WEBVTT - Why Brooklyn Nets Star Spencer Dinwiddie Co-Founded a Crypto Startup 0:00:10.920 --> 0:00:15.200 Hello, and welcome to another episode of the Odd Lots Podcast. 0:00:15.280 --> 0:00:20.240 I'm Joe Wisenthal and I'm Tracy Hallaway. So, Tracy, you know, 0:00:20.680 --> 0:00:25.320 we've been talking a lot about crypto cryptocurrencies on the 0:00:25.320 --> 0:00:28.520 show lately, um, but in kind of like a sort 0:00:28.560 --> 0:00:32.680 of like very limited abstract sense, and I think actually 0:00:33.320 --> 0:00:36.040 people are getting excited about different things that could be 0:00:36.080 --> 0:00:39.600 done with coins and token ization, etcetera in a lot 0:00:39.640 --> 0:00:42.840 more ways than just sort of like the redefining money 0:00:42.920 --> 0:00:47.560 or redefining finance concept. Yeah, I'm definitely starting to see 0:00:47.640 --> 0:00:50.680 quite a lot of more creative use cases. So there's 0:00:50.720 --> 0:00:53.200 a Barclay's note the other day that basically talked about 0:00:53.240 --> 0:00:55.920 using token ization to fix the repo market and try 0:00:55.960 --> 0:00:59.480 to make the settlement times more efficient. Uh so that's fun. 0:00:59.640 --> 0:01:05.040 But we've seen lots of different potential applications for tokens, 0:01:05.120 --> 0:01:12.080 including maybe token izing future income streams from individuals, yeah, 0:01:12.360 --> 0:01:15.960 token izing athletes. And this is also like are you 0:01:15.959 --> 0:01:18.000 you've always been obsessed with this topic and we actually 0:01:18.000 --> 0:01:20.039 like talked about it recently with music rights and I 0:01:20.040 --> 0:01:22.759 think years ago we talked about Bowie bonds. Like this 0:01:22.840 --> 0:01:25.360 is all like the idea of like owning, like the 0:01:25.480 --> 0:01:28.520 stream to a person's income or being able to invest 0:01:28.959 --> 0:01:31.040 in a person or a star has always been something 0:01:31.120 --> 0:01:34.120 kind of appeals to you, right, appeals to me, I 0:01:34.160 --> 0:01:37.959 think intellectually, yes, I think there are a lot of 0:01:38.000 --> 0:01:40.600 open questions about how exactly it works and whether or 0:01:40.640 --> 0:01:43.040 not it's good for society. But I think it's sort 0:01:43.080 --> 0:01:47.960 of anyone who's into or interested in securitization is at 0:01:48.000 --> 0:01:50.440 some point going to start thinking about whether or not 0:01:50.480 --> 0:01:55.640 you can apply the process to people and individual streams 0:01:55.920 --> 0:01:59.400 of income. I think Matt Leavin Wants described this our 0:01:59.520 --> 0:02:03.040 Bloom columnists Colleague Ones described this as like the classic 0:02:03.600 --> 0:02:10.160 sort of college like late night dorm um intellectual expercise model. Yeah, well, 0:02:10.240 --> 0:02:11.800 you know, like you know, the kind of thing you 0:02:11.840 --> 0:02:13.760 talk about maybe after you've had a few drinks or 0:02:13.800 --> 0:02:17.959 something else. Can you actually sell stock in people? And 0:02:18.000 --> 0:02:20.960 how would you do it? Tracy? This is me. This 0:02:21.040 --> 0:02:23.240 is so much more than dorm room talking about. This 0:02:23.280 --> 0:02:27.240 is this is this is one other thing you know 0:02:27.280 --> 0:02:29.880 we're talking about, like the idea of like betting on 0:02:29.960 --> 0:02:32.840 a person or buying a sort of a stake and 0:02:32.960 --> 0:02:36.359 someone that you're really into. But uh, did you pay 0:02:36.400 --> 0:02:39.200 attention to the whole like NBA top Shot phenomenon a 0:02:39.200 --> 0:02:42.320 few months ago. No, and this is going to be 0:02:42.320 --> 0:02:46.040 an episode that comes with my standard sporting caveat, which is, 0:02:46.240 --> 0:02:48.760 I have no idea what's going on in the n 0:02:48.840 --> 0:02:50.800 b A. I am not an expert in the space 0:02:50.919 --> 0:02:53.840 by any stretch of the imagination, So go ahead and 0:02:53.840 --> 0:02:56.919 tell me what happened. Well, you know, you're excuses also 0:02:56.960 --> 0:02:58.840 that you're in Hong Kong. But a few months ago, 0:02:58.880 --> 0:03:01.720 there was this huge upset should with these like digital 0:03:01.960 --> 0:03:05.520 sort of like blockchain based basketball cards, and people are 0:03:05.520 --> 0:03:08.760 paying like tens of thousands of dollars for essentially like 0:03:09.120 --> 0:03:11.880 a playing card like of of a Star dunking or 0:03:11.919 --> 0:03:13.320 something like that. It's like a video. It kind of 0:03:13.320 --> 0:03:16.520 looked like a gift but collectible, one of a kind 0:03:16.600 --> 0:03:19.200 kind of things. It was this huge thing. It's kind 0:03:19.200 --> 0:03:22.120 of faded a little bit in the public's imagination, but 0:03:22.160 --> 0:03:24.760 as a proof of concept, people are just like really 0:03:24.800 --> 0:03:30.239 excited about the idea of like using token ization, digital collectibles, 0:03:30.520 --> 0:03:35.440 all kinds of new ways for fans to express their support. Right. Well, 0:03:35.480 --> 0:03:38.360 if you think about you know, we've spoken a little 0:03:38.400 --> 0:03:40.040 bit about n f T s on the show you 0:03:40.040 --> 0:03:42.520 think about n f T s, there's sort of natural 0:03:42.640 --> 0:03:47.400 application to sports collectibles, which have always been I mean, 0:03:48.080 --> 0:03:51.240 sporting fans have always been sort of interested in collecting 0:03:51.600 --> 0:03:57.560 things surrounding sports, right, base cars, Yeah, exactly right. Well, 0:03:57.880 --> 0:04:00.080 I'm very excited about our guests because we have of 0:04:00.360 --> 0:04:04.040 an NBA star on the podcast today. He is the 0:04:04.080 --> 0:04:07.640 co founder of the app Galaxy. He is a star 0:04:07.680 --> 0:04:10.400 player for the Brooklyn Nets. We're going to be speaking 0:04:10.440 --> 0:04:14.960 with Spencer Dinwoody as well as Solos, also the co founder, 0:04:15.360 --> 0:04:18.880 and they are you know, working on projects related to 0:04:18.920 --> 0:04:24.480 all this blockchain, interacting with stars, tokenization, new ways for 0:04:24.520 --> 0:04:26.640 fantasy to interact with the game. So I'm very excited 0:04:26.680 --> 0:04:30.560 about speaking to both Spencer and Solo. So thank you 0:04:30.720 --> 0:04:33.520 both for coming on. Thank you for having us. I 0:04:33.520 --> 0:04:37.000 really appreciate it was on to be here. Thank you 0:04:37.520 --> 0:04:40.839 so Um Spencer, I mean, actually, Spencer, I'm sort of 0:04:40.880 --> 0:04:44.480 like familiar You've always been into like crypto stuff, or 0:04:44.520 --> 0:04:46.440 I know that like a lot of athletes are getting 0:04:46.440 --> 0:04:49.240 into it a long time ago, but I feel like 0:04:49.320 --> 0:04:52.279 you've actually been way ahead of the curve on this stuff, 0:04:52.320 --> 0:04:56.600 like thinking about blockchain and cryptocurrencies would get you interested 0:04:56.640 --> 0:04:59.240 in this world. Yeah, no, I mean I was. I 0:04:59.320 --> 0:05:02.240 was fortunate enough to get into a big coin and 0:05:02.320 --> 0:05:07.400 other cryptocurrencies and early seventeen, you know, a buddy of 0:05:07.400 --> 0:05:10.000 mind the finance industry, uh, you know, told me about 0:05:11.720 --> 0:05:15.120 and unfortunately I didn't get in. Uh yeah, I know, 0:05:15.200 --> 0:05:17.960 I wish I had it. You know, you know, might 0:05:17.960 --> 0:05:20.800 be retired right now, honestly. Uh. But but no, I 0:05:20.800 --> 0:05:22.880 mean I was fortunate up to get in seventeen. Um, 0:05:22.920 --> 0:05:25.800 my experience about the rise and the crash. Um, it's 0:05:25.800 --> 0:05:28.320 sparked kind of an education process, and I wanted to 0:05:28.400 --> 0:05:32.560 learn about it. And as my my pursuit of knowledge 0:05:32.600 --> 0:05:34.640 start started to open up a new world. Um, I 0:05:34.640 --> 0:05:37.279 started just trying to apply it to you know what, 0:05:37.440 --> 0:05:39.920 what's familiar in my life, which is the entertainment industry. 0:05:40.400 --> 0:05:44.480 And you know, fast forward four years and Calaxy is 0:05:44.520 --> 0:05:48.640 in beta and you know, uh, solo is is primed 0:05:48.640 --> 0:05:52.600 and poised to to lead us to heights that you know, no, 0:05:52.600 --> 0:05:56.400 no consumer practice really senior in the black chain space. UM. 0:05:56.400 --> 0:05:58.000 So maybe this is a good time for you to 0:05:58.040 --> 0:06:01.600 introduce yourself. What's the relationship here and and how did 0:06:01.640 --> 0:06:04.960 you get involved in the project? Yeah? Sure, most definitely. 