Speaker 1: There are plenty of features in ways of engaging in
Speaker 1: the world of n f T S that if you're
Speaker 1: waiting for things to get simpler, you're really just gonna
Speaker 1: miss some incredible opportunities. And this message is not only
Speaker 1: to be hyperbolic or to exaggerate the moment we're in,
Speaker 1: but the truth is we're in a moment. And by
Speaker 1: that moment, what I mean is there was a quote
Speaker 1: and I couldn't find the quote, but I'm gonna give
Speaker 1: you the paraphrase of the quote, and it was talking about,
Speaker 1: you know, some years ago when the Internet was really
Speaker 1: in its um it was in an upward trajectory. There
Speaker 1: was really no social media at the time, but more
Speaker 1: people were leaving things like the A O, L C
Speaker 1: D that would come into mail, and they were starting
Speaker 1: to use more things like Internet drink, like like web
Speaker 1: based browsers, things like you know, Google, Yahoo, um Um, asked, Jeeves,
Speaker 1: info Seek, things like that. And so the point of
Speaker 1: this story, that was a long way to get to
Speaker 1: the point, but the point of this story it talked
Speaker 1: about when the user interface becomes something fluent, easy to use,
Speaker 1: that's when tech can realize mass adoption. So it let
Speaker 1: me break that down. This is important we buy and
Speaker 1: large as a community do not embrace technologies software hardware
Speaker 1: that are complex to use because it's just complex. We
Speaker 1: want things to be simple. We believe inherently that technology
Speaker 1: is supposed to make things easier, it's supposed to make
Speaker 1: things more efficient. And so when technology does not make
Speaker 1: things more efficient, the user interface is complex and it's
Speaker 1: hard to learn and it's hard to navigate, we just
Speaker 1: don't gravitate towards it. The problem with that is is
Speaker 1: you can miss an incredible opportunity to take advantage of
Speaker 1: a landscape that in the future more people will be
Speaker 1: trying to purchase land on if I can use a
Speaker 1: real estate parallel. And so today there's so much opportunity
Speaker 1: in the world of web three, the metaverse, um, digital
Speaker 1: art in, etcetera. And more people tomorrow will be coming
Speaker 1: when the unity, when the user interface becomes more fluent,
Speaker 1: more people will be trying to take advantage of something
Speaker 1: because it's easier to get in. But today, when it's
Speaker 1: difficult to get in, only the people who were patient
Speaker 1: enough were in a mindset of a growth mindset, and
Speaker 1: we're in an opportunity where they said look, I'm going
Speaker 1: to take the time to understand this. I'm gonna learn it,
Speaker 1: I'm gonna become proficient at it. Those are the people
Speaker 1: who get the opportunity for the land grap So if
Speaker 1: you think about a lot of the software companies that
Speaker 1: have um you know, come to proficiency over our you know,
Speaker 1: the last decade or two. Think about like Facebook, the Twitters,
Speaker 1: the Google's, etcetera. The people who made the most money,
Speaker 1: those were the people who bet on them before anybody
Speaker 1: else really believed they saw something. And so by the
Speaker 1: time you and I got an opportunity to bet on
Speaker 1: these companies, that's when they went public. But the money
Speaker 1: was already made with the first people in the early adopters,
Speaker 1: the early believers, when it was complex, when it was
Speaker 1: still hard and it was a little bit ugly in etcetera.
Speaker 1: But they saw something that in the future would be
Speaker 1: more widely accessible and they took advantage of that moment.
Speaker 1: This is that moment with n f t s right now.
Speaker 1: It is very challenging, complex to engage with crypto with
Speaker 1: blockchain enabled technologies. If you want to buy an n
Speaker 1: f T, you've got the first and most every circumstance,
Speaker 1: you've got to first convert your dollar over to some
Speaker 1: sort of cryptocurrency, and then in order to get your
Speaker 1: dollar over to some sort of cryptocurrency, you've got to
Speaker 1: use some sort of exchange, whether that be something as
Speaker 1: simple as like a coin base, whether it would be
Speaker 1: something as a little bit more complex, maybe just a
Speaker 1: little bit more complex in coin based, but something like
Speaker 1: meta mask is which is really not designed as fluently
Speaker 1: in my opinion, as something like coin base, but it
Speaker 1: can be done. People do it every day, but I
Speaker 1: do not recommend it for a new bi I recommend
Speaker 1: something like a coin base because it's just it's designed
Speaker 1: for the beginner. And so there are ways of designing
Speaker 1: software that enables more people to get in the game,
Speaker 1: and these include accessibility, trust, transparency, design colors, fond choices, navigability,
Speaker 1: and more. And unless I have to read an instruction
Speaker 1: manual or pull up a YouTube video to learn how
Speaker 1: to work it, the more likely I them to engage
Speaker 1: in it. It's just a fact people wanted to be easier.
