --> 00:11:24,560 Speaker 1: different collectibles in different ways. Right, you can buy a mug, 222 00:11:24,559 --> 00:11:25,839 Speaker 1: you can buy a hat, you can buy a shirt, 223 00:11:26,320 --> 00:11:28,839 Speaker 1: and um, you could buy a token. Right, you could 224 00:11:28,880 --> 00:11:32,960 Speaker 1: buy a digital piece of art a jpeg if you will. Um. 225 00:11:33,000 --> 00:11:34,760 Speaker 1: And they're calling those n f t s and then 226 00:11:34,800 --> 00:11:37,199 Speaker 1: people think, well, now I own this or let's say 227 00:11:37,200 --> 00:11:41,000 Speaker 1: that there's like um from a YouTube video of Michael 228 00:11:41,080 --> 00:11:43,520 Speaker 1: Jordan's you know, getting getting the slam dunk to win 229 00:11:43,559 --> 00:11:45,440 Speaker 1: the game or whatever, and someone could buy that video 230 00:11:45,480 --> 00:11:47,880 Speaker 1: clip and they have an n f T. It's a 231 00:11:47,920 --> 00:11:51,000 Speaker 1: non fungible token says they own it. They own that 232 00:11:51,280 --> 00:11:55,800 Speaker 1: video clip, but that video clips also on YouTube, right 233 00:11:56,280 --> 00:11:58,840 Speaker 1: or I own this U, I own this jpeg, this 234 00:11:58,840 --> 00:12:01,400 Speaker 1: piece of digital art that's on my computer screen right now. 235 00:12:01,559 --> 00:12:03,920 Speaker 1: Anybody else could go just right click and save and 236 00:12:03,960 --> 00:12:07,920 Speaker 1: they could also have that leaves a lot of people 237 00:12:07,920 --> 00:12:10,840 Speaker 1: scratching their head, right. There's a meme that was going 238 00:12:10,920 --> 00:12:13,000 Speaker 1: around and I don't know if you've seen these memes 239 00:12:13,000 --> 00:12:15,120 Speaker 1: where it's like a kind of like a black and 240 00:12:15,160 --> 00:12:18,520 Speaker 1: white stick drawing kind of cartoon, and it's like some 241 00:12:18,520 --> 00:12:20,640 Speaker 1: people in the living room at a party and there's 242 00:12:20,640 --> 00:12:22,079 Speaker 1: a couple of people dancing on the dance floor and 243 00:12:22,120 --> 00:12:24,880 Speaker 1: there's a guy standing in the corner over thereby like stereo, 244 00:12:25,400 --> 00:12:28,560 Speaker 1: and he's like, I wonder if they know that, but 245 00:12:28,760 --> 00:12:31,880 Speaker 1: I own this song. And it's like a funny meme 246 00:12:31,920 --> 00:12:34,920 Speaker 1: because it's like, uh, kind of showing what NFTs are 247 00:12:34,960 --> 00:12:38,040 Speaker 1: because it's like, okay, so he has a hash, he 248 00:12:38,120 --> 00:12:40,280 Speaker 1: has like a record in a blockchain that says he 249 00:12:40,320 --> 00:12:43,440 Speaker 1: owns the song, but everybody else is listening to the 250 00:12:43,480 --> 00:12:46,640 Speaker 1: song dancing to it. So what does his ownership really mean? 251 00:12:47,480 --> 00:12:49,640 Speaker 1: And it's no different that if I own that clip 252 00:12:49,679 --> 00:12:52,679 Speaker 1: of Michael Jordan's getting that slam dunk. I own it, 253 00:12:52,720 --> 00:12:54,880 Speaker 1: but everybody else has it on their computer they can 254 00:12:54,920 --> 00:13:00,240 Speaker 1: watch it too. So ownership typically implies that it's in 255 00:13:00,360 --> 00:13:03,520 Speaker 1: my possession. Possession is whatever, they say nine tenths of 256 00:13:03,520 --> 00:13:07,360 Speaker 1: the law kind of thing. So if if you had 257 00:13:07,400 --> 00:13:10,040 Speaker 1: a house, but everybody else had it, was had access 258 00:13:10,040 --> 00:13:11,559 Speaker 1: to your house, and you don't have acted to it, 259 00:13:11,640 --> 00:13:13,040 Speaker 1: is it really your house? Right kind of a thing. 260 00:13:13,640 --> 00:13:15,520 Speaker 1: And so that that meme kind of says it all. 261 00:13:15,559 --> 00:13:17,880 Speaker 1: It's like, hey, do they know that this is? That 262 00:13:18,000 --> 00:13:21,360 Speaker 1: I own this song? And he may own it, but 263 00:13:21,360 --> 00:13:23,320 Speaker 1: everyone else has it. So a lot of people are 264 00:13:23,320 --> 00:13:25,559 Speaker 1: wondering what that is. But I'll break that down a 265 00:13:25,559 --> 00:13:27,640 Speaker 1: little bit more Before I do, let's dive into this 266 00:13:27,720 --> 00:13:29,440 Speaker 1: article here real quick. So they said, the Wall Street 267 00:13:29,480 --> 00:13:31,880 Speaker 1: Journal says that the n f T market is collapsing. 268 00:13:31,920 --> 00:13:35,400 Speaker 1: They said, as a statement, they sail the sale of 269 00:13:35,440 --> 00:13:37,280 Speaker 1: non fungible tokens or n f T s failed to 270 00:13:37,320 --> 00:13:40,600 Speaker 1: a daily average of about nineteen thousand this week, a 271 00:13:41,840 --> 00:13:44,880 Speaker 1: decline from a peak of about two hundred and twenty 272 00:13:44,920 --> 00:13:48,880 Speaker 1: five thousand in September. According according to a data website 273 00:13:49,080 --> 00:13:53,240 Speaker 1: non Fungible Token so a daily average. So there was 274 00:13:53,240 --> 00:13:57,680 Speaker 1: about a quarter million, two thousand n f T selling 275 00:13:57,880 --> 00:14:02,640 Speaker 1: per day in September and now we're down to nineteen 276 00:14:02,679 --> 00:14:06,720 Speaker 1: thousand a day. It's pretty big. So the number of 277 00:14:06,760 --> 00:14:10,480 Speaker 1: active wallets in the n f T market fell to 278 00:14:10,559 --> 00:14:14,480 Speaker 1: about fourteen thousand last week from a high of nineteen 279 00:14:14,520 --> 00:14:18,160 Speaker 1: thousand in November. So, when you own a cryptocurrency, bitcoin 280 00:14:18,240 --> 00:14:21,120 Speaker 1: or any other cryptocurrency, one of the biggest features of 281 00:14:21,120 --> 00:14:23,480 Speaker 1: it is that you can take custody of it yourself. 282 00:14:23,480 --> 00:14:26,240 Speaker 1: Remember possession nine tenths of the law. So one of 283 00:14:26,240 --> 00:14:28,720 Speaker 1: the oldest problems that mankind has had is how do 284 00:14:28,800 --> 00:14:31,440 Speaker 1: I store my property in a way that cannot be stolen? 