WEBVTT - The Mark Moss Show - What the Heck are NFTs? 0:00:00.080 --> 0:00:02.880 Hello, and welcome to another episode of The Mark Moss Show, 0:00:02.920 --> 0:00:06.320 where we talk about bitcoin. We talked about cryptocurrencies, we 0:00:06.360 --> 0:00:10.400 talk about the decentralized revolution that is taking the world 0:00:10.400 --> 0:00:14.400 by storm. It's no surprise if you're paying attention at all, 0:00:14.600 --> 0:00:17.119 things are rapidly changing. Of course, I've been talking about 0:00:17.160 --> 0:00:19.479 this for about a year and a half of how 0:00:19.680 --> 0:00:21.639 we are at the end of a cycle, not just 0:00:21.720 --> 0:00:25.680 one cycle, but three converging cycles that will change the 0:00:25.800 --> 0:00:28.920 entire world as we know it. We're talking about a 0:00:28.960 --> 0:00:32.120 financial revolution cycle, and eighty year financial revolution cycle, a 0:00:32.200 --> 0:00:35.559 fifty year technological revolution cycle, and a two hundred and 0:00:35.600 --> 0:00:40.120 fifty year political revolution cycle, all three converging right now. 0:00:40.120 --> 0:00:43.800 I talked about it all the time, and we can 0:00:43.840 --> 0:00:47.239 see signs of it all around us. Peak centralization, and 0:00:47.280 --> 0:00:49.960 of course the world is rejecting that and pushing it back, 0:00:50.000 --> 0:00:55.320 going to decentralization, and we have this technology that's leading 0:00:55.360 --> 0:00:57.880 the way. That's one thing that analysts like Ray Dalio, 0:00:57.960 --> 0:01:01.680 who I really respect, just recently read his new book, 0:01:02.200 --> 0:01:06.200 Uh It's an amazing book that was The Changing World Order. Um. 0:01:06.280 --> 0:01:08.600 The amount of research that got into the book is 0:01:08.640 --> 0:01:12.760 amazing and highly recommended for anybody, but what somebody like 0:01:12.880 --> 0:01:16.600 him misses is technology. And so he's done a really 0:01:16.640 --> 0:01:19.360 good job studying the rising fall of empires from a 0:01:19.400 --> 0:01:22.040 financial level and gets into the political level as well. 0:01:23.520 --> 0:01:25.520 For some reason, this seems like what he fails to 0:01:25.560 --> 0:01:29.080 recognize is that it's it's technology that changes the world 0:01:29.080 --> 0:01:31.720 through thousands of years of history if we go back 0:01:31.720 --> 0:01:34.040 and take a look at it, and that is what 0:01:34.080 --> 0:01:36.680 we're witnessing right now. I got a lot of stuff 0:01:36.680 --> 0:01:38.759 to talk about on the show today that I want 0:01:38.800 --> 0:01:41.000 to cover. One of the things that I want to 0:01:41.000 --> 0:01:43.319 cover is something that I haven't talked about on the 0:01:43.360 --> 0:01:47.280 show before, and it's been a hot topic. It's been 0:01:47.319 --> 0:01:50.240 something that I've been asked to cover many, many, many times, 0:01:50.680 --> 0:01:54.360 and that is the world of in f tas that 0:01:54.440 --> 0:01:59.200 stands for a non fungible token. So what the heck 0:01:59.240 --> 0:02:01.480 are n f t s? Why isn't everybody wants me 0:02:01.520 --> 0:02:03.200 to talk about n f t s? And why is 0:02:03.200 --> 0:02:05.240 it that I have not wanted to talk about n 0:02:05.320 --> 0:02:09.000 f t s? Pretty interesting? So I thought, you know what, 0:02:09.080 --> 0:02:11.200 let's dig into that a little bit. I saw an 0:02:11.280 --> 0:02:14.280 article that came out this week on the Wall Street 0:02:14.400 --> 0:02:16.920 Journal talking about it and I thought, you know what, 0:02:17.000 --> 0:02:18.880 this might be a good place to pick it up 0:02:19.160 --> 0:02:21.600 and talk about it. Now, let's say, I guess actually, 0:02:21.600 --> 0:02:23.200 now I'm thinking about it. It's not the first time 0:02:23.240 --> 0:02:24.639 I've talked about n f T s. I have talked 0:02:24.639 --> 0:02:28.200 about them before. It might have been a month or 0:02:28.200 --> 0:02:30.080 two ago. I was talking about n f T s 0:02:30.080 --> 0:02:35.919 and we