0:06:04.960 --> 0:06:09.120 So my name is Solosi, say, co founder here at Calaxy. UM. Yeah, 0:06:09.160 --> 0:06:13.040 so Spencer. Spencer is a very interesting guy. So he's 0:06:13.120 --> 0:06:15.039 actually one of a you know, a close friendly friend 0:06:15.160 --> 0:06:17.839 of mine. As you guys all know, he was one 0:06:17.880 --> 0:06:20.400 of the first people, if not the first, actually to 0:06:20.400 --> 0:06:23.400 tokenize himself. UM. And so he's actually you know, a 0:06:23.440 --> 0:06:25.880 good family friend of mine. My brother actually put us 0:06:25.880 --> 0:06:29.000 in contact a number of years ago at this point, UM, 0:06:29.040 --> 0:06:30.960 you know, mentioning that you know, whatever it is that 0:06:31.080 --> 0:06:35.360 Spencer aspired to do with his contract and tokenizing himself, UM, 0:06:35.400 --> 0:06:38.120 you know, and all of those conversations didn't really make 0:06:38.200 --> 0:06:41.359 much sense. But UM it made equally no sense to 0:06:41.400 --> 0:06:43.479 whatever it is that I did for work. So I 0:06:43.560 --> 0:06:47.440 was a securization investment banker previously, UM and so we 0:06:47.480 --> 0:06:50.760 started having those conversations about what the future of UM 0:06:50.800 --> 0:06:53.919 fan engagement looks like, but also the idea of montensation 0:06:54.000 --> 0:06:57.640 and democratizing you know, oneself, UM in order to you know, uh, 0:06:57.680 --> 0:07:00.159 you know, profit off of you know, you're like this 0:07:00.200 --> 0:07:02.799 in a way that you can you know previously UM. 0:07:02.839 --> 0:07:05.000 And so that's kind of you know, the impetus of 0:07:05.000 --> 0:07:08.000 what Calaxy the modern project is um. You know, we're 0:07:08.040 --> 0:07:10.280 really excited to you know, take a take a stab 0:07:10.320 --> 0:07:13.040 at changing you know, the creator economy and changing uh, 0:07:13.200 --> 0:07:17.720 you know, using crypto um as a means to get there. Spencer, 0:07:17.720 --> 0:07:19.320 what don't you or either one of you really? But 0:07:19.520 --> 0:07:22.640 what do you sort of describe the basic galaxy? What 0:07:22.840 --> 0:07:27.400 is it? What is the model? Yeah? Sure, so calaxy 0:07:27.440 --> 0:07:30.840 stands for the creator's galaxy and essentially we are at 0:07:30.880 --> 0:07:34.320 one stop shop for a creator to monetize themselves. So 0:07:34.640 --> 0:07:37.560 if you think about the creator economy currently, there is 0:07:37.600 --> 0:07:40.560 a number of different social media platforms that exist out there, 0:07:40.840 --> 0:07:43.320 and you know the power of influence and the growing 0:07:43.360 --> 0:07:45.840 of the creator middle class. You know, nowadays you can 0:07:45.880 --> 0:07:47.880 walk on the street, um, you know of New York 0:07:47.920 --> 0:07:50.080 and walk by somebody that has you know, two hundred 0:07:50.080 --> 0:07:53.679 thousand followers that's looking to monetize and connect those fans, 0:07:54.040 --> 0:07:58.040 and so you know, those guys are often found exactly right, 0:07:58.080 --> 0:08:00.440 those guys are often found on a number of different 0:08:00.440 --> 0:08:03.680 platforms looking to monetize and have those authentic experiences that 0:08:03.680 --> 0:08:06.600 their fans are quite honestly looking for. So what we've 0:08:06.600 --> 0:08:09.000 decided to do is create a platform where all of 0:08:09.040 --> 0:08:12.000 that could be hosted in one space, giving these people 0:08:12.080 --> 0:08:16.080 the autonomy to really you know, dive into monetizing their 0:08:16.120 --> 0:08:18.480 fan base in a way that makes sense for them. Um, 0:08:18.520 --> 0:08:20.800 you know, so a you know, a celebrity chef might 0:08:20.880 --> 0:08:24.240 monetize their fan base differently than a star running back, 0:08:24.400 --> 0:08:28.400 like differently you know, monetize their selves than a reality 0:08:28.440 --> 0:08:30.840 TV star. And so Calaxi is meant to host all 0:08:30.840 --> 0:08:33.800 of that all of one place. And then we obviously 0:08:33.840 --> 0:08:36.680 have the crypto and you know, blockchain architecture to be 0:08:36.679 --> 0:08:39.319 able to benefit, um, you know from things like entity 0:08:39.480 --> 0:08:42.360 s and really helping you know, introduce that to you, um, 0:08:42.640 --> 0:08:46.280 the masses in a palatable way. Sorry, can you talk 0:08:46.280 --> 0:08:49.920 a little bit more about the differences in how different 0:08:50.120 --> 0:08:54.160 celebrities would actually monetize their income stream? So how would 0:08:54.360 --> 0:08:57.200 a chef do it? That's different to you know, what 0:08:57.280 --> 0:09:01.320 a basketball player would do or a reality TV start. Yeah, 0:09:01.400 --> 0:09:04.040 most certainly, so like to to to dive into it. Essentially, 0:09:04.080 --> 0:09:06.040 the way the app works is that each creator has 0:09:06.040 --> 0:09:10.080 their own cryptocurrency, and so we're creating personalized cryptocurrencies with 0:09:10.160 --> 0:09:13.080 instant utility, and what we mean by that is um 0:09:13.120 --> 0:09:16.640 in order to buy you know, Spencer Dean Woodi's token. Um, 0:09:16.679 --> 0:09:18.440 you know you would buy that and you would be 0:09:18.480 --> 0:09:21.040 able to redeem it for an interaction with Spencer, so 0:09:21.240 --> 0:09:24.760 be a video call, FaceTime call, you know, directly within 0:09:24.760 --> 0:09:28.520 an app. Um, you know, whether it's access to exclusive content, 0:09:28.600 --> 0:09:31.000 you name it. You know you're able to essentially use 0:09:31.040 --> 0:09:33.920 that as a form of currency to redeem those, um, 0:09:33.960 --> 0:09:37.880 you know, interactions. So it's really monetizing someone's time versus 0:09:37.920 --> 0:09:40.520 kind of their income screens, right Like, this is distinctly 0:09:40.600 --> 0:09:43.839 different than you know, securitizing your own you know, NBA 0:09:43.960 --> 0:09:46.880 contract for example. UM. You know that's something that speaks 0:09:46.920 --> 0:09:50.080 to you know, the masses of influencers, right like, not 0:09:50.200 --> 0:09:53.200 everybody is signed to the Brooklyn Nets for a luquidid deal. 0:09:53.320 --> 0:09:55.680 We all wish we were, but we're not. But you know, somebody, 0:09:55.760 --> 0:09:58.440 like a celebrity ship might want to offer cooking classes. 0:09:58.480 --> 0:10:00.440 They might want to offer you know, you know different 0:10:00.559 --> 0:10:03.080 you know products that makes sense for their communities. And 0:10:03.120 --> 0:10:05.280 so in our platform, you're ablet's turn on and off 0:10:05.360 --> 0:10:08.160 different things that makes sense for your fan bases. UM. 0:10:08.200 --> 0:10:10.560 And then obviously you're also able to set your pricing, 0:10:10.600 --> 0:10:13.120 which makes sense. So UM, you know, if you know 0:10:13.160 --> 0:10:15.240 you set your price at when you know at one 0:10:15.280 --> 0:10:18.080 point and you know more, you know, competitive influencers. That's 0:10:18.400 --> 0:10:20.480 very similar to you. And you know, in a perfect market, 0:10:20.520 --> 0:10:22.559 you know you might lose your fans to go there, etcetera. 0:10:22.640 --> 0:10:25.000 But um, you know, we're all about community building and 0:10:25.040 --> 0:10:27.360 all those things, so um, you know, quite honestly, it's 0:10:27.440 --> 0:10:29.520 usually not a zero sum game. But that's how the 0:10:29.600 --> 0:10:34.320 act works and how the ecosystem functions. Especially you know, 0:10:34.400 --> 0:10:38.880 you've been in the league since so uh seven years 0:10:38.920 --> 0:10:43.880 and from a sort of technology social media and obviously 0:10:43.960 --> 0:10:47.559 anything related to cryptocurrency, that is a lifetime, just seven years. 0:10:48.000 --> 0:10:50.360 Can you talk a little bit just about like how 0:10:50.480 --> 0:10:55.320 the fan player relationship has been changed by technology over 0:10:55.360 --> 0:10:58.960 that time. Oh man, it's funny. I mean I feel 0:10:59.000 --> 0:11:03.280 like basketball, the entertam industry, technology, it's kind of like 0:11:03.360 --> 0:11:06.160 dog years. You know, everything's just so accelerated. I mean, 0:11:06.520 --> 0:11:08.360 to give you a basketball dotch. I mean when I 0:11:08.400 --> 0:11:10.720 got in the NBA, a lot of teams still had 0:11:10.760 --> 0:11:12.880 too big in it, you know what I mean, Like 0:11:13.360 --> 0:11:17.560 it was right right before the kind of Golden state transitioned. Uh, 0:11:18.000 --> 0:11:19.800 you know, shooting threes and there was still a big 0:11:19.880 --> 0:11:22.600 question marks on if you could win the game shooting threes. 0:11:22.880 --> 0:11:26.680 I mean, now we're talking about you know, NBA Top 0:11:26.679 --> 0:11:30.199 Shot and then they're being you know, virtue v our components, 0:11:30.640 --> 0:11:32.959 you know, to to the NBA and it's viewing experience. 0:11:33.240 --> 0:11:37.080 I mean, obviously you've seen through social media where platforms 0:11:37.160 --> 0:11:41.800 like Instagram had become content distribution on a wide scale, 0:11:41.840 --> 0:11:45.040 not just for individuals and creators, but but also for 0:11:45.280 --> 0:11:47.160 you know, these brands as well. You know, the NBA 0:11:47.200 --> 0:11:50.599 does a great job of sending out Instagram posting and 0:11:50.960 --> 0:11:53.800 videos and things like that promoting games. I mean, we 0:11:53.800 --> 0:11:56.640 we played in Milwaukee Bucks tonight, and I'm sure if 0:11:56.679 --> 0:11:58.400 you go to the NBA's the timeline right now, there's 0:11:58.400 --> 0:12:02.320 gonna be honest highlights and Katie highlights. Obviously capitalizing on 0:12:02.679 --> 0:12:06.600 YouTube and and and having highlights that distributed there more 0:12:06.640 --> 0:12:08.400 freely than some of the other leagues. I think that's 0:12:08.400 --> 0:12:10.520 something that you know, NFL kind of missed the boat 0:12:10.559 --> 0:12:13.440 on at the start. And then you know, also having 0:12:13.559 --> 0:12:17.040 a shoot the Twitter Live show that I participated with 0:12:17.080 --> 0:12:20.520 Taylor Roads and Channing Fry and Isaiah Thomas and stuff 0:12:20.520 --> 0:12:21.840 like that, where you're where you're getting some of that 0:12:22.160 --> 0:12:25.719 live streaming and commentating from uh you know, not not 0:12:25.800 --> 0:12:30.160 just the the telecast crew, but also some more maybe 0:12:30.200 --> 0:12:34.280 familiar personalities and maybe arms and length personalities. Uh you know, 0:12:34.320 --> 0:12:36.800 like I said, like a Channing fry. All these things 0:12:36.800 --> 0:12:39.679 that I've I've referenced are just part of that dramatic shift. 