WEBVTT - We're in an NFT Moment w/ Will Lucas 0:00:00.120 --> 0:00:04.080 There are plenty of features in ways of engaging in 0:00:04.120 --> 0:00:06.640 the world of n f T S that if you're 0:00:06.680 --> 0:00:10.880 waiting for things to get simpler, you're really just gonna 0:00:10.960 --> 0:00:16.079 miss some incredible opportunities. And this message is not only 0:00:16.079 --> 0:00:19.520 to be hyperbolic or to exaggerate the moment we're in, 0:00:20.440 --> 0:00:24.600 but the truth is we're in a moment. And by 0:00:24.640 --> 0:00:27.160 that moment, what I mean is there was a quote 0:00:27.200 --> 0:00:28.840 and I couldn't find the quote, but I'm gonna give 0:00:28.840 --> 0:00:31.560 you the paraphrase of the quote, and it was talking about, 0:00:31.840 --> 0:00:34.920 you know, some years ago when the Internet was really 0:00:34.960 --> 0:00:37.840 in its um it was in an upward trajectory. There 0:00:37.920 --> 0:00:40.360 was really no social media at the time, but more 0:00:40.400 --> 0:00:42.760 people were leaving things like the A O, L C 0:00:42.960 --> 0:00:45.240 D that would come into mail, and they were starting 0:00:45.280 --> 0:00:48.400 to use more things like Internet drink, like like web 0:00:48.440 --> 0:00:54.240 based browsers, things like you know, Google, Yahoo, um Um, asked, Jeeves, 0:00:54.360 --> 0:00:57.800 info Seek, things like that. And so the point of 0:00:57.840 --> 0:00:59.680 this story, that was a long way to get to 0:00:59.680 --> 0:01:02.160 the point, but the point of this story it talked 0:01:02.200 --> 0:01:08.200 about when the user interface becomes something fluent, easy to use, 0:01:08.800 --> 0:01:14.000 that's when tech can realize mass adoption. So it let 0:01:14.000 --> 0:01:18.080 me break that down. This is important we buy and 0:01:18.160 --> 0:01:24.560 large as a community do not embrace technologies software hardware 0:01:25.080 --> 0:01:29.200 that are complex to use because it's just complex. We 0:01:29.240 --> 0:01:32.920 want things to be simple. We believe inherently that technology 0:01:33.000 --> 0:01:36.039 is supposed to make things easier, it's supposed to make 0:01:36.080 --> 0:01:40.040 things more efficient. And so when technology does not make 0:01:40.120 --> 0:01:44.720 things more efficient, the user interface is complex and it's 0:01:44.760 --> 0:01:48.160 hard to learn and it's hard to navigate, we just 0:01:48.320 --> 0:01:52.120 don't gravitate towards it. The problem with that is is 0:01:52.240 --> 0:01:56.200 you can miss an incredible opportunity to take advantage of 0:01:56.800 --> 0:02:01.400 a landscape that in the future more people will be 0:02:01.640 --> 0:02:04.280 trying to purchase land on if I can use a 0:02:04.400 --> 0:02:11.880 real estate parallel. And so today there's so much opportunity 0:02:11.960 --> 0:02:16.000 in the world of web three, the metaverse, um, digital 0:02:16.240 --> 0:02:20.799 art in, etcetera. And more people tomorrow will be coming 0:02:21.240 --> 0:02:24.640 when the unity, when the user interface becomes more fluent, 0:02:25.040 --> 0:02:27.480 more people will be trying to take advantage of something 0:02:27.480 --> 0:02:30.519 because it's easier to get in. But today, when it's 0:02:30.680 --> 0:02:33.800 difficult to get in, only the people who were patient 0:02:33.960 --> 0:02:38.240 enough were in a mindset of a growth mindset, and 0:02:38.280 --> 0:02:41.040 we're in an opportunity where they said look, I'm going 0:02:41.080 --> 0:02:44.000 to take the time to understand this. I'm gonna learn it, 0:02:44.040 --> 0:02:47.400 I'm gonna become proficient at it. Those are the people 0:02:47.440 --> 0:02:49.960 who get the opportunity for the land grap So if 0:02:49.960 --> 0:02:53.560 you think about a lot of the software companies that 0:02:53.680 --> 0:02:58.720 have um you know, come to proficiency over our you know, 0:02:58.760 --> 0:03:01.720 the last decade or two. Think about like Facebook, the Twitters, 0:03:01.760 --> 0:03:05.240 the Google's, etcetera. The people who made the most money, 0:03:05.560 --> 0:03:08.400 those were the people who bet on them before anybody 0:03:08.400 --> 0:03:12.720 else really believed they saw something. And so by the 0:03:12.760 --> 0:03:16.240 time you and I got an opportunity to bet on 0:03:16.320 --> 0:03:20.040 these companies, that's when they went public. But the money 0:03:20.120 --> 0:03:24.839 was already made with the first people in the early adopters, 0:03:24.919 --> 0:03:28.000 the early believers, when it was complex, when it was 0:03:28.040 --> 0:03:31.280 still hard and it was a little bit ugly in etcetera. 