were talking about specifically how they are used for. 0:02:37.120 --> 0:02:41.160 How do I say it, You know, manipulation, market manipulation, 0:02:41.200 --> 0:02:43.680 if you will, And so there's a lot of market 0:02:43.720 --> 0:02:46.320 manipulation happens in the art industry n f T s. 0:02:46.520 --> 0:02:48.040 So first of all, that me back it up here. 0:02:48.080 --> 0:02:50.239 So an n f T, if you're just tuning in, 0:02:50.760 --> 0:02:54.520 an n f T stands for a non fungible token 0:02:54.800 --> 0:02:58.480 n f T non fungible token. Well, if it's non fungible, 0:02:58.919 --> 0:03:02.440 what what is what is fungible? It's a good question. 0:03:02.480 --> 0:03:05.359 So fungible means one is worth one. So for example, 0:03:05.960 --> 0:03:10.040 a very old US dollar that's all dirty and ripped 0:03:10.080 --> 0:03:13.120 and torn up is worth the same as one brand 0:03:13.120 --> 0:03:16.519 new US dollar that's all clean and crisp and brand new. 0:03:16.840 --> 0:03:18.799 It doesn't matter if it's old, dirty, torn up, or 0:03:18.800 --> 0:03:21.520 if it's brand new, crisp and clean. One dollar is 0:03:21.520 --> 0:03:26.280 worth one dollar. It's fungible. For money to be money, 0:03:26.320 --> 0:03:29.160 it must have certain attributes that make it good money. 0:03:29.520 --> 0:03:32.400 Some of those attributes are it needs to be portable, 0:03:33.560 --> 0:03:37.720 it needs to be divisible, it needs to be durable. 0:03:38.480 --> 0:03:40.200 So portable, you have to be able to carry it around. 0:03:40.320 --> 0:03:43.240 It's one of the reason why gold didn't um It's 0:03:43.240 --> 0:03:45.400 got all the other attributes of money, but gold lacks 0:03:45.480 --> 0:03:48.880 in this one attribute. It's not very portable. Uh, it's 0:03:48.960 --> 0:03:51.760 it's big, it's heavy. So it led to us putting 0:03:51.800 --> 0:03:54.760 gold into the banks, and then the banks gave us 0:03:54.880 --> 0:03:58.360 back receipts or io use or claims on that gold 0:03:58.440 --> 0:04:01.920 or what we would call paper gold certificates or then dollars. 0:04:02.280 --> 0:04:05.600 Those dollars were just claims on the gold, and we 0:04:05.640 --> 0:04:08.640 did that because gold was big, heavy, clunky, and the 0:04:08.760 --> 0:04:11.760 dollars was debt issued on that there was a debt. 0:04:11.760 --> 0:04:15.600 It's an IOU. It allowed us to increase the velocity, 0:04:15.640 --> 0:04:17.520 It allowed us to increase the speed in which we 0:04:17.560 --> 0:04:19.640 can transfer the gold, because, as I'm saying, it doesn't 0:04:19.640 --> 0:04:22.800 fit the one attribute of money, which is portable. If 0:04:22.839 --> 0:04:24.719 you have a gold coin, sure that's pretty portable you 0:04:24.720 --> 0:04:28.200 put in your pocket. If you have millions of dollars 0:04:28.279 --> 0:04:30.520 or tens or millions or hundreds millions of dollars like 0:04:30.640 --> 0:04:34.320 nations do, it's not portable at all. Especially and even 0:04:34.360 --> 0:04:36.839 though a coin may be somewhat portable, it's not in 0:04:36.960 --> 0:04:40.880 today's information age. So today we're working in a connected world, 0:04:41.040 --> 0:04:44.320 internet based world. Most of my team works all remote 0:04:44.640 --> 0:04:47.159 and I pay them remotely, And how can I pay 0:04:47.200 --> 0:04:50.080 them with gold remotely? Of course you can't because it's 0:04:50.080 --> 0:04:53.960 not portable. Uh. Money also should be durable. So obviously 0:04:54.000 --> 0:04:56.800 it wouldn't make much sense to store all my life savings, 0:04:56.839 --> 0:04:59.120 all my wealth in banana because the banana is not 0:04:59.120 --> 0:05:02.640 gonna last that long, right, It's not durable. Gold is 0:05:02.760 --> 0:05:05.160 very durable. Gold couldsider at the bottom of the sea 0:05:05.200 --> 0:05:07.880 for you know, forever and not get corroded. Gold is 0:05:08.080 --> 0:05:11.960 very extremely durable, So that's good. It must be divisible. 