Speaker 1: I mentioned it's a couple of episodes ago, but it
Speaker 1: is important for you to be able to understand this
Speaker 1: episode that you have a good grasp on a term
Speaker 1: I used in a previous episode, which I think was
Speaker 1: like seventeen terms you need to know to find your
Speaker 1: success in n f T s and it is this
Speaker 1: particular term called rug poll. And what a rug poll is.
Speaker 1: It is effectively an n f T scam. It is
Speaker 1: like squid coin. You guys all remember the popular Netflix
Speaker 1: show Squid Games. There was this coin, this token that
Speaker 1: was put out based on that whole theme that when
Speaker 1: a bunch of people invested in that particular token, the
Speaker 1: people who built that project ran off with the money.
Speaker 1: And again, in the world of decentralized cryptocurrency assets and etcetera,
Speaker 1: there's nobody to screen to when you get scammed. If
Speaker 1: you got scammed, you got scammed. Pro her Ownership and
Speaker 1: Care of an n f T. Like I thought that
Speaker 1: title was pretty sweet. So let's talk about this today.
Speaker 1: This episode is gonna be a little bit more technical
Speaker 1: than we're used to when we're having these conversations on
Speaker 1: this particular podcast, and so I thought it was necessary
Speaker 1: to have this conversation because we're talking more and more
Speaker 1: about n f T s and in order to be
Speaker 1: like really good at this, Like it's one thing to
Speaker 1: know the terminology. It's one thing to understand what the
Speaker 1: n f T is, but it is another thing to
Speaker 1: understand how you can get got when you talk about
Speaker 1: n f T s. How to understand the value of
Speaker 1: an n f T And like what does it mean
Speaker 1: to like have a digital asset that is not sitting
Speaker 1: like on a hard drive, like sitting in front of
Speaker 1: you right and so I have like this lacy um
Speaker 1: rugged hard drive. It's like a to tear to terror
Speaker 1: body drive sitting right in front of me right now.
Speaker 1: And this little to terror body drive. You know you've
Speaker 1: seen these. Some of you guys have these little orange
Speaker 1: or they're they're silver drives where they have orange like
Speaker 1: bubble stuff around him. And what we are used to
Speaker 1: is having like a JPEG or like the jpeg like
Speaker 1: an image or a word document or an MP three
Speaker 1: file stored on a drive like this or like a
Speaker 1: little thumb drive or maybe we're a little bit more
Speaker 1: sophisticated and we're used to storing those sorts of files
Speaker 1: on like Google drive or on drop box. So today
Speaker 1: we're gonna talk about storing an n f T, what
Speaker 1: the implications are of how an n f T is stored,
Speaker 1: and why you want to know how an n f
Speaker 1: T is stored? And can you get got We talked
Speaker 1: about this on an episode ago talking about the rug pool.
Speaker 1: We're gonna talk about that today. And so by the
Speaker 1: end of this episode today you will be a little
Speaker 1: bit more equipped to own an NFL team and to
Speaker 1: keep your ENMT safe from the boogeyman. This episode may
Speaker 1: like span several episodes because then it is a real,
Speaker 1: really important conversation. But today we're gonna talk about three things.
Speaker 1: We're gonna talk about the mid two thousand's that will
Speaker 1: make since in a second. We're gonna talk about file coining,
Speaker 1: which is a token, and we're gonna talk about I
Speaker 1: p f S into planetary file system. Those sound like
Speaker 1: way out of here. If you're non technical, don't get scared.
Speaker 1: Don't be scared. Uh, this episode is not meant for like,
Speaker 1: this is not meant for computer scientists. It will make
Speaker 1: sense in the second I promise you if you just
Speaker 1: stick with me. So a lot of you guys are
Speaker 1: more aware or have experience with distributed decentralized file storage
Speaker 1: than you might realize. And so actually before I get
Speaker 1: that far, I kind of jump ahead of myself. And
Speaker 1: so it is important to understand with an n f T,
Speaker 1: what you don't want is an n f T to
Speaker 1: be stored on like blue host or like even a
Speaker 1: WS or drop box, which an n f T could
Speaker 1: be stored on those those file systems, those centralized servers,
Speaker 1: they could be stored there. You don't want that. In
Speaker 1: this episode, you're gonna understand why you don't want that.