0:12:39.720 --> 0:12:42.840 And I think, you know, as these uh social media's 0:12:42.840 --> 0:12:46.160 and as uh these technologies come that that decreased the 0:12:46.240 --> 0:12:49.680 barrier between fan and and and player or fan and 0:12:49.760 --> 0:12:52.400 product necessarily, I guess, and I know it sounds terrible 0:12:52.440 --> 0:12:55.440 to call us products, but you know, the content that 0:12:55.480 --> 0:12:58.800 we produced, the basketball game we play is is like 0:12:58.920 --> 0:13:01.439 weaving a one of a kind of you know, our 0:13:01.520 --> 0:13:03.880 piece every night, and that's what the fans want to 0:13:03.880 --> 0:13:05.920 be attest to and a part of you know, it's 0:13:05.920 --> 0:13:08.360 all about kind of decreasing the friction for for the 0:13:08.400 --> 0:13:11.160 fan to be able to interact and consume the content 0:13:11.280 --> 0:13:14.079 that they love. Well, this is something that I want 0:13:14.120 --> 0:13:16.120 to ask you about. Actually, So, Joe and I just 0:13:16.200 --> 0:13:20.520 launched a subscriber only platform at Bloomberg, and I've been 0:13:20.559 --> 0:13:22.520 sort of struggling to come up with stuff to write 0:13:22.520 --> 0:13:25.240 for it. So do you find it difficult or do 0:13:25.240 --> 0:13:29.840 you feel pressure to produce content suitable for Instagram or 0:13:29.920 --> 0:13:33.240 suitable for you know, selling for extra money to fans 0:13:33.760 --> 0:13:36.680 in addition to being an athlete, because it's I mean, 0:13:37.360 --> 0:13:39.480 everyone takes it for granted now, but it is kind 0:13:39.480 --> 0:13:43.200 of a big shift over the past five years or so. Yeah, 0:13:43.280 --> 0:13:45.800 I mean, I think to sell those points. When he 0:13:45.840 --> 0:13:50.000 kind of referenced each creator, each demographic, each subsection of 0:13:50.040 --> 0:13:53.160 this entertainment industry has their ways to monetage. You know, 0:13:53.280 --> 0:13:55.120 TikTok stars are going to do a pletely different than 0:13:55.160 --> 0:13:57.280 a YouTuber. It is gonna do a different than a game, 0:13:57.360 --> 0:14:00.000 or it's gonna do a different in bassement player um 0:13:59.880 --> 0:14:02.120 or member. Like all the kintent that I produced still 0:14:02.120 --> 0:14:04.880 has to abide by a certain I would say, unwritten 0:14:04.880 --> 0:14:07.600 code that the NBA kind of represents, right, because you 0:14:07.720 --> 0:14:11.920 never sacrifice your main check to like go grab small endorsements, 0:14:12.000 --> 0:14:15.000 right like this this summer I should sign you know, 0:14:15.840 --> 0:14:20.200 a contract that's north of let's call it sixty million dollars, 0:14:20.320 --> 0:14:23.440 right if I could pick up another one to two 0:14:23.440 --> 0:14:25.720 million dollars and endorsements or whatever it is a year, 0:14:26.080 --> 0:14:28.320 it still wouldn't just it would take me thirty years, 0:14:28.680 --> 0:14:32.680 you know, to satisfy my you know, abbreviated NBA contract. 0:14:32.720 --> 0:14:34.720 So it wouldn't make sense and be nonsensical for me 0:14:34.760 --> 0:14:41.040 to start posting elaborate or disingenuous or you know, explicit 0:14:41.120 --> 0:14:44.040 content or just anything that would violate that NBA code. 0:14:44.480 --> 0:14:46.360 And so all my social media posts have to kind 0:14:46.400 --> 0:14:49.560 of flow in that line. Now, I wanted to be authentic, 0:14:50.000 --> 0:14:52.120 and so if you look at my social media, specific 0:14:52.160 --> 0:14:54.760 my Instagram, it's typically me working out as I'm coming 0:14:54.760 --> 0:14:56.680 back from a c I kind of showing my progress. 0:14:56.760 --> 0:14:58.400 So it's very authentive in my life that I live 0:14:58.480 --> 0:15:02.000 every day, you know, multiple work scouts, uh, at different 0:15:02.040 --> 0:15:04.480 times and and maybe you know, you might see a 0:15:04.520 --> 0:15:06.200 smoothie or something like that because I try to eat 0:15:06.240 --> 0:15:10.320 healthy things of that nature. But you know, I can't necessarily, uh, 0:15:10.400 --> 0:15:12.400 you know, it just would be remissing me to post 0:15:12.480 --> 0:15:16.080 like alcohol in large quantities or something like that. Um. 0:15:16.080 --> 0:15:18.240 And I mean I like wine, but I don't drink 0:15:18.240 --> 0:15:20.240 obviously hard liquor and large quantities and things like that. 0:15:20.520 --> 0:15:23.480 But I just couldn't do that and still expect to 0:15:23.560 --> 0:15:26.840 maintain the type of conducive image that that represents kind 0:15:26.880 --> 0:15:30.680 of the shield well at the same time, so each 0:15:31.040 --> 0:15:33.240 person and that's the beauty of social media. It's it's 0:15:33.240 --> 0:15:35.520 such an individual experience that you kind of have to 0:15:35.560 --> 0:15:38.840 attack it in the manage that's best for your life. Yeah, 0:15:38.880 --> 0:15:41.000 and I think on that point too, like you know, 0:15:41.080 --> 0:15:43.680 just to try and men see we've uniquely identified that 0:15:43.760 --> 0:15:47.160 in terms of like our broader vision for the Calaxy platform, 0:15:47.200 --> 0:15:49.600 and that you know, each creator like this, like Sensor 0:15:49.680 --> 0:15:51.320 mentioned and like you know, we spoke about a few 0:15:51.360 --> 0:15:53.200 times now, is that you know, they all have different 0:15:53.200 --> 0:15:55.600 revenue streams, so like you know, things like you know, 0:15:55.640 --> 0:15:58.120 paving way to see the future where you can not 0:15:58.240 --> 0:16:01.440 offer securitization as that potential your you know, liquidity event 0:16:01.560 --> 0:16:04.880 for you know, an NBA player or an NFL player, etcetera. 0:16:04.960 --> 0:16:06.960 Like having the rails set to be able to do 0:16:07.000 --> 0:16:09.800 something like that might make sense. And then you know, obviously, 0:16:09.880 --> 0:16:11.920 you know when you think about what's much larger is 0:16:11.960 --> 0:16:14.080 that you know the creator economy, right, like you know, 0:16:14.160 --> 0:16:16.320 like going back to my example before, you know, the 0:16:16.400 --> 0:16:20.240 need for monetization is you know quite great in that set, 0:16:20.280 --> 0:16:22.440 you know, in that creator middle class, like right, like 0:16:22.480 --> 0:16:24.560 you know, to Spencer's point, you know, he's just talking 0:16:24.600 --> 0:16:26.920 about signing you know, lucrative NBA contracts. But there are 0:16:26.920 --> 0:16:29.080 people you know that got a million followers that you know, 0:16:29.160 --> 0:16:32.240 really need to know monetize because that's their lifely, right, 0:16:32.280 --> 0:16:35.040 Like you know, Spencer makes money playing basketball, but like 0:16:35.080 --> 0:16:36.920 you know, some of these people don't necessarily make money 0:16:36.920 --> 0:16:38.960 out and you know a ton of followers on Instagram 0:16:38.960 --> 0:16:41.280 and so their price, um, you know per you know, 0:16:41.480 --> 0:16:44.000 unit of effort or or you know, however you want 0:16:44.000 --> 0:16:46.560 to think about it is probably lower, right, And that's 0:16:46.560 --> 0:16:48.240 the beauty of our happen. You know, setting your price, 0:16:48.280 --> 0:16:51.040 you know, you're able to really take ownership and talk 0:16:51.160 --> 0:16:55.040 and like have autonomy over what your time is worth. Right, Um, 0:16:55.080 --> 0:16:57.560 And that's something that's you know, really important necessary when 0:16:57.560 --> 0:17:00.160 you think about how you know, traditional legacies, so show 0:17:00.200 --> 0:17:02.960 media platforms exist where you have you know, tip talks 0:17:03.080 --> 0:17:06.399 or youtubees are bigger, you know, larger organizations are deciding 0:17:06.440 --> 0:17:08.199 how much these people are worth based off of the 0:17:08.200 --> 0:17:10.600 follower accounting traffic that they bring. Um, you know, the 0:17:10.680 --> 0:17:13.640 whole idea of centralization and defy and I'm sure we'll 0:17:13.880 --> 0:17:15.600 get into a lot of that you know later on 0:17:15.720 --> 0:17:17.399 in the conversation, but you know the idea of being 0:17:17.400 --> 0:17:19.360 able to have that autonomy and be able to monetize 0:17:19.359 --> 0:17:21.760 their time as you see fit is you know, really 0:17:21.800 --> 0:17:40.199 the key. I think this is super helpful for me 0:17:40.240 --> 0:17:43.280 and Tracy as we think about sort of balancing social 0:17:43.280 --> 0:17:47.880 media against our sixty million dollar contract. Something that I'm 0:17:47.920 --> 0:17:51.439 really interested in is like I'm curious because you know, 0:17:51.520 --> 0:17:54.600 like Tracy and I, you know, I'm forty. I don't 0:17:54.600 --> 0:17:56.840 know all Tracy is. But you know, it's like we 0:17:56.880 --> 0:17:59.840 didn't grow up with all this stuff, things like tokens 0:18:00.000 --> 0:18:02.960 and buying cryptocurrency is like related to a star. It's 0:18:03.000 --> 0:18:06.159 like still like very like awkward for me. What is 0:18:06.200 --> 0:18:08.879 your experience with like this sort of like the current 0:18:08.920 --> 0:18:13.280 generation of fans and just their level of comfort with 0:18:13.480 --> 0:18:16.560 say like the idea of like buying a star token 0:18:16.680 --> 0:18:19.639 or a creator token in some way and and understanding 0:18:19.640 --> 0:18:21.919 interacting with that. You guys are probably older generation, but 0:18:21.920 --> 0:18:25.200 I don't think it's actually that um, you know, unfamiliar 0:18:25.200 --> 0:18:28.679 for you guys. You guys traded basketball cards, baseball cards, 0:18:29.359 --> 0:18:31.119 things like that, which is you know, a kin to 0:18:31.160 --> 0:18:34.480 top shot Oie bonds came out, you know, a long 0:18:34.560 --> 0:18:37.399 long time ago um. And that's something that obviously my 0:18:37.440 --> 0:18:41.000 tokenization is similar to. I think people throw around the 0:18:41.040 --> 0:18:44.160 word cryptola, throwing on the word token, and people get 0:18:44.160 --> 0:18:45.960 a little bit gunshoting because they feel like, oh no, 0:18:46.040 --> 0:18:49.640 it's a whole new world now. To a certain extent, 0:18:49.720 --> 0:18:52.560 it is, right, but we're talking about units that can 0:18:52.600 --> 0:18:55.040 be more effectively moved. Right, what does the black team 0:18:55.119 --> 0:18:59.040 really do? It gives a trustless trust later, right, Like 0:18:59.080 --> 0:19:00.920 I don't have to trust you, Joe, you know what 0:19:01.000 --> 0:19:03.800 I mean? Like I can just simply trust the ledger. 