WEBVTT - How to build a Web3 Community w/ Shondra Washington 0:00:00.240 --> 0:00:03.520 Afro Tech is back in Austin, Texas. This November is 0:00:03.560 --> 0:00:06.040 the place for all things black tech and Web three. 0:00:06.280 --> 0:00:09.360 The in person afro Tech conference experience is bridging the 0:00:09.360 --> 0:00:14.800 worlds of afro technologists, innovators, investors, corporations, musicians, and everyone 0:00:14.880 --> 0:00:17.520 in between. So pull up, grab your crew, and grab 0:00:17.520 --> 0:00:20.360 your tickets and join us at the largest black professional 0:00:20.400 --> 0:00:23.919 conference of the year. This experienced the afro Tech Dot count. 0:00:23.960 --> 0:00:35.480 To learn more, I'm Will Lucas and this is Black Tech, 0:00:35.720 --> 0:00:38.440 Green Money. I'm gonna enter this. You to some of 0:00:38.520 --> 0:00:41.239 the biggest names, some of the brightest minds and brilliant 0:00:41.280 --> 0:00:44.320 ideas I feel black in building were simply using Texas 0:00:44.320 --> 0:00:52.839 Secure your back. This podcast is for you. Shanja Washington 0:00:52.920 --> 0:00:56.440 worked in financial services in New York to she learned 0:00:56.480 --> 0:00:59.880 corporate finance and financial modeling as a technology investment banker 0:01:00.120 --> 0:01:02.360 at one of the fastest growing investment banks in the 0:01:02.400 --> 0:01:07.200 World's teen She co found the TBC Capital and Education 0:01:07.319 --> 0:01:10.920 first investment firm. Today, she's on the own demand CFO 0:01:11.280 --> 0:01:14.520 and strategist for early stage companies and its co founder 0:01:14.560 --> 0:01:17.560 at black at, which is building a token gated community 0:01:17.600 --> 0:01:22.520 of black creatives investors in entrepreneurs. I asked Chandra, who's 0:01:22.560 --> 0:01:24.960 deep in the throws of building a community on the blockchain, 0:01:25.400 --> 0:01:28.360 what is the fundamental difference between building a web three 0:01:28.360 --> 0:01:31.880 community versus building and I r L community. So, I 0:01:31.880 --> 0:01:34.920 actually don't think there's a difference between um web three 0:01:34.920 --> 0:01:37.520 community and I r community. The only thing is the 0:01:38.560 --> 0:01:42.680 mechanism in which community is being delivered. So typically with 0:01:42.800 --> 0:01:45.440 I r L you may be doing text messages to 0:01:45.480 --> 0:01:47.880 find each other and then you're getting involved or you're 0:01:47.920 --> 0:01:51.920 getting together um and you're meeting I r O the Well, 0:01:52.000 --> 0:01:54.360 the one difference I would say, I guess, um, I'm 0:01:54.360 --> 0:01:57.559 going to backtrack a little bit, would be that we're 0:01:57.600 --> 0:02:00.680 like on all the time. So there is no all 0:02:01.280 --> 0:02:04.680 on um web three communities. So with black at were 0:02:04.680 --> 0:02:09.519 literally texting. We're texting Sunday evening about like what movies 0:02:09.840 --> 0:02:13.000 we had seen as like children, so like there's always 0:02:13.080 --> 0:02:16.919 somebody talking about something. Uh. And so if I did 0:02:16.919 --> 0:02:19.240 have to choose a difference, it would definitely be that 0:02:19.360 --> 0:02:22.040 you're always on. You don't have to wait to schedule 0:02:22.120 --> 0:02:25.000 to see your friends. They're just always there. Somebody's always 0:02:25.000 --> 0:02:27.079 there and they can be a lot bigger. I said 0:02:27.120 --> 0:02:31.600 there's no differences, and then here I am, they can 0:02:31.639 --> 0:02:33.720 be a lot bigger, right, Like you don't have to 0:02:34.480 --> 0:02:38.840 um coordinate schedules, you don't have to UM fly to 0:02:38.880 --> 0:02:41.840 see your friends like in digital in the digital world 0:02:41.919 --> 0:02:44.320 and web three, your friends can be anywhere. We have 0:02:44.360 --> 0:02:47.000 people that are in London, we have people um that 0:02:47.080 --> 0:02:48.919 are on the other side of the world and on 0:02:48.960 --> 0:02:50.800 the other side of the country, and we're all up 0:02:50.840 --> 0:02:54.200 at different times um communicating and having fun with each other. 