Speaker 1: What you want is an immutable, permanent, forever system that
Speaker 1: stores your digital asset and you never have to worry
Speaker 1: about if you're gonna get rug pulled if your thing
Speaker 1: that you paid good money for money that you've earned,
Speaker 1: money that is rightfully yours. You earned this dollar, and
Speaker 1: you spent this dollar on a digital asset. You want
Speaker 1: to be sure that the asset is gonna be there
Speaker 1: forever in the day because it's a part. The value
Speaker 1: of an n f T is like the age of
Speaker 1: the thing, and so it's gonna be really, really, really
Speaker 1: amazingly cool in fifteen years. Let's say, like a Fortnite
Speaker 1: skin was an n f T, and they put out
Speaker 1: a Lebron James or a Spider Man n f T
Speaker 1: as the Fortnite skin in one and I bought it
Speaker 1: in one and there was only ten thousand of them.
Speaker 1: That's all they produced. If you got it, you got it.
Speaker 1: If you didn't, you missed out. And then now the
Speaker 1: year is and I have that Spider Man, that Lebron
Speaker 1: James skin on Fortnite. That's it's still a thing in
Speaker 1: Fortnite is but it's this big, you know, metaverse. And
Speaker 1: I have a skin from back in twe that was produced.
Speaker 1: That's that's probably gonna have some value because there's no more.
Speaker 1: You can't go back in times and say I have
Speaker 1: a Lebron James skin on Fortnite and fake it. Because
Speaker 1: the blockchain is immutable, you can't change it. You can't
Speaker 1: fake it their provenance. There is a chain of custody
Speaker 1: of this particular n f T, of this particular skin
Speaker 1: that can you anybody, anybody in the world can go
Speaker 1: and see this forty plus character address that says where
Speaker 1: this n f T came from. Every n f T
Speaker 1: has an address on the block chain that anybody can
Speaker 1: look at and see the record of the chain of
Speaker 1: custody and tell that it was a legitimate Fortnite created
Speaker 1: Spider Man skin. Everybody can see it. I can't fake it.
Speaker 1: So it's important to remember that there is an n
Speaker 1: f T is like a line of code that rev
Speaker 1: for inces an asset. And so if you've ever saved
Speaker 1: a jpeg, let's say you took a picture on your
Speaker 1: your phone. I have an iPhone UM whatever the newest
Speaker 1: one is is the max I have that. It was
Speaker 1: like a thirteen fourteen fifteen. I don't even know with
Speaker 1: whatever the big the newest iPhone is. I have this iPhone.