Speaker 1: This is something people like Steveles understood. If you're old enough,
Speaker 1: you'll remember that there was a lot of discussion about
Speaker 1: iPads when they first came out, and because they were
Speaker 1: the first among you know, a sea of hardware technologies
Speaker 1: that you could buy that didn't come with a paper manual.
Speaker 1: If you remember the iPads, and they still don't, they
Speaker 1: still don't come with you know, paper manual that they
Speaker 1: were actually designed in in a way that you should
Speaker 1: need a manual in order to operate it in the
Speaker 1: way that it was intended. They worked it out so
Speaker 1: you can take all the guestswork and confusion out of
Speaker 1: the iPads functionality. So as soon as you powered it on,
Speaker 1: you knew how to work it. You know how to
Speaker 1: get the most out of it. And today so far
Speaker 1: n f t s don't work so simply, you know,
Speaker 1: playing this game digital asset ownership, you know there's a
Speaker 1: learning curve which many of us do. However, we approach
Speaker 1: things that are complex or require effort is bilout. We
Speaker 1: throw our hands up. And what I'm trying to do
Speaker 1: today is get you to not do that at this
Speaker 1: time to convince you that this is a moment in
Speaker 1: time regarding the potential impact of n f t s.
Speaker 1: This is a rare one both from a producers and
Speaker 1: a consumer standpoint. Games changed. The game has been changed,
Speaker 1: and consumers can now get access to digital art and more,
Speaker 1: um way more than just digital art, but that's another
Speaker 1: conversation for another day. And reap the benefits of that
Speaker 1: ownership as well as the creator. They can reap the
Speaker 1: benefits of their production and in perpetuity. It's not just
Speaker 1: you sold it and now you're out of the game.
Speaker 1: Now you can produce something, sell it, and every time
Speaker 1: the next person sells it again, you get a royalty back.
Speaker 1: That's possible these days with an n f T. So
Speaker 1: you can imagine, if you're savvy, what that might mean
Speaker 1: for people who produce music, or people who produce visual art,
Speaker 1: or people who produce you know, spoken word, or people
Speaker 1: who produce audio, or people I mean a whole lot
Speaker 1: of things. There's implications here for all of you artists
Speaker 1: or just producers at large. You know, one of my
Speaker 1: favorite books, UM, and it has been for at least
Speaker 1: five or six years, has been Ready Player one and
Speaker 1: UM I learned something about myself some time ago, quite
Speaker 1: possibly around the same time UM Amazon bought Audible that
Speaker 1: I mostly enjoy reading or listening to near future science fiction.
Speaker 1: And by that I mean I do not get into aliens.
Speaker 1: I don't enjoy stories about space travel by and large,
Speaker 1: and I have no interest in dragons and things like that.
Speaker 1: What I'm most interested in is near future science fiction.
Speaker 1: And these are stories that are set, for the most part,
Speaker 1: no more than like twenty thirty sometimes forty, that can
Speaker 1: be reaching a little bit twenty thirty years out. And
Speaker 1: these stories rely on um at least the good ones
Speaker 1: in my view, and arc that is reasonably foreseeable based
Speaker 1: on our present day technological advancement trajectory. And so if
Speaker 1: you look at what we have today technology wise, consider
Speaker 1: what we had ten years ago technology wise. If you
Speaker 1: were to kind of like plot that on a chart
Speaker 1: with the advancements made over a ten year period, and
Speaker 1: then like you continue that path out into the future
Speaker 1: like ten, another ten, twenty years, you can imagine where
Speaker 1: we'd be. So that's like my definition of near future
Speaker 1: science fiction. The books I'm interested in reading are just
Speaker 1: slightly dystopian, like the govern ment has probably been overthrown
Speaker 1: in these books and a new order is in place,
Speaker 1: like we likely have more strongly monopolistic companies. Like imagine
Speaker 1: if like Amazon was where everybody worked and we all
Speaker 1: worked there, and we also had Amazons like our only outlet,
Speaker 1: the only major outlet for like anything you needed you
Speaker 1: had to get it from the same place you worked,
Speaker 1: and you lived at the Amazon plant, like you lived
Speaker 1: there eight there, you worked there, like your life was
Speaker 1: at Amazon. Like imagine that kind of like things. So
Speaker 1: like that's kind of crazy. It's probably not likely, but
Speaker 1: it is. It could happen. Like that's the kind of
Speaker 1: stuff that I like to read, like a wild future,
Speaker 1: but one that isn't like unreasonable or fantastic. That makes sense.