0:02:54.720 --> 0:02:56.640 So I think that points to an interesting thing I 0:02:56.639 --> 0:02:58.320 was gonna bring up later in this conversation, but it 0:02:58.360 --> 0:03:00.400 makes sense to bring it up now. And when I 0:03:00.440 --> 0:03:03.000 think about platforms that I'm a part of, like Discord, 0:03:03.160 --> 0:03:07.079 for instance, I get that a discord can be very 0:03:07.160 --> 0:03:11.280 intimidating just for the amount of information coming through for people, 0:03:11.360 --> 0:03:13.760 especially people were trying to understand what the heck you 0:03:13.760 --> 0:03:16.000 know the blockchain is, what n f t s are, 0:03:16.200 --> 0:03:19.119 what you know dows are, And so when you think 0:03:19.120 --> 0:03:22.720 about this thing is never really off. How do you 0:03:22.840 --> 0:03:26.400 manage the flood flurry of information coming at you when 0:03:26.400 --> 0:03:27.959 you're just trying to figure out, you know, where the 0:03:28.000 --> 0:03:31.440 bathroom is. Yeah, so that's actually really fun that you 0:03:31.440 --> 0:03:34.040 brought that up. So a couple of things. They're one. 0:03:34.240 --> 0:03:36.240 I think we did my team did research and we 0:03:36.320 --> 0:03:38.440 found that people were and it's a crazy number. I 0:03:38.480 --> 0:03:42.280 think people were involved with about forty different communities. Whether 0:03:42.320 --> 0:03:45.080 you're checking all of them, whether you're talking and all 0:03:45.120 --> 0:03:47.520 of them, that's a different story because you're most likely 0:03:47.600 --> 0:03:51.480 a thousand percent not but being a part of forty communities, 0:03:51.520 --> 0:03:55.000 you are going to miss something UM and typically what 0:03:55.040 --> 0:03:58.200 we're seeing is that people are finding the communities in 0:03:58.240 --> 0:04:02.000 which they UM either are getting the most alpha, so 0:04:02.120 --> 0:04:04.840 where they're getting the most information that will make them money, 0:04:04.880 --> 0:04:08.200 whether it's in Web three or investing or whatever UM 0:04:08.360 --> 0:04:12.240 or they're they're involved in the communities in which they 0:04:12.320 --> 0:04:15.160 are finding their friends and like they have some type 0:04:15.200 --> 0:04:19.359 of shared interest, so they could be social communities. But 0:04:19.600 --> 0:04:21.479 one of the things that we did at black at 0:04:21.760 --> 0:04:25.520 is we took on that problem head on. So our CTO, 0:04:25.880 --> 0:04:30.280 Audrey Taylor Quinnya started and we were in all three 0:04:30.320 --> 0:04:33.039 All three of the co founders of black at are 0:04:33.400 --> 0:04:36.039 part of CPT, which is another token gated Web three 0:04:36.080 --> 0:04:39.159 community UM and the messages were moving very fast. It's 0:04:39.160 --> 0:04:42.920 about six people in there at one point, and messages 0:04:42.920 --> 0:04:44.840 were moving so fast. So Audrey took it upon herself 0:04:44.880 --> 0:04:48.680 to create this UM this product. It was an m 0:04:48.760 --> 0:04:51.880 v P where she said, how do I get the 0:04:51.920 --> 0:04:55.920 best information to the people that aren't able to talk 0:04:56.000 --> 0:04:58.760 or aren't able to check all of these UM discords 0:04:58.760 --> 0:05:00.680 and all of these telegram messages is And so we 0:05:00.760 --> 0:05:03.560 created a product black ats first product product, which we 0:05:03.640 --> 0:05:07.200 launched in June called Gated to solve that exact problem. 