0:05:13.000 --> 0:05:16.160 So if we were using you know, in the early days, 0:05:16.160 --> 0:05:18.799 it was a barter system, and so we had a cow, 0:05:19.400 --> 0:05:21.240 and uh, I want to trade you my cow for 0:05:21.360 --> 0:05:25.120 your two goats or whatever. But if you don't want 0:05:25.160 --> 0:05:28.440 the whole cow, that cow is not divisible, so that's 0:05:28.480 --> 0:05:33.960 not good. It also has to be recognizable, recognizable or 0:05:34.000 --> 0:05:36.080 what we call sailable, So that means that a lot 0:05:36.120 --> 0:05:38.000 of people have to take it. So a lot of 0:05:38.000 --> 0:05:41.000 times people when we talk about cryptocurrencies, we talked about bitcoin. Obviously, 0:05:41.040 --> 0:05:43.880 I talk about bitcoin all the time. Pretty much anywhere 0:05:43.880 --> 0:05:45.440 in the world today, you could find someone that could 0:05:45.440 --> 0:05:47.960 take your bitcoin. People say, well, what about x y 0:05:48.120 --> 0:05:50.560 z coin? What about you know this privacy coin? Privacy 0:05:50.640 --> 0:05:53.240 coins are better, they're more private. Well, they may be 0:05:53.240 --> 0:05:55.880 more private, but privacy isn't one of the main attributes 0:05:55.920 --> 0:05:58.960 of money, but sailability or recognizability is. And so I 0:05:58.960 --> 0:06:00.880 can get anyone in the world to take a bitcoin, 0:06:01.240 --> 0:06:03.440 but I can't find somebody in the world to take 0:06:03.480 --> 0:06:06.279 a pirate coin or mon arrow or x y z 0:06:06.360 --> 0:06:09.960 privacy coin. So it must be salable um, and it 0:06:10.000 --> 0:06:13.440 also has to be fungible. So back to the dollar example. Uh, well, 0:06:13.480 --> 0:06:16.080 and it has to be scarce. That's another thing. Oh, 0:06:16.120 --> 0:06:17.320 that's a good one to bring up. So it has 0:06:17.360 --> 0:06:19.480 to be scarce as well. That's the problem with our 0:06:19.520 --> 0:06:22.240 fiat dollars, the the US dollars that we use today. 0:06:22.720 --> 0:06:25.760 They're not scarce as a matter of fact, they print 0:06:25.880 --> 0:06:28.960 trillions of them all the time. As a matter of fact, 0:06:29.040 --> 0:06:32.560 in the last two years, the amount of money, the 0:06:32.680 --> 0:06:35.600 amount of dollars in existence in circulation, has gone up 0:06:35.600 --> 0:06:41.320 by over forty percent. Let me say it again, the 0:06:41.880 --> 0:06:43.840 Federal Reserve, the Central Bank of the US, has has 0:06:43.920 --> 0:06:48.040 increased the money supply by over forty percent and just 0:06:48.080 --> 0:06:52.400 the last two years. So any wonder why home prices 0:06:52.400 --> 0:06:56.880 are up on average about and use cars or up 0:06:56.880 --> 0:07:01.520 on average about doesn't make sense because when they when 0:07:01.520 --> 0:07:05.200 they increase the value of the money, it decreases or 0:07:05.240 --> 0:07:08.400 when they increase the volume of the money, it decreases 0:07:08.480 --> 0:07:11.560 the value or the purchasing power of those dollars. So 0:07:11.600 --> 0:07:13.640 it's not that houses are getting more valuable or use 0:07:13.680 --> 0:07:15.840 cars are getting more valuable. People think their house is 0:07:15.880 --> 0:07:17.840 getting more valuable, but you certainly don't think you're used 0:07:17.840 --> 0:07:20.840 cars getting more valuable. What's happening is your dollars are 0:07:21.560 --> 0:07:25.200 losing their value, losing their purchasing power, and so it 0:07:25.240 --> 0:07:28.920 takes more dollars to buy that same thing, that same 0:07:28.960 --> 0:07:31.600 good that it did before. And so the US dollar 0:07:31.880 --> 0:07:35.960 is is very portable, it's very divisible, it's very recognizable, 0:07:35.960 --> 0:07:38.360 it's most recognized money in the world. It's divisible. I 0:07:38.360 --> 0:07:41.160 can break it down to a hundred pennies, right, It's 0:07:41.200 --> 0:07:43.520 it's pretty durable. At least coins are pretty durable. Even 0:07:43.520 --> 0:07:45.160 the paper dollars are pretty good durable if you put 0:07:45.160 --> 0:07:47.880 them through the wash. So and and it's definitely recognizable. 