Speaker 1: I'll take a picture. I air dropped this picture to
Speaker 1: the desktop of my MacBook Pro. It's gonna give me
Speaker 1: if I write click on it, I can get info
Speaker 1: and it'll tell me a whole bunch of stuff about
Speaker 1: that picture. It'll say where the picture was taken, which
Speaker 1: kind of camera the picture was taken with, where the
Speaker 1: picture was taken, It'll tell me the name of the
Speaker 1: file that is actually the picture. So let's say it's
Speaker 1: I m G nine zero nine one dot jpeg or
Speaker 1: whatever your photo gives you. You don't really pick that,
Speaker 1: it just gives it to you. All of those things
Speaker 1: are called metadata, and so within n f T, the
Speaker 1: n f T is the smart contract. It is all
Speaker 1: the things that point to that specific set of metadata
Speaker 1: and the rules associated with it. So we can also
Speaker 1: add in of evan just the things we just talked about,
Speaker 1: the where the photo, this, where the photo was taking,
Speaker 1: the file name of that photo, the camera settings that
Speaker 1: photo had. It also associates who owns this thing. So
Speaker 1: there's a chain of custody. So from the beginning of
Speaker 1: it being minted to the present day owner, there will
Speaker 1: be a record of provenance, a chain of custody which
Speaker 1: says these are the journeys, these are the travails this
Speaker 1: particular n f T has taken it. It was owned
Speaker 1: by this person, it was owned by that person, It
Speaker 1: was on by this person, It was sold on these dates,
Speaker 1: and it is currently owned by this person who bought
Speaker 1: it on this particular date. All right, So I'm way
Speaker 1: off topic because this is so fun for me, because
Speaker 1: I could do this all day. So this is so
Speaker 1: fun for me. So let's talk about the the mid
Speaker 1: two thousands, as I promised we would. If you remember,
Speaker 1: if you are in an eighties baby, your nineties, baby,
Speaker 1: you will remember bit torrent. So bit torn is where
Speaker 1: I probably stole seven oh two's album, you know, or
Speaker 1: I probably stole an album by Donnell Jones, or like
Speaker 1: you know, I don't know the Chronic two thousand one.
Speaker 1: It was something like that, isn't is. It was a
Speaker 1: software that you could download in in order to like
Speaker 1: steal the album that you wanted, you had to download
Speaker 1: this piece of software called bit torn and from all
Speaker 1: over the world called cedars. There were these people who
Speaker 1: had the album on their computer and you could download
Speaker 1: it for free. It was effectively like a pirrating piece
Speaker 1: of software where you could download movies, you can download
Speaker 1: you know, music, you can download files, et cetera. Center
Speaker 1: And so we were bootlegging using bit torrent. And so
Speaker 1: there are two sides of the coin on bit torrent.
Speaker 1: There were the cedars. They were the people who had pieces,
Speaker 1: you know, these were files, these were you know, if
Speaker 1: if you were a part of the Cedar network, the
Speaker 1: swarm of bit torrent users, you were a person who
Speaker 1: had the album on your computer that was connected to
Speaker 1: this bit torrent system and you were sharing inside of
Speaker 1: the bit torrent network that particular file with anybody else
Speaker 1: who joined the swarm, and so if I was a
Speaker 1: person who just joined the swarm and I wanted the
Speaker 1: seven oh two album, I could join and plug in
Speaker 1: and say, Okay, all of you sedters, I'm a leacher,
Speaker 1: give me the seven oh two album. And so I
Speaker 1: would wait until all of the files from all these
Speaker 1: ten thousand computers in the world gave me all the files,
Speaker 1: all the pieces of the files that I needed in
Speaker 1: order to when it was fully downloaded, I can listen
Speaker 1: to the album. And if I did not turn off
Speaker 1: bit Torrent after the whole file was downloaded, after I
Speaker 1: got all twelve fourteen MP three's which made up the album,
Speaker 1: I don't even know because I don't know how many
Speaker 1: songs on the album, but they were all MP three's individually.
Speaker 1: If I did not turn it off, I automatically became
Speaker 1: a seater instead of a leacher. A leacher pulls the
Speaker 1: file down. A seeder is somebody who's part of the
Speaker 1: network that gives the file to other people who are
Speaker 1: trying to get it, and so the blockchain effectively works
Speaker 1: this same way. There are people out there in the
Speaker 1: world who are on what is called a decentralized storage network.
Speaker 1: And this is a network that has you know, in
Speaker 1: number of users. And I'm I told you this was
Speaker 1: like it's gonna dip into the water of computer scientists.
Speaker 1: But I'm gonna stay out of it. I'm not gonna
Speaker 1: put my whole foot in. Let's say there is you know,
Speaker 1: a hundred or a thousand, or ten thousand or a
Speaker 1: million computers out there in the world ran by people
Speaker 1: who want to contribute to the blockchain. They will say, okay,
Speaker 1: we want to be a part of this decentralized storage network,
Speaker 1: which means that remember I told you about the little
Speaker 1: USB thumb drive, little stick that I brought with me.
