1
00:00:00,720 --> 00:00:04,720
Speaker 1: I'm with Lucas and this is Black Tech, Green Money.

2
00:00:05,080 --> 00:00:07,040
Speaker 1: I'm gonna introduce you to some of the biggest names,

3
00:00:07,120 --> 00:00:10,639
Speaker 1: some of the brightest minds, and brilliant ideas. If you're black,

4
00:00:10,640 --> 00:00:13,120
Speaker 1: in building, or simply using tech to secure your back,

5
00:00:13,640 --> 00:00:17,959
Speaker 1: this podcast is for you. About a week ago, I

6
00:00:18,040 --> 00:00:22,160
Speaker 1: mentored my first n f T and I've been increasingly

7
00:00:22,280 --> 00:00:26,360
Speaker 1: enamored with the idea of both collecting digital art and

8
00:00:26,480 --> 00:00:30,440
Speaker 1: the concept and implications of smart contracts over this past year,

9
00:00:30,480 --> 00:00:33,280
Speaker 1: and after doing a bunch of research over the last

10
00:00:33,320 --> 00:00:35,279
Speaker 1: couple of months, I decided I wasn't going to really

11
00:00:35,360 --> 00:00:38,599
Speaker 1: learn by sitting on the sidelines. I needed to get in.

12
00:00:39,440 --> 00:00:41,760
Speaker 1: Either I was going to buy some n f T s,

13
00:00:42,240 --> 00:00:43,920
Speaker 1: or I was gonna make some, or I could do

14
00:00:44,000 --> 00:00:49,800
Speaker 1: both UM. What kept me apprehensive about buying n f

15
00:00:49,880 --> 00:00:53,200
Speaker 1: T s was the hype surrounding some of the ones

16
00:00:53,320 --> 00:00:57,280
Speaker 1: we've probably all heard of, Crypto punks and Board eight

17
00:00:57,400 --> 00:01:01,520
Speaker 1: Yacht Club. While learning UM, I found it difficult to

18
00:01:01,560 --> 00:01:05,240
Speaker 1: decipher signal from noise as I both explored what I

19
00:01:05,280 --> 00:01:08,960
Speaker 1: wanted to invest in and learned how to actually buy

20
00:01:09,040 --> 00:01:11,760
Speaker 1: something I wanted. I knew the punks and the apes

21
00:01:11,840 --> 00:01:14,200
Speaker 1: had a lot of value, but they were tens of

22
00:01:14,240 --> 00:01:17,319
Speaker 1: thousands and hundreds of thousands of dollars to secure, and

23
00:01:18,080 --> 00:01:20,920
Speaker 1: there were cool things I found in price ranges I

24
00:01:20,920 --> 00:01:24,319
Speaker 1: didn't mind investing in. But you know, being a newbie,

25
00:01:24,440 --> 00:01:27,000
Speaker 1: I didn't feel comfortable yet that I was making a

26
00:01:27,040 --> 00:01:31,360
Speaker 1: good move buying something obscure or relatively obscure. And you

27
00:01:31,440 --> 00:01:34,120
Speaker 1: might think that securing your first n f T is

28
00:01:34,200 --> 00:01:36,800
Speaker 1: as simple as finding when you want in swiping your

29
00:01:36,880 --> 00:01:39,120
Speaker 1: m X to get it as you would like on Amazon,

30
00:01:39,680 --> 00:01:42,720
Speaker 1: but you would be wrong. There are layers to making

31
00:01:42,760 --> 00:01:46,920
Speaker 1: transactions in the world of crypto, and it's very easy

32
00:01:46,959 --> 00:01:51,160
Speaker 1: to make expensive mistakes. Simply moving your money from one

33
00:01:51,160 --> 00:01:55,000
Speaker 1: pocket to the other pocket can cost you um. All

34
00:01:55,000 --> 00:01:58,800
Speaker 1: in all, I didn't struggle with understanding that the art

35
00:01:59,280 --> 00:02:03,360
Speaker 1: hand in hand with the tech had value and big implications.

36
00:02:03,400 --> 00:02:05,960
Speaker 1: But I understand why some people do have that challenge

37
00:02:06,040 --> 00:02:09,440
Speaker 1: and internal questioning, and we'll talk about that another time.