0:03:31.360 --> 0:03:35.280 But they saw something that in the future would be 0:03:35.400 --> 0:03:40.160 more widely accessible and they took advantage of that moment. 0:03:41.520 --> 0:03:45.200 This is that moment with n f t s right now. 0:03:45.320 --> 0:03:52.040 It is very challenging, complex to engage with crypto with 0:03:52.480 --> 0:03:57.560 blockchain enabled technologies. If you want to buy an n 0:03:57.600 --> 0:04:01.240 f T, you've got the first and most every circumstance, 0:04:01.280 --> 0:04:04.480 you've got to first convert your dollar over to some 0:04:04.560 --> 0:04:08.360 sort of cryptocurrency, and then in order to get your 0:04:08.400 --> 0:04:10.960 dollar over to some sort of cryptocurrency, you've got to 0:04:11.080 --> 0:04:14.280 use some sort of exchange, whether that be something as 0:04:14.320 --> 0:04:16.359 simple as like a coin base, whether it would be 0:04:16.400 --> 0:04:20.040 something as a little bit more complex, maybe just a 0:04:20.080 --> 0:04:22.159 little bit more complex in coin based, but something like 0:04:22.240 --> 0:04:27.240 meta mask is which is really not designed as fluently 0:04:27.400 --> 0:04:30.000 in my opinion, as something like coin base, but it 0:04:30.000 --> 0:04:32.479 can be done. People do it every day, but I 0:04:32.600 --> 0:04:35.880 do not recommend it for a new bi I recommend 0:04:36.000 --> 0:04:38.840 something like a coin base because it's just it's designed 0:04:38.960 --> 0:04:42.240 for the beginner. And so there are ways of designing 0:04:42.279 --> 0:04:44.800 software that enables more people to get in the game, 0:04:45.360 --> 0:04:51.880 and these include accessibility, trust, transparency, design colors, fond choices, navigability, 0:04:51.880 --> 0:04:55.000 and more. And unless I have to read an instruction 0:04:55.080 --> 0:04:57.560 manual or pull up a YouTube video to learn how 0:04:57.600 --> 0:05:00.760 to work it, the more likely I them to engage 0:05:00.760 --> 0:05:03.520 in it. It's just a fact people wanted to be easier. 0:05:04.800 --> 0:05:08.080 This is something people like Steveles understood. If you're old enough, 0:05:08.160 --> 0:05:11.840 you'll remember that there was a lot of discussion about 0:05:11.880 --> 0:05:15.200 iPads when they first came out, and because they were 0:05:15.200 --> 0:05:19.240 the first among you know, a sea of hardware technologies 0:05:19.279 --> 0:05:22.520 that you could buy that didn't come with a paper manual. 0:05:22.839 --> 0:05:25.000 If you remember the iPads, and they still don't, they 0:05:25.040 --> 0:05:28.440 still don't come with you know, paper manual that they 0:05:28.440 --> 0:05:31.799 were actually designed in in a way that you should 0:05:31.960 --> 0:05:34.839 need a manual in order to operate it in the 0:05:34.880 --> 0:05:37.680 way that it was intended. They worked it out so 0:05:37.760 --> 0:05:40.120 you can take all the guestswork and confusion out of 0:05:40.160 --> 0:05:43.760 the iPads functionality. So as soon as you powered it on, 0:05:44.200 --> 0:05:45.520 you knew how to work it. You know how to 0:05:45.560 --> 0:05:48.440 get the most out of it. And today so far 0:05:49.680 --> 0:05:52.160 n f t s don't work so simply, you know, 0:05:52.240 --> 0:05:56.000 playing this game digital asset ownership, you know there's a 0:05:56.080 --> 0:06:00.680 learning curve which many of us do. However, we approach 0:06:01.080 --> 0:06:05.640 