285 00:14:32,600 --> 00:14:34,560 Speaker 1: And so we have to make we have to make, 286 00:14:34,640 --> 00:14:36,680 Speaker 1: you know, friends, we have to form a village, we 287 00:14:36,680 --> 00:14:38,480 Speaker 1: have to make a kingdom, we have to make a 288 00:14:38,560 --> 00:14:41,440 Speaker 1: country to protect our private property from being stolen by 289 00:14:41,480 --> 00:14:43,360 Speaker 1: somebody else. If I had a bunch of gold, that 290 00:14:43,480 --> 00:14:46,120 Speaker 1: have to you know, build a big vault, higher arm 291 00:14:46,280 --> 00:14:49,360 Speaker 1: armed guards to watch that gold all the time. Well, 292 00:14:49,360 --> 00:14:51,040 Speaker 1: then it'd be very difficult for to move that goal because, 293 00:14:51,080 --> 00:14:54,800 Speaker 1: as I said, goal is not portable. However, bitcoins solve 294 00:14:54,880 --> 00:14:59,600 Speaker 1: that problem, and now cryptographically I can secure it online 295 00:15:00,080 --> 00:15:02,360 Speaker 1: and I just have to know my twelve words, my 296 00:15:02,400 --> 00:15:05,680 Speaker 1: backup phrase, and that bitcoin could be accessed from anywhere 297 00:15:05,680 --> 00:15:07,760 Speaker 1: as long as I have access to those twelve words 298 00:15:07,800 --> 00:15:10,080 Speaker 1: that key. I'm not gonna go super deep into that. 299 00:15:10,680 --> 00:15:12,040 Speaker 1: Leave me a comment, let me know if you want 300 00:15:12,040 --> 00:15:14,920 Speaker 1: me to dig in deeper into that part. Specifically, you 301 00:15:14,960 --> 00:15:16,400 Speaker 1: can hit me up on any of the social media 302 00:15:16,440 --> 00:15:19,360 Speaker 1: platforms at one Mark Moss. That's just the number one 303 00:15:19,400 --> 00:15:24,120 Speaker 1: at one Mark Moss on Twitter, on Instagram. I'd love 304 00:15:24,200 --> 00:15:27,240 Speaker 1: to hear from you there. But basically, you can take 305 00:15:27,320 --> 00:15:30,520 Speaker 1: custody of these assets yourself mean and you hold the key. 306 00:15:30,720 --> 00:15:32,960 Speaker 1: To explain it real simple, think of it like a 307 00:15:33,040 --> 00:15:35,160 Speaker 1: locker at like a high school or like an airport. 308 00:15:36,400 --> 00:15:38,680 Speaker 1: So like, hey, my locker C nineteen, Go put this 309 00:15:38,800 --> 00:15:41,880 Speaker 1: envelope in there in the C nineteen that's a public address, 310 00:15:41,920 --> 00:15:44,400 Speaker 1: but only I would have the private key that would 311 00:15:44,400 --> 00:15:46,720 Speaker 1: actually let me open up the locker and move the 312 00:15:46,720 --> 00:15:49,720 Speaker 1: contents and so cryptocurrencies are similar, where you have like 313 00:15:49,760 --> 00:15:52,680 Speaker 1: this public address that anybody could have, but then only 314 00:15:52,680 --> 00:15:55,760 Speaker 1: one person has the private key. And so what they're 315 00:15:55,760 --> 00:15:57,800 Speaker 1: saying is the number of active wallets in an n 316 00:15:57,800 --> 00:16:00,840 Speaker 1: f T market fell. So the number of wallets, that's 317 00:16:00,880 --> 00:16:03,680 Speaker 1: the amount of wallets that hold these n f t 318 00:16:03,880 --> 00:16:06,560 Speaker 1: s hold these cryptocurrency tokens, if you will, And so 319 00:16:06,600 --> 00:16:08,960 Speaker 1: I felt eighty eight percent the amount of active wallets 320 00:16:09,280 --> 00:16:12,000 Speaker 1: wallets that are using this um. It says n f 321 00:16:12,040 --> 00:16:14,040 Speaker 1: t s are Bitcoin like digital tokens that act like 322 00:16:14,080 --> 00:16:17,680 Speaker 1: a certificate of ownership that live on a blockchain. Now 323 00:16:17,680 --> 00:16:19,440 Speaker 1: that's a very key piece I'm gonna come back to. 324 00:16:19,760 --> 00:16:24,040 Speaker 1: It's like a certificate of ownership. I'm gonna get through 325 00:16:24,080 --> 00:16:26,760 Speaker 1: the through the fundamentals of this of this uh of 326 00:16:26,840 --> 00:16:30,000 Speaker 1: this document here, of this article about is the market crashing, 327 00:16:30,360 --> 00:16:32,200 Speaker 1: and then we'll get more into this kind of what 328 00:16:32,240 --> 00:16:35,080 Speaker 1: does this mean. It's a digital representation or certificate of ownership. 329 00:16:35,160 --> 00:16:37,880 Speaker 1: We'll talk about that. Then then we'll talk about different 330 00:16:37,920 --> 00:16:39,640 Speaker 1: areas of n f T s, and then we'll talk 331 00:16:39,640 --> 00:16:41,280 Speaker 1: about maybe what the future is of n f T 332 00:16:41,400 --> 00:16:44,120 Speaker 1: s as well. It says rising interest rates have crushed 333 00:16:44,200 --> 00:16:46,480 Speaker 1: risk risky bets across the financial markets, and n f 334 00:16:46,520 --> 00:16:50,000 Speaker 1: T s are among the most speculative rising interest rates, 335 00:16:50,000 --> 00:16:52,880 Speaker 1: so of course, uh, the Federal Reserve is doing everything 336 00:16:52,880 --> 00:16:56,200 Speaker 1: you can to fight inflation. Inflation, we have prices going 337 00:16:56,240 --> 00:16:59,760 Speaker 1: up like crazy. Eight point five percent was the last 338 00:17:00,000 --> 00:17:02,360 Speaker 1: e P I read that came out. And so of 339 00:17:02,360 --> 00:17:04,480 Speaker 1: course it's like I already said, right, we we saw 340 00:17:04,520 --> 00:17:07,760 Speaker 1: homes go up, used cars go up, steak and milk 341 00:17:07,800 --> 00:17:11,680 Speaker 1: are up, Rents are up on average across the country 342 00:17:11,680 --> 00:17:16,120 Speaker 1: about and so the Phoederal Reserve is acting. They're doing 343 00:17:16,119 --> 00:17:18,440 Speaker 1: something about it. They're raising rates, and so they're saying 344 00:17:18,480 --> 00:17:21,040 Speaker 1: that the assets have been crushed all across the space. 