0:19:03.920 --> 0:19:06.480 I can trust the ethereum blockchain or the their hashgraft 0:19:06.520 --> 0:19:11.520 blockchain it self. I take out the you know, counterparty 0:19:11.600 --> 0:19:14.560 risk in that sense, right, because the ledger is the 0:19:14.560 --> 0:19:17.200 baseline and and something that I know to be true, 0:19:17.600 --> 0:19:19.840 right because it's been it's had verified trade x for 0:19:19.880 --> 0:19:23.480 however many number of years, etcetera, etcetera. So it's more 0:19:23.520 --> 0:19:29.840 so utilizing the trust layer, the speed right to handle 0:19:29.880 --> 0:19:32.959 these kind of exco system transactions, these smart contracts. So 0:19:33.160 --> 0:19:35.280 I don't look at it from a standpoint of, you know, 0:19:36.119 --> 0:19:38.600 necessarily reinventing the wheel. And that's why I said I 0:19:38.600 --> 0:19:42.280 was trying to apply the technology to the entertainment industry, 0:19:42.680 --> 0:19:45.000 um in ways that I thought it's solved issues and 0:19:45.040 --> 0:19:48.639 solve problems, right Like Bowie Bonds was something that that 0:19:48.760 --> 0:19:51.920 was effective, but a little bit outdated, right we look 0:19:51.960 --> 0:19:54.199 at kind of even the owners have talked about they 0:19:54.200 --> 0:19:59.719 want liquidity in teams, they want financial obligation, but they 0:19:59.720 --> 0:20:01.960 want to Hunderson control. Well, how are you going to 0:20:02.080 --> 0:20:03.879 get that? It has to be from the fans. No 0:20:04.000 --> 0:20:06.760 other billionaire's gonna say, hey, I give my money, but 0:20:06.800 --> 0:20:08.640 I don't want to board. See, I don't want executive 0:20:08.640 --> 0:20:10.600 decision making. I don't want to look into the financials. 0:20:10.640 --> 0:20:13.080 I don't want to That's not gonna happen, right Like, 0:20:13.359 --> 0:20:16.200 but fans will buy in because of their emotional talk 0:20:16.240 --> 0:20:18.600 of the experience. It's the same type of thing with 0:20:18.760 --> 0:20:22.440 contracts and other ill liquid assets such as intellectual property 0:20:22.800 --> 0:20:25.480 or time for example. You know things that are hard 0:20:25.480 --> 0:20:27.760 to distract value from. We want to kind of put 0:20:27.800 --> 0:20:30.280 it on this blockchain. Right, So you take out the 0:20:31.000 --> 0:20:34.360 fear of not trusting this person, and then you you 0:20:34.359 --> 0:20:36.080 you set the playing field level and you say, hey, 0:20:36.080 --> 0:20:37.639 if you want to interact or you want to buy 0:20:37.640 --> 0:20:38.800 a piece of the team or you want to buy 0:20:38.800 --> 0:20:40.280 a piece of a contract or whatever it is. And 0:20:40.400 --> 0:20:43.000 we understand some of these things are uh securities and 0:20:43.000 --> 0:20:45.320 some are non security. So I'm not saying Calxum handles 0:20:45.359 --> 0:20:48.240 all this right, but just in terms of blockchain is application, 0:20:48.560 --> 0:20:49.960 that's the way we viewed it and the way we 0:20:50.040 --> 0:20:54.280 kind of go about applying the technology and scaling Caxium 0:20:54.280 --> 0:20:56.800 to the future. And obviously, of any of these ideas, 0:20:56.800 --> 0:20:59.120 the Caxie doesn't do if somebody systems to the podcast 0:20:59.560 --> 0:21:01.159 take it wrong way, and I hope you make you 0:21:01.200 --> 0:21:05.600 know the dollars with it um. So, so I want 0:21:05.640 --> 0:21:07.320 to press you on this point. And I'm going to 0:21:07.400 --> 0:21:09.760 start with a kind of weird anecdote. But seven or 0:21:09.800 --> 0:21:11.639 eight years ago, I was living in New York and 0:21:11.680 --> 0:21:14.280 I was going to um a gym. I think it 0:21:14.320 --> 0:21:16.160 was like a New York sports club gym or something 0:21:16.200 --> 0:21:18.920 like that, and there is a manager there who had 0:21:19.000 --> 0:21:23.560 an idea which was basically to start something very similar 0:21:23.640 --> 0:21:27.800 to like Patreon or Cameo now and to have fans 0:21:27.920 --> 0:21:32.760 pay in order to get specialized content from their favorite athletes, 0:21:32.800 --> 0:21:35.160 their favorite stars. And this was seven or eight years ago. 0:21:35.400 --> 0:21:37.000 He told me the idea, and I was like, oh, 0:21:37.080 --> 0:21:39.679 that sounds really interesting, and he was sort of asking 0:21:39.720 --> 0:21:42.879 for media and legal and financial advice and stuff like that. 0:21:42.960 --> 0:21:44.719 I have no idea if he ever got it off 0:21:44.760 --> 0:21:48.719 the ground, but clearly he was directionally right because we 0:21:48.800 --> 0:21:52.280 have all these platforms now, I guess my question is 0:21:52.480 --> 0:21:57.640 what differentiates Calaxy from the other things that are out there? 0:21:58.240 --> 0:22:01.919 And you've given it, You've given me the sort of 0:22:02.040 --> 0:22:05.480 um the case for crypto here, but there are other 0:22:05.560 --> 0:22:09.199 platforms doing this that do not use the technology and 0:22:09.280 --> 0:22:13.360 seem to be achieving the same thing. Yeah. So I'll 0:22:13.400 --> 0:22:15.600 take the first piece in terms of broad vision, and 0:22:15.600 --> 0:22:19.200 then I'll dedicate the solo for the comprehensiveness of Calasi. 0:22:19.640 --> 0:22:22.399 You know. On that note, when you talk about looking 0:22:22.400 --> 0:22:24.520 into the future and him seven eight years ago talked 0:22:24.520 --> 0:22:27.720 about the cameos and things of that nature, it still 0:22:27.760 --> 0:22:31.800 came down to decreasing friction, right, because people want to 0:22:31.840 --> 0:22:35.000 be tied to what's innate the special I use this 0:22:35.359 --> 0:22:38.159 analogy a lot when when discussing this kind of broader topic. 0:22:38.520 --> 0:22:41.480 If you took the Brooklyn Nets lego and you dropped 0:22:41.520 --> 0:22:43.600 it in the middle of you know, times square or 0:22:43.640 --> 0:22:47.640 wherever people probably stop people take pictures. Um, it would 0:22:47.640 --> 0:22:49.399 be somewhat of an event. It would kind of be 0:22:49.800 --> 0:22:51.840 a little you know, like, oh what's going on here, 0:22:51.840 --> 0:22:56.760 But it wouldn't stop traffic. Right if Lebron James right 0:22:56.800 --> 0:22:59.560 now tweet it out, Hey, I'll be at Times Square 0:23:00.160 --> 0:23:05.000 at you know, twelve pm tomorrow. Everybody is showing up 0:23:05.000 --> 0:23:07.560 to Times Square COVID or not. It doesn't matter like 0:23:07.560 --> 0:23:09.880 they're showing up. They're going to be there, whether they 0:23:09.960 --> 0:23:13.040 have to take their picture from you know, ten yards away, 0:23:13.400 --> 0:23:16.200 or they actually get to meet them and have a conversation. 0:23:16.240 --> 0:23:18.760 Whatever it is, Everybody showing up, and so it speaks 0:23:18.800 --> 0:23:22.160 to what's actually special. Like a long time ago, people 0:23:22.280 --> 0:23:25.320 thought of this more in the uh you know college 0:23:25.320 --> 0:23:28.280 way right where there's all this uh you know, school 0:23:28.280 --> 0:23:31.639 pride and program tradition, and they thought it kind of 0:23:31.680 --> 0:23:34.399 applied to the to the professional realm. But it doesn't. 0:23:34.600 --> 0:23:36.720 You know, there's a there's a reason why McDonald's goes 0:23:36.800 --> 0:23:39.399 to a Lebron or Katie or whatever ask them to 0:23:39.480 --> 0:23:41.800 endorse their food, you know what I mean, because people 0:23:41.880 --> 0:23:44.679 want you know, that that that access to that person, 0:23:44.760 --> 0:23:47.000 Like the Golden Arches are nice, but I'm much try 0:23:47.080 --> 0:23:49.160 to talk to Katie, you know what I mean. So 0:23:49.480 --> 0:23:51.959 you know that's where it's going. It's not going to stop. 0:23:52.080 --> 0:23:54.200 And so you know, on that note of sale shifted 0:23:54.240 --> 0:23:57.639 to two solo one black cockxy help staff. Yeah, I 0:23:57.640 --> 0:23:59.520 mean I think you know to to figure back off 0:23:59.560 --> 0:24:02.080 that you and like you know, I think in general, 0:24:02.320 --> 0:24:04.520 the answer has a lot to do with the idea 0:24:04.600 --> 0:24:08.960 of just customizability for each person's you know, intended audience. Right, So, 0:24:09.040 --> 0:24:11.439 like if you think about Cameo, right, like, you know, 0:24:11.480 --> 0:24:13.600 I love Spencer to death, but like you know, he 0:24:13.680 --> 0:24:15.440 may not be the type of person that makes a 0:24:15.520 --> 0:24:17.760 killing off that platform, right based off of who it's 0:24:17.840 --> 0:24:20.040 or even better, you know Patriot, right, he's not a 0:24:20.040 --> 0:24:22.560 content producer. He's not gonna have and you know in 0:24:22.800 --> 0:24:26.760 you know, in exclusive you know, documentary series or documentries 0:24:26.760 --> 0:24:29.080 like some athletes do. But like for him personally, that's 0:24:29.119 --> 0:24:30.919 not how he spends his free time, right, Like, so 0:24:30.960 --> 0:24:33.119 in order to monetize that or like the reward of 0:24:33.400 --> 0:24:35.520 you know, being on a platform like that, that becomes 0:24:35.520 --> 0:24:37.320 a lot of work, right, Like when you were saying, 0:24:37.320 --> 0:24:39.159 you know, at the beginning, you know, you want to 0:24:39.160 --> 0:24:41.480 minimize the friction, right, Like, we keep coming to the 0:24:41.520 --> 0:24:43.840 same idea, right, you know, take that example and apply 0:24:43.880 --> 0:24:46.200 it to you know, an Instagram model, or to apply 0:24:46.240 --> 0:24:48.960 it to a you know, a YouTuber, right Like, there 0:24:48.960 --> 0:24:51.520 are people who are on YouTube who are not famous, 0:24:51.560 --> 0:24:54.160 but they're famous to somebody, right and so like when 0:24:54.200 --> 0:24:57.080 you think about that idea, right, there definitely is a 0:24:57.200 --> 0:24:59.679 need for a platform that can meet the needs of them, 0:24:59.720 --> 0:25:01.880 and they all exists in some way, shape or form. 0:25:01.880 --> 0:25:04.320 There are a lot of unique interest gacies about Galaxy 0:25:04.400 --> 0:25:06.520 that don't you know, you can't really find elsewhere. But 