Speaker 1: I hope it does. It makes sense to me. Um,
Speaker 1: So before you continue this episode, I will say I
Speaker 1: must tell you that this story, this episode does contain spoilers,
Speaker 1: particularly about Ready Player one. So if you've not seen
Speaker 1: Ready Player one or read the book, I'm gonna be
Speaker 1: talking about it, So just a heads up for you.
Speaker 1: It's Already Player one. Um. It's a book that helped
Speaker 1: me understand my book reading or listening interests. So I
Speaker 1: didn't know I was super interested in science fiction until
Speaker 1: I read it. And what immediately caught me about this
Speaker 1: book was that there was a story inside of the story.
Speaker 1: If you're paying attention, like one of those stories was
Speaker 1: more fully fleshed out in the book, and that was
Speaker 1: the world inside the metaverse, the world where you could
Speaker 1: be dirt poor in the analog world, the quote unquote
Speaker 1: real world where we you know, we where we are,
Speaker 1: but it didn't matter if in the digital world you
Speaker 1: had more stuff. More means more assets than others. Digital assets.
Speaker 1: I mean, whether that be like weapons and ammo or
Speaker 1: like don't virtual cars, or like a crazy house in
Speaker 1: the metaverse, or your avatar was super good looking, like
Speaker 1: all of these things matter so much more than their
Speaker 1: physical representation in the real world. So in the real
Speaker 1: world you can have a decent place to live, but
Speaker 1: it isn't what It didn't matter as much as if
Speaker 1: you had like a crazy mansion in the virtual world.
Speaker 1: You would trade your real world circumstances for a better
Speaker 1: virtual world circumstances. That's the world of Ready Player one.
Speaker 1: And it does strike me as interesting because these were
Speaker 1: the days before like Fortnite. When I read this book,
Speaker 1: like there was no Fortnite, and when I read this book,
Speaker 1: there was like no roadblocks um which are like new phenomena,
Speaker 1: and so the that the world would ultimately be this
Speaker 1: way was not at least to me a foregone conclusion
Speaker 1: when I was introduced to the book, and it certainly
Speaker 1: still isn't a foregone conclusion to many other people. There's
Speaker 1: still people who don't believe, or don't want or don't
Speaker 1: wish that world to come. But I'm it's happening in
Speaker 1: so many ways. It's already here. But we'll talk about that.
Speaker 1: And so it's you who I want to, you know,
Speaker 1: kind of have this conversation with in this episode. Those
Speaker 1: who are still trying to figure out what implications n
Speaker 1: f t S will have on their lives and like
Speaker 1: on a daily basis, not like just you know, a
Speaker 1: virtual art gallery, but like what will n f t
Speaker 1: S mean to your life? And those who are anti
Speaker 1: you know, you just against the world moving in this direction.
Speaker 1: Like I want to talk to you in this episode
Speaker 1: because I think that we can have a really cool conversation.