38
00:02:09,639 --> 00:02:12,600
Speaker 1: But what I wanted to accomplish was getting my hands

39
00:02:12,639 --> 00:02:16,400
Speaker 1: dirty so I could fully appreciate what digital art would

40
00:02:16,440 --> 00:02:18,960
Speaker 1: and could mean, both to me as a creator in

41
00:02:19,000 --> 00:02:22,000
Speaker 1: my fellow community of creators and as a collector and

42
00:02:22,080 --> 00:02:25,200
Speaker 1: consumer who likes nice things. What I found in my

43
00:02:25,240 --> 00:02:28,720
Speaker 1: study is so much more than just a community of

44
00:02:28,800 --> 00:02:32,080
Speaker 1: dope creators with their work on display in exchange for EVE,

45
00:02:32,520 --> 00:02:37,040
Speaker 1: but also an underlying technology that I believe will revolutionize

46
00:02:37,120 --> 00:02:43,079
Speaker 1: agreements between people, the bedrock of functioning or malfunctioning society.

47
00:02:43,120 --> 00:02:46,600
Speaker 1: But I digress. This is about making your first n

48
00:02:46,680 --> 00:02:48,880
Speaker 1: f T, so I'll do my best to stick this scope.

49
00:02:48,880 --> 00:02:53,320
Speaker 1: We'll talk later about, you know, buying n f T s,

50
00:02:53,320 --> 00:02:56,760
Speaker 1: smart contracts and other things, but this today is about

51
00:02:56,840 --> 00:02:59,960
Speaker 1: making your first n f T. And you might think

52
00:03:00,040 --> 00:03:03,640
Speaker 1: as skipping, you know, having those conversations about smart contracts

53
00:03:04,160 --> 00:03:08,359
Speaker 1: conversations about understanding cryptocurrency are like skipping steps, but they're

54
00:03:08,360 --> 00:03:10,960
Speaker 1: really not. You can get in and start creating without

55
00:03:11,040 --> 00:03:16,320
Speaker 1: under understanding the breadth of the whole world of the blockchain.

56
00:03:17,240 --> 00:03:19,440
Speaker 1: You can do this without having to know that and

57
00:03:19,480 --> 00:03:23,960
Speaker 1: fully appreciate that. Let's start creating some stuff, okay, and

58
00:03:24,000 --> 00:03:26,280
Speaker 1: I promise you we will get to that all right.

59
00:03:26,560 --> 00:03:29,960
Speaker 1: So there is some preliminary work we'll need to perform

60
00:03:30,080 --> 00:03:35,920
Speaker 1: today to establish terminology definitions. If you will um hear

61
00:03:36,000 --> 00:03:39,080
Speaker 1: some words and short phrases that are probably not in

62
00:03:39,080 --> 00:03:42,360
Speaker 1: your daily lexicon, but will be need to be if

63
00:03:42,400 --> 00:03:46,840
Speaker 1: you're to understand creating and even purchasing an n f T. First,

64
00:03:47,040 --> 00:03:49,880
Speaker 1: n f T, what isn't n f T. To define

65
00:03:50,000 --> 00:03:53,560
Speaker 1: n f T, let's first define what non fungible means

66
00:03:53,600 --> 00:03:57,400
Speaker 1: non fungible token. What does non fungible mean? Non fungible

67
00:03:57,600 --> 00:04:00,520
Speaker 1: basically means that the thing is you nique and it

68
00:04:00,640 --> 00:04:04,920
Speaker 1: can't be replaced with something else. For example, a dollar bill,

69
00:04:05,000 --> 00:04:08,520
Speaker 1: a one dollar bill is fungible. I could trade you

70
00:04:08,880 --> 00:04:11,800
Speaker 1: my one dollar bill for your one dollar bill and

71
00:04:11,840 --> 00:04:15,040
Speaker 1: we'll have the same thing. You could even have a

72
00:04:15,080 --> 00:04:18,000
Speaker 1: five dollar bill and I trade you my five one

73
00:04:18,040 --> 00:04:20,280
Speaker 1: dollar bills and you also had the same thing. You

74
00:04:20,360 --> 00:04:24,400
Speaker 1: got five dollars. But the one of one bosk yard

75
00:04:24,600 --> 00:04:30,039
Speaker 1: untitled boxer painting created is non fungible. If you have

76
00:04:30,240 --> 00:04:34,640
Speaker 1: that Boski yacht painting and I trade it for the

77
00:04:34,720 --> 00:04:39,560
Speaker 1: Mona Lisa, I'd have something completely different. So effectively, to

78
00:04:39,640 --> 00:04:42,080
Speaker 1: be non fungible means it's like it's a one of one,

79
00:04:42,320 --> 00:04:45,560
Speaker 1: all right. So let's add the tea back into non fungible.