0:25:06.560 --> 0:25:08.600 like the idea of doing a video message, right like, 0:25:08.640 --> 0:25:11.280 are doing you know calls or you know, exclusive content 0:25:11.359 --> 0:25:14.040 that does exist as to your point um, but you know, 0:25:14.560 --> 0:25:16.560 in order to you know, monetize your fan base in 0:25:16.560 --> 0:25:18.440 a holistic manner, you have to be on all these 0:25:18.440 --> 0:25:20.840 different things and they might not even fit or suit you, right, 0:25:21.119 --> 0:25:22.919 you know, depending on you know, who you are as 0:25:22.920 --> 0:25:24.840 a person. If you're a YouTuber and you've got seventy 0:25:24.840 --> 0:25:27.119 five thousand followers, like I'm sure of those seventy five 0:25:27.119 --> 0:25:29.439 thousand dollars, there's a thousand people who think you're the 0:25:29.480 --> 0:25:31.439 greatest person in the world, But like, are you going 0:25:31.480 --> 0:25:34.119 to make a killing on cameo? Probably not when the 0:25:34.200 --> 0:25:36.439 rock is offering the same thing, right, And so like 0:25:36.480 --> 0:25:38.479 I think when you think about like our platform, you 0:25:38.560 --> 0:25:41.679 create this sort of ecosystem, not to mention, you know, 0:25:41.760 --> 0:25:45.359 the idea of the added benefit of integration of blockchain technology, 0:25:45.600 --> 0:25:47.359 and you think about n f t s and you 0:25:47.359 --> 0:25:50.439 think about the idea of ultimately tokenizing a person and 0:25:50.480 --> 0:25:53.360 having them listed on in exchange one day, like that 0:25:53.440 --> 0:25:56.679 future and that architecture is so innately important and like 0:25:56.760 --> 0:25:59.880 our d NA, can you just talk briefly about your 0:26:00.000 --> 0:26:04.879 technology choice? What platforms blockchains did you use and what 0:26:05.000 --> 0:26:07.600 is the what was the thinking behind it? You know, 0:26:07.760 --> 0:26:11.440 so when when building this platform and understanding that to 0:26:11.680 --> 0:26:14.240 kind of future proofing in a sense, that's why we 0:26:14.560 --> 0:26:17.119 use blockchain. I mean, you spoke about the cameos, and 0:26:17.560 --> 0:26:20.719 you know only fans, patreons, etcetera. They don't, but you know, 0:26:20.800 --> 0:26:23.840 we we view a you know, an ecosystem and environment 0:26:23.920 --> 0:26:26.639 where not only are you showcasing n f t s, 0:26:26.680 --> 0:26:29.320 but also you're gonna have kind of fluidity of these 0:26:29.359 --> 0:26:32.399 these tokens in terms of the secondary market structure. You know, 0:26:32.440 --> 0:26:36.440 and to do that efficiently and effectively, blockchain was was 0:26:36.480 --> 0:26:39.360 going to be something that would would greatly help us. 0:26:40.000 --> 0:26:41.840 So with that being said, you know, we started talking 0:26:41.960 --> 0:26:44.480 layer ones and looking at which one has had the 0:26:44.760 --> 0:26:48.400 most robust infrastructure to support that. You know, obviously Ethereum 0:26:48.440 --> 0:26:52.199 comes up first because it's it's by far the biggest 0:26:52.240 --> 0:26:56.680 smart contract layer one. They could do smart contracts, obviously, 0:26:57.080 --> 0:26:59.399 but we we knew that crypto kitties had once kind 0:26:59.400 --> 0:27:01.760 of throbbed in at working and fees were very high. 0:27:01.840 --> 0:27:04.320 So you know, that wasn't gonna be appealing because if 0:27:04.320 --> 0:27:07.280 we were bringing on people such as myself, Razcue Elliott 0:27:07.359 --> 0:27:10.119 or you know, we just got a TikToker. Uh, you know, 0:27:10.640 --> 0:27:12.560 excuse me, I don't know if TikToker is the right 0:27:12.920 --> 0:27:15.679 normal clature, but somebody that is famous on TikTok has 0:27:15.680 --> 0:27:18.760 about eight million followers on TikTok you know today we 0:27:18.800 --> 0:27:21.200 just signed him up to Uh, if we bring all 0:27:21.200 --> 0:27:25.240 those followers, right, we didn't want to throttle the the 0:27:25.280 --> 0:27:27.520 app nor the etherory of network. We didn't want feat 0:27:27.560 --> 0:27:30.560 of skyrocket and becoming usable, so you know, we figured 0:27:30.600 --> 0:27:32.800 that probably wasn't gonna work in its current State. So 0:27:33.040 --> 0:27:37.080 looking at other layer ones, whether it be Tesso's algorand 0:27:37.720 --> 0:27:40.920 um just just several flow wasn't quite out of uh 0:27:41.280 --> 0:27:44.040 you know, it's baita yet, So we we didn't choose them, 0:27:44.080 --> 0:27:46.399 although I'm invested there. Uh, and we still don't have 0:27:46.480 --> 0:27:49.399 their hashgraph. The reason for that, if you're looking at 0:27:49.400 --> 0:27:53.359 their hashgraph, they have you know, a council with fortunate 0:27:53.920 --> 0:27:55.840 companies that we had to pitch and get a grant. 0:27:55.920 --> 0:27:58.800 So you know, there's there's incredible reputation Chris management to 0:27:58.800 --> 0:28:00.920 be aligned with, you know, people like Google and and 0:28:01.160 --> 0:28:05.840 LG and IBM and d L A. Piper and Deutsche Telecom, uh, 0:28:05.920 --> 0:28:08.640 to name a few. On top of that, they're they're 0:28:08.680 --> 0:28:12.240 kind of considered the next generation blockchain. They technically aren't 0:28:12.280 --> 0:28:16.800 blockchain shipping. They actually are hashgraph technology literally. UM. The 0:28:17.080 --> 0:28:19.840 only one that comes to uh, you know, a complete 0:28:19.840 --> 0:28:23.359 finality Asyncer in his busy team fault tolerant UM. So 0:28:23.359 --> 0:28:26.440 it's the highest level of security. That it was created 0:28:26.480 --> 0:28:29.000 by a guy that used to be a part of 0:28:29.000 --> 0:28:31.119 the Department of Defense. You know, you look at the 0:28:31.160 --> 0:28:34.040 other projects they that they're networks just out racially robust 0:28:34.119 --> 0:28:37.000 and so you know, when when when choosing a layer one, 0:28:37.119 --> 0:28:38.960 like why not align yourself with some of the top 0:28:39.000 --> 0:28:41.120 companies in the world, Like, you know, it's it's a 0:28:41.320 --> 0:28:44.280 it's an honor to for when their hashcraft puts out 0:28:44.440 --> 0:28:47.400 you know, their partner's list to see Google, IBM, Coxi, 0:28:47.640 --> 0:28:49.520 you know what I mean, Like, it's pretty killer. And 0:28:49.960 --> 0:28:53.040 granted our balance sheet doesn't necessarily look like there's as 0:28:53.040 --> 0:28:55.720 of now, but to be in that same breath at 0:28:55.720 --> 0:28:59.440 this early stage, you know, is both humbling and instrument 0:28:59.880 --> 0:29:01.880 and aspiring. So you know, for the to get their 0:29:01.920 --> 0:29:04.520 standpard approval and all that stuff, it seems like a 0:29:04.560 --> 0:29:07.240 no brainer for us. So I know you're still in beta, 0:29:07.440 --> 0:29:12.520 but what have you learned from applying blockchain technology so far? 0:29:12.640 --> 0:29:15.440 Because one of the criticisms of blockchain is this idea 0:29:15.600 --> 0:29:18.480 that it's sort of a solution in need of a 0:29:18.600 --> 0:29:22.280 problem and that real world applications actually either you know, 0:29:22.360 --> 0:29:24.480 don't exist or there aren't that many of them. So 0:29:24.560 --> 0:29:27.600 I'm just curious, like, as you roll this out, what 0:29:27.840 --> 0:29:32.520 have you discovered about the benefits or drawbacks of blockchain? Yeah, 0:29:32.800 --> 0:29:34.560 I mean I think from my side of things, what 0:29:35.040 --> 0:29:37.200 you know, what we what we discovered. I guess like 0:29:37.320 --> 0:29:39.400 from our side of things is that you know, there 0:29:39.520 --> 0:29:41.560 are you know, there is a big need and and 0:29:41.840 --> 0:29:45.160 a big want actually to to understand this technology. Right Like, 0:29:45.240 --> 0:29:47.640 we're not the only ones and Spencer being you know, 0:29:47.760 --> 0:29:51.080 one of the trailblazers in the entertainment industry to really 0:29:51.160 --> 0:29:53.160 be one of the early adopters of it. Like you know, 0:29:53.200 --> 0:29:55.360 a lot of people followed suit, right, you know, we 0:29:55.880 --> 0:29:58.400 you know, we're actually you know, really close as Matt James, 0:29:58.560 --> 0:30:01.400 the most recent Bash learning that he you know, it's 0:30:01.520 --> 0:30:04.040 very much so involved in you know, learning more about 0:30:04.040 --> 0:30:06.480 the technology himself and so like in this process of 0:30:06.600 --> 0:30:09.120 onboarding different creators and things like that, you know, the 0:30:09.200 --> 0:30:11.920 blockchain thing wasn't something they shied away from quite honestly, 0:30:11.960 --> 0:30:14.640 it was something that they leaned into because they saw 0:30:14.800 --> 0:30:16.680 the future, They saw a lot of the benefits. And 0:30:17.040 --> 0:30:18.680 you know, I think one thing that we wanted to 0:30:18.760 --> 0:30:22.000 be absolutely deliberate on and you know, very clear, um, 0:30:22.200 --> 0:30:24.360 you know on was creating a product that was out 0:30:24.360 --> 0:30:27.240 of something that made sense and something that wasn't going 0:30:27.320 --> 0:30:30.440 to confuse you know, the average person you know in 0:30:30.520 --> 0:30:32.960 Middle America a right, like when it comes to creating 0:30:33.040 --> 0:30:36.080 something that, um, you know, is highly functioning, but at 0:30:36.120 --> 0:30:38.760 the same time, you know, something that's easy to use. 0:30:38.800 --> 0:30:40.440 When you think about like kind of Apple and like 0:30:40.520 --> 0:30:42.640 creating a project, you know, a product that's you know, 0:30:42.760 --> 0:30:44.920 supremely capable, but at the same time you don't know 0:30:45.040 --> 0:30:47.400 how it works. It just works, right, UM. And so 0:30:47.520 --> 0:30:49.520 when we think about you know, our product and stuff, 0:30:49.520 --> 0:30:50.680 you know, we found that you know a lot of 0:30:50.720 --> 0:30:53.280 people have been really excited. Um. You know, not only 0:30:53.360 --> 0:30:56.200 for solving the real world issue about there needs to 0:30:56.240 --> 0:30:59.320 be some sort of one ecosystem to develop you know, 0:30:59.360 --> 0:31:01.880 a fan base or community, but then also you know, 0:31:02.040 --> 0:31:04.440 creating the opportunity and the we know path to be 0:31:04.520 --> 0:31:06.520 able to kind of help educate and you know, teach 0:31:06.960 --> 0:31:09.120 um and bring crypto you know, very similarly to the 0:31:09.320 --> 0:31:11.240 you know, to our partner, you know, to uh you know, 0:31:11.360 --> 0:31:14.200 to the Flow project, and you know Rohan is you know, 0:31:14.240 --> 0:31:17.400 an advisor to our project, the CEO of Japper Labs, um, 0:31:17.520 --> 0:31:19.560 you know, in their whole ethos about kind of bringing 0:31:19.600 --> 0:31:22.600 crypto ites and the masses through games. You know, very similarly, 0:31:22.680 --> 0:31:24.640 we're trying to do you know, a very similar thing here, 0:31:25.000 --> 0:31:27.840 um with creator economies and social media and so um, 0:31:27.920 --> 0:31:29.680 you know, from our side of things, it's you know, 0:31:29.760 --> 0:31:31.600 we've learned a lot um, you know, and we've been 0:31:31.640 --> 0:31:33.480 able to iterate and continue to grow and build a 0:31:33.520 --> 0:31:36.800 product that's you know, truly and organically felt like it's 0:31:36.840 --> 0:31:39.400 been built by the creators, you know, center and influencer himself. 