things that are complex or require effort is bilout. We 0:06:05.680 --> 0:06:08.200 throw our hands up. And what I'm trying to do 0:06:08.279 --> 0:06:11.200 today is get you to not do that at this 0:06:11.279 --> 0:06:14.680 time to convince you that this is a moment in 0:06:14.760 --> 0:06:18.240 time regarding the potential impact of n f t s. 0:06:18.560 --> 0:06:22.599 This is a rare one both from a producers and 0:06:22.720 --> 0:06:27.240 a consumer standpoint. Games changed. The game has been changed, 0:06:27.320 --> 0:06:31.880 and consumers can now get access to digital art and more, 0:06:32.880 --> 0:06:36.240 um way more than just digital art, but that's another 0:06:36.240 --> 0:06:40.560 conversation for another day. And reap the benefits of that 0:06:40.680 --> 0:06:45.039 ownership as well as the creator. They can reap the 0:06:45.080 --> 0:06:50.000 benefits of their production and in perpetuity. It's not just 0:06:50.200 --> 0:06:52.000 you sold it and now you're out of the game. 0:06:52.680 --> 0:06:57.240 Now you can produce something, sell it, and every time 0:06:57.279 --> 0:07:01.320 the next person sells it again, you get a royalty back. 0:07:01.760 --> 0:07:04.359 That's possible these days with an n f T. So 0:07:04.400 --> 0:07:07.560 you can imagine, if you're savvy, what that might mean 0:07:07.640 --> 0:07:10.640 for people who produce music, or people who produce visual art, 0:07:10.720 --> 0:07:14.120 or people who produce you know, spoken word, or people 0:07:14.120 --> 0:07:16.960 who produce audio, or people I mean a whole lot 0:07:16.960 --> 0:07:21.080 of things. There's implications here for all of you artists 0:07:21.640 --> 0:07:26.520 or just producers at large. You know, one of my 0:07:26.600 --> 0:07:29.360 favorite books, UM, and it has been for at least 0:07:29.440 --> 0:07:32.760 five or six years, has been Ready Player one and 0:07:33.480 --> 0:07:36.680 UM I learned something about myself some time ago, quite 0:07:36.680 --> 0:07:41.360 possibly around the same time UM Amazon bought Audible that 0:07:41.480 --> 0:07:45.280 I mostly enjoy reading or listening to near future science fiction. 0:07:45.680 --> 0:07:48.560 And by that I mean I do not get into aliens. 0:07:49.080 --> 0:07:53.000 I don't enjoy stories about space travel by and large, 0:07:53.400 --> 0:07:56.760 and I have no interest in dragons and things like that. 0:07:57.240 --> 0:08:01.400 What I'm most interested in is near future science fiction. 0:08:01.720 --> 0:08:04.160 And these are stories that are set, for the most part, 0:08:04.640 --> 0:08:08.640 no more than like twenty thirty sometimes forty, that can 0:08:08.720 --> 0:08:12.240 be reaching a little bit twenty thirty years out. And 0:08:12.320 --> 0:08:15.200 these stories rely on um at least the good ones 0:08:15.280 --> 0:08:20.800 in my view, and arc that is reasonably foreseeable based 0:08:20.840 --> 0:08:27.120 on our present day technological advancement trajectory. And so if 0:08:27.160 --> 0:08:32.400 you look at what we have today technology wise, consider 0:08:32.440 --> 0:08:36.240 what we had ten years ago technology wise. If you 0:08:36.280 --> 0:08:38.520 were to kind of like plot that on a chart 0:08:39.080 --> 0:08:42.000 with the advancements made over a ten year period, and 0:08:42.040 --> 0:08:45.280 then like you continue that path out into the future 0:08:45.320 --> 0:08:49.160 like ten, another ten, twenty years, you can imagine where 0:08:49.200 --> 0:08:54.320 we'd be. So that's like my definition of near future 0:08:54.320 --> 0:08:57.760 science fiction. The books I'm interested in reading are just 0:08:57.920 --> 0:09:02.599 slightly dystopian, like the govern ment has probably been overthrown 0:09:02.679 --> 0:09:05.480 in these books and a new order is in place, 0:09:05.559 --> 0:09:11.400 like we likely have more strongly monopolistic companies. Like imagine 0:09:11.400 --> 0:09:16.280 if like Amazon was where everybody worked and we all 0:09:16.320 --> 0:09:20.480 worked there, and we also had