Speaker 1: So I don't know if I'm in the mind of
Speaker 1: trying to persuade you on this episode, but what I'm
Speaker 1: just trying to do is to just point out a
Speaker 1: few things. And they things that at least in my
Speaker 1: mind are like undeniable, and those are one we're increasingly
Speaker 1: dependent on the digital to have a relatively good quality
Speaker 1: of life, at least by mainstream definitions, where increasingly living
Speaker 1: digital lives, our businesses are virtual. We meet with clients
Speaker 1: and partners face to face via the internet, you know,
Speaker 1: via internet connection, or we spend alternative currencies for goods
Speaker 1: and services. We build our brands on social media, technology
Speaker 1: and um. At some point hint, hint, in present day
Speaker 1: people will want to own things like I would want
Speaker 1: to have ownership in the digital world. And so it's
Speaker 1: really has it's really hard to have a genuine conversation
Speaker 1: about the merits of those concepts if we can't agree
Speaker 1: that their valid. So our lives are becoming increasingly dependent
Speaker 1: on digital things and so much so, like if you
Speaker 1: think about these things that if if our lives are
Speaker 1: becoming more digital and I can only today own things
Speaker 1: in the analog world, why not can I own anything
Speaker 1: in the digital world? How can I gain some sort
Speaker 1: of power and authority over how my experience in the
Speaker 1: digital world operates? Like how how can I, you know,
Speaker 1: start to level up? How can I get promoted? How
Speaker 1: can I gain authority over community? How can I what
Speaker 1: can I do to increase my standing in the world.
Speaker 1: These things are possible now, and you gotta think about that.
Speaker 1: We don't have autonomy over our virtual lives via social media,
Speaker 1: like we don't own it. If you want to engage
Speaker 1: on its grand Facebook, TikTok or whatever, they can take
Speaker 1: you down tomorrow because they don't like what you publish.
Speaker 1: And so how do you gain autonomy? How do you
Speaker 1: gain ownership of your experience and what you put out
Speaker 1: in the world. You used to couldn't do that a
Speaker 1: couple of years ago. You couldn't do that. You couldn't
Speaker 1: own it. You had to play by the rules of
Speaker 1: the platform. That's changing. So honestly, I want to spend
Speaker 1: like fifteen to twenty minutes just kind of giving a
Speaker 1: very high level overview of UM the state of our community.
Speaker 1: When you think about things like n f t s,
Speaker 1: you think about things like smart contracts, you think about
Speaker 1: things like dows, you think about things like cryptocurrency. And
Speaker 1: so what I want to do today is because number one,
Speaker 1: because I don't believe I can go deeply talking about
Speaker 1: n f t s and we don't have an appreciate
Speaker 1: and for the entirety, or or at least a good appreciation,
Speaker 1: a decent appreciation of the implications of the block chain,
Speaker 1: and all of these things I just mentioned smart contracts,
Speaker 1: n f T, s, dolls, cryptocurrency are all enabled, are
Speaker 1: all possible because of the blockchain. So what I want
Speaker 1: to do today is begin an intelligent conversation about what
Speaker 1: an n f T is, the steps you can take
Speaker 1: for purchasing your first n f T, which sadly is
Speaker 1: not yet today super simple like many of of us
Speaker 1: would have it. Um, and why now is it time
Speaker 1: for you to find your way in no matter how
Speaker 1: confusing it might be present day, So let's start there. Um.
Speaker 1: So first, what is an n f T. I've talked
Speaker 1: about this in a previous episode called how to mention
Speaker 1: first n f T. But an n f T is
Speaker 1: a non fungible token. Fungible means you can trade it
Speaker 1: for something like and it doesn't matter. So think about
Speaker 1: like this. If I give you a five dollar bill
Speaker 1: and you give me five ones, we got the same thing.
Speaker 1: It's it's interchangeable. Um, you can give me any five
Speaker 1: ones inside the stack of one dollar bills. It doesn't matter,
Speaker 1: it's five dollars. But if I have the Mona Lisa
Speaker 1: and you have Cahende Wiley's memling, and we try to
Speaker 1: trade that. You can't really do that. It's not equal
Speaker 1: no matter what you do, it's not equal because it's different.
Speaker 1: It's not interchangeable. We have two different things if we
Speaker 1: decide to swap hands. And this concept should not This
Speaker 1: is not a trick concept, so this shouldn't be super hard.
Speaker 1: So we understand that there are some things you can
Speaker 1: trade with somebody else with and they be pretty much
Speaker 1: the exact same thing. So you ever asked somebody you
Speaker 1: got a twenty dollar bill and you're like, hey, you
Speaker 1: don't any can anybody break this twenty Somebody comes to
Speaker 1: you with five ones or five dollars bill in a
Speaker 1: ten and you still got twenty hollars, but you got
Speaker 1: it broken down into pieces, but you still got twenty hours.