0:31:39.440 --> 0:31:41.479 He goes in Brooklyn nets like behind this, we had 0:31:41.480 --> 0:31:44.040 a lot of you know, great information that a couple 0:31:44.040 --> 0:31:46.239 of dudes in Silicon Valley with a similar idea may 0:31:46.320 --> 0:31:48.560 not have had, just by the fact that like, you know, 0:31:48.640 --> 0:31:50.680 our network, our friends and family, like the creators that 0:31:50.720 --> 0:31:53.880 we've on board so far, our personal relationships and um, 0:31:53.960 --> 0:31:56.040 you know, it's starting to get a lot of inbounds obviously, 0:31:56.120 --> 0:31:57.920 but you know, kind of the initial cohord that we 0:31:57.960 --> 0:32:00.280 started with um, you know, helped us you know last 0:32:00.320 --> 0:32:19.120 as beginning points. So the last year has obviously been 0:32:19.280 --> 0:32:23.280 incredible for all things crypto. Obviously, the big coins had 0:32:23.280 --> 0:32:29.320 an incredible year, and top Shot became a phenomenon. Uh spencer. 0:32:29.400 --> 0:32:31.080 You know, we were talking about the beginning. You're you're 0:32:31.240 --> 0:32:33.880 very early on all that stuff. I'm curious, like what 0:32:34.120 --> 0:32:37.080 you've seen, like in the locker room and so forth 0:32:37.280 --> 0:32:39.560 as other players have like do they turn to you 0:32:39.800 --> 0:32:42.880 to like help help them like understand and navigate all 0:32:42.960 --> 0:32:46.400 this navigate all this stuff. Uh yeah, a little bit, 0:32:46.640 --> 0:32:49.840 I think. Um, for me personally, I'm not gonna lie. 0:32:49.880 --> 0:32:54.040 It's it's much better being asked questions and being laughed at. Seen. 0:32:54.080 --> 0:32:59.720 I was definitely laughed for sure. Laughed, sure, for sure 0:32:59.800 --> 0:33:02.840 laugh that. But no, in all seriousness, I think, Um, 0:33:03.320 --> 0:33:05.800 you know, overall, since I've been in the league, I 0:33:05.960 --> 0:33:08.719 think people have spoken about the shift that's happened since 0:33:08.760 --> 0:33:10.440 I would say probably to go on in ten and 0:33:10.600 --> 0:33:12.240 now on we got it in the fourteen, but the 0:33:12.480 --> 0:33:15.000 the education process of the athlete as a whole. I 0:33:15.080 --> 0:33:17.680 think guys are much more involved in their finances. I 0:33:17.760 --> 0:33:20.360 think we have a lot of brilliant guys, um um 0:33:20.440 --> 0:33:24.040 that are that are looking to form generational wealth, whether 0:33:24.320 --> 0:33:26.600 in whatever avenue that is what it's real estate, traditional 0:33:26.960 --> 0:33:29.320 you know, stocks and equities and things, or now in 0:33:29.400 --> 0:33:32.120 emergent technologies. And I know BC was kind of the 0:33:32.200 --> 0:33:37.320 wave right before blockchain really kind of took over. Um, 0:33:37.960 --> 0:33:40.520 So it's been fun to get asked those questions. UM. 0:33:40.600 --> 0:33:43.840 I actually shy away from from offering explicit advice. I 0:33:43.920 --> 0:33:46.760 mean I discussed my partners all the time. Yeah, I 0:33:46.840 --> 0:33:51.040 discussed my partners all the time. As financial journalists, this 0:33:51.200 --> 0:33:53.920 is one area that maybe we could actually genuine related. 0:33:54.160 --> 0:33:56.840 Tracy and I have a lot of experience and being 0:33:56.960 --> 0:34:01.480 asked financial questions from friends and family to buy anything, 0:34:01.560 --> 0:34:04.000 to which we have absolutely no good advice. We're just 0:34:04.080 --> 0:34:05.920 like you buy an index fund or something like that. 0:34:06.120 --> 0:34:08.080 I tell them, I tell them, you know, I personally 0:34:08.120 --> 0:34:11.400 invested in bigcoin. I tell them that my my platform 0:34:11.560 --> 0:34:14.440 is built on hash draft. Two of my main partners 0:34:14.480 --> 0:34:18.279 are are Flow and chain Link, and other than that, 0:34:18.600 --> 0:34:20.719 I would encourage you to do as much research as 0:34:20.760 --> 0:34:23.480 you possibly can. That's the biggest start I can give you. 0:34:23.880 --> 0:34:26.160 And that's just from a transparent place and something that 0:34:26.200 --> 0:34:29.080 you could read online. So obviously I'm gonna be invested 0:34:29.120 --> 0:34:31.800 with my partners, and and saying I'm gonna support a 0:34:31.840 --> 0:34:34.600 bigcoin is no no secret at all. So you know 0:34:34.760 --> 0:34:36.640 that's what I'll give you. Um, if you want to 0:34:36.680 --> 0:34:39.719 talk about the big picture and where I think distributed technology, 0:34:39.760 --> 0:34:43.840 distributed ledger technology can kind of take markets in a 0:34:43.920 --> 0:34:47.120 comprehensive fashion, I definitely have to do that and I 0:34:47.200 --> 0:34:49.560 can talk to her off all day, but but explicit 0:34:49.640 --> 0:34:53.160 investment advice I definitely shot away from because I don't 0:34:53.200 --> 0:34:55.000 want to be the guy that says, you know, do this, 0:34:55.239 --> 0:34:57.239 and you know you lose some money and now you'm 0:34:57.280 --> 0:35:00.279 ad at me. Yeah, that's good advice, and that that's 0:35:00.560 --> 0:35:03.240 that's exactly what I think anytime someone asked me a question. 0:35:03.280 --> 0:35:05.600 I just don't want to cost anyone their money now, 0:35:05.680 --> 0:35:11.520 and then you're not welcome back for Thanksgiving dinner. Um, 0:35:11.840 --> 0:35:14.200 there was something I wanted to ask you that Joe 0:35:14.280 --> 0:35:16.759 and I sort of alluded to in the intro, and 0:35:16.880 --> 0:35:20.640 it was this idea of, I guess the moral dimensions 0:35:21.040 --> 0:35:24.640 of selling some sort of financial interests that is tied 0:35:24.760 --> 0:35:28.440 to people. Um. Obviously, when you say a sentence like that, 0:35:28.640 --> 0:35:31.879 it tends to make people squeamish. And I remember after 0:35:32.040 --> 0:35:34.480 the two thousand eight financial crisis, when there was so 0:35:34.640 --> 0:35:40.080 much criticism of the process of securitization in itself. Every 0:35:40.160 --> 0:35:42.160 once in a while, there would be like an idea 0:35:42.280 --> 0:35:46.040 that would pop up about securitizing people's future income streams, 0:35:46.160 --> 0:35:51.000 Like maybe you sell a student's future income and they 0:35:51.160 --> 0:35:53.400 use that money to actually go to college or something 0:35:53.480 --> 0:35:56.680 like that, but every time the idea came up, people 0:35:56.719 --> 0:36:01.080 would sort of instinctively feel uncomfortable with it. It feels 0:36:01.239 --> 0:36:05.640 like things are changing a little bit. People you know this. 0:36:06.360 --> 0:36:10.080 I guess our familiarity with content creation now maybe has 0:36:10.120 --> 0:36:12.600 sort of changed that equation. But I'm just curious how 0:36:12.640 --> 0:36:16.200 you're thinking about the moral to mention of all of this. Yeah, 0:36:16.600 --> 0:36:19.560 I mean, on that note, I think you're test on 0:36:19.640 --> 0:36:23.320 something that's good. Content creation is much more prevalent. But 0:36:23.480 --> 0:36:26.520 but the two factors that I think make this an 0:36:26.600 --> 0:36:29.719 actual functioning ecosystem. And this really has nothing to do 0:36:29.840 --> 0:36:32.480 with technology, but it's the reason why, like it's gonna 0:36:32.480 --> 0:36:35.680 be easier for me to secure something versus like a 0:36:35.760 --> 0:36:39.600 college student. You need somebody that's has, you know, semi 0:36:39.680 --> 0:36:42.600 public to public cash flows so that it's not a 0:36:42.640 --> 0:36:44.759 situation where they can really high and divert money and 0:36:44.800 --> 0:36:47.239 try to screw their investors. Because you know, in more 0:36:47.560 --> 0:36:50.320 normal situations that wouldn't be too difficult to try to 0:36:50.560 --> 0:36:52.239 try to do. But if you know, obviously I'm in 0:36:52.280 --> 0:36:55.840 the NBA and my contract is public, that I can't 0:36:56.239 --> 0:36:58.200 And then other than that, I would say, you have 0:36:58.280 --> 0:37:00.680 to have the incentives be aligned. You know, it can't 0:37:00.680 --> 0:37:05.080 be a situation where I some entire contract and then 0:37:05.320 --> 0:37:08.279 if I play really bad, you know, nothing matters, and 0:37:08.360 --> 0:37:10.200 so I can take an injury and just sit down 0:37:10.280 --> 0:37:12.600 and whatever it is, and you know, and just put 0:37:13.040 --> 0:37:16.600 not only myself, put investors in kind of a you know, 0:37:16.960 --> 0:37:20.640 less the advantageous position. It has to be a situation where, um, 0:37:20.880 --> 0:37:23.120 