Speaker 1: I plugged into the back of your computer, and I
Speaker 1: took a dock that was on that little thumb drive
Speaker 1: and I put it onto your computer. That decentralized file
Speaker 1: network is the opposite of that, because on that network,
Speaker 1: I have to file the entire dock, the entire word
Speaker 1: doc on my thumb drive. But on the decentralized file network,
Speaker 1: in this respect we're gonna talk about file coin, the
Speaker 1: entire dock is stored on a thousand computers in the world,
Speaker 1: ten thousand computers in the world. A hundred thousand computers
Speaker 1: in the world, all who make up a piece of
Speaker 1: the blockchain. They are all using their computational power to
Speaker 1: both host and store this document. So this same file,
Speaker 1: this one word document, is broken into pieces, a million,
Speaker 1: a thousand, a hundred pieces and stored on all of
Speaker 1: these computers. And in order for me to get one
Speaker 1: complete download of that word document, all of these devices
Speaker 1: have to give me their piece that they are storing.
Speaker 1: So if I google decentralized storage, this is the response
Speaker 1: that I get. I don't know what you get, but
Speaker 1: this is what I get. It's it says the centralized
Speaker 1: storage is defined as control old by several local offices
Speaker 1: or authorities rather than by one single one. And so again,
Speaker 1: that Lacy drive, the one that I love. I love
Speaker 1: my Lacey drives to terror bytes. I can drop it
Speaker 1: in this generally okay solid state, but I take that
Speaker 1: Lacey drive. If I lose that Lacey drive, my document,
Speaker 1: my jpeg, my MP three is gone, is out of here.
Speaker 1: But if it's on a decentralized server, it's on a
Speaker 1: decentralized storage network, It's still out there in the world
Speaker 1: because it's not just stored on one local authority. It's
Speaker 1: not just stored on one single drive. It's so it's
Speaker 1: stored on a hundred a thousand, ten thousand drives around
Speaker 1: the world. So if you're gonna own it n f T,
Speaker 1: what you want is your asset, your digital asset, to
Speaker 1: not be stored on somebody's Lacey drive, to not be
Speaker 1: stored on somebody's server in their basement, to not be
Speaker 1: stored on somebody's blue host or or a WUS account.
Speaker 1: Because if it's stored on their a w S account,
Speaker 1: let's say they don't pay the bill to a WS,
Speaker 1: guess what happens to your n f T. Because your
Speaker 1: n f T, again is just a reference to a
Speaker 1: particular file, but the file has to be stored somewhere. Somewhere.
Speaker 1: In the n f T smart contract, there is a
Speaker 1: reference to a file name that says something like I
Speaker 1: m G nine O nine to to do one to
Speaker 1: dot jpeg. But let's say where's the j peg store.
Speaker 1: It has to be stored somewhere. So what you want
Speaker 1: is your n f T to be stored somewhere where
Speaker 1: Billy is not hosting this thing on his own and
Speaker 1: if he forgets to pay the bill it goes away.