Speaker 1: That's fungible. Trading a piece of art for another piece
Speaker 1: of art, or trading a piece of art for dollars,
Speaker 1: or trading a piece of art for light coin, that's
Speaker 1: non fungible. Like you, you're getting something different in exchange.
Speaker 1: They're not the same. So so why does it matter
Speaker 1: at all? So if you think about this, like if
Speaker 1: you know, like I, let's say you have any nieces
Speaker 1: and nephews, or you have young kids. You know, if
Speaker 1: you think about and they let's say they play Roadblocks
Speaker 1: or they play Fortnite. If you think about this, and
Speaker 1: I said the same thing, and um, how to mention
Speaker 1: first n f T I have young children, and I
Speaker 1: would bet they would struggle if you said, here's a
Speaker 1: hundred dollars in cash or a hundred dollars in roebucks
Speaker 1: or v bucks. They would struggle with deciding which is
Speaker 1: more valuable to them. That's the world we're walking into.
Speaker 1: It is just as almost almost just as important to
Speaker 1: them to have status in a virtual world, to stunt
Speaker 1: in a virtual world than it does in a real world.
Speaker 1: In real life, status matters, which is why almost why
Speaker 1: we collect anything and want to show it off. It
Speaker 1: gives us status. It's in our DNA. And so that
Speaker 1: is inherently moving to a digital landscape where more and
Speaker 1: more of us are spending our time and we, like
Speaker 1: I talked about the key principles, See if we can't
Speaker 1: have a conversation about are we living more and more digitalized?
Speaker 1: Are we relying on the digital things more and more
Speaker 1: to enable to us to move in the digital world. Therefore,
Speaker 1: if that's true, we want to have status in that world.
Speaker 1: And that's the world we're coming to. It's the world
Speaker 1: our kids are already in. So with that, getting to
Speaker 1: the place where you can purchase your first n f T,
Speaker 1: you've got to first convert your dollars, your US dollars
Speaker 1: to some sort of cryptocurrency, and typically UM by large,
Speaker 1: these work on the Ethereum blockchain. So you want to
Speaker 1: convert your US dollars to ethereum, and you can do that,
Speaker 1: and we'll let's just talk about coin base because it's
Speaker 1: the easiest one to use. You can use others, there
Speaker 1: are many others, but coin based, in my experience, is
Speaker 1: the easiest to use. Meta mask is also one that
Speaker 1: is widely popular. Coin based. Will just stick with that
Speaker 1: for the taking this conversation. We can talk about meta
Speaker 1: masking a different um in a different episode, because maybe
Speaker 1: we'll have an episode about wallets and exchanges. Coin based
Speaker 1: is most widely used. So let's say you go, you
Speaker 1: download coin based on your phone, UM, you sign up
Speaker 1: for an account, and you you connect your bank account
Speaker 1: to it, you connect the debit card to it, and
Speaker 1: you say, I want to buy and I'm not even
Speaker 1: looking at exchange rates right now. But let's just say,
Speaker 1: for simple math purposes, I want to buy one ethereum
Speaker 1: and last I look because I have a bunch of
Speaker 1: have ethereum um, but I have I don't watch it,
Speaker 1: but I have ethereum. And so let's just say the
Speaker 1: last I looked it was like, you know, four thousand
Speaker 1: dollars for one eight. I heard there's some violatility in
Speaker 1: the market right now, But different conversations for another day.
Speaker 1: But let's say um, just for simple math purposes, let's
Speaker 1: say one dollar to one thousand UM. One thousand dollars
Speaker 1: in US dollars get you one eighth. So one thousand
Speaker 1: to one that's not correct. I'm sure that's not correct,
Speaker 1: because goodness gracious, but one thousand dollars will buy you
Speaker 1: one eight. And then I want to go by UM
Speaker 1: an n f T. So I've now had I've exchanged
Speaker 1: my one thousand dollars for one ethereum token. What I'm
Speaker 1: then going to do is sign up for an account
Speaker 1: on something like open Sea, which is one of the
Speaker 1: biggest platforms. So think of it. Think of it like
Speaker 1: Amazon for n f T s. Think of it like
Speaker 1: like eBay for n F T s. So if I've
Speaker 1: got uh digital art, I've you know, produced, I can
Speaker 1: go to Open Sea and I can put my digital art,
Speaker 1: my song, my j peg, my ping, my PNG file,
Speaker 1: my Jeff, my raster whatever that raster file is, I
Speaker 1: can produce. I can I can publish um my digital
Speaker 1: art to open See and put it on the marketplace.