Amazons like our only outlet, 0:09:20.559 --> 0:09:23.360 the only major outlet for like anything you needed you 0:09:23.400 --> 0:09:25.080 had to get it from the same place you worked, 0:09:25.960 --> 0:09:30.440 and you lived at the Amazon plant, like you lived 0:09:30.480 --> 0:09:32.920 there eight there, you worked there, like your life was 0:09:32.960 --> 0:09:35.360 at Amazon. Like imagine that kind of like things. So 0:09:35.440 --> 0:09:40.520 like that's kind of crazy. It's probably not likely, but 0:09:40.600 --> 0:09:43.000 it is. It could happen. Like that's the kind of 0:09:43.000 --> 0:09:45.280 stuff that I like to read, like a wild future, 0:09:45.679 --> 0:09:49.840 but one that isn't like unreasonable or fantastic. That makes sense. 0:09:49.840 --> 0:09:53.200 I hope it does. It makes sense to me. Um, 0:09:53.200 --> 0:09:56.200 So before you continue this episode, I will say I 0:09:56.280 --> 0:10:01.479 must tell you that this story, this episode does contain spoilers, 0:10:01.480 --> 0:10:04.560 particularly about Ready Player one. So if you've not seen 0:10:04.640 --> 0:10:07.040 Ready Player one or read the book, I'm gonna be 0:10:07.080 --> 0:10:09.160 talking about it, So just a heads up for you. 0:10:10.000 --> 0:10:14.720 It's Already Player one. Um. It's a book that helped 0:10:14.760 --> 0:10:18.800 me understand my book reading or listening interests. So I 0:10:18.800 --> 0:10:21.319 didn't know I was super interested in science fiction until 0:10:21.320 --> 0:10:24.800 I read it. And what immediately caught me about this 0:10:24.880 --> 0:10:28.560 book was that there was a story inside of the story. 0:10:28.640 --> 0:10:31.960 If you're paying attention, like one of those stories was 0:10:32.040 --> 0:10:35.400 more fully fleshed out in the book, and that was 0:10:35.840 --> 0:10:39.319 the world inside the metaverse, the world where you could 0:10:39.320 --> 0:10:43.520 be dirt poor in the analog world, the quote unquote 0:10:43.559 --> 0:10:46.280 real world where we you know, we where we are, 0:10:47.200 --> 0:10:51.080 but it didn't matter if in the digital world you 0:10:51.160 --> 0:10:56.319 had more stuff. More means more assets than others. Digital assets. 0:10:56.640 --> 0:10:59.400 I mean, whether that be like weapons and ammo or 0:10:59.520 --> 0:11:02.440 like don't virtual cars, or like a crazy house in 0:11:02.480 --> 0:11:06.840 the metaverse, or your avatar was super good looking, like 0:11:06.920 --> 0:11:10.920 all of these things matter so much more than their 0:11:10.960 --> 0:11:14.680 physical representation in the real world. So in the real 0:11:14.720 --> 0:11:17.480 world you can have a decent place to live, but 0:11:17.520 --> 0:11:20.240 it isn't what It didn't matter as much as if 0:11:20.320 --> 0:11:23.360 you had like a crazy mansion in the virtual world. 0:11:24.400 --> 0:11:27.960 You would trade your real world circumstances for a better 0:11:28.520 --> 0:11:34.320 virtual world circumstances. That's the world of Ready Player one. 0:11:34.880 --> 0:11:38.240 And it does strike me as interesting because these were 0:11:38.240 --> 0:11:41.040 the days before like Fortnite. When I read this book, 0:11:41.040 --> 0:11:43.280 like there was no Fortnite, and when I read this book, 0:11:43.280 --> 0:11:47.400 there was like no roadblocks um which are like new phenomena, 0:11:47.520 --> 0:11:51.600 and so the that the world would ultimately be this 0:11:51.640 --> 0:11:56.479 way was not at least to me a foregone conclusion 0:11:57.240 --> 0:11:59.840 when I was introduced to the book, and it certainly 0:12:00.080 --> 0:12:04.320 still isn't a foregone conclusion to many other people. There's 0:12:04.320 --> 0:12:08.560 still people who don't believe, or don't want or don't 0:12:08.600 --> 0:12:13.240 wish that world to come. But I'm it's happening in 0:12:13.280 --> 0:12:16.080 so many ways. It's already here. But we'll talk about that. 0:12:16.160 --> 0:12:18.880 And so it's you who I want to, you know, 0:12:19.000 --> 0:12:22.680 kind of have this conversation with in this episode. Those 0:12:22.760 --> 0:12:27.040 who are still trying to figure out what implications n 0:12:27.160 --> 0:12:29.679 f t S will have on their lives and like 0:12:29.720 --> 0:12:32.720 on a daily basis, not like just you know, a 0:12:32.800 --> 0:12:35.160 virtual art gallery, but like what will n f t 0:12:35.400 --> 0:12:39.600 S mean to your life? And those who are anti 0:12:39.800 --> 0:12:43.600 you know, you just against the world moving in this direction. 