0:07:47.880 --> 0:07:49.640 So it has all that. It's just not scarce. So 0:07:49.720 --> 0:07:55.560 gold isn't portable, but it is scarce. Dollars are are 0:07:55.600 --> 0:08:01.920 are No, they're not, They're not scarce. Now I'm talking 0:08:01.960 --> 0:08:04.320 about n f t s today. I'm gonna break this 0:08:04.360 --> 0:08:06.160 down for you, but I'm trying to set this up 0:08:06.200 --> 0:08:07.920 so you have a little bit of base knowledge to 0:08:07.960 --> 0:08:10.160 go off of. We'll talk about n f t s, 0:08:10.200 --> 0:08:13.440 but just real quick with bitcoin. Bitcoin hits all the 0:08:13.520 --> 0:08:18.640 attributes of money. So it's extremely portable. I can transfer 0:08:18.680 --> 0:08:21.840 it instantly right from my phone to your phone even 0:08:21.880 --> 0:08:24.920 without electricity. By the way, let me say that, so 0:08:25.000 --> 0:08:29.040 I can. It's extremely portable, it's extremely durable, it's encrypted, 0:08:29.120 --> 0:08:32.040 it's just you know, can't be destroyed. It's extremely divisible. 0:08:32.320 --> 0:08:34.439 You can break it down and do fractions of a penny. 0:08:34.480 --> 0:08:40.200 It's it's basically infinitely divisible. Um, it's fungible. One bitcoin 0:08:40.320 --> 0:08:45.320 is worth one bitcoin, and it's not assailable or recognizable 0:08:45.360 --> 0:08:49.000 as the US dollar by any means. But it's getting there. 0:08:49.000 --> 0:08:53.439 It's getting there quick. So um, that kind of arounds 0:08:53.520 --> 0:08:56.480 out basically the attributes of money. And now we'll talk 0:08:56.520 --> 0:08:58.959 about n f T s now that you have a 0:08:59.040 --> 0:09:02.120 little bit of that base knowledge. But like I said, 0:09:02.160 --> 0:09:05.240 bitcoin at least has all of those attributes. Now a 0:09:05.280 --> 0:09:07.000 lot of people say, but it doesn't have the privacy, 0:09:07.040 --> 0:09:10.480 But again, privacy isn't one of the attributes of money. 0:09:10.880 --> 0:09:14.200 Now you're listening to the markmas Show. We're talking about bitcoin, cryptocurrencies, 0:09:14.240 --> 0:09:17.440 the decentralized Revolution. I wanted to talk about n f 0:09:17.480 --> 0:09:19.960 T s, which we are doing that right now. There's 0:09:20.000 --> 0:09:22.640 a Wall Street Journal article that came out. Uh, n 0:09:22.679 --> 0:09:25.080 f T sales are flatlining. I'm gonna break that down 0:09:25.080 --> 0:09:26.720 for you and more when I get back. So don't 0:09:26.720 --> 0:09:29.040 go away, all right, Welcome back. You're listening to the 0:09:29.040 --> 0:09:32.040 markma Show, and we are talking about bitcoin, we're talking 0:09:32.040 --> 0:09:35.480 about cryptocurrencies, we're talking about the decentralized revolution. Of course, 0:09:35.520 --> 0:09:37.800 each and every week, if you're not tuning in, tuning 0:09:37.880 --> 0:09:40.320 into me, each and every week. Will you certainly should be. 0:09:40.520 --> 0:09:42.319 You don't want to miss an episode. If you're not driving, 0:09:42.400 --> 0:09:44.480 pull out your phone, set a calendar reminder to be 0:09:44.600 --> 0:09:46.720 here with me at this time on this channel each 0:09:46.720 --> 0:09:49.400 and every week, so you can understand the world as 0:09:49.400 --> 0:09:52.560 it's changing right before our very eyes. Now, like I 0:09:52.559 --> 0:09:54.120 said before the break, I was talking about these n 0:09:54.200 --> 0:09:56.000 f T s. There's a Wall Street Journal article that 0:09:56.000 --> 0:09:58.720 came out that said n f T sales are flatlining. 