Speaker 1: So you know, somebody else, Sally and Utah can buy
Speaker 1: it if she likes it. So I'm going to connect
Speaker 1: my wallet. This is where it starts to get tricky
Speaker 1: because I mentioned this. I told you you have a
Speaker 1: conversation about complex things today. You cannot let the complexity
Speaker 1: of doing this get you out of the game. Because
Speaker 1: just because you bought one thousand dollars worth of ethereum,
Speaker 1: which is one in our world the exchange right, I
Speaker 1: don't know what it is right now, but it could
Speaker 1: be more. I'm sure it's more. It's like four thousand
Speaker 1: dollars the last time I look you you went and
Speaker 1: bought one. E took your thousand dollars to buy it,
Speaker 1: or your ethereum is still not yet in a place
Speaker 1: where you can actually make transactions with it. If if
Speaker 1: you bought it on coin bay dot com, if you
Speaker 1: bought it on the coin based app, you have to
Speaker 1: move it over to your wallet and that costs minor fees.
Speaker 1: Minor fees are fees that are paid to people who
Speaker 1: mind cryptocurrency validate transactions all over the world. They get
Speaker 1: incentivized to do this and to verify to keep the
Speaker 1: block chain honest. They do this for those fees, so
Speaker 1: they put computer power to work in order to earn cryptocurrency.
Speaker 1: So you've paid one some sort of fee to buy
Speaker 1: the cryptocurrency by the ethereum from the coin based dot
Speaker 1: com or the coin based app, and then you're paying
Speaker 1: again to move your money from the coin based dot
Speaker 1: com site or the coin based app over to a
Speaker 1: coin based wallet which enables you to be able to
Speaker 1: make transactions with your currency, your cryptocurrency, your ethereum. Now,
Speaker 1: the cool thing about once you've downloaded both the coin
Speaker 1: based app and the coin based wallet, it's very simple
Speaker 1: to move the money between the two. Now, you're gonna
Speaker 1: pay to move the money between the two, but it's
Speaker 1: very simple to do. It's like a one button you know,
Speaker 1: by transfer whatever um. And then once you have moved
Speaker 1: your money into the wallet. You're using that wallet to
Speaker 1: sign in. It's like logging credentials two things like open Sea.
Speaker 1: So that's that you're going to Facebook and you're trying
Speaker 1: to sign into Facebook using an email address, a passwords,
Speaker 1: signing up for user name, all of these things well
Speaker 1: in the world of crypto, like your wallet is getting
Speaker 1: you access, so you don't have to go through all
Speaker 1: the processes of you know, confirming via email, adding an
Speaker 1: email address, all of these different things. Those days are done.
Speaker 1: When you think about the world that we're moving into,
Speaker 1: particularly when they involve interfacing with the blockchain. You're using
Speaker 1: your wallet to get access. Your wallet is your key,
Speaker 1: so you're going to open see dot io and you're
Speaker 1: looking for the log in button, and the log in
Speaker 1: button instead of asking you for again a user name,
Speaker 1: password or whatever email address, is asking you for your wallet.
Speaker 1: Which wallet are you using and in this example, we're
Speaker 1: using your coin based wallet. So once you've signed up
Speaker 1: for a coin base, you move your money over to
Speaker 1: the coin based wallet. Your wallet now is your access
Speaker 1: into open sea, and you're you're all of your credentials
Speaker 1: are already stored in your wallet, so who you are
Speaker 1: is stored in your wallet. Your your profile picture is
Speaker 1: stored in your wallet, like all of who you are
Speaker 1: is your wallet, so you're not having to sign up
Speaker 1: in this long, arduous process. It's all stored in your wallet.
Speaker 1: So you you connect your wallet to open see um
Speaker 1: and then once you connected your wallet, now you are
Speaker 1: in a position to be able to purchase things. Again.
Speaker 1: Every time you interface with the blockchain, you're paying because
Speaker 1: you're putting a record on the ledger that computers all
Speaker 1: around the world have to verify, validate and ensure our secure.