0:05:07.279 --> 0:05:10.719 So basically, what we're doing, we're going into these discords, 0:05:11.120 --> 0:05:14.800 We're going into these telegram groups, and we're finding either 0:05:15.320 --> 0:05:18.400 the penned messages, so a message that is penned is 0:05:18.440 --> 0:05:21.600 something that an administrator says, hey this is important, let 0:05:21.600 --> 0:05:24.120 me pin it to the top of the chat. Or 0:05:24.320 --> 0:05:28.080 we're looking at the engagement. So how many people, how 0:05:28.080 --> 0:05:31.440 many different unique emojis were did people give to this 0:05:31.560 --> 0:05:35.720 one UM this one message because obviously it's important. So 0:05:35.760 --> 0:05:38.719 we're going into these group messages or these group chats, 0:05:38.760 --> 0:05:42.120 and then we're taking the most important information and sending 0:05:42.120 --> 0:05:44.320 it directly to your email. So we're making it easier 0:05:44.360 --> 0:05:47.440 for people UM to get that information because it's super 0:05:47.480 --> 0:05:52.599 super hard to catch up, especially if you're in forty communities. Yeah, 0:05:52.640 --> 0:05:55.279 go in a little bit further there. Because you know, 0:05:55.320 --> 0:05:58.040 when you think about traditional social media, as we thought 0:05:58.080 --> 0:06:01.839 about community in Web two, UM they have evolved to 0:06:02.480 --> 0:06:05.400 um innovate on their algorithms to help you determine what 0:06:05.480 --> 0:06:08.440 you should see, things that you know you missed while 0:06:08.480 --> 0:06:11.440 you were offline, right, And so how do you imagine 0:06:11.560 --> 0:06:13.719 because you just kind of touched on this and go deeper, 0:06:13.800 --> 0:06:18.200 I'm asking, how do you imagine in Web three, things 0:06:18.240 --> 0:06:21.760 may be curated so that inside of that forty different channels, 0:06:21.760 --> 0:06:24.400 I'm a part of the things I should see. It's 0:06:24.400 --> 0:06:26.640 still going to determine, Okay, Will needs to see this. 0:06:28.360 --> 0:06:30.680 So I think it's it's it's dependent on the cut 0:06:30.720 --> 0:06:33.520 type of community. Right. So there's a lot of these 0:06:33.680 --> 0:06:36.400 communities in which you guys are in this community because 0:06:36.400 --> 0:06:38.279 you own a certain n f T And if you 0:06:38.360 --> 0:06:41.080 own these n f t s, then there's typically some 0:06:41.200 --> 0:06:44.839 utility that you get from owning from having this shared 0:06:44.880 --> 0:06:48.280 experience of owning this NFC and that utility could be 0:06:48.440 --> 0:06:51.800 a party in New York or at a conference, or 0:06:51.880 --> 0:06:55.479 it could be a discount with a retailer. There's all 0:06:55.520 --> 0:06:57.359 types of things it could be contract tickets. You just 0:06:57.440 --> 0:07:00.240 never know what these um what the utility is that 0:07:00.240 --> 0:07:02.920 that these n f T communities are bringing to their 0:07:02.960 --> 0:07:07.640 members UM. But basically, you know, depending on the community, 0:07:07.640 --> 0:07:10.880 the type of community you're in, your administrator or the 0:07:10.880 --> 0:07:13.000 person that's kind of running the community, or the or 0:07:13.000 --> 0:07:15.000 even the community members, which is something we can talk 0:07:15.000 --> 0:07:19.400 about later about like decentralization and empowering the community members 0:07:19.400 --> 0:07:22.040 to decide what's most important. But it depends on the 0:07:22.040 --> 0:07:24.320 type of community. Because if you're in uh an n 0:07:24.360 --> 0:07:27.320 f T community where their utility, you want to make 0:07:27.320 --> 0:07:29.400 sure and your administrators want to make sure that you're 0:07:29.440 --> 0:07:32.080 not missing any messages, right, that you're not missing any 0:07:32.160 --> 0:07:35.200 of that utility, any of that UM any of the 0:07:35.200 --> 0:07:38.280 perks for joining that community, because that's why you're there, right. 0:07:38.280 --> 0:07:41.400 That's yes, you bought some beautiful art maybe UM, but 0:07:41.480 --> 0:07:43.200 part of the reason why you're there is because there's 0:07:43.320 --> 0:07:45.880 all of these different perks that you can get if 0:07:45.920 --> 0:07:48.880 you're in more of an alpha community, which is a 0:07:48.880 --> 0:07:51.720 community in which you're talking about different plays that you 0:07:51.760 --> 0:07:56.320 can UM invest in to get money or to UM 0:07:56.400 --> 0:08:00.000 join other communities. So an alpha community uh there there 0:08:00.480 --> 0:08:02.560 there may be perks. There may be allowed