0:09:59.120 --> 0:10:01.640 They say, is the is the beginning of the end 0:10:02.120 --> 0:10:04.400 of n f T s. Now, Like I said, I've 0:10:04.440 --> 0:10:06.600 been asked lots of times too, why don't I talk 0:10:06.640 --> 0:10:09.080 about n f T s. I have talked about them 0:10:09.080 --> 0:10:11.480 once before, um, and I kind of broke down how 0:10:11.480 --> 0:10:14.120 they were used for manipulation, and part of that is 0:10:14.280 --> 0:10:18.840 just real quickly to go into that is basically, um, actually, 0:10:18.880 --> 0:10:21.360 I'll come back to that. Stay with me. We'll get 0:10:21.360 --> 0:10:23.559 back to that. So before the break, I was explaining 0:10:23.760 --> 0:10:28.720 the attributes of money. It had to be portable, divisible, durable, recognizable, sailable, 0:10:28.920 --> 0:10:30.880 and it needs to be fungible. One has to be 0:10:30.920 --> 0:10:33.920 worth one. So bitcoin is fungible. One bitcoin is worth 0:10:33.920 --> 0:10:37.520 one bitcoin. N f T S or not. They're non fungible, 0:10:37.840 --> 0:10:40.319 non fungible token. So that means each token is unique, 0:10:40.679 --> 0:10:42.439 kind of like a baseball card. You could have to 0:10:42.760 --> 0:10:45.960 Mickey Mantle baseball cards, or two stamps or two you 0:10:46.000 --> 0:10:50.960 know early set you know pre set pre uh gold 0:10:51.000 --> 0:10:53.960 coins for example. And even though they're the same coin, 0:10:54.040 --> 0:10:57.000 the same year, same weight, et cetera, they'd be worth 0:10:57.000 --> 0:10:59.360 different amounts because one might have a little more aware 0:10:59.760 --> 0:11:03.040 one my whatever. Right, so they're non fungible even though 0:11:03.040 --> 0:11:05.760 they're the same. And so these tokens are basically that. 0:11:06.040 --> 0:11:10.199 And right now they're being used for um, collectibles, they're 0:11:10.280 --> 0:11:14.000 using being used for art things like that. I'll break 0:11:14.000 --> 0:11:15.480 that down a little bit more. We'll get into that 0:11:15.520 --> 0:11:18.480 a little bit. Um, we're seeing like, uh, you know, 0:11:18.600 --> 0:11:22.080 musicians who have fan clubs, for example, starting to issue 0:11:22.120 --> 0:11:24.560 different collectibles in different ways. Right, you can buy a mug, 0:11:24.559 --> 0:11:25.839 you can buy a hat, you can buy a shirt, 0:11:26.320 --> 0:11:28.839 and um, you could buy a token. Right, you could 0:11:28.880 --> 0:11:32.960 buy a digital piece of art a jpeg if you will. Um. 0:11:33.000 --> 0:11:34.760 And they're calling those n f t s and then 0:11:34.800 --> 0:11:37.199 people think, well, now I own this or let's say 0:11:37.200 --> 0:11:41.000 that there's like um from a YouTube video of Michael 0:11:41.080 --> 0:11:43.520 Jordan's you know, getting getting the slam dunk to win 0:11:43.559 --> 0:11:45.440 the game or whatever, and someone could buy that video 0:11:45.480 --> 0:11:47.880 clip and they have an n f T. It's a 0:11:47.920 --> 0:11:51.000 non fungible token says they own it. They own that 0:11:51.280 --> 0:11:55.800 video clip, but that video clips also on YouTube, right 0:11:56.280 --> 0:11:58.840 or I own this U, I own this jpeg, this 0:11:58.840 --> 0:12:01.400 piece of digital art that's on my computer screen right now. 0:12:01.559 --> 0:12:03.920 Anybody else could go just right click and save and 0:12:03.960 --> 0:12:07.920 they could also have that leaves a lot of people 0:12:07.920 --> 0:12:10.840 scratching their head, right. There's a meme that was going 0:12:10.920 --> 0:12:13.000 around and I don't know if you've seen these memes 0:12:13.000 --> 0:12:15.120 where it's like a kind of like a black and 0:12:15.160 --> 0:12:18.520 white stick drawing kind of cartoon, and it's like some 0:12:18.520 --> 0:12:20.640 people in the living room at a party and there's 0:12:20.640 --> 0:12:22.079 a couple of people dancing on the dance floor and 0:12:22.120 --> 0:12:24.880 there's a guy standing in the corner over thereby like stereo, 0:12:25.400 --> 0:12:28.560 and he's like, I wonder if they know that, but 0:12:28.760 --> 0:12:31.880 I own this song. And it's like a funny meme 0:12:31.920 --> 0:12:34.920 because it's like, uh, kind of showing what NFTs are 0:12:34.960 --> 0:12:38.040 because it's like, okay, so he has a hash, he 0:12:38.120 --> 0:12:40.280 has like a record in a blockchain that says he 0:12:40.320 --> 0:12:43.440 owns the song, but everybody else is listening to the 