Speaker 1: So every time you go to buy sell a n
Speaker 1: f T or whatever, you're paying a fee, and so
Speaker 1: this is important. This is an important distinction to make
Speaker 1: with regards to buying something at a store where there's
Speaker 1: hidden fees. There's things like actual gas to get to
Speaker 1: the store. There's things like your time spent you know,
Speaker 1: traveling from your home to the store, and you're instead
Speaker 1: paying gas fees proverbial gas fees, which are like in
Speaker 1: the form of like minor fees to validate the transaction
Speaker 1: on the blockchain. This all sounds very complex, at least
Speaker 1: it does to me explaining it. It was to me
Speaker 1: the first time I did it, and hopefully it is
Speaker 1: not so complex. And my job here today is at
Speaker 1: least give you a primer on what you can expect
Speaker 1: when you go do this using this step by step
Speaker 1: to make sure you understand that this is not the
Speaker 1: world that you're used to living in. This is a
Speaker 1: different world. And this world is going to leave a
Speaker 1: lot of people out who are against learning something new.
Speaker 1: I don't want that to be you. I want us
Speaker 1: to be continual learners, continual people who are open to,
Speaker 1: you know, being new at something. You haven't been new
Speaker 1: at something in a long time. I wan be honest.
Speaker 1: The first time I did this, when I when I
Speaker 1: do this for the absolute first time, trying to connect
Speaker 1: my my coin based dot com the app to the
Speaker 1: wallet and then the wallet to um open see and all,
Speaker 1: it took me about an hour or two just to
Speaker 1: figure out why. And it wasn't an hour or two
Speaker 1: of actually trying to figure things out. It was an
Speaker 1: hour or two of trying to figure out am I
Speaker 1: doing it right? Because I'm paying for everything that I'm doing,
Speaker 1: and so I got to be doing something wrong, and
Speaker 1: so it was like I'm okay, I'm like should I
Speaker 1: be paying again? That's what I was concerned with, which
Speaker 1: is why it took so long. But yes, every time
Speaker 1: you interface with the blockchain, you're paying because you have
Speaker 1: to validate that transaction the system has. The blockchain has
Speaker 1: to be validated by people who run a gazillion computers
Speaker 1: all over the world, and that you know that stuff
Speaker 1: costs money to do that light's got to stay on.
Speaker 1: So because this is still as complex as it is,
Speaker 1: we're not yet at a moment where there's mass adoption,
Speaker 1: but that's where the opportunity it is. It's already a
Speaker 1: lot of hype around certain n f T projects like
Speaker 1: v friends or crypto punks, which drives up the cost
Speaker 1: of them. But imagine when having a crypto wallet is
Speaker 1: as ubiquitous is having a debit card, or as having
Speaker 1: an account on Instagram. That day is coming. When it does,
Speaker 1: it will be even harder to break through the noise
Speaker 1: and get attention for your project, to buy a project
Speaker 1: at a price you can manage your otherwise. This is
Speaker 1: a moment where you were doing the homework, having the
Speaker 1: patients and spending the time can read huge rewards. Will
Speaker 1: it be impossible a year from now, two years from now,
Speaker 1: No but it will be harder because even more people
Speaker 1: will be in the thing about n f t s,
Speaker 1: just like it was with Instagram, TikTok you know, Twitter
Speaker 1: and more. Is the early adopters get rewarded. The earlier
Speaker 1: you are and on the project, the earlier you believe
Speaker 1: in an artist, and earlier you put your tokens to work,
Speaker 1: the more opportunity you can take advantage of, the more
Speaker 1: upside you have the potential for Black Tech Green Money
Speaker 1: is a production to Black of the Afro Tech Black
Speaker 1: Effect podcast Network and I Heart Media and it's produced
Speaker 1: by Morgan Dabon and me Well Lucas, with condition to
Speaker 1: production support by Love Beach and the Russa Lewis Special
Speaker 1: thank you to Michael Davis, your main hall in c
Speaker 1: carzavan Jan you know like the wine. Yes, that's his
Speaker 1: real name. Learn more about this topic of the tech
Speaker 1: destruct that's the innovators and more at afro tech dot com.
Speaker 1: Enjoying Black Tech Green Money leave us a five star
Speaker 1: rating on night Tunes. Go get your money, peace and
Speaker 1: love