0:12:43.640 --> 0:12:46.439 Like I want to talk to you in this episode 0:12:46.480 --> 0:12:49.160 because I think that we can have a really cool conversation. 0:12:50.080 --> 0:12:52.839 So I don't know if I'm in the mind of 0:12:53.120 --> 0:12:56.480 trying to persuade you on this episode, but what I'm 0:12:56.559 --> 0:12:58.480 just trying to do is to just point out a 0:12:58.520 --> 0:13:01.199 few things. And they things that at least in my 0:13:01.240 --> 0:13:08.640 mind are like undeniable, and those are one we're increasingly 0:13:08.760 --> 0:13:13.600 dependent on the digital to have a relatively good quality 0:13:13.600 --> 0:13:18.320 of life, at least by mainstream definitions, where increasingly living 0:13:18.360 --> 0:13:22.280 digital lives, our businesses are virtual. We meet with clients 0:13:22.280 --> 0:13:25.400 and partners face to face via the internet, you know, 0:13:25.600 --> 0:13:29.840 via internet connection, or we spend alternative currencies for goods 0:13:29.840 --> 0:13:34.599 and services. We build our brands on social media, technology 0:13:34.720 --> 0:13:40.360 and um. At some point hint, hint, in present day 0:13:40.640 --> 0:13:43.760 people will want to own things like I would want 0:13:43.800 --> 0:13:47.800 to have ownership in the digital world. And so it's 0:13:47.840 --> 0:13:51.559 really has it's really hard to have a genuine conversation 0:13:51.640 --> 0:13:55.320 about the merits of those concepts if we can't agree 0:13:55.320 --> 0:13:59.640 that their valid. So our lives are becoming increasingly dependent 0:14:00.120 --> 0:14:05.000 on digital things and so much so, like if you 0:14:05.080 --> 0:14:08.079 think about these things that if if our lives are 0:14:08.120 --> 0:14:13.400 becoming more digital and I can only today own things 0:14:13.559 --> 0:14:17.640 in the analog world, why not can I own anything 0:14:17.840 --> 0:14:22.200 in the digital world? How can I gain some sort 0:14:22.240 --> 0:14:26.640 of power and authority over how my experience in the 0:14:26.680 --> 0:14:30.440 digital world operates? Like how how can I, you know, 0:14:31.080 --> 0:14:34.920 start to level up? How can I get promoted? How 0:14:34.960 --> 0:14:38.280 can I gain authority over community? How can I what 0:14:38.400 --> 0:14:42.320 can I do to increase my standing in the world. 0:14:43.800 --> 0:14:47.400 These things are possible now, and you gotta think about that. 0:14:47.440 --> 0:14:54.400 We don't have autonomy over our virtual lives via social media, 0:14:54.480 --> 0:14:58.760 like we don't own it. If you want to engage 0:14:59.000 --> 0:15:04.360 on its grand Facebook, TikTok or whatever, they can take 0:15:04.360 --> 0:15:09.120 you down tomorrow because they don't like what you publish. 0:15:09.240 --> 0:15:12.960 And so how do you gain autonomy? How do you 0:15:13.000 --> 0:15:16.400 gain ownership of your experience and what you put out 0:15:16.400 --> 0:15:20.040 in the world. You used to couldn't do that a 0:15:20.160 --> 0:15:22.120 couple of years ago. You couldn't do that. You couldn't 0:15:22.160 --> 0:15:24.320 own it. You had to play by the rules of 0:15:24.400 --> 0:15:29.680 the platform. That's changing. So honestly, I want to spend 0:15:29.920 --> 0:15:32.720 like fifteen to twenty minutes just kind of giving a 0:15:33.040 --> 0:15:39.360 very high level overview of UM the state of our community. 