345 00:17:21,320 --> 00:17:23,800 Speaker 1: Since hitting highs in November, the tech heavy NASDAC composit 346 00:17:23,800 --> 00:17:27,120 Speaker 1: has fallen by so the NASDAC Stock Exchange, which has 347 00:17:27,240 --> 00:17:29,840 Speaker 1: most of the tech stocks tech heavy as they call it, 348 00:17:30,000 --> 00:17:35,280 Speaker 1: has fallen twenty three percent since November, and UH, and 349 00:17:35,359 --> 00:17:40,280 Speaker 1: bitcoin bitcoins down as well. Bitcoins down about as well 350 00:17:40,800 --> 00:17:44,119 Speaker 1: from that November high. UM. But back to n f 351 00:17:44,160 --> 00:17:46,679 Speaker 1: T s, it says that many n f T owners 352 00:17:46,680 --> 00:17:49,119 Speaker 1: are finding their investments are worse significantly less than when 353 00:17:49,160 --> 00:17:51,920 Speaker 1: they bought them. I wanna break that down. I want 354 00:17:51,920 --> 00:17:54,280 Speaker 1: to break down a couple of well known tweets that 355 00:17:54,400 --> 00:17:56,720 Speaker 1: sold for millions of dollars and then couldn't even sell 356 00:17:56,760 --> 00:17:58,520 Speaker 1: for a few hundred dollars. And then, because I want 357 00:17:58,520 --> 00:18:00,760 Speaker 1: to break down these different categories of n f t s, 358 00:18:00,880 --> 00:18:04,640 Speaker 1: we're gonna break them down into collectibles, video games, art, metaverse, 359 00:18:04,840 --> 00:18:06,480 Speaker 1: and so much more. Listening to the Mark mos Show, 360 00:18:06,480 --> 00:18:08,800 Speaker 1: I'm gonna be right back with more explaining n f 361 00:18:08,880 --> 00:18:11,679 Speaker 1: T s to you, So do not go away, all right, 362 00:18:11,720 --> 00:18:13,720 Speaker 1: welcome back. You are listening to the Mark Moa Show, 363 00:18:13,800 --> 00:18:17,239 Speaker 1: and we're talking about bitcoin. We're talking about cryptocurrencies. We're 364 00:18:17,240 --> 00:18:20,479 Speaker 1: talking about the decentralized revolution each and every week, and 365 00:18:20,560 --> 00:18:23,240 Speaker 1: right now we are talking about in f t s, 366 00:18:23,680 --> 00:18:27,400 Speaker 1: which are very very hot subject. One I've been asked 367 00:18:27,400 --> 00:18:30,040 Speaker 1: to talk about a lot. I've stayed away from it. 368 00:18:30,040 --> 00:18:33,080 Speaker 1: I've talked about it one time, mostly because I focus 369 00:18:33,119 --> 00:18:37,080 Speaker 1: on bitcoin. I think bitcoin is the only tool that 370 00:18:37,160 --> 00:18:40,960 Speaker 1: can change the world. Um, it's a it's a technological 371 00:18:41,000 --> 00:18:43,840 Speaker 1: revolution that can free us from the problems that are 372 00:18:43,840 --> 00:18:47,560 Speaker 1: created by the money distortion that we have. Whether I 373 00:18:47,600 --> 00:18:51,000 Speaker 1: can own a stock on the blockchain or whether I 374 00:18:51,040 --> 00:18:53,720 Speaker 1: can own a token to a piece of real estate, 375 00:18:54,240 --> 00:18:57,680 Speaker 1: or I have a collectible that doesn't change the world. 376 00:18:57,880 --> 00:18:59,520 Speaker 1: We have collectibles. I can own a share of a 377 00:18:59,520 --> 00:19:02,200 Speaker 1: piece of real state already today. That's why I focus 378 00:19:02,240 --> 00:19:03,680 Speaker 1: on bitcoin. But I am talking about n f T 379 00:19:03,760 --> 00:19:06,040 Speaker 1: s today because everybody's been asking about it, and I 380 00:19:06,040 --> 00:19:08,160 Speaker 1: saw this article I thought was pretty interesting that Walster 381 00:19:08,320 --> 00:19:11,440 Speaker 1: Journal put out that the n f T sales are flatlining, 382 00:19:11,440 --> 00:19:15,440 Speaker 1: and they said so as already throughout those numbers, it's 383 00:19:15,440 --> 00:19:20,640 Speaker 1: been flatlining. The interest has fallen since the peak in September, 384 00:19:21,320 --> 00:19:25,200 Speaker 1: from ah a daily average of a quarter million tokens 385 00:19:25,240 --> 00:19:28,520 Speaker 1: down to nineteen thousand tokens um. A couple of examples, 386 00:19:28,520 --> 00:19:30,360 Speaker 1: there's an n f T of the first tweet from 387 00:19:30,400 --> 00:19:33,960 Speaker 1: Twitter co founder Jack Dorsey. It's sold in March of 388 00:19:33,960 --> 00:19:37,600 Speaker 1: two thousand twenty one for two point nine million. Now 389 00:19:38,520 --> 00:19:42,040 Speaker 1: on Twitter, all the tweets are archived. So if you 390 00:19:42,119 --> 00:19:44,760 Speaker 1: go onto my Twitter account at one Mark Moss, I 391 00:19:44,800 --> 00:19:46,760 Speaker 1: should actually do this because I don't even know, but 392 00:19:47,119 --> 00:19:48,760 Speaker 1: you can scroll back and see what my very first 393 00:19:48,760 --> 00:19:50,520 Speaker 1: tweet was on this account. I had a couple of 394 00:19:50,520 --> 00:19:52,320 Speaker 1: Twitter accounts before that. I had started in a kind 395 00:19:52,320 --> 00:19:55,840 Speaker 1: of abandoned business accounts and things like that. But I'm 396 00:19:55,840 --> 00:19:57,679 Speaker 1: not even I'm not even sure what my original very 397 00:19:57,680 --> 00:19:59,159 Speaker 1: first tweet was, and I should go back and take 398 00:19:59,160 --> 00:20:00,640 Speaker 1: a look at that. But the point it is that 399 00:20:00,880 --> 00:20:02,560 Speaker 1: I can go to anybody's feet and I can go 400 00:20:02,600 --> 00:20:04,280 Speaker 1: back and I can see what what they had on 401 00:20:04,280 --> 00:20:06,959 Speaker 1: their feed. Right, they're all tweets. Somebody decided to buy that. 402 00:20:08,040 --> 00:20:10,000 Speaker 1: As a matter of fact, this guy's name is Sina 403 00:20:10,200 --> 00:20:13,280 Speaker 1: Stavi is the chief executive of a Malaysian based blockchain company, 404 00:20:13,320 --> 00:20:15,840 Speaker 1: Bridge Oracle. He bought it for two point n a million. 405 00:20:15,880 --> 00:20:19,320 Speaker 1: Now back to that meme about people dancing at a 406 00:20:19,359 --> 00:20:21,879 Speaker 1: party to a song and the guys in the corner going, oh, 407 00:20:21,920 --> 00:20:23,960 Speaker 1: I bet they don't know I owned this song. So 408 00:20:25,119 --> 00:20:26,879 Speaker 1: this guy bought the tweet for two point nine million, 409 00:20:26,920 --> 00:20:30,440 Speaker 1: But everyone else can go see the tweet. Two. It's 410 00:20:30,560 --> 00:20:33,439 Speaker 1: literally on Twitter, so he owns it. But so what, 411 00:20:33,760 --> 00:20:35,639 Speaker 1: like everyone else can see it, I could copy it 412 00:20:35,680 --> 00:20:38,359 Speaker 1: and paste it, I could save it to my desktop. Two, 413 00:20:38,680 --> 00:20:40,360 Speaker 1: which is a little bit of the ridiculous this year, 414 00:20:40,400 --> 00:20:43,000 Speaker 1: but he says earlier this year, Mr Stavi put the 415 00:20:43,119 --> 00:20:46,200 Speaker 1: n f t up for auction. He didn't receive any 416 00:20:46,240 --> 00:20:49,119 Speaker 1: bids over fourteen thousand, which is actually pretty high because 417 00:20:49,160 --> 00:20:50,720 Speaker 1: last I saw, I think I talked about it before 418 00:20:50,920 --> 00:20:53,560 Speaker 1: was only a few hundred dollars. But either way, he 419 00:20:53,600 --> 00:20:55,760 Speaker 1: paid three million dollars for it. He couldn't get anyone 420 00:20:55,760 --> 00:20:58,080 Speaker 1: to pay more than fourteen thousand for it today, it's 421 00:20:58,080 --> 00:21:02,480 Speaker 1: a pretty big loss. Now he says, Oh, it's not 422 00:21:02,520 --> 00:21:04,880 Speaker 1: as sign the markets to tier and it's just normal fluctuation. 