you know, the incentives are aligned. You make it so 0:37:23.239 --> 0:37:26.960 there there's hopefully some some promising returns for the investors 0:37:27.000 --> 0:37:30.120 of course, but also you know, it encourages the athlete 0:37:30.120 --> 0:37:33.800 to continue to play well and win games and do 0:37:34.040 --> 0:37:37.319 right and and all that stuff. So yeah, I mean 0:37:37.360 --> 0:37:39.480 I think from my side of things too, like as 0:37:39.560 --> 0:37:43.239 a you know, the securitization banker in a previous life. Um, 0:37:43.440 --> 0:37:45.279 you know, I think when you think about kind of 0:37:45.480 --> 0:37:47.880 the unit recession of two thousand and eight versus kind 0:37:47.920 --> 0:37:49.640 of now, I mean, I think, you know, there's a 0:37:49.680 --> 0:37:51.560 lot of different points, you know, places that you can 0:37:51.640 --> 0:37:53.600 point to, uh, you know, where you think that there 0:37:53.640 --> 0:37:56.320 are inequities in terms of the education level that you know, 0:37:56.400 --> 0:37:58.640 people might have investing in these sorts of things. And 0:37:58.960 --> 0:38:00.400 you know, obviously this is some thing that you know 0:38:00.440 --> 0:38:02.680 we've touched upon, you know immediately in day one, is 0:38:02.719 --> 0:38:05.000 this something that Calexy is really looking to you know, 0:38:05.080 --> 0:38:07.839 commercialize as a business. Not exactly, Um, you know, it's 0:38:07.880 --> 0:38:10.360 definitely a part of our bigger macro picture that center 0:38:10.480 --> 0:38:12.880 you know has put together and his thoughts and stuff. 0:38:12.920 --> 0:38:16.640 But when you think about, um, you know, just general education, right, 0:38:16.760 --> 0:38:20.080 Like the barriers to entry to trading are couldn't be lower, right, 0:38:20.160 --> 0:38:22.840 Like people are getting you know, five ten dollars to 0:38:23.000 --> 0:38:26.000 open up brokerage accounts and start trading on different platforms, 0:38:26.080 --> 0:38:27.239 and you know there are a lot of people what 0:38:27.320 --> 0:38:28.920 do you think about like game stop and you know 0:38:29.080 --> 0:38:31.520 AMC and different things that you saw this year, and 0:38:31.719 --> 0:38:33.200 you know, the idea of you know, people a wanting 0:38:33.239 --> 0:38:35.760 to take on their own personal finances. You know, twenty 0:38:35.840 --> 0:38:37.800 thirty years ago, it wasn't the case that the average 0:38:37.840 --> 0:38:39.840 Joe was traded, um. But you know that's not the 0:38:39.920 --> 0:38:42.080 case now and that's distinctly different. And so you know 0:38:42.200 --> 0:38:44.640 to your point, you know talking about you know, securitization 0:38:44.760 --> 0:38:47.320 and how it's had this stigma around it. Um. You know, 0:38:47.360 --> 0:38:49.280 there are a lot of different areas within the financial 0:38:49.320 --> 0:38:51.960 industry that you know, obviously require a little bit more 0:38:52.200 --> 0:38:54.200 you know, education around the ways in which that you 0:38:54.239 --> 0:38:56.959 can use this you know access for you know quite 0:38:57.080 --> 0:39:00.920 great wealth creation and building over time. But um, you know, 0:39:00.960 --> 0:39:04.000 when you think about the idea of you know, securitizing 0:39:04.040 --> 0:39:05.840 a person, you know that ultimately, you know, is the 0:39:06.400 --> 0:39:08.000 is the way in which that you think about the future. 0:39:08.080 --> 0:39:10.360 Right Like if you're Lebron James or you're somebody with 0:39:10.440 --> 0:39:13.600 a very you know, large empire, there should be different 0:39:13.640 --> 0:39:16.160 means and alternatives for financing outside of just you know, 0:39:16.200 --> 0:39:18.560 going to a bank for a traditional law especially you know, 0:39:18.640 --> 0:39:21.000 as Spencer mentioned, if you have public you know cash 0:39:21.080 --> 0:39:23.520 flows because you know, outside of that, there are people 0:39:23.640 --> 0:39:25.440 you know taking out I can't remember, you know, it 0:39:25.520 --> 0:39:27.040 might have been a year ago, it might have been 0:39:27.040 --> 0:39:28.800 a couple of years ago that since they're not this conversation, 0:39:28.840 --> 0:39:31.359 but there are you know, people that take out egregious 0:39:31.440 --> 0:39:33.680 loans to be able to you know cash advance their lives, 0:39:33.840 --> 0:39:36.080 right Like they'll take out loans that you know crazy, 0:39:36.239 --> 0:39:39.440 you know, you know, when there could be a lot 0:39:39.600 --> 0:39:42.399 more you know, efficient ways to to to finance your life, 0:39:42.480 --> 0:39:44.800 especially if you you know, have the you know, the 0:39:44.880 --> 0:39:48.080 validity behind it. Spencer, you might if I just ask 0:39:48.120 --> 0:39:51.640 you if you general not specific blockchain related questions, like 0:39:51.719 --> 0:39:54.480 real quickly, a little quick like lightning round of other questions, 0:39:57.080 --> 0:39:59.560 how would you summarize why it feels like NBA is 0:39:59.640 --> 0:40:02.160 just on such a better job. So many people I 0:40:02.239 --> 0:40:05.000 know are so into the NBA. They like talk about 0:40:05.040 --> 0:40:07.440 the NBA, They like talking about the players of the NBA, 0:40:07.680 --> 0:40:10.200 like yourself, in a way that I don't see with 0:40:10.400 --> 0:40:13.480 other leagues. Like what do you think it is? That's 0:40:13.480 --> 0:40:16.200 like the NBA has really like figured out something culturally. 0:40:16.480 --> 0:40:20.520 I think the NBA has embraced emerging technologies UMAN and 0:40:21.239 --> 0:40:23.839 this is a complete non blockchain techt thing I'm talking about, 0:40:23.840 --> 0:40:28.439 like streaming of YouTube highlights making easily accessible. I think 0:40:28.800 --> 0:40:31.520 you know they didn't put they didn't try to block 0:40:31.560 --> 0:40:34.480 like the copyrights USA. So you see all these comedian 0:40:34.600 --> 0:40:37.480 things happen on your highlights, and the shoulding this content 0:40:37.520 --> 0:40:39.680 and repersing this content, and so you try to be 0:40:39.880 --> 0:40:43.960 fans right, especially in uh, you know, foreign countries when 0:40:44.000 --> 0:40:47.160 it's it's hard to watch the games live. I think 0:40:47.200 --> 0:40:50.160 another component of basketball that that makes it very attractive 0:40:50.239 --> 0:40:53.080 to fans. You can see our faith, we seem like 0:40:53.160 --> 0:40:56.360 human beings. Um, this is uh no shot to football 0:40:56.360 --> 0:40:58.200 anything like that. But obviously they have to wear howmets 0:40:58.200 --> 0:41:01.120 we're protected, right, But you know, you don't necessarily know 0:41:01.280 --> 0:41:03.560 the person behind the mask unless he's the quarterback. Like 0:41:03.680 --> 0:41:05.239 quarterbacks take off there comes all the time, so you 0:41:05.320 --> 0:41:06.960 know him. But other than that, I couldn't tell you 0:41:07.080 --> 0:41:08.799 the linement if you walk down the street, the fact 0:41:08.800 --> 0:41:12.560 that he's probably you know, outrageously you know musket right. 0:41:13.400 --> 0:41:16.160 Basketball players are recognizable, not just in terms, not just 0:41:16.680 --> 0:41:18.760 from the standpoint of seeing our Facebook also obviously statue 0:41:18.760 --> 0:41:21.120 you see the sixth stight person walking down the street 0:41:21.600 --> 0:41:23.560 and his face is familiar or probably think he's a 0:41:23.760 --> 0:41:26.600 you know, a brooken net player. So so just thinking 0:41:26.680 --> 0:41:29.680 that nature allowed a lot of innvati scale just familiarity 0:41:29.719 --> 0:41:32.480 and fans minds, um allowing players to be more vocal 0:41:32.560 --> 0:41:35.920 about you know, issues, whether it be uh, you know, 0:41:36.080 --> 0:41:39.640 social or economics or you know whatever it is. So 0:41:39.880 --> 0:41:42.799 so that kind of broad ranging where you have outspoken 0:41:42.840 --> 0:41:46.000 people you see they're facing the recognizable um. Allowing your 0:41:46.000 --> 0:41:50.560 content to be repurposed and used for fun, for business, 0:41:50.680 --> 0:41:53.600 for whatever it is. It just creates a kind of 0:41:53.680 --> 0:41:58.600 wildfire type of distribution. So what do you do? You mentioned, 0:41:58.640 --> 0:42:01.320 if someone sees you walk around in Brooklyn, they probably 0:42:01.960 --> 0:42:04.520 might guess you're a basketball player. What's your what's your 0:42:04.560 --> 0:42:06.400 off court life in Brooklyn? Like, what do you like 0:42:06.520 --> 0:42:09.000 to do? Oh? I mean before I started playing, well, 0:42:09.040 --> 0:42:10.920 I mean I would just kind of I mean, I 0:42:11.000 --> 0:42:13.960 wear sweats, hoodie, you know, stuff like that every day. 0:42:14.000 --> 0:42:16.319 So I'm a very chill person and were vans every 0:42:16.400 --> 0:42:19.839 day before I started playing. Well, you know, people might 0:42:20.160 --> 0:42:23.040 like catch a glance and then if I make eye contacted, 0:42:23.160 --> 0:42:25.839 like are you I mean, I don't know, maybe you are, 0:42:26.360 --> 0:42:27.920 and you can kind of keep walking and stuff like that. 0:42:28.040 --> 0:42:30.400 Now obviously you haven't, haven't played better and things like that. 0:42:30.880 --> 0:42:33.960 You know, I'm more immediately recognizable. But you know, in 0:42:34.040 --> 0:42:37.000 that respect, I take it in strike and I actually 0:42:37.080 --> 0:42:39.439 enjoy it just from the standpoint off. I understand where 0:42:39.440 --> 0:42:41.120 it's like to be on the other side of that, 0:42:41.360 --> 0:42:44.560 and I understand the fans create this ecosystem. I think 0:42:44.640 --> 0:42:49.080 that's one of the biggest benefits of building app and 0:42:49.400 --> 0:42:52.600 going through the tokenization and exploring entertainment isstueing and learning 0:42:52.640 --> 0:42:55.480 how the NBA was built. You know, on a non 0:42:55.520 --> 0:42:57.680 profit system at all, just a bunch of different things. 