0:15:39.440 --> 0:15:42.120 When you think about things like n f t s, 0:15:42.600 --> 0:15:45.800 you think about things like smart contracts, you think about 0:15:45.840 --> 0:15:50.240 things like dows, you think about things like cryptocurrency. And 0:15:50.280 --> 0:15:53.400 so what I want to do today is because number one, 0:15:53.400 --> 0:15:56.760 because I don't believe I can go deeply talking about 0:15:56.960 --> 0:15:59.840 n f t s and we don't have an appreciate 0:16:00.080 --> 0:16:05.320 and for the entirety, or or at least a good appreciation, 0:16:05.360 --> 0:16:09.200 a decent appreciation of the implications of the block chain, 0:16:10.280 --> 0:16:13.400 and all of these things I just mentioned smart contracts, 0:16:13.520 --> 0:16:18.840 n f T, s, dolls, cryptocurrency are all enabled, are 0:16:18.880 --> 0:16:22.880 all possible because of the blockchain. So what I want 0:16:22.880 --> 0:16:27.600 to do today is begin an intelligent conversation about what 0:16:27.720 --> 0:16:30.120 an n f T is, the steps you can take 0:16:30.160 --> 0:16:33.080 for purchasing your first n f T, which sadly is 0:16:33.160 --> 0:16:37.800 not yet today super simple like many of of us 0:16:37.840 --> 0:16:40.960 would have it. Um, and why now is it time 0:16:41.000 --> 0:16:43.120 for you to find your way in no matter how 0:16:43.120 --> 0:16:48.280 confusing it might be present day, So let's start there. Um. 0:16:48.320 --> 0:16:50.600 So first, what is an n f T. I've talked 0:16:50.640 --> 0:16:53.400 about this in a previous episode called how to mention 0:16:53.440 --> 0:16:55.560 first n f T. But an n f T is 0:16:55.600 --> 0:16:59.600 a non fungible token. Fungible means you can trade it 0:16:59.640 --> 0:17:05.960 for something like and it doesn't matter. So think about 0:17:06.080 --> 0:17:08.040 like this. If I give you a five dollar bill 0:17:08.080 --> 0:17:11.080 and you give me five ones, we got the same thing. 0:17:11.560 --> 0:17:16.959 It's it's interchangeable. Um, you can give me any five 0:17:17.080 --> 0:17:20.480 ones inside the stack of one dollar bills. It doesn't matter, 0:17:21.160 --> 0:17:26.520 it's five dollars. But if I have the Mona Lisa 0:17:26.720 --> 0:17:31.359 and you have Cahende Wiley's memling, and we try to 0:17:31.440 --> 0:17:34.840 trade that. You can't really do that. It's not equal 0:17:35.240 --> 0:17:38.200 no matter what you do, it's not equal because it's different. 0:17:38.320 --> 0:17:42.600 It's not interchangeable. We have two different things if we 0:17:42.720 --> 0:17:46.280 decide to swap hands. And this concept should not This 0:17:46.920 --> 0:17:49.960 is not a trick concept, so this shouldn't be super hard. 0:17:50.080 --> 0:17:52.800 So we understand that there are some things you can 0:17:52.840 --> 0:17:57.320 trade with somebody else with and they be pretty much 0:17:57.359 --> 0:18:00.359 the exact same thing. So you ever asked somebody you 0:18:00.440 --> 0:18:02.520 got a twenty dollar bill and you're like, hey, you 0:18:02.520 --> 0:18:05.480 don't any can anybody break this twenty Somebody comes to 0:18:05.520 --> 0:18:07.560 you with five ones or five dollars bill in a 0:18:07.720 --> 0:18:09.960 ten and you still got twenty hollars, but you got 0:18:09.960 --> 0:18:13.080 it broken down into pieces, but you still got twenty hours. 0:18:13.880 --> 0:18:18.320 That's fungible. Trading a piece of art for another piece 0:18:18.359 --> 0:18:21.040 of art, or trading a piece of art for dollars, 0:18:21.400 --> 0:18:24.360 or trading a piece of art for light coin, that's 0:18:24.440 --> 0:18:27.959 non fungible. Like you, you're getting something different in exchange. 