lists and 0:08:02.640 --> 0:08:05.440 other ways that UM, you can benefit from being in 0:08:05.480 --> 0:08:09.000 that community, But the most important messages maybe those allow lists, 0:08:09.080 --> 0:08:13.400 maybe the opportunities for you to learn about other projects 0:08:13.400 --> 0:08:15.520 in which you could potentially make money. So I think 0:08:16.080 --> 0:08:20.840 UM determining what who determines what the information UM that 0:08:20.880 --> 0:08:24.120 you need is is the manager and in other cases, 0:08:24.160 --> 0:08:27.160 which is what we're kind of playing with now and 0:08:27.200 --> 0:08:31.000 looking at the emoji reactions and the unique emoji reactions. 0:08:31.000 --> 0:08:34.120 So if you go into discord now there's messages that 0:08:34.120 --> 0:08:38.280 could have ten, twenty who knows, you know, unique a 0:08:38.280 --> 0:08:42.520 different emoji so hard eyes, um, heart fire. There's all 0:08:42.559 --> 0:08:45.640 these different things that people are responding to messages with 0:08:45.920 --> 0:08:48.719 and so we're right now we're playing with an algorithm 0:08:48.760 --> 0:08:52.280 that will show us what's most important based on how 0:08:52.320 --> 0:08:55.360 the community quote unquote voted. So they didn't necessarily go 0:08:55.400 --> 0:08:57.840 in and put a poll in, but they voted by 0:08:58.000 --> 0:09:01.040 their engagement. UM. That's something we're trying to play with 0:09:01.080 --> 0:09:04.640 a little bit. We just started, and we're noticing that 0:09:05.720 --> 0:09:09.520 each community is so different communities. Some communities are faster, 0:09:09.760 --> 0:09:13.680 some communities right really long messages. Some communities have thirty 0:09:13.760 --> 0:09:17.040 emojis like it's it's really interesting to see the difference. Um, 0:09:17.080 --> 0:09:19.560 but I think what we're talking about now about letting 0:09:19.559 --> 0:09:22.960 the community decide and looking at the unique reactions and 0:09:23.000 --> 0:09:26.320 how people are reacting, letting that be what's most important 0:09:26.559 --> 0:09:29.240 is the next phase. I think that. So I'm a 0:09:29.280 --> 0:09:32.360 part of a community which hasn't been released publicly, but 0:09:33.120 --> 0:09:35.640 as part of building that community, it was built for 0:09:35.679 --> 0:09:40.160 a specific audience, particularly Black people. And um, your mission 0:09:40.280 --> 0:09:43.559 was to help black entrepreneurs, black creatives, you know, black musicians, 0:09:43.559 --> 0:09:46.520 what whatever type of creative you are a black entrepreneurs 0:09:46.559 --> 0:09:49.680 as well at Black at And one of the conversations 0:09:49.679 --> 0:09:52.000 we have earlier is how do you protect who this 0:09:52.120 --> 0:09:55.600 community is for? Because the point of you know, cryptos 0:09:55.640 --> 0:09:58.320 like anybody effectively can get in. You can have the 0:09:58.360 --> 0:10:02.000 allow lists, you know, but at resale could potentially be 0:10:02.160 --> 0:10:06.280 to anybody. So how do you protect the community this 0:10:06.360 --> 0:10:09.560 mission ultimately? Or is that even like a fair question 0:10:09.800 --> 0:10:14.680 you know to be asking? So it's it's a fair question. 0:10:14.760 --> 0:10:16.880 I mean, like if you're saying a community is for 0:10:16.920 --> 0:10:19.920 a certain type of person, then you would assume and 0:10:19.920 --> 0:10:22.080 and that is like the shared vision, then you would 0:10:22.120 --> 0:10:25.080 assume that that is what you're getting when you buy 0:10:25.080 --> 0:10:27.080 this community. So I think it's a fair question, and 0:10:27.080 --> 0:10:31.520 it's a question that I've gotten before UM. And you know, 0:10:31.880 --> 0:10:35.240 there's not to be honest, like to be frank and transparent. 