0:12:43.480 --> 0:12:46.640 song dancing to it. So what does his ownership really mean? 0:12:47.480 --> 0:12:49.640 And it's no different that if I own that clip 0:12:49.679 --> 0:12:52.679 of Michael Jordan's getting that slam dunk. I own it, 0:12:52.720 --> 0:12:54.880 but everybody else has it on their computer they can 0:12:54.920 --> 0:13:00.240 watch it too. So ownership typically implies that it's in 0:13:00.360 --> 0:13:03.520 my possession. Possession is whatever, they say nine tenths of 0:13:03.520 --> 0:13:07.360 the law kind of thing. So if if you had 0:13:07.400 --> 0:13:10.040 a house, but everybody else had it, was had access 0:13:10.040 --> 0:13:11.559 to your house, and you don't have acted to it, 0:13:11.640 --> 0:13:13.040 is it really your house? Right kind of a thing. 0:13:13.640 --> 0:13:15.520 And so that that meme kind of says it all. 0:13:15.559 --> 0:13:17.880 It's like, hey, do they know that this is? That 0:13:18.000 --> 0:13:21.360 I own this song? And he may own it, but 0:13:21.360 --> 0:13:23.320 everyone else has it. So a lot of people are 0:13:23.320 --> 0:13:25.559 wondering what that is. But I'll break that down a 0:13:25.559 --> 0:13:27.640 little bit more Before I do, let's dive into this 0:13:27.720 --> 0:13:29.440 article here real quick. So they said, the Wall Street 0:13:29.480 --> 0:13:31.880 Journal says that the n f T market is collapsing. 0:13:31.920 --> 0:13:35.400 They said, as a statement, they sail the sale of 0:13:35.440 --> 0:13:37.280 non fungible tokens or n f T s failed to 0:13:37.320 --> 0:13:40.600 a daily average of about nineteen thousand this week, a 0:13:41.840 --> 0:13:44.880 decline from a peak of about two hundred and twenty 0:13:44.920 --> 0:13:48.880 five thousand in September. According according to a data website 0:13:49.080 --> 0:13:53.240 non Fungible Token so a daily average. So there was 0:13:53.240 --> 0:13:57.680 about a quarter million, two thousand n f T selling 0:13:57.880 --> 0:14:02.640 per day in September and now we're down to nineteen 0:14:02.679 --> 0:14:06.720 thousand a day. It's pretty big. So the number of 0:14:06.760 --> 0:14:10.480 active wallets in the n f T market fell to 0:14:10.559 --> 0:14:14.480 about fourteen thousand last week from a high of nineteen 0:14:14.520 --> 0:14:18.160 thousand in November. So, when you own a cryptocurrency, bitcoin 0:14:18.240 --> 0:14:21.120 or any other cryptocurrency, one of the biggest features of 0:14:21.120 --> 0:14:23.480 it is that you can take custody of it yourself. 0:14:23.480 --> 0:14:26.240 Remember possession nine tenths of the law. So one of 0:14:26.240 --> 0:14:28.720 the oldest problems that mankind has had is how do 0:14:28.800 --> 0:14:31.440 I store my property in a way that cannot be stolen? 0:14:32.600 --> 0:14:34.560 And so we have to make we have to make, 0:14:34.640 --> 0:14:36.680 you know, friends, we have to form a village, we 0:14:36.680 --> 0:14:38.480 have to make a kingdom, we have to make a 0:14:38.560 --> 0:14:41.440 country to protect our private property from being stolen by 0:14:41.480 --> 0:14:43.360 somebody else. If I had a bunch of gold, that 0:14:43.480 --> 0:14:46.120 have to you know, build a big vault, higher arm 0:14:46.280 --> 0:14:49.360 armed guards to watch that gold all the time. Well, 0:14:49.360 --> 0:14:51.040 then it'd be very difficult for to move that goal because, 0:14:51.080 --> 0:14:54.800 as I said, goal is not portable. However, bitcoins solve 0:14:54.880 --> 0:14:59.600 that problem, and now cryptographically I can secure it online 0:15:00.080 --> 0:15:02.360 and I just have to know my twelve words, my 0:15:02.400 --> 0:15:05.680 backup phrase, and that bitcoin could be accessed from anywhere 0:15:05.680 --> 0:15:07.760 as long as I have access to those twelve words 0:15:07.800 --> 0:15:10.080 that key. I'm not gonna go super deep into that. 0:15:10.680 --> 0:15:12.040 Leave me a comment, let me know if you want 0:15:12.040 --> 0:15:14.920 me to dig in deeper into that part. Specifically, you 0:15:14.960 --> 0:15:16.400 can hit me up on any of the social media 0:15:16.440 --> 0:15:19.360 platforms at one Mark Moss. That's just the number one 0:15:19.400 --> 0:15:24.120 at one Mark Moss on Twitter, on Instagram. I'd love 0:15:24.200 --> 0:15:27.240 to hear from you there. But basically, you can take 0:15:27.320 --> 0:15:30.520 custody of these assets yourself mean and you hold the key. 0:15:30.720 --> 0:15:32.960 To explain it real simple, think of it like a 0:15:33.040 --> 0:15:35.160 locker at like a high school or like an airport. 