0:18:28.640 --> 0:18:31.800 They're not the same. So so why does it matter 0:18:31.880 --> 0:18:33.880 at all? So if you think about this, like if 0:18:33.920 --> 0:18:36.280 you know, like I, let's say you have any nieces 0:18:36.280 --> 0:18:39.040 and nephews, or you have young kids. You know, if 0:18:39.080 --> 0:18:41.600 you think about and they let's say they play Roadblocks 0:18:41.680 --> 0:18:44.359 or they play Fortnite. If you think about this, and 0:18:44.400 --> 0:18:47.080 I said the same thing, and um, how to mention 0:18:47.119 --> 0:18:51.879 first n f T I have young children, and I 0:18:52.160 --> 0:18:56.000 would bet they would struggle if you said, here's a 0:18:56.080 --> 0:19:00.800 hundred dollars in cash or a hundred dollars in roebucks 0:19:02.359 --> 0:19:08.040 or v bucks. They would struggle with deciding which is 0:19:08.080 --> 0:19:12.640 more valuable to them. That's the world we're walking into. 0:19:13.080 --> 0:19:17.280 It is just as almost almost just as important to 0:19:17.520 --> 0:19:22.360 them to have status in a virtual world, to stunt 0:19:22.680 --> 0:19:27.119 in a virtual world than it does in a real world. 0:19:27.280 --> 0:19:33.000 In real life, status matters, which is why almost why 0:19:33.040 --> 0:19:37.520 we collect anything and want to show it off. It 0:19:37.560 --> 0:19:43.640 gives us status. It's in our DNA. And so that 0:19:43.880 --> 0:19:48.040 is inherently moving to a digital landscape where more and 0:19:48.160 --> 0:19:51.679 more of us are spending our time and we, like 0:19:51.800 --> 0:19:54.200 I talked about the key principles, See if we can't 0:19:54.200 --> 0:19:57.960 have a conversation about are we living more and more digitalized? 0:19:57.960 --> 0:20:00.720 Are we relying on the digital things more and more 0:20:01.240 --> 0:20:05.800 to enable to us to move in the digital world. Therefore, 0:20:06.280 --> 0:20:10.960 if that's true, we want to have status in that world. 0:20:11.680 --> 0:20:15.400 And that's the world we're coming to. It's the world 0:20:15.440 --> 0:20:19.159 our kids are already in. So with that, getting to 0:20:19.200 --> 0:20:21.920 the place where you can purchase your first n f T, 0:20:22.920 --> 0:20:28.520 you've got to first convert your dollars, your US dollars 0:20:28.560 --> 0:20:33.560 to some sort of cryptocurrency, and typically UM by large, 0:20:33.800 --> 0:20:36.840 these work on the Ethereum blockchain. So you want to 0:20:36.880 --> 0:20:42.880 convert your US dollars to ethereum, and you can do that, 0:20:42.960 --> 0:20:46.000 and we'll let's just talk about coin base because it's 0:20:46.000 --> 0:20:48.560 the easiest one to use. You can use others, there 0:20:48.560 --> 0:20:52.960 are many others, but coin based, in my experience, is 0:20:53.000 --> 0:20:56.440 the easiest to use. Meta mask is also one that 0:20:56.600 --> 0:20:59.640 is widely popular. Coin based. Will just stick with that 0:20:59.680 --> 0:21:01.920 for the taking this conversation. We can talk about meta 0:21:02.000 --> 0:21:05.880 masking a different um in a different episode, because maybe 0:21:05.880 --> 0:21:12.040 we'll have an episode about wallets and exchanges. Coin based 0:21:12.160 --> 0:21:15.240 is most widely used. So let's say you go, you 0:21:15.320 --> 0:21:18.560 download coin based on your phone, UM, you sign up 0:21:18.600 --> 0:21:21.880 for an account, and you you connect your bank account 0:21:21.960 --> 0:21:24.480 to it, you connect the debit card to it, and 0:21:24.560 --> 0:21:26.960 you say, I want to buy and I'm not even 0:21:27.000 --> 0:21:29.360 looking at exchange rates right now. But let's just say, 0:21:29.400 --> 0:21:35.320 for simple math purposes, I want to buy one ethereum 0:21:35.480 --> 0:21:37.720 and last I look because I have a bunch of 0:21:38.320 --> 0:21:41.240 have ethereum um, but I have I don't watch it, 0:21:41.560 --> 0:21:43.680 but I have ethereum. And so let's just say the 0:21:43.760 --> 0:21:47.040 last I looked it was like, you know, four thousand 0:21:47.040 --> 0:21:50.520 dollars for one eight. I heard there's some violatility in 0:21:50.520 --> 0:21:53.600 the market right now, But different conversations for another day. 0:21:53.600 --> 0:21:57.120 But let's say um, just for simple math purposes, let's 0:21:57.119 --> 0:22:02.000 say one dollar to one thousand UM. One thousand dollars 0:22:02.040 --> 0:22:05.960 in US dollars get you one eighth. So one thousand 0:22:06.000 --> 0:22:09.080 to one that's not correct. I'm