0:10:35.280 --> 0:10:39.840 There's not a this technological way for us to figure 0:10:39.880 --> 0:10:43.440 out UM how to protect that right. There's in terms 0:10:43.480 --> 0:10:47.800 of service. There are UM rules that you're expected to 0:10:47.840 --> 0:10:52.680 follow before joining this joining our group chat, but that's 0:10:52.720 --> 0:10:55.960 really other than like self governance. That's really all that 0:10:56.040 --> 0:10:58.800 we can do to make sure that we are protecting 0:10:58.840 --> 0:11:02.360 that space. We are bay very very alert though, and 0:11:02.600 --> 0:11:06.040 very much looking at our members and the new members. 0:11:06.360 --> 0:11:08.640 But a couple of things that we're seeing, uh is 0:11:08.640 --> 0:11:12.840 that so every UM large conference, I would say, or 0:11:12.960 --> 0:11:15.280 not even not even large, but there are different conferences. 0:11:15.280 --> 0:11:20.520 Were Black at Travels and UM either we have experiences 0:11:20.640 --> 0:11:24.440 or we create content such as, UM, you know, a 0:11:24.559 --> 0:11:28.440 day of panels and maybe a closing party or whatever 0:11:28.440 --> 0:11:30.440 it is that we're doing at that conference. Uh so 0:11:30.480 --> 0:11:33.400 at Black Tech Week and Aren't Bossel and south By 0:11:33.440 --> 0:11:37.160 Southwest and Consensus, we created these group chats for black 0:11:37.200 --> 0:11:41.640 folks that were traveling to these different conferences. And it's 0:11:41.679 --> 0:11:45.079 specifically for black That is why it's black AT. So 0:11:45.200 --> 0:11:46.760 a lot of people think I'm saying like black hat 0:11:46.800 --> 0:11:50.240 are black, app it is black and the AT sign 0:11:50.800 --> 0:11:54.360 UM meaning we are black at south By Southwest or 0:11:54.480 --> 0:11:58.680 Black at Bossel. And so there's one time recently where 0:11:58.679 --> 0:12:01.959 we were at tech Week and there's somebody in there 0:12:02.000 --> 0:12:04.319 we were we were all like, I don't know, y'all, 0:12:04.600 --> 0:12:08.520 I am not bored, and so we had to like 0:12:08.640 --> 0:12:11.400 we just we went in, asked some questions and then 0:12:11.440 --> 0:12:13.720 we decided like, this is not UM a person that 0:12:13.760 --> 0:12:16.160 will be a part of our community, and so we 0:12:16.520 --> 0:12:19.920 let them know and and uh they were kicked out. 0:12:20.120 --> 0:12:23.520 So you know, we are vigilant UM and we're definitely 0:12:23.559 --> 0:12:26.240 making sure that we are checking to make sure that 0:12:26.320 --> 0:12:29.199 this is a space for black folks. UM. The other 0:12:29.240 --> 0:12:32.960 thing that we're doing for people that want to support 0:12:33.080 --> 0:12:37.080 black AT without them being black themselves is we are 0:12:37.120 --> 0:12:40.680 partnering with different communities to UM purchase a black AT 0:12:40.720 --> 0:12:43.640 token and then allow them to give them to their 0:12:43.640 --> 0:12:48.040 community members. We've had a couple of communities UM do that, 0:12:48.400 --> 0:12:50.800 and we're hoping to partner with more. UM. We think 0:12:50.840 --> 0:12:53.839 that's one of the best ways of getting your giving 0:12:53.880 --> 0:12:56.679 your community OUTPHA is giving them a place where they 0:12:56.840 --> 0:13:00.240 not only be a part of whatever community that you created, UM, 0:13:00.280 --> 0:13:03.360 that our partner has created, but also wait for them 0:13:03.520 --> 0:13:06.880 to get further into Web three. Right. That only increases 0:13:06.880 --> 0:13:10.120 the value of their of their token UM by allowing 0:13:10.120 --> 0:13:14.320 them to be part of other Web three communities UM. 0:13:14.360 --> 0:13:16.760 And then we're also having we have sponsor token. So 0:13:17.080 --> 0:13:19.240 we have some sponsors that have said, you know what, 0:13:19.400 --> 0:13:21.680 I got some black folks. If I'm not black, but 0:13:21.720 --> 0:13:24.120 I got some black folks in my network that I 0:13:24.160 --> 0:13:26.840 think would be great for this, And so they bought 0:13:26.880 --> 0:13:29.920 tokens and then gifted them to others. So that's kind 0:13:29.920 --> 0:13:33.320 of how we're we're maneuvering. But everybody knows this is 0:13:33.320 --> 0:13:37.040 like a black black black space. Yeah. So I was 0:13:37.040 --> 0:13:40.040 thinking about this, UM because