80
00:04:46,520 --> 00:04:49,680
Speaker 1: Now we have a non fungible token. So here's what

81
00:04:49,760 --> 00:04:54,520
Speaker 1: people here's what people get confused. So the token is code.

82
00:04:55,120 --> 00:04:58,000
Speaker 1: It's like metadata. It's a deed, like aded to a house.

83
00:04:58,440 --> 00:05:02,640
Speaker 1: The token isn't the house, like the deed isn't the house.

84
00:05:02,839 --> 00:05:06,200
Speaker 1: But the deed is the documentation that I own the house.

85
00:05:06,240 --> 00:05:08,880
Speaker 1: It's the proof that I own the house. The token

86
00:05:09,360 --> 00:05:12,400
Speaker 1: is the documentation or the code in this case that

87
00:05:12,520 --> 00:05:15,120
Speaker 1: says I own the JPEG, I owned the MP three,

88
00:05:15,240 --> 00:05:17,599
Speaker 1: I owned the MP four video file, I own the

89
00:05:17,680 --> 00:05:21,120
Speaker 1: JIF or whatever other digital asset. It's not the digital asset,

90
00:05:21,480 --> 00:05:27,480
Speaker 1: but it's the proof that I own it. Okay, So, creators,

91
00:05:27,760 --> 00:05:30,960
Speaker 1: whatever digital asset you create, whether it be a song,

92
00:05:31,520 --> 00:05:34,479
Speaker 1: it could be an audio file. Let's say you just

93
00:05:34,520 --> 00:05:38,160
Speaker 1: spoke into your Apple, your iPhone, you know, voice recorder,

94
00:05:38,160 --> 00:05:39,800
Speaker 1: and you made that in n f T. You can

95
00:05:39,839 --> 00:05:42,520
Speaker 1: make that n f T. It's a digital file. You

96
00:05:42,560 --> 00:05:45,520
Speaker 1: can make. Um. You know, you can go open up

97
00:05:45,560 --> 00:05:49,200
Speaker 1: Photoshop or illustrator on your computer, create a piece of art,

98
00:05:49,839 --> 00:05:53,320
Speaker 1: make it an n f T. You can make a

99
00:05:53,360 --> 00:05:55,760
Speaker 1: word document in n f T. You can make a

100
00:05:55,800 --> 00:05:59,200
Speaker 1: picture you took on your cannon. In n f T

101
00:05:59,480 --> 00:06:01,440
Speaker 1: you can you can make all of these things n

102
00:06:01,480 --> 00:06:04,200
Speaker 1: f T s. These can be non fungible. Their first

103
00:06:04,360 --> 00:06:06,800
Speaker 1: non fungible because you created them. But you can make

104
00:06:06,839 --> 00:06:10,919
Speaker 1: them non fungible tokens by assigning to them this code

105
00:06:11,400 --> 00:06:15,000
Speaker 1: that puts them on the blockchain. They're already non fungible.

106
00:06:15,720 --> 00:06:18,800
Speaker 1: They're already one of ones. The voice memo that you

107
00:06:18,880 --> 00:06:22,359
Speaker 1: record on your iPhone is already non fungible. It's it.

108
00:06:22,600 --> 00:06:25,400
Speaker 1: I can't take your voice membo swapping from mine, and

109
00:06:25,440 --> 00:06:28,720
Speaker 1: we got the same thing. Your voice memo is, it's yours.