0:15:36.400 --> 0:15:38.680 So like, hey, my locker C nineteen, Go put this 0:15:38.800 --> 0:15:41.880 envelope in there in the C nineteen that's a public address, 0:15:41.920 --> 0:15:44.400 but only I would have the private key that would 0:15:44.400 --> 0:15:46.720 actually let me open up the locker and move the 0:15:46.720 --> 0:15:49.720 contents and so cryptocurrencies are similar, where you have like 0:15:49.760 --> 0:15:52.680 this public address that anybody could have, but then only 0:15:52.680 --> 0:15:55.760 one person has the private key. And so what they're 0:15:55.760 --> 0:15:57.800 saying is the number of active wallets in an n 0:15:57.800 --> 0:16:00.840 f T market fell. So the number of wallets, that's 0:16:00.880 --> 0:16:03.680 the amount of wallets that hold these n f t 0:16:03.880 --> 0:16:06.560 s hold these cryptocurrency tokens, if you will, And so 0:16:06.600 --> 0:16:08.960 I felt eighty eight percent the amount of active wallets 0:16:09.280 --> 0:16:12.000 wallets that are using this um. It says n f 0:16:12.040 --> 0:16:14.040 t s are Bitcoin like digital tokens that act like 0:16:14.080 --> 0:16:17.680 a certificate of ownership that live on a blockchain. Now 0:16:17.680 --> 0:16:19.440 that's a very key piece I'm gonna come back to. 0:16:19.760 --> 0:16:24.040 It's like a certificate of ownership. I'm gonna get through 0:16:24.080 --> 0:16:26.760 the through the fundamentals of this of this uh of 0:16:26.840 --> 0:16:30.000 this document here, of this article about is the market crashing, 0:16:30.360 --> 0:16:32.200 and then we'll get more into this kind of what 0:16:32.240 --> 0:16:35.080 does this mean. It's a digital representation or certificate of ownership. 0:16:35.160 --> 0:16:37.880 We'll talk about that. Then then we'll talk about different 0:16:37.920 --> 0:16:39.640 areas of n f T s, and then we'll talk 0:16:39.640 --> 0:16:41.280 about maybe what the future is of n f T 0:16:41.400 --> 0:16:44.120 s as well. It says rising interest rates have crushed 0:16:44.200 --> 0:16:46.480 risk risky bets across the financial markets, and n f 0:16:46.520 --> 0:16:50.000 T s are among the most speculative rising interest rates, 0:16:50.000 --> 0:16:52.880 so of course, uh, the Federal Reserve is doing everything 0:16:52.880 --> 0:16:56.200 you can to fight inflation. Inflation, we have prices going 0:16:56.240 --> 0:16:59.760 up like crazy. Eight point five percent was the last 0:17:00.000 --> 0:17:02.360 e P I read that came out. And so of 0:17:02.360 --> 0:17:04.480 course it's like I already said, right, we we saw 0:17:04.520 --> 0:17:07.760 homes go up, used cars go up, steak and milk 0:17:07.800 --> 0:17:11.680 are up, Rents are up on average across the country 0:17:11.680 --> 0:17:16.120 about and so the Phoederal Reserve is acting. They're doing 0:17:16.119 --> 0:17:18.440 something about it. They're raising rates, and so they're saying 0:17:18.480 --> 0:17:21.040 that the assets have been crushed all across the space. 