there's so many people who 0:13:40.120 --> 0:13:42.960 who get excited about the implications of what Web three 0:13:42.960 --> 0:13:44.960 can do, and some people just here all the time 0:13:44.960 --> 0:13:47.600 and like, Okay, something cool is happening over here. And 0:13:47.640 --> 0:13:51.080 I think about this quote that Steve Jobs had put out, 0:13:51.080 --> 0:13:54.360 you know, several years ago obviously, and I'm on a paraphrase, 0:13:54.400 --> 0:13:57.000 but he talked about how how technology is nothing but 0:13:57.040 --> 0:13:59.559 what matters is you know humans, and that people are 0:13:59.559 --> 0:14:02.280 basically and smart and then if you know, if you 0:14:02.320 --> 0:14:05.520 give them the tools, will do incredible things with them. 0:14:05.559 --> 0:14:08.360 And so I think about how the story that I 0:14:08.480 --> 0:14:10.760 read about how you and Harold and somebody else had 0:14:10.840 --> 0:14:13.760 had had thought about this idea for a black at 0:14:14.440 --> 0:14:18.600 and and I wonder how you would admnage people to 0:14:18.840 --> 0:14:21.840 build these communities, whether they're just interested in the technology 0:14:21.840 --> 0:14:25.280 and what it can do, um, you know, technologically, or 0:14:25.600 --> 0:14:29.000 that they see a larger mission that is more effectively 0:14:29.040 --> 0:14:33.360 reached by employing Web three technology. So number one, how 0:14:33.400 --> 0:14:37.320 do you think about the Web three or is it 0:14:37.360 --> 0:14:39.040 was the technology is super cool and you was like 0:14:39.040 --> 0:14:41.400 I gotta do something here, or you're like, okay, I 0:14:41.440 --> 0:14:43.920 got my people and how can I best help them? 0:14:43.920 --> 0:14:45.800 How do you think about that when you're building these 0:14:45.800 --> 0:14:49.720 toctal technologies? So I think there are a lot of 0:14:49.720 --> 0:14:55.600 communities and companies whoever creators that are just like jumping 0:14:55.600 --> 0:14:58.280 into Web three because it's like the new thing, which 0:14:59.040 --> 0:15:04.200 it happens whatever, um. But for us, we were thinking 0:15:04.200 --> 0:15:09.000 about a couple of things. One we were wondering, how 0:15:09.120 --> 0:15:13.560 do we token gate this so that the value isn't 0:15:13.760 --> 0:15:17.480 on us, right, We don't just own the value, but 0:15:17.560 --> 0:15:21.400 our community members owned the value. And so that was 0:15:21.440 --> 0:15:23.400 one of the reasons why we decided to have to 0:15:23.480 --> 0:15:25.520 make it token gated, right, Like, we wanted to create 0:15:25.560 --> 0:15:29.120 a token around this so that it wasn't just us 0:15:29.360 --> 0:15:31.880 owning the value. So what I mean by that is like, 0:15:31.920 --> 0:15:36.520 if you are a member of Soho House or another community, 0:15:36.560 --> 0:15:38.200 I don't know, think of something. I'm sure you're part 0:15:38.240 --> 0:15:42.960 of something, and you decided to get a membership. Um, 0:15:43.040 --> 0:15:47.160 you buy the membership and you invite all your friends. Uh. 0:15:47.160 --> 0:15:50.480 And as your friends come and become members, then it 0:15:50.480 --> 0:15:52.800 becomes more valuable to you, right Like you're like, great, 0:15:52.880 --> 0:15:54.160 you know, I can go get launched, I can do 0:15:54.200 --> 0:15:58.520 my work whatever you're doing. But once you leave, that's it. 0:15:59.400 --> 0:16:02.840 The value stays with Solo House. You no longer hold 0:16:02.880 --> 0:16:06.520 that value, you no longer get to interact in that 0:16:06.560 --> 0:16:09.560 way with your friends. Um, and you don't really get 0:16:09.600 --> 0:16:15.240 any um. Uh. You don't really get any um return 0:16:15.320 --> 0:16:17.840 on your investment once you leave. Obviously there may be 0:16:17.920 --> 0:16:20.360 relationships and things that you've built there. Uh. And so 0:16:20.520 --> 0:16:23.480 because this is a token gated community, there's also a 0:16:23.520 --> 0:16:27.400 monetory monetary value to this, right, Um, as you bring 0:16:27.440 --> 0:16:29.480 in more friends, and I'll go into kind of the 0:16:29.560 --> 0:16:32.120 mechanism of how we priced our tokens in a second. 