423 00:21:04,920 --> 00:21:08,600 Speaker 1: It could occur in any market. Okay, let's look look, 424 00:21:08,680 --> 00:21:10,919 Speaker 1: let's look at it more. Uh And another n f 425 00:21:10,960 --> 00:21:13,640 Speaker 1: T buyer purchased a Snoop Dogg curated n f T 426 00:21:13,640 --> 00:21:17,440 Speaker 1: titled Doggie Number four to nine two, and he bought 427 00:21:17,480 --> 00:21:21,679 Speaker 1: that in early April of two for about thirty two 428 00:21:21,960 --> 00:21:27,359 Speaker 1: thousand dollars. It's basically a jpeg. It's a digital picture 429 00:21:27,840 --> 00:21:30,600 Speaker 1: of an image of a green, skinny astronaut standing on 430 00:21:30,680 --> 00:21:33,439 Speaker 1: what looks like a Hollywood Walk of Fame star. And 431 00:21:33,520 --> 00:21:36,360 Speaker 1: he has it up for auction right now. Remember he paid, Uh, 432 00:21:36,440 --> 00:21:40,680 Speaker 1: he paid thirty two thousand for it. He's asking twenty 433 00:21:40,720 --> 00:21:43,200 Speaker 1: five million because we bought it for thirty two thousand, 434 00:21:43,240 --> 00:21:45,440 Speaker 1: and he's gonna sell it for twenty five million. That's amazing. 435 00:21:45,480 --> 00:21:48,199 Speaker 1: That's like hitting the lottery. Could you imagine buying a 436 00:21:48,200 --> 00:21:49,960 Speaker 1: Snoop dogg n F T for thirty two thousand and 437 00:21:49,960 --> 00:21:53,959 Speaker 1: selling for twenty five that'd be pretty good. Now, my 438 00:21:54,080 --> 00:21:56,399 Speaker 1: dad taught me when I was a kid that something 439 00:21:56,560 --> 00:22:00,320 Speaker 1: is only worth what someone else is willing to pay 440 00:22:00,359 --> 00:22:03,480 Speaker 1: for it. So you can say it's worth whatever it's worth, 441 00:22:04,080 --> 00:22:05,840 Speaker 1: but it's only worth what someone else is willing to 442 00:22:05,880 --> 00:22:09,360 Speaker 1: pay for it. And according to this auction, the highest 443 00:22:09,400 --> 00:22:12,240 Speaker 1: current bid for this is right now at two hundred 444 00:22:12,320 --> 00:22:15,800 Speaker 1: dollars to ten dollars. So he bought it for thirty 445 00:22:15,800 --> 00:22:19,240 Speaker 1: two thou he's hoping to make million and the highest 446 00:22:19,240 --> 00:22:22,160 Speaker 1: bid is two dollars. Now this is this goes back 447 00:22:22,200 --> 00:22:27,320 Speaker 1: to this, Uh, how how do we determine value? Valuation? 448 00:22:27,480 --> 00:22:29,840 Speaker 1: So a lot of times you might hear people talking 449 00:22:29,880 --> 00:22:33,480 Speaker 1: about intrinsic value, like they say, bitcoin can't be worth anything, 450 00:22:33,480 --> 00:22:37,760 Speaker 1: there's no intrinsic value. What does that mean, Well, it 451 00:22:37,800 --> 00:22:41,640 Speaker 1: really means nothing. There's no such thing as intrinsic value. 452 00:22:41,760 --> 00:22:46,280 Speaker 1: All value is subjective, and it's subjective based on a 453 00:22:46,320 --> 00:22:51,720 Speaker 1: couple of factors, which is mostly UH, utility and scarcity. 454 00:22:52,600 --> 00:22:54,560 Speaker 1: So the combination of those two. Let me give you 455 00:22:54,560 --> 00:23:00,240 Speaker 1: an example. UH. Let's see if I last night I 456 00:23:00,280 --> 00:23:04,280 Speaker 1: went out to dinner, true story, and UH, on our 457 00:23:04,320 --> 00:23:07,800 Speaker 1: table there was some leftover food and we didn't want it, 458 00:23:07,840 --> 00:23:10,439 Speaker 1: and it got thrown away. If I was on a 459 00:23:10,480 --> 00:23:13,320 Speaker 1: deserted island with a million dollars or a billion dollars 460 00:23:13,359 --> 00:23:16,600 Speaker 1: of cash, a billion dollars of gold, and a billion 461 00:23:16,600 --> 00:23:19,840 Speaker 1: dollars of bitcoin, I had nothing to buy on that island. 462 00:23:19,880 --> 00:23:21,439 Speaker 1: There was no boat to get off, no phone to 463 00:23:21,440 --> 00:23:24,359 Speaker 1: call for help, no food, no water, no nothing. None 464 00:23:24,359 --> 00:23:26,960 Speaker 1: of the billion dollars of gold, bitcoin, or or or 465 00:23:27,000 --> 00:23:31,679 Speaker 1: cash would all be worthless. Now let's say that UH, 466 00:23:31,800 --> 00:23:33,879 Speaker 1: I was able to get those leftovers that were on 467 00:23:33,920 --> 00:23:36,480 Speaker 1: our table that got thrown away last night. There's a 468 00:23:36,520 --> 00:23:38,240 Speaker 1: little bit of food left over, a little bit of water. 469 00:23:38,800 --> 00:23:42,480 Speaker 1: I would probably give all billion dollars that I had 470 00:23:42,960 --> 00:23:45,399 Speaker 1: for that leftover food and water. Now, the food and 471 00:23:45,400 --> 00:23:46,960 Speaker 1: water was worth nothing to me last night I got 472 00:23:47,000 --> 00:23:51,119 Speaker 1: thrown away. But because there was value, I could eat it. 473 00:23:51,600 --> 00:23:54,080 Speaker 1: And of a scarcity, it was the only food around. 