Speaker 1: What you want is for a hundred people or thousand people,
Speaker 1: ten thousand people to all have copies and they all
Speaker 1: you know, it's it's very unlikely that ten thousand, a
Speaker 1: hundred thousand everybody's computer is gonna go down, but it's
Speaker 1: a lot more likely if one person in Wisconsin, their
Speaker 1: computer may go down, and then your n f T
Speaker 1: is gone. That's why it's so important to do your
Speaker 1: research and find out who's behind the building of this
Speaker 1: particular n f T project. And so let's talk about
Speaker 1: two of the most common UM platforms. I don't even
Speaker 1: want to call platforms. Let's call them decentralized platforms that
Speaker 1: n f T s gets stored on. And these things
Speaker 1: have value in and of themselves. And so file coin
Speaker 1: is one. There are others UM and I'm only gonna
Speaker 1: talk about two on today's episode. But file coin it
Speaker 1: describes itself as a decentralized storage network to store humanity's
Speaker 1: most important information, your n f T. If you spent
Speaker 1: a dollar on it, it's important to you. So what
Speaker 1: you want is for that n f T to never
Speaker 1: go away. You know, God forbid, somebody sticks a huge
Speaker 1: magnet next to my Lacey drive, which disappears all the
Speaker 1: files that are on my Lacey drive. With with file coin,
Speaker 1: it's kind of like the same thing. There is no
Speaker 1: magnet that exists, well unless like a sonic boom, there
Speaker 1: is no magnet that exists that can just go wipe
Speaker 1: out the record of my n f T from all
Speaker 1: the computers in the world that are story is so
Speaker 1: with file coin, it is a decentralized storage network. It's
Speaker 1: data UM in this case, your data that is stored
Speaker 1: on multiple computers or servers which are hosted you know,
Speaker 1: like by people like or companies that participate in the blockchain.
Speaker 1: So these are people all over the world who participate
Speaker 1: in the activity of storing you know, a copy, a record,
Speaker 1: a piece of your particular digital asset, and they get
Speaker 1: paid to do so. And so I'm only going to
Speaker 1: dig into this for like a really really really brief moment,
Speaker 1: because this is not the episodes go into how foul
Speaker 1: coin um participants are incentivized, but just to give you
Speaker 1: a really really quick taste, foul coin works because there
Speaker 1: are people around the world who want to own, who
Speaker 1: want to earn i should say, cryptocurrency, and in this
Speaker 1: particular case, f I L like file coin, the file
Speaker 1: coin token, and so if I want to earn that
Speaker 1: particular token or you know, alternatively, you know, you can
Speaker 1: think of like a bitcoin or an ethereum or light
Speaker 1: coin or a doge coin or et cetera. In this
Speaker 1: particular case, I earned the f I L A the
Speaker 1: file coin token for participating in the activity of storing
Speaker 1: your digital asset. And so it's ap peer to peer network,
Speaker 1: you know, so if I drop out of the network,
Speaker 1: there's still you know, thousands of other computers in the
Speaker 1: world who are storing that particularly digital asset. And so
Speaker 1: using file coin, I pay to store my files on
Speaker 1: that network. And if I'm storing other people's files on
Speaker 1: my particular portion of the whole chain, I'm getting paid
Speaker 1: to do so. So there are incentives involved. And so
Speaker 1: I'm gonna say this particular part and probably the most
Speaker 1: basic terms I can think of it. And you know,
Speaker 1: people who are like super you know, excellent at this
Speaker 1: will say, what you missed a part, But this is
Speaker 1: like the most basic way I can explain it. Let's
Speaker 1: say you bought a computer that has two terabytes worth
Speaker 1: of storage on it, but you only work in an
Speaker 1: office and your documents are like eight kb, eight killer
Speaker 1: bytes per document, and you've got a hundred of them.
Speaker 1: So now you have eight hundred kilobytes worth of computer space.
Speaker 1: You know, computer computational power used to store information. But
Speaker 1: your computers to terabytes big, you like, your storage capacity
Speaker 1: is to terabytes, right, you're not using any of that. Basically,
Speaker 1: you don't even scratch it in the surface of what
Speaker 1: you could store on that computer, what you could do
Speaker 1: because you have all this wasted space. It's just like
Speaker 1: like Airbnb and like Uber in a way. In this
Speaker 1: way this makes it in a second, I'll give it
Speaker 1: more directly in a second. But let's say you've got
Speaker 1: all these terabytes, You've got all these gigabytes that are
Speaker 1: free on your computer that you're not using. It's wasted space. Effectively,
Speaker 1: you could put those that that wasted space up on
Speaker 1: the file coin network and say, you know, instead of
Speaker 1: just having all these extra terror bytes sitting here taking
Speaker 1: up space on my device, I'm gonna put them use
Speaker 1: and I'm gonna allow other people to nap in my
Speaker 1: my hard drive. It's just like Airbnb and Uber in
Speaker 1: that way, you have this extra bedroom in your house.