0:16:32.600 --> 0:16:35.680 But as you bring in more friends, and as the 0:16:35.680 --> 0:16:39.320 community gets larger, and as we build more products, and 0:16:39.360 --> 0:16:42.040 as more people hear about what we're doing at black 0:16:42.080 --> 0:16:47.520 at UM, the value of the community collectively goes up. 0:16:47.600 --> 0:16:49.360 The value of the community goes up. But but the 0:16:49.680 --> 0:16:53.480 fact that you're part of it collectively, we're all bringing 0:16:54.080 --> 0:16:57.720 we're all raising the value of the community together. And 0:16:57.840 --> 0:17:02.280 in order to show that, UM and really UH used 0:17:02.320 --> 0:17:07.240 token omics to kind of highlight that point. We didn't 0:17:07.359 --> 0:17:11.399 reverse touch auction, which means the first d and twenty 0:17:11.400 --> 0:17:16.520 five tokens that were sold, we're at point one eight. 0:17:16.920 --> 0:17:19.159 So you got in early. It was point one eight. 0:17:19.440 --> 0:17:21.680 I think, I don't even know what it was at 0:17:21.720 --> 0:17:23.720 that point. I don't know, maybe four thousand, maybe a 0:17:23.720 --> 0:17:27.560 little less, I don't know. Whatever. It wasn't in February. 0:17:27.760 --> 0:17:30.879 So you got in at point one first, the next 0:17:30.960 --> 0:17:35.560 fifty we're at point three, the next fifty we're at 0:17:35.640 --> 0:17:38.520 point five. The next fifty will be out I think 0:17:38.560 --> 0:17:43.760 point seven five, Uh and so every fifty, every um, 0:17:43.800 --> 0:17:48.920 every incremental of fifty, there's an increase in the value 0:17:49.320 --> 0:17:52.040 literally in the value of the coin based on the 0:17:52.040 --> 0:17:56.160 mechanism that we used. And so there are some people 0:17:56.680 --> 0:18:00.320 when you leave right you can undercut the market. You 0:18:01.160 --> 0:18:04.280 right now, the only way to get our tokens is 0:18:04.320 --> 0:18:08.840 by going to our website and minting the token there UM. 0:18:08.880 --> 0:18:11.359 But if you have you bought the token for point 0:18:11.400 --> 0:18:13.919 one and you for some reason have to leave or 0:18:13.960 --> 0:18:17.720 whatever we decided to sell, if you can go to 0:18:17.760 --> 0:18:20.840 our if someone could go to our our website and 0:18:21.000 --> 0:18:22.560 buy it at point five and you could sell it 0:18:22.640 --> 0:18:26.879 for point four, then you've made you know, three times 0:18:26.920 --> 0:18:30.520 what you paid for it. UH. And so there's inherent value. 0:18:31.040 --> 0:18:33.840 And one how we did the token onyx and to 0:18:34.680 --> 0:18:37.000 UM what happens when we all come together in the 0:18:37.080 --> 0:18:42.600 black at community UM UH is more known and UH 0:18:43.400 --> 0:18:46.200 is built out. And so you got me thinking about 0:18:46.440 --> 0:18:49.040 a couple of different things. And I am a firm believer. 0:18:49.080 --> 0:18:51.840 I think it was like Napoleon Hill or Dale Carnegie 0:18:51.960 --> 0:18:53.800 or somebody. And he said, you know, if I can 0:18:53.840 --> 0:18:56.040 help enough other people get what they want, I'm gonna 0:18:56.080 --> 0:18:59.200 get everything I want. Right, And so I think about 0:18:59.240 --> 0:19:02.320 that and this is ongoing battle in my mind about 0:19:02.400 --> 0:19:06.440 that concept and competition, like I'm a competitor to and 0:19:06.920 --> 0:19:10.119 most business over the last particularly in tech over the 0:19:10.200 --> 0:19:13.000 last decade maybe two was like I want to own 0:19:13.080 --> 0:19:16.400 the whole thing. You've got this Peter Teal like competition 0:19:16.560 --> 0:19:18.480 is like for suckers or whatever, like they want to 0:19:18.520 --> 0:19:23.159 just own everything. And then you have what what you 0:19:23.200 --> 0:19:27.919 talked about this shared value? And so how in in 0:19:28.200 --> 0:19:32.240 web three can you go into more deeply the philosophy 0:19:32.400 --> 0:19:36.240 of how value gets created when you're not talking about competition. 