474 00:23:54,080 --> 00:23:55,240 Speaker 1: I was going to die if I didn't take it. 475 00:23:55,280 --> 00:23:57,159 Speaker 1: I would trade all my all my money for it. 476 00:23:57,800 --> 00:24:01,040 Speaker 1: So all value is subjective. So he may think this 477 00:24:01,240 --> 00:24:03,040 Speaker 1: n f T is worth twenty five million, but according 478 00:24:03,080 --> 00:24:05,080 Speaker 1: to the market, they say it's worth only about two 479 00:24:05,160 --> 00:24:08,679 Speaker 1: hundred dollars. And this is happening more and more and more. Now. UM, 480 00:24:08,720 --> 00:24:10,520 Speaker 1: I know there's probably a lot of people listening to 481 00:24:10,560 --> 00:24:12,439 Speaker 1: this that are saying, ah, yeah, Mark, but I have 482 00:24:12,480 --> 00:24:14,359 Speaker 1: a friend or I read this story, or I know 483 00:24:14,440 --> 00:24:16,120 Speaker 1: someone else who bought a n f T for two 484 00:24:16,160 --> 00:24:18,400 Speaker 1: hundred and sold it for thirty two or bought sold 485 00:24:18,440 --> 00:24:21,080 Speaker 1: for twenty million, and and there are those stories. I'm 486 00:24:21,119 --> 00:24:23,600 Speaker 1: definitely not saying that doesn't happen. Um. I've been in 487 00:24:23,600 --> 00:24:27,600 Speaker 1: this cryptocurrency space for about seven years now, I know 488 00:24:27,880 --> 00:24:31,960 Speaker 1: lots of people in this space, and I hear those stories. However, Um, 489 00:24:32,240 --> 00:24:35,080 Speaker 1: if we go back to the beginning, there was a 490 00:24:35,200 --> 00:24:38,160 Speaker 1: there was a two D twenty five thousand a day, 491 00:24:38,359 --> 00:24:42,840 Speaker 1: selling a day a quarter million a day. So for 492 00:24:42,920 --> 00:24:45,800 Speaker 1: every one of those stories that you hear, someone that 493 00:24:45,840 --> 00:24:47,479 Speaker 1: bought it for thirty thousand and sold it for two 494 00:24:47,520 --> 00:24:50,760 Speaker 1: million or whatever. For every one of those, there's probably 495 00:24:51,200 --> 00:24:54,639 Speaker 1: you know, a million or millions of people who lost money. 496 00:24:55,119 --> 00:24:57,520 Speaker 1: So doesn't happen. Sure does winning the lottery happen. Sure 497 00:24:57,880 --> 00:25:00,240 Speaker 1: does getting a forty million dollar contract to go played 498 00:25:00,240 --> 00:25:04,080 Speaker 1: professional sports happen? Sure all those things happen. The probability 499 00:25:04,119 --> 00:25:06,880 Speaker 1: of that happening to you, it just it just diminishes, 500 00:25:06,960 --> 00:25:11,280 Speaker 1: all right, And I'm gonna explain why here in a second. So, UM, 501 00:25:11,320 --> 00:25:12,719 Speaker 1: I want to break this down a little bit. So 502 00:25:12,960 --> 00:25:15,280 Speaker 1: there's different types of n f T. Remember n f 503 00:25:15,320 --> 00:25:17,960 Speaker 1: T is a very very very broad category, right, It's 504 00:25:17,960 --> 00:25:20,679 Speaker 1: a non fungible token. There's lots of things that are 505 00:25:20,680 --> 00:25:24,280 Speaker 1: non fungible. Like my car. My I'd drive a drive 506 00:25:24,320 --> 00:25:28,600 Speaker 1: a Ford Raptor. Uh, you could find another Ford Raptor 507 00:25:28,680 --> 00:25:32,919 Speaker 1: the same year, um, same color, but it might be 508 00:25:32,960 --> 00:25:36,320 Speaker 1: worth more or less. My truck may have more scratches. 509 00:25:37,359 --> 00:25:40,000 Speaker 1: My truck maybe taken care of better. It may have 510 00:25:40,080 --> 00:25:43,800 Speaker 1: different mileage. Maybe I drove it on the beach and 511 00:25:43,840 --> 00:25:47,159 Speaker 1: there's rust underneath. So even though they're the same truck, 512 00:25:47,280 --> 00:25:50,080 Speaker 1: the same year, the same color, they're non fungible. Everything 513 00:25:50,200 --> 00:25:53,520 Speaker 1: is not. Most things are non fungible. Look around the room, 514 00:25:53,640 --> 00:25:56,840 Speaker 1: like most things that you have are non fungible. So 515 00:25:57,119 --> 00:25:59,640 Speaker 1: you create a token that represents an unfungible item. Of course, 516 00:25:59,680 --> 00:26:01,600 Speaker 1: there's a lot of them, but they're broken it down 517 00:26:01,640 --> 00:26:05,520 Speaker 1: here kind of by categories. We have collectibles, So collectibles 518 00:26:05,520 --> 00:26:10,199 Speaker 1: are avatars, animals, digital assets. This is also these like 519 00:26:10,280 --> 00:26:14,080 Speaker 1: digital JPEGs, et cetera. Then you have video games. Video 520 00:26:14,080 --> 00:26:16,520 Speaker 1: games is an interesting place that I think there could 521 00:26:16,600 --> 00:26:18,440 Speaker 1: be some sort of future for for n f T s. 522 00:26:18,440 --> 00:26:21,000 Speaker 1: We'll talk about that. Then there's art that's works that 523 00:26:21,040 --> 00:26:24,080 Speaker 1: were made manually or computationally. And then there's the metaverse. 524 00:26:24,200 --> 00:26:26,720 Speaker 1: These are like accessories, real estate, and other items that 525 00:26:26,760 --> 00:26:29,960 Speaker 1: are used in virtual worlds. And so that's probably you 526 00:26:30,000 --> 00:26:33,240 Speaker 1: know that, and uh that the metaverse and the video 527 00:26:33,240 --> 00:26:37,000 Speaker 1: games are probably the area where they may have some 528 00:26:37,000 --> 00:26:39,480 Speaker 1: some legs to actually build out. But the collectibles is 529 00:26:39,480 --> 00:26:41,879 Speaker 1: where the market is. So we can see through two 530 00:26:41,920 --> 00:26:45,560 Speaker 1: thousand twenty two, we have about a hundred and fifty 531 00:26:46,040 --> 00:26:53,040 Speaker 1: million dollars in this collectible segment. Uh this is sales 532 00:26:53,119 --> 00:26:57,959 Speaker 1: volume by category daily. So you have about average about 533 00:26:58,000 --> 00:27:03,080 Speaker 1: a hundred million dollars day of digital assets, but for 534 00:27:03,160 --> 00:27:06,359 Speaker 1: video games you have about I don't know, this is 535 00:27:06,359 --> 00:27:10,600 Speaker 1: about twenty million a day. Art that's made by computers 536 00:27:10,680 --> 00:27:12,840 Speaker 1: you probably have I don't know, five or ten million 537 00:27:12,920 --> 00:27:16,720 Speaker 1: a day, and metaverse is again, maybe five or ten 538 00:27:16,760 --> 00:27:19,720 Speaker 1: million a day. So the hundred million dollars a day 539 00:27:19,800 --> 00:27:23,560 Speaker 1: is these collectibles, these avatars, these digital pieces of art. 540 00:27:24,480 --> 00:27:28,800 Speaker 1: The problem with that is going back to money, collectible 541 00:27:28,960 --> 00:27:32,719 Speaker 1: store of value, is that they have to have certain attributes. 