0:42:57.719 --> 0:43:00.799 You understand, at the end of the day, fan make 0:43:00.920 --> 0:43:03.600 this thing work. If fans spend their money, we all 0:43:03.680 --> 0:43:06.560 have jobs. If they don't, then we don't know. What 0:43:06.600 --> 0:43:08.680 I'm saying is that kind of drives that simple? Like 0:43:08.760 --> 0:43:11.480 from an economics perspective, No bid, there's beuying an NBA 0:43:11.600 --> 0:43:14.640 team if it wasn't a revenue generating entity. At the 0:43:14.719 --> 0:43:16.759 end of the day, that's where it is. Whether whether 0:43:16.800 --> 0:43:18.560 the stock goes up or you actually a cash for 0:43:18.600 --> 0:43:21.400 a positive one of them has to happen for for 0:43:21.480 --> 0:43:23.839 a being there to want to, you know, dive into 0:43:23.880 --> 0:43:26.200 this business. And so you know, I try to be 0:43:26.400 --> 0:43:30.800 as uh cordial, as inviting and as appreciative to the 0:43:30.840 --> 0:43:32.840 fans because they allow me to live it like that 0:43:33.120 --> 0:43:34.920 that I live it, you know that. And as long 0:43:34.960 --> 0:43:38.000 a thing approached me with common curacy and respect, you know, 0:43:38.440 --> 0:43:41.319 then then why would I approach them like there're any 0:43:41.640 --> 0:43:44.879 less of that same human being? We're all humans. Great? 0:43:44.960 --> 0:43:48.600 Great answer. Final final question were recording the June seventh, 0:43:48.960 --> 0:43:51.640 As you mentioned your team, the Nets are playing the 0:43:51.680 --> 0:43:54.680 Bucks tonight in the playoffs. You're injured, right now, so 0:43:54.719 --> 0:43:57.160 you're not participating. What is that like sort of like 0:43:57.520 --> 0:43:59.719 as you like watch those games from the sideline. I mean, 0:43:59.760 --> 0:44:02.399 I'm sure it's like brutal not being on the court 0:44:02.440 --> 0:44:04.239 and supporting your team. But how do you how do 0:44:04.280 --> 0:44:07.320 you deal with that? It's tough. I've had, you know, 0:44:07.560 --> 0:44:11.040 two main injuries in my life. One was a c 0:44:11.239 --> 0:44:13.840 on my left knee, was my right knee. You know, 0:44:13.920 --> 0:44:15.560 when when you when you're on the sideline, it's kind 0:44:15.560 --> 0:44:18.960 of an introspective experience. I would say it was weird 0:44:19.200 --> 0:44:22.040 watching this season just from the standpoint of you saw 0:44:22.120 --> 0:44:24.759 the bubble, then you saw this season where we played 0:44:24.760 --> 0:44:27.160 in arenas with no fans. But I'll tell you what 0:44:27.280 --> 0:44:31.359 with these fans back, with the energy in this playoff atmosphere. Uh, 0:44:31.600 --> 0:44:33.880 you know, the age to play has gone to you know, 0:44:34.000 --> 0:44:35.920 through the roof. It's it's it's at ten times what 0:44:36.040 --> 0:44:38.560 it was during the regular season. Just keeping up with 0:44:38.640 --> 0:44:41.080 the guys now now to the level that's like me, 0:44:41.440 --> 0:44:43.120 I need to get back out there. It's it's a 0:44:43.200 --> 0:44:45.440 need at this point. I just at wance, so you know, 0:44:45.520 --> 0:44:47.959 I missed it in and I can't wait to play 0:44:48.000 --> 0:44:52.320 some All right, Well that was that was fantastic. H 0:44:52.560 --> 0:44:56.080 Spencer Solo. Thank you both so much for taking the time. 0:44:56.320 --> 0:45:00.840 Fascinating project, and uh appreciate you coming out outline. Thank you, 0:45:01.280 --> 0:45:16.400 thank you appreciate it. Thanks so much, guys, Trazy, that 0:45:16.520 --> 0:45:19.600 was a really fun episode. I feel like that's actually 0:45:19.680 --> 0:45:25.200 like a whole different dimension of the crypto conversation that 0:45:25.280 --> 0:45:28.839 I think is actually really important and kind of totally unexplored, 0:45:28.880 --> 0:45:32.239 totally something we've under explored. I guess the thing that 0:45:32.280 --> 0:45:34.600 stood out to me was just how much, um the 0:45:34.719 --> 0:45:38.120 fields of sports have sort of changed in this idea 0:45:38.200 --> 0:45:41.600 that athletes need to be content producers, or if they 0:45:41.640 --> 0:45:45.240 can be content producers, then they have potentially another stream 0:45:45.280 --> 0:45:47.480 that they can monetize. I guess. I guess to some 0:45:47.600 --> 0:45:50.080 extent that was always the case in professional sports. People 0:45:50.120 --> 0:45:52.920 would always have some sort of sponsor sponsorship deal on 0:45:53.040 --> 0:45:56.000 the side. But it just feels like we're in a 0:45:56.080 --> 0:46:00.239 whole new at a whole new level in many respects. Yeah, 0:46:00.280 --> 0:46:02.480 I guess what I mean by like, I mean I 0:46:02.719 --> 0:46:05.800 I completely agree with you. The way to contextualize that 0:46:06.200 --> 0:46:09.200 is probably more within the realm of new ways that 0:46:09.920 --> 0:46:13.239 celebrities and athletes are monetizing their famed in crypto. I 0:46:13.320 --> 0:46:15.320 guess like what I was thinking is like when I 0:46:15.440 --> 0:46:18.680 think about like crypto, I think about like these hardcore 0:46:19.480 --> 0:46:22.920 sort of like distributed tech systems that are designed to 0:46:23.000 --> 0:46:26.399 be censorship resistant and designed to be you know, sort 0:46:26.440 --> 0:46:30.239 of like powerful computer science ideas. But the idea that 0:46:30.400 --> 0:46:34.279 like another application is it's just fun to like buy 0:46:34.440 --> 0:46:38.000 a token that's sort of related to um A A 0:46:39.640 --> 0:46:43.239 a celebrity, like is actually like a pretty huge use 0:46:43.320 --> 0:46:45.600 case for all this stuff that probably doesn't get talked 0:46:45.600 --> 0:46:50.360 about enough in that context. Yeah, and actually people like 0:46:50.600 --> 0:46:53.040 to talk about tokenization while we just did. Those people 0:46:53.080 --> 0:46:55.960 talk about tokenization as this brand new thing all the time. 0:46:56.080 --> 0:46:59.240 But actually, like I don't know, I guess baseball cards 0:46:59.280 --> 0:47:02.239 were the original tokens, or maybe at least a d 0:47:02.440 --> 0:47:04.879 R s were the original tokens for stocks, Like there 0:47:04.920 --> 0:47:09.040 are examples of tokens out there that have been successfully 0:47:09.080 --> 0:47:12.680 deployed and they weren't like an earth shattering financial systems 0:47:12.760 --> 0:47:18.000 threatening thing. It is funny, like I guess because I'm like, 0:47:18.239 --> 0:47:20.360 you know, old, and like it's hard for me to 0:47:20.440 --> 0:47:22.480 like wrap my head around like n f t s, 0:47:23.000 --> 0:47:25.600 but like what is the difference? Roy between an n 0:47:25.680 --> 0:47:27.960 f T and of like a basketball card, Like it's 0:47:28.000 --> 0:47:30.000 really not the different, Like it's like when I was young, 0:47:30.080 --> 0:47:32.360 Like I could understand basketball cards or baseball cars, but 0:47:32.600 --> 0:47:35.560 this is a piece of cardboard. Yeah. The other thing 0:47:35.600 --> 0:47:37.560 I liked about that conversation that it was actually the 0:47:37.640 --> 0:47:41.759 discussion of applying the technology to a specific use case, 0:47:41.800 --> 0:47:44.520 because I feel like we don't hear enough about that. 0:47:44.719 --> 0:47:47.400 So this idea that you know, they couldn't do Bitcoin 0:47:47.520 --> 0:47:49.799 for obvious reasons. They looked at ethereum, but they were 0:47:49.840 --> 0:47:52.440 worried about the costs the system getting clogged up, and 0:47:52.480 --> 0:47:56.239 so they settled on an alternate technology. I think it 0:47:56.360 --> 0:47:59.680 speaks to probably that point that you made in your 0:47:59.760 --> 0:48:02.920 gigantic five thousand word posts about this idea that you 0:48:02.960 --> 0:48:06.799 can't look at crypto as a monolith because different technologies, 0:48:06.840 --> 0:48:11.680 different cryptocurrency slash tokens, have different use cases. Yeah, it 0:48:11.840 --> 0:48:15.240 is interesting to like I remember the crypto kitties phenomenon 0:48:15.320 --> 0:48:18.520 in and that just like brought the entire network to 0:48:18.680 --> 0:48:21.040 a halt. And so you do see like this use 0:48:21.160 --> 0:48:23.040 is like, well, let's just use a different chain that's 0:48:23.080 --> 0:48:27.759 maybe more optimized for some other use case. So I 0:48:27.800 --> 0:48:29.800 don't be fascinating to see where it goes. And I 0:48:29.880 --> 0:48:32.759 feel like especially seems to have a particularly like, really 0:48:32.800 --> 0:48:35.440 good intuition about where this is all going, and he 0:48:35.600 --> 0:48:38.279 sort of demonstrated that over the last several years. Well, 0:48:38.320 --> 0:48:42.360 he's definitely a perfectly placed for that effluence of I 0:48:42.520 --> 0:48:44.480 like that on that one point, we have something in 0:48:44.560 --> 0:48:46.440 common with him, which is we do not want to 0:48:46.480 --> 0:48:50.520 give financial advice to our friends and family. Yes, I 0:48:50.600 --> 0:48:53.120 think that's the only thing we have in common. Probably, 0:48:53.680 --> 0:48:57.040 all right, Um, shall we leave it there. Let's leave 0:48:57.040 --> 0:49:00.720 it there. This has been another episode of the podcast. 0:49:00.840 --> 0:49:03.359 I'm Tracy Alloway. You can follow me on Twitter at 0:49:03.400 --> 0:49:06.880 Tracy Alloway and I'm Jill wi Isn't Though. You can 0:49:06.920 --> 0:49:10.360 follow me on Twitter at the Stalwart. Follow our guests 0:49:10.400 --> 0:49:14.400 on Twitter. Spencer din Witty, He's at as din Witty Underscore, 0:49:15.880 --> 0:49:20.160 as well as Solos He's at Solo Sees, and follow 0:49:20.239 --> 0:49:23.960 our producer on Twitter, Laura Carlson, She's at Laura M. Carlson. 0:49:24.239 --> 0:49:28.120 Followed the Bloomberg head of podcast, Francesco Levi at Francesco Today, 0:49:28.600 --> 0:49:31.479 and check out all of our podcasts at Bloomberg. Onto 0:49:31.520 --> 0:50:00.360 the handle at podcasts. Thanks for listening, O