sure that's not correct, 0:22:09.080 --> 0:22:12.960 because goodness gracious, but one thousand dollars will buy you 0:22:13.160 --> 0:22:17.480 one eight. And then I want to go by UM 0:22:17.640 --> 0:22:20.720 an n f T. So I've now had I've exchanged 0:22:20.840 --> 0:22:25.440 my one thousand dollars for one ethereum token. What I'm 0:22:25.480 --> 0:22:27.960 then going to do is sign up for an account 0:22:28.000 --> 0:22:30.280 on something like open Sea, which is one of the 0:22:30.359 --> 0:22:34.080 biggest platforms. So think of it. Think of it like 0:22:34.200 --> 0:22:37.880 Amazon for n f T s. Think of it like 0:22:37.880 --> 0:22:41.080 like eBay for n F T s. So if I've 0:22:41.119 --> 0:22:45.480 got uh digital art, I've you know, produced, I can 0:22:45.520 --> 0:22:48.480 go to Open Sea and I can put my digital art, 0:22:48.640 --> 0:22:53.240 my song, my j peg, my ping, my PNG file, 0:22:53.400 --> 0:22:57.840 my Jeff, my raster whatever that raster file is, I 0:22:57.880 --> 0:23:03.000 can produce. I can I can publish um my digital 0:23:03.160 --> 0:23:07.000 art to open See and put it on the marketplace. 0:23:07.160 --> 0:23:11.240 So you know, somebody else, Sally and Utah can buy 0:23:11.280 --> 0:23:15.320 it if she likes it. So I'm going to connect 0:23:15.720 --> 0:23:18.760 my wallet. This is where it starts to get tricky 0:23:18.840 --> 0:23:21.760 because I mentioned this. I told you you have a 0:23:21.760 --> 0:23:26.119 conversation about complex things today. You cannot let the complexity 0:23:26.200 --> 0:23:29.320 of doing this get you out of the game. Because 0:23:29.480 --> 0:23:36.119 just because you bought one thousand dollars worth of ethereum, 0:23:36.160 --> 0:23:39.520 which is one in our world the exchange right, I 0:23:39.520 --> 0:23:41.280 don't know what it is right now, but it could 0:23:41.280 --> 0:23:44.560 be more. I'm sure it's more. It's like four thousand 0:23:44.600 --> 0:23:47.000 dollars the last time I look you you went and 0:23:47.040 --> 0:23:50.600 bought one. E took your thousand dollars to buy it, 0:23:51.480 --> 0:23:54.919 or your ethereum is still not yet in a place 0:23:54.960 --> 0:23:58.560 where you can actually make transactions with it. If if 0:23:58.600 --> 0:24:01.439 you bought it on coin bay dot com, if you 0:24:01.520 --> 0:24:04.479 bought it on the coin based app, you have to 0:24:04.600 --> 0:24:09.479 move it over to your wallet and that costs minor fees. 0:24:10.040 --> 0:24:13.560 Minor fees are fees that are paid to people who 0:24:13.720 --> 0:24:19.040 mind cryptocurrency validate transactions all over the world. They get 0:24:19.040 --> 0:24:22.040 incentivized to do this and to verify to keep the 0:24:22.080 --> 0:24:27.120 block chain honest. They do this for those fees, so 0:24:27.160 --> 0:24:33.480 they put computer power to work in order to earn cryptocurrency. 0:24:33.760 --> 0:24:39.200 So you've paid one some sort of fee to buy 0:24:39.480 --> 0:24:43.080 the cryptocurrency by the ethereum from the coin based dot 0:24:43.080 --> 0:24:46.159 com or the coin based app, and then you're paying 0:24:46.280 --> 0:24:50.200 again to move your money from the coin based dot 0:24:50.200 --> 0:24:53.320 com site or the coin based app over to a 0:24:53.440 --> 0:24:56.560 coin based wallet which enables you to be able to 0:24:56.640 --> 0:25:03.080 make transactions with your currency, your cryptocurrency, your ethereum. Now, 0:25:03.080 --> 0:25:08.359 the cool thing about once you've downloaded both the coin 0:25:08.440 --> 0:25:11.639 based app and the coin based wallet, it's very simple 0:25:11.680 --> 0:25:13.840 to move the money between the two. Now, you're gonna 0:25:13.880 --> 0:25:16.080 pay to move the money between the two, but it's 0:25:16.160 --> 0:25:18.679 very simple to do. It's like a one button you know, 0:25:18.840 --> 0:25:24.080 by transfer whatever um. And then once you have moved 0:25:24.080 --> 0:25:27.520 your money into the wallet. You're using that wallet to 0:25:27.840 --> 0:25:32.520