542 00:27:33,240 --> 00:27:37,480 Speaker 1: One of those is that they must be scarce. And 543 00:27:37,520 --> 00:27:38,919 Speaker 1: the problem with n f T s is they have 544 00:27:39,200 --> 00:27:43,679 Speaker 1: become the opposite of scarce. They become overly abundant. You 545 00:27:43,720 --> 00:27:45,200 Speaker 1: listen to the Mark Mo Show, we're talking about n 546 00:27:45,200 --> 00:27:47,359 Speaker 1: f T s. I'll be right back with more. Don't 547 00:27:47,359 --> 00:27:50,000 Speaker 1: go away, all right, welcome back. You're listening to the 548 00:27:50,000 --> 00:27:54,639 Speaker 1: Mark Mass Show. We're talking about bitcoin, cryptocurrencies, that decentralized revolution. 549 00:27:55,320 --> 00:27:57,320 Speaker 1: Of course, each and every week that's what we're talking about. 550 00:27:58,280 --> 00:28:00,800 Speaker 1: And today we are talking about n f T s, 551 00:28:01,520 --> 00:28:03,680 Speaker 1: a topic that I've pretty much stayed away from, but 552 00:28:03,680 --> 00:28:05,960 Speaker 1: I've been asked to talk about quite a bit. And 553 00:28:06,040 --> 00:28:09,400 Speaker 1: we're going through this article on the Wall Street Journal 554 00:28:09,560 --> 00:28:12,280 Speaker 1: called n f T sales are flatlining, and we're kind 555 00:28:12,280 --> 00:28:14,800 Speaker 1: of breaking this down. I went through a bunch of 556 00:28:14,880 --> 00:28:16,240 Speaker 1: data so far. If you're just joining, and I'm not 557 00:28:16,240 --> 00:28:17,720 Speaker 1: gonna go ahead and repeat it all, but we just 558 00:28:17,760 --> 00:28:21,800 Speaker 1: say that the average daily sales are down nine from 559 00:28:21,840 --> 00:28:25,399 Speaker 1: their peak, which is pretty big. Um. We saw that 560 00:28:25,440 --> 00:28:29,320 Speaker 1: the average the active wallets are down about and we 561 00:28:29,359 --> 00:28:31,480 Speaker 1: can see that a couple of big prominent n f 562 00:28:31,520 --> 00:28:33,959 Speaker 1: T s that got purchased Jack Dorsey tweet for two 563 00:28:33,960 --> 00:28:36,720 Speaker 1: point nine million and uh a snoop Dogg tweet I'm 564 00:28:36,720 --> 00:28:40,920 Speaker 1: sorry n f T got purchased. Um. And there the 565 00:28:41,000 --> 00:28:43,480 Speaker 1: stud stoop dog one got purchased for thirty two thousand 566 00:28:43,520 --> 00:28:45,040 Speaker 1: and now it's an auction and it can't sell for 567 00:28:45,040 --> 00:28:47,960 Speaker 1: two bucks. Um. But I was breaking it down in 568 00:28:48,040 --> 00:28:52,600 Speaker 1: these different areas, so collectibles, video games, art, and into 569 00:28:52,640 --> 00:28:55,800 Speaker 1: the metaverse, and I think you know the I guess 570 00:28:55,840 --> 00:28:57,560 Speaker 1: what I would say about these n f t s. 571 00:28:57,600 --> 00:29:00,560 Speaker 1: First of all is that those actually of money. I 572 00:29:00,560 --> 00:29:02,640 Speaker 1: gave you one of them, and one of the very 573 00:29:02,680 --> 00:29:06,360 Speaker 1: important ones is scarcity. The US dollars are not scarce. 574 00:29:06,440 --> 00:29:08,720 Speaker 1: That's a problem. They keep printing more of them, and 575 00:29:08,760 --> 00:29:11,520 Speaker 1: that's why they keep buying you less and less goods. 576 00:29:12,000 --> 00:29:15,960 Speaker 1: Gold is scarce, and so gold has been a very 577 00:29:15,960 --> 00:29:17,840 Speaker 1: good store of value, a good form of money for 578 00:29:17,880 --> 00:29:20,920 Speaker 1: five thousand years. Bitcoin is even more scarce. There will 579 00:29:20,960 --> 00:29:23,760 Speaker 1: never be more than twenty one million but n f 580 00:29:23,800 --> 00:29:27,719 Speaker 1: T s are not scarce at all. They can make 581 00:29:27,760 --> 00:29:30,800 Speaker 1: as many of them as they want, it says interesting. 582 00:29:30,880 --> 00:29:32,840 Speaker 1: N FT is measured by the number of searches for 583 00:29:32,880 --> 00:29:35,840 Speaker 1: the term peaked in January according to Google Trends, and 584 00:29:35,880 --> 00:29:40,200 Speaker 1: has roughly fallen. So we can see that the the 585 00:29:40,240 --> 00:29:42,680 Speaker 1: sales have gone down, the number of wallts have gone down, 586 00:29:43,720 --> 00:29:46,520 Speaker 1: and even the interest even the the Google searches. That's 587 00:29:46,520 --> 00:29:48,440 Speaker 1: an important tool if you if you've never looked at 588 00:29:48,440 --> 00:29:50,880 Speaker 1: that before, you can see what people are searching for. 589 00:29:51,280 --> 00:29:54,160 Speaker 1: And so it says here the imbalance between supply and 590 00:29:54,360 --> 00:29:57,239 Speaker 1: demand is hurting the n f T market. There are 591 00:29:57,240 --> 00:30:00,840 Speaker 1: about five n f T s for every buyer. Now, 592 00:30:01,160 --> 00:30:03,160 Speaker 1: going back to bitcoin, there will never be more than 593 00:30:03,200 --> 00:30:10,200 Speaker 1: twenty one million. There's over fifty million millionaires in the world, 594 00:30:10,360 --> 00:30:15,480 Speaker 1: over fifty million millionaires. That means there's not even enough 595 00:30:15,520 --> 00:30:18,600 Speaker 1: bitcoin for all the millionaires in the world to own 596 00:30:18,760 --> 00:30:24,400 Speaker 1: half of one. Pretty scarce here, it's saying there's five 597 00:30:24,520 --> 00:30:27,600 Speaker 1: n f T s for every buyer. It says at 598 00:30:27,600 --> 00:30:29,560 Speaker 1: the end of April, there have been nine point two 599 00:30:29,720 --> 00:30:33,560 Speaker 1: million n f T sold, which were bought by one 600 00:30:33,680 --> 00:30:37,720 Speaker 1: point eight million people, so nine millions sold to one 601 00:30:37,840 --> 00:30:43,360 Speaker 1: one eight million people, which is pretty interesting. Um. Now, 602 00:30:45,480 --> 00:30:50,000 Speaker 1: if you go back to art um and I'm not 603 00:30:50,040 --> 00:30:51,800 Speaker 1: an art collector, and I'm just gonna make this clear. 604 00:30:52,520 --> 00:30:55,800 Speaker 1: Growing up, I had friends that collected baseball cards. I 605 00:30:55,840 --> 00:30:58,280 Speaker 1: never did. I had friends that did stamps or coins, 606 00:30:58,960 --> 00:31:03,480 Speaker 1: I never did. I don't collect art. My brother, true story. 