0:17:21.320 --> 0:17:23.800 Since hitting highs in November, the tech heavy NASDAC composit 0:17:23.800 --> 0:17:27.120 has fallen by so the NASDAC Stock Exchange, which has 0:17:27.240 --> 0:17:29.840 most of the tech stocks tech heavy as they call it, 0:17:30.000 --> 0:17:35.280 has fallen twenty three percent since November, and UH, and 0:17:35.359 --> 0:17:40.280 bitcoin bitcoins down as well. Bitcoins down about as well 0:17:40.800 --> 0:17:44.119 from that November high. UM. But back to n f 0:17:44.160 --> 0:17:46.679 T s, it says that many n f T owners 0:17:46.680 --> 0:17:49.119 are finding their investments are worse significantly less than when 0:17:49.160 --> 0:17:51.920 they bought them. I wanna break that down. I want 0:17:51.920 --> 0:17:54.280 to break down a couple of well known tweets that 0:17:54.400 --> 0:17:56.720 sold for millions of dollars and then couldn't even sell 0:17:56.760 --> 0:17:58.520 for a few hundred dollars. And then, because I want 0:17:58.520 --> 0:18:00.760 to break down these different categories of n f t s, 0:18:00.880 --> 0:18:04.640 we're gonna break them down into collectibles, video games, art, metaverse, 0:18:04.840 --> 0:18:06.480 and so much more. Listening to the Mark mos Show, 0:18:06.480 --> 0:18:08.800 I'm gonna be right back with more explaining n f 0:18:08.880 --> 0:18:11.679 T s to you, So do not go away, all right, 0:18:11.720 --> 0:18:13.720 welcome back. You are listening to the Mark Moa Show, 0:18:13.800 --> 0:18:17.239 and we're talking about bitcoin. We're talking about cryptocurrencies. We're 0:18:17.240 --> 0:18:20.479 talking about the decentralized revolution each and every week, and 0:18:20.560 --> 0:18:23.240 right now we are talking about in f t s, 0:18:23.680 --> 0:18:27.400 which are very very hot subject. One I've been asked 0:18:27.400 --> 0:18:30.040 to talk about a lot. I've stayed away from it. 0:18:30.040 --> 0:18:33.080 I've talked about it one time, mostly because I focus 0:18:33.119 --> 0:18:37.080 on bitcoin. I think bitcoin is the only tool that 0:18:37.160 --> 0:18:40.960 can change the world. Um, it's a it's a technological 0:18:41.000 --> 0:18:43.840 revolution that can free us from the problems that are 0:18:43.840 --> 0:18:47.560 created by the money distortion that we have. Whether I 0:18:47.600 --> 0:18:51.000 can own a stock on the blockchain or whether I 0:18:51.040 --> 0:18:53.720 can own a token to a piece of real estate, 0:18:54.240 --> 0:18:57.680 or I have a collectible that doesn't change the world. 0:18:57.880 --> 0:18:59.520 We have collectibles. I can own a share of a 0:18:59.520 --> 0:19:02.200 piece of real state already today. That's why I focus 0:19:02.240 --> 0:19:03.680 on bitcoin. But I am talking about n f T 0:19:03.760 --> 0:19:06.040 s today because everybody's been asking about it, and I 0:19:06.040 --> 0:19:08.160 saw this article I thought was pretty interesting that Walster 0:19:08.320 --> 0:19:11.440 Journal put out that the n f T sales are flatlining, 0:19:11.440 --> 0:19:15.440 and they said so as already throughout those numbers, it's 0:19:15.440 --> 0:19:20.640 been flatlining. The interest has fallen since the peak in September, 0:19:21.320 --> 0:19:25.200 from ah a daily average of a quarter million tokens 0:19:25.240 --> 0:19:28.520 down to nineteen thousand tokens um. A couple of examples, 0:19:28.520 --> 0:19:30.360 there's an n f T of the first tweet from 0:19:30.400 --> 0:19:33.960 Twitter co founder Jack Dorsey. It's sold in March of 0:19:33.960 --> 0:19:37.600 two thousand twenty one for two point nine million. Now 0:19:38.520 --> 0:19:42.040 on Twitter, all the tweets are archived. So if you 0:19:42.119 --> 0:19:44.760 go onto my Twitter account at one Mark Moss, I 0:19:44.800 --> 0:19:46.760 should actually do this because I don't even know, but 0:19:47.119 --> 0:19:48.760 you can scroll back and see what my very first 0:19:48.760 --> 0:19:50.520 tweet was on this account. I had a couple of 0:19:50.520 --> 0:19:52.320 Twitter accounts before that. I had started in a kind 0:19:52.320 --> 0:19:55.840 of abandoned business accounts and things like that. But I'm 0:19:55.840 --> 0:19:57.679 not even I'm not even sure what my original very 0:19:57.680 --> 0:19:59.159 first tweet was, and I should go back and take 0:19:59.160 --> 0:20:00.640 a look at that. But the point it is that 0:20:00.880 --> 0:20:02.560 I can go to anybody's feet and I can go 0:20:02.600 --> 0:20:04.280 back and I can see what what they had on 0:20:04.280 --> 0:20:06.959