110
00:06:28,920 --> 00:06:31,560
Speaker 1: It's that's that's the only one that exists. That painting

111
00:06:31,600 --> 00:06:35,159
Speaker 1: that you make in photoshopper illustrator, that artwork, that's a

112
00:06:35,160 --> 00:06:38,279
Speaker 1: one of one. It's already non fungible. But once you

113
00:06:38,360 --> 00:06:41,560
Speaker 1: assign it to the blockchain, you place it on the blockchain,

114
00:06:41,960 --> 00:06:45,320
Speaker 1: it gets assigned a line of code which makes it

115
00:06:45,400 --> 00:06:50,360
Speaker 1: a non fungible token. All right, So we've already been

116
00:06:50,520 --> 00:06:55,159
Speaker 1: super familiar with non fungibility because we've seen one of

117
00:06:55,200 --> 00:06:58,599
Speaker 1: one things, you know, our entire lives. Well, what what

118
00:06:58,760 --> 00:07:01,039
Speaker 1: is new to us is the token part of it,

119
00:07:01,080 --> 00:07:05,160
Speaker 1: where it can be assigned to a marketplace, a virtual

120
00:07:05,240 --> 00:07:10,280
Speaker 1: world Web three, where we can track and verify who

121
00:07:10,360 --> 00:07:13,520
Speaker 1: owns the thing, who has the right to sell it.

122
00:07:13,640 --> 00:07:16,320
Speaker 1: You understand this When it comes to your house, I

123
00:07:16,360 --> 00:07:20,200
Speaker 1: can go to the County Auditor's office and see so

124
00:07:20,280 --> 00:07:23,960
Speaker 1: and so. Jim Smith owns the house at one to

125
00:07:24,160 --> 00:07:26,840
Speaker 1: three four Main Street. Jim Smith has the right to

126
00:07:26,880 --> 00:07:30,760
Speaker 1: sell it. I can see that already through real world experience.

127
00:07:30,760 --> 00:07:33,880
Speaker 1: What we have not had until recently is the ability

128
00:07:33,920 --> 00:07:37,720
Speaker 1: to say, Okay, here's a j peg, who owns it?

129
00:07:38,240 --> 00:07:41,080
Speaker 1: Who has the right to sell it? We have that

130
00:07:41,160 --> 00:07:44,720
Speaker 1: now the moment we decided to place those MP three's

131
00:07:44,720 --> 00:07:48,640
Speaker 1: onto the blockchain, you tokenize the asset and it then

132
00:07:48,920 --> 00:07:52,920
Speaker 1: can take advantage of this new opportunity, a marketability of

133
00:07:53,000 --> 00:07:56,480
Speaker 1: ownership and value. All right, minting inn n f T.

134
00:07:57,160 --> 00:08:00,160
Speaker 1: Before I get too deep into explaining this concept, need

135
00:08:00,240 --> 00:08:03,840
Speaker 1: to remind you that the art itself, or the voice memo,

136
00:08:04,000 --> 00:08:07,520
Speaker 1: the MP four, the jpeg itself, is just that it's

137
00:08:07,520 --> 00:08:11,720
Speaker 1: a digital file, a non fungible digital asset. The n

138
00:08:11,760 --> 00:08:16,800
Speaker 1: F ten of this asset, this jpeg, this MP four

139
00:08:17,400 --> 00:08:21,480
Speaker 1: is when this digital asset becomes represented by a token

140
00:08:21,600 --> 00:08:25,360
Speaker 1: on the Ethereum blockchain, the token is not the art,

141
00:08:25,600 --> 00:08:28,440
Speaker 1: Ladies and gentlemen, The token is not the art. The

142
00:08:28,520 --> 00:08:34,080
Speaker 1: token represents the art on the blockchain. Okay, to mint,

143
00:08:34,320 --> 00:08:37,400
Speaker 1: an n f T simply means you're assigning a non

144
00:08:37,480 --> 00:08:40,800
Speaker 1: fungible token, something that cannot be duplicated, something that cannot

145
00:08:40,800 --> 00:08:44,800
Speaker 1: be changed, something that cannot be altered, to your digital file,

146
00:08:44,880 --> 00:08:48,320
Speaker 1: to your jpeg, to your voice memo. Once that n

147
00:08:48,360 --> 00:08:51,560
Speaker 1: f T, that non fungible token is created, it cannot

148
00:08:51,559 --> 00:08:55,800
Speaker 1: be changed, altered, or tamper with. It's done. I could

149
00:08:55,840 --> 00:08:57,880
Speaker 1: go off script here because there's so much there, but

150
00:08:58,000 --