607 00:31:03,560 --> 00:31:06,960 Speaker 1: My brother sells Pokemon cards, right, those are collectibles, and 608 00:31:07,040 --> 00:31:09,760 Speaker 1: he knows about each different card and why one's worth 609 00:31:09,800 --> 00:31:11,080 Speaker 1: more than another, and it it just really well with that. 610 00:31:11,760 --> 00:31:13,200 Speaker 1: I've just never done that, and I'm just giving you 611 00:31:13,200 --> 00:31:16,040 Speaker 1: that as as a disclaimer. But if you get into 612 00:31:16,040 --> 00:31:18,680 Speaker 1: the world of baseball cards and Pokemon cards or whatever, 613 00:31:18,720 --> 00:31:21,960 Speaker 1: you start to learn the intricacies the differences there, um, 614 00:31:22,000 --> 00:31:25,080 Speaker 1: and what they'll do is then like, uh, you know whatever, 615 00:31:25,080 --> 00:31:27,520 Speaker 1: this Babe Ruth baseball card and I don't know anything 616 00:31:27,480 --> 00:31:29,560 Speaker 1: about it. So forgive me if you're a baseball card person. 617 00:31:29,640 --> 00:31:32,280 Speaker 1: But this Babe Ruth card, for example, they only made 618 00:31:32,320 --> 00:31:35,120 Speaker 1: so many, right, and he's of course dead, and you 619 00:31:35,120 --> 00:31:37,520 Speaker 1: know he's this legend, and uh, there's only so many, 620 00:31:37,560 --> 00:31:38,800 Speaker 1: and so if you can get your hands on one 621 00:31:38,800 --> 00:31:40,400 Speaker 1: of those cards, it's probably worth a lot because of 622 00:31:40,400 --> 00:31:43,680 Speaker 1: the scarcity factor and again still with someone else be 623 00:31:43,720 --> 00:31:45,600 Speaker 1: worth willing to pay for it. But these n f 624 00:31:45,640 --> 00:31:47,080 Speaker 1: t s are just like a digital piece of art. 625 00:31:47,160 --> 00:31:49,640 Speaker 1: Someone just makes it and it's like there's no scarcity 626 00:31:49,680 --> 00:31:51,640 Speaker 1: to it. And as you have the board apes or 627 00:31:51,640 --> 00:31:54,800 Speaker 1: the zombies, and there's millions and millions of board apes, 628 00:31:54,840 --> 00:31:58,520 Speaker 1: Now what makes one board ape different from another? Now 629 00:31:58,560 --> 00:32:00,320 Speaker 1: I think we are starting to see where are like 630 00:32:00,720 --> 00:32:04,080 Speaker 1: certain artists are making things. So for example, a certain 631 00:32:04,160 --> 00:32:07,120 Speaker 1: artists could like make like a hundred sets of Nike 632 00:32:07,160 --> 00:32:08,760 Speaker 1: air Force ones and those could be worth a lot 633 00:32:08,760 --> 00:32:10,480 Speaker 1: of money because he's like a known artist that makes 634 00:32:10,480 --> 00:32:12,440 Speaker 1: a very limited set. So there are some of that 635 00:32:12,440 --> 00:32:13,800 Speaker 1: and we're starting to see a little bit of that. 636 00:32:14,120 --> 00:32:16,040 Speaker 1: But at the end of the day, trying to attach 637 00:32:17,040 --> 00:32:22,640 Speaker 1: a real world, physical thing to something digital just doesn't 638 00:32:22,640 --> 00:32:26,360 Speaker 1: make sense. And I think that's a big failure. And 639 00:32:26,400 --> 00:32:29,560 Speaker 1: I think anybody thinking that this is the future is 640 00:32:29,680 --> 00:32:36,320 Speaker 1: just doesn't really understand the way things work. Because I 641 00:32:36,440 --> 00:32:38,840 Speaker 1: really like the Mona Lisa. You have the Mona Lisa, 642 00:32:39,280 --> 00:32:42,480 Speaker 1: and then you have all the copies of the Mona Lisa, 643 00:32:42,720 --> 00:32:44,040 Speaker 1: and you can make as many copies of the Mona 644 00:32:44,040 --> 00:32:46,120 Speaker 1: Lisa's you want. They're not worth what the mona Lisa is. 645 00:32:46,160 --> 00:32:49,840 Speaker 1: But the mona Lisa is still something tangible, alright, So 646 00:32:49,920 --> 00:32:53,120 Speaker 1: think about it like, think about it like this, Um, 647 00:32:53,160 --> 00:32:56,320 Speaker 1: if you had if you have the world, like like 648 00:32:56,360 --> 00:32:58,080 Speaker 1: the real world that you can go walk around in, 649 00:32:58,200 --> 00:33:00,760 Speaker 1: and then you have a map of the world. Right, 650 00:33:00,800 --> 00:33:04,520 Speaker 1: they're very different things. The map is an information, it's 651 00:33:04,520 --> 00:33:08,600 Speaker 1: some informational construct. The world is a physical object. Right. 652 00:33:08,920 --> 00:33:11,520 Speaker 1: There's a saying it says the map is not the territory. 653 00:33:13,400 --> 00:33:15,640 Speaker 1: The map is not the territory. So what that means 654 00:33:15,680 --> 00:33:17,840 Speaker 1: is it's a map and it resembles the territory. It 655 00:33:17,840 --> 00:33:20,479 Speaker 1: could it's it's probably not completely accurate, but it resembles it. 656 00:33:20,480 --> 00:33:22,640 Speaker 1: It gives you a decent frame of what the world is, 657 00:33:22,680 --> 00:33:26,280 Speaker 1: but it's not the same. Right. A picture of a 658 00:33:26,360 --> 00:33:30,800 Speaker 1: pipe is not a pipe, right, it's a picture of 659 00:33:30,840 --> 00:33:33,719 Speaker 1: a pipe, it's not a pipe. And so that is 660 00:33:33,840 --> 00:33:36,720 Speaker 1: part of the problem. So you have basically you have 661 00:33:37,440 --> 00:33:40,880 Speaker 1: uh this image and you have a record in the 662 00:33:40,880 --> 00:33:44,120 Speaker 1: blockchain that says you own that image, but you don't 663 00:33:44,120 --> 00:33:46,520 Speaker 1: actually have the image, and the two aren't linked together. 664 00:33:47,120 --> 00:33:49,840 Speaker 1: And as I've been saying, anybody could copy that image 665 00:33:49,880 --> 00:33:55,360 Speaker 1: that you have. Right, So that's a big problem. This 666 00:33:55,440 --> 00:33:58,120 Speaker 1: is why other things on the like gold on the 667 00:33:58,120 --> 00:34:02,280 Speaker 1: blockchain don't work either. You can't have a physical object 668 00:34:02,520 --> 00:34:07,200 Speaker 1: put onto a blockchain. What happens is somebody keeps a 669 00:34:07,320 --> 00:34:11,880 Speaker 1: ledger a blockchain. Uh, someone keeps a database that says 670 00:34:12,320 --> 00:34:16,480 Speaker 1: Mark owns gold. So I have gold, it's black, it's 671 00:34:16,520 --> 00:34:19,080 Speaker 1: backed on the blockchain. But since I can't have the 672 00:34:19,120 --> 00:34:22,200 Speaker 1: golden the blockchain, that someone else holds the gold, and 673 00:34:22,239 --> 00:34:24,440 Speaker 1: someone else keeps the ledger that says I own the gold. 674 00:34:25,480 --> 00:34:29,400 Speaker 1: The problem is now I have to trust a third party. 