Speaker 1: It's the garage, the room above the garage. You've got
Speaker 1: this basement that you were not monetizing, but you've got
Speaker 1: you know, three bedrooms and two people lived there, and
Speaker 1: you've got this extra room that you're saying, Yo, like,
Speaker 1: if if I could, you know, house somebody for the night,
Speaker 1: I can make a hundred dollars. So instead of letting
Speaker 1: that room just sit there and chill, let me put
Speaker 1: it up on Airbnb and let me get people to
Speaker 1: come sleep in this room. I don't know them, but
Speaker 1: it's you know good. I mean, Airbnb has terms of conditions,
Speaker 1: so I want to trust Airbnb to you know, like
Speaker 1: moderate who's coming in my bedroom? So I'm off on attention.
Speaker 1: But so it works effectively to say. Way, so you've
Speaker 1: got all these extra terra bytes, all these extra gigabytes
Speaker 1: on your device, and you're saying, instead of letting those
Speaker 1: things sit idly, all that space sit idly, let me
Speaker 1: put it up and allow other people who don't have
Speaker 1: space or who need space on the blockchain to use
Speaker 1: space on my device. So file coin is a coin
Speaker 1: that you can invest in if if you believe that
Speaker 1: the future of storage of digital assets looks like decentralized
Speaker 1: UM means to do so you can invest in technology
Speaker 1: like file coin, and there are others. I want to
Speaker 1: be clear, there are others that you can invest in
Speaker 1: that says, you know what, I'm going to pick a winner.
Speaker 1: I'm gonna pick a success story in the arena of
Speaker 1: decentralized storage, and file coin is one of them, one
Speaker 1: of the top two. The other is the Interplanetary File
Speaker 1: System I p f S and and honestly, for me,
Speaker 1: like if if an n f T is not hosted,
Speaker 1: served up on either of these two, like if it's
Speaker 1: not served up on a decentralized platform, I'm not buying it.
Speaker 1: I'm not buying n f t s that are not
Speaker 1: stored on some sort of decentralized platform not doing it
Speaker 1: because they could go away. You get RUG pulled. You
Speaker 1: can get RUG pulled, I'm not saying you will, but
Speaker 1: you can't get RUG pulled a whole lot more likely
Speaker 1: because there's an n f T, there's a digital asset
Speaker 1: being stored on a device, a piece of hardware that
Speaker 1: could go away at any time. That's just not smart.
Speaker 1: And so I'm doing my best to not get like
Speaker 1: super super duper deep in the weeds here and get
Speaker 1: like super technical. But these services are also like complimentary,
Speaker 1: so like foul coin, you know, is not mutually exclusive.
Speaker 1: You have to use just one of them, like foul
Speaker 1: coin is like for more like long term like let's
Speaker 1: say you have a folder of like your financials for
Speaker 1: like the past two or three years, like you might
Speaker 1: want to store those and like a foul coin. But
Speaker 1: if you've got a digital asset, like in a piece
Speaker 1: of art that you want to be able to move
Speaker 1: and transact quickly quickly, you might want to store that
Speaker 1: on something like the I p f S, which you
Speaker 1: know is designed for you know speed, for quick retrieval
Speaker 1: and for like for getting it out there. This distribution.
Speaker 1: It's not it's not stored like file corn like like
Speaker 1: foul coin is for storage, I p FS is for distribution.