0:19:36.320 --> 0:19:38.560 You're not talking about the people at the top get 0:19:38.600 --> 0:19:40.840 the most. You're talking about all of us are going 0:19:40.920 --> 0:19:44.960 to win together. Yeah, I mean that that is That's 0:19:45.040 --> 0:19:48.640 that's the ethos, Like that's literally it right, like you 0:19:48.960 --> 0:19:51.439 here's the thing. And I think about this a lot 0:19:51.720 --> 0:19:59.840 because there's different projects that have PfP drops or a 0:20:00.040 --> 0:20:03.399 thousand drops. We only chose five hundred UM and and 0:20:04.320 --> 0:20:06.320 I've talked a lot to our community. We just had 0:20:06.359 --> 0:20:09.960 one of our first local events in d C where 0:20:10.440 --> 0:20:11.960 I don't know how many of us were there, maybe 0:20:12.000 --> 0:20:15.600 eight UM and we talked about like what makes black 0:20:15.640 --> 0:20:17.880 at special to them? And a lot of them said 0:20:17.960 --> 0:20:20.960 because it was a it's a smaller community in which 0:20:21.080 --> 0:20:26.000 I know everybody. I feel like, um, I feel like 0:20:26.040 --> 0:20:30.479 it's a we're a family, And I think you have 0:20:30.560 --> 0:20:33.320 to understand that there's different places that you can play. 0:20:33.600 --> 0:20:35.919 This is something that I've been really thinking about because 0:20:36.080 --> 0:20:39.240 those larger communities are not what we're doing, right, Like, 0:20:39.600 --> 0:20:44.400 there's so much uh specialization I think that can come 0:20:44.600 --> 0:20:48.879 from these really small communities that there I don't the 0:20:48.960 --> 0:20:52.159 ethos is shared like that's literally the ethos of like 0:20:52.280 --> 0:20:56.400 Web three is shared ownership, shared value. And I don't 0:20:56.440 --> 0:20:59.760 know if there has to be competition because they're so 0:21:00.119 --> 0:21:03.920 many ways that we can go where my community can 0:21:03.960 --> 0:21:07.240 overlap with your community, right, Like, my community can provide 0:21:07.240 --> 0:21:10.520 something completely different. My community can be a community of 0:21:10.560 --> 0:21:15.760 black builders, of black collectors. Your community could be folks 0:21:15.760 --> 0:21:17.639 that have never heard of Web three that are brand 0:21:17.640 --> 0:21:21.680 new to the space and need, like you know, complete 0:21:21.840 --> 0:21:24.960 education on what it is and there and we could 0:21:25.040 --> 0:21:27.600 we could both have people in all communities and that 0:21:27.760 --> 0:21:30.000 it's really interesting that you say that because a lot 0:21:30.000 --> 0:21:33.280 of these larger communities when we were building gated we're 0:21:33.320 --> 0:21:36.399 still building it obviously, but as we're building Gated, um, 0:21:36.400 --> 0:21:39.600 we're going to these very large communities, so CpG pop 0:21:39.720 --> 0:21:45.879 um wow cool cats like all these larger communities um aku. 0:21:46.160 --> 0:21:49.560 And my question is like, well, wait a minute, guys, 0:21:49.640 --> 0:21:53.240 Like there's so much overlap here, how are we going 0:21:53.320 --> 0:21:56.800 to make money? Like we if somebody is only buying 0:21:56.840 --> 0:21:59.520 one token to get onto Gated and there's five of 0:21:59.520 --> 0:22:03.719 their communit, he's on this platform, we're losing out. But 0:22:03.760 --> 0:22:07.040 the but the thing about that is is that the 0:22:07.119 --> 0:22:10.080 more communities that are on that platform, the more value 0:22:10.080 --> 0:22:13.320 the product becomes. Um. So what we're seeing is that 0:22:13.400 --> 0:22:19.239 like that overlap is actually bringing more value to the platform. Right, 0:22:19.320 --> 0:22:22.880 The more eyeballs is bringing more eyeballs to our platform. 0:22:22.960 --> 0:22:26.480 So I don't think that it's like, yes, it's a 0:22:26.480 --> 0:22:29.840 competition thing, but I think that there's so much specialization. 0:22:30.119 --> 0:22:32.920 And think about it, right, Like what n f T 0:22:33.040 --> 0:22:37.480