675 00:34:29,600 --> 00:34:31,720 Speaker 1: Now I have to trust that they don't steal my gold, 676 00:34:31,920 --> 00:34:35,080 Speaker 1: that my that my database or my ledger submission doesn't 677 00:34:35,080 --> 00:34:38,480 Speaker 1: get changed something like that. Right, There's no there's no 678 00:34:38,560 --> 00:34:44,640 Speaker 1: permanent relationship to the object itself. It's disconnected, right, So 679 00:34:44,800 --> 00:34:47,319 Speaker 1: n f t s don't change that. The jpeg that 680 00:34:47,400 --> 00:34:49,600 Speaker 1: you own can be lost, it can be corrupted, it 681 00:34:49,640 --> 00:34:52,000 Speaker 1: can be duplicated, it can be hashed, it can be 682 00:34:52,040 --> 00:34:55,200 Speaker 1: sold again, and it happens all the time. Right, you 683 00:34:55,280 --> 00:34:58,960 Speaker 1: own a hash, you own a record of something that's 684 00:34:59,000 --> 00:35:03,280 Speaker 1: not scarce, right, because anybody can copy that that jpeg 685 00:35:03,360 --> 00:35:04,880 Speaker 1: over and over and over. You own a hash that 686 00:35:04,920 --> 00:35:08,280 Speaker 1: says you own it, but it's a hash of something 687 00:35:08,320 --> 00:35:11,879 Speaker 1: that you own that's not scarce that can be recreated. Right, 688 00:35:12,880 --> 00:35:16,600 Speaker 1: you own a garbled up map with no territory, basically 689 00:35:16,680 --> 00:35:18,880 Speaker 1: what you have. But bitcoin fixes this because it it 690 00:35:18,920 --> 00:35:21,360 Speaker 1: goes in the opposite direction, right. It starts with information 691 00:35:21,800 --> 00:35:25,239 Speaker 1: and it makes its own reality. Um. It basically takes 692 00:35:25,520 --> 00:35:29,040 Speaker 1: takes something, takes information, and it takes energy and it 693 00:35:29,080 --> 00:35:35,000 Speaker 1: creates something natively digital, natively digital. So maybe at some point, 694 00:35:35,080 --> 00:35:37,040 Speaker 1: if I, if I hit on this natively digital thing, 695 00:35:38,440 --> 00:35:40,320 Speaker 1: maybe in the world in the future, there's a world 696 00:35:40,360 --> 00:35:42,440 Speaker 1: for items back going back to n f T s 697 00:35:42,480 --> 00:35:45,840 Speaker 1: in the video games. So you know, you play whatever 698 00:35:45,920 --> 00:35:47,640 Speaker 1: video game. I'm not a video game or either, but 699 00:35:47,680 --> 00:35:49,080 Speaker 1: you play a bunch of video games. You play for 700 00:35:49,120 --> 00:35:51,120 Speaker 1: thousands of hours, and you earn credits, and you earn 701 00:35:51,200 --> 00:35:55,440 Speaker 1: new guns, new weapons, new skins, backpacks, whatever. And instead 702 00:35:55,440 --> 00:35:56,960 Speaker 1: of them being stuck in the game, maybe I could 703 00:35:57,000 --> 00:36:00,080 Speaker 1: I could hold those on my own and then I 704 00:36:00,040 --> 00:36:01,480 Speaker 1: decide don't want to play the game anymore. Maybe I 705 00:36:01,520 --> 00:36:03,879 Speaker 1: could sell those to somebody else who plays the game. 706 00:36:04,320 --> 00:36:06,400 Speaker 1: That might be one way to do it. So maybe 707 00:36:06,400 --> 00:36:07,920 Speaker 1: an n f T in a game could be a 708 00:36:07,920 --> 00:36:11,279 Speaker 1: way to go. Um. Maybe there's a future there, but 709 00:36:11,360 --> 00:36:14,200 Speaker 1: we're not there now, so it'll be interesting to see 710 00:36:14,239 --> 00:36:17,840 Speaker 1: how that goes. UM. But either way, right now, the 711 00:36:17,960 --> 00:36:20,879 Speaker 1: n f T s are taking a massive hit down 712 00:36:20,880 --> 00:36:23,919 Speaker 1: over as I said, as you know, as most cryptocurrencies 713 00:36:23,960 --> 00:36:26,560 Speaker 1: are right now. Um, but what do you think about that? 714 00:36:27,520 --> 00:36:29,560 Speaker 1: I'd love to hear some feedback on this. Hopefully it 715 00:36:29,680 --> 00:36:32,399 Speaker 1: hit me up on my social media at one Mark Moss. 716 00:36:32,440 --> 00:36:34,200 Speaker 1: That's just the number one. You can find me on Twitter, 717 00:36:34,719 --> 00:36:36,640 Speaker 1: you can find me on Instagram. I'd love to hear 718 00:36:36,680 --> 00:36:38,799 Speaker 1: from you and tell me what you think. I know 719 00:36:38,840 --> 00:36:41,520 Speaker 1: a lot of people love n f t s and 720 00:36:41,560 --> 00:36:44,000 Speaker 1: I'm a freedom maximum, so to each their own. I 721 00:36:44,080 --> 00:36:47,120 Speaker 1: just want people to understand what it is that they're buying. 722 00:36:47,920 --> 00:36:50,680 Speaker 1: Like I said, full disclaimer, I never bought and sold 723 00:36:50,840 --> 00:36:53,520 Speaker 1: baseball cards or stamps or or coins, and I know 724 00:36:53,600 --> 00:36:56,360 Speaker 1: plenty of people did. Gary Vaynerchuk, who you may have 725 00:36:56,440 --> 00:36:58,560 Speaker 1: heard of, he's huge into n f t s, but 726 00:36:58,680 --> 00:37:01,480 Speaker 1: his whole, his whole uh life growing up, that's what 727 00:37:01,520 --> 00:37:04,120 Speaker 1: he did. He still does. He trades baseball cards, he 728 00:37:04,200 --> 00:37:06,600 Speaker 1: trades stamps, and he goes to garage sales on a 729 00:37:06,640 --> 00:37:09,640 Speaker 1: regular basis, Still looking for these old collectibles. I just 730 00:37:09,680 --> 00:37:13,200 Speaker 1: don't I don't have that specialty information for that. And 731 00:37:13,280 --> 00:37:15,960 Speaker 1: that's the problem with with the collectibles. If you don't 732 00:37:16,160 --> 00:37:18,400 Speaker 1: know the intricacies of each one of those, they can 733 00:37:18,440 --> 00:37:20,439 Speaker 1: be very dangerous. That's what I got for you today. 734 00:37:20,480 --> 00:37:21,839 Speaker 1: Thanks for listening to the Mark mo Show.