Speaker 1: Let's get it out there into the world. So it's
Speaker 1: important when you go to purchase in n f T
Speaker 1: or you're going to mint inn n f T, you
Speaker 1: know how where where that n f T is stored,
Speaker 1: and how you're going to store that n f T.
Speaker 1: And the most important, you know, the most long term
Speaker 1: valuable methods of storing it is to decentralize this storage
Speaker 1: of said n f T, and so if I'm gonna
Speaker 1: buy an n f T and and we've been using
Speaker 1: open c as um, you know, one of the most
Speaker 1: common ones we talked about it at least in this
Speaker 1: podcast is like the Amazon of n f T marketplaces.
Speaker 1: You want to be sure if you look under the
Speaker 1: metadata on open sea that it does not say centralized
Speaker 1: or something like editable, because that means it is not
Speaker 1: likely stored on a decentralized server, and you open yourself
Speaker 1: up for um the opportunity for not to be available
Speaker 1: in the long run. It that says just goes away
Speaker 1: because the server that it was stores on stored on
Speaker 1: no longer exists, or somebody didn't pay the bill, or
Speaker 1: you know, it's more likely to be hacked if it
Speaker 1: is stored on a centralized server. What you want is
Speaker 1: it to say something more like frozen, because that means
Speaker 1: that it is then stored on a decentralized storage platform
Speaker 1: like a file coin or like I p f S
Speaker 1: and so it's it is important to know, and I'm
Speaker 1: at the risk of getting super duper technical, it is
Speaker 1: important to know that file coin was built using the
Speaker 1: open source technology of i p f S into planetary
Speaker 1: file system. But with an open source purely you know
Speaker 1: software you like, you can't make money using that because
Speaker 1: it's open source, is free for everybody. But so improvements
Speaker 1: and usability and user interface, etcetera. Like all that is
Speaker 1: built in order to monetize things that can be open source.
Speaker 1: So file coin is one of those things. File Coin
Speaker 1: uses i p f S technology, but it is in
Speaker 1: addition to i p f S technology in order to
Speaker 1: create more value and you know, to to broaden the
Speaker 1: usage in the mainstream. So users of file coin technology
Speaker 1: will pay I mentioned before, they will pay in order
Speaker 1: to host serve their assets, their digital assets. Those MP three's,
Speaker 1: those JPEGs, those pins, those shifts, those MP four's on
Speaker 1: you know, other people's unused computer space, the space that
Speaker 1: they are not using. Again, they have all these terabytes,
Speaker 1: they're only using a few gigs or megabytes. That's a
Speaker 1: lot of space that's going unused. They pay for it
Speaker 1: to be stored there, to be able to be retrieved,
Speaker 1: there to be able to be distributed using it. And
Speaker 1: those miners, those people who store these things who allow
Speaker 1: it to be you know, sitting on their computers their devices,
Speaker 1: who allow their things to be accessed by other people,
Speaker 1: they get rewarded in the form of these tokens, these
Speaker 1: f I L these field tokens or file these tokens UM.
Speaker 1: So whenever you pay for those storage services, you're paying
Speaker 1: the rate that the person who computer power or space
Speaker 1: you're using, whatever they charge, that's what you're paying for.
Speaker 1: So I hope this episode has given you a little
Speaker 1: bit more information than you already knew on the proper
Speaker 1: care and feeding of an n f t UM. It
Speaker 1: is super important that when you guys are out buying
Speaker 1: these things that you understand the integrity of that particular project.
Speaker 1: And that is everything from where the project is being
Speaker 1: stored to who built it, the executive team, the engineering
Speaker 1: team behind it, and the longevity of that particular asset.
Speaker 1: Because these things are digital assets, and if the idea
Speaker 1: of the whole idea of a digital asset or an
Speaker 1: asset of any kind is supposed to appreciate, it is
Speaker 1: supposed to gain value over time, and where it's stored,
Speaker 1: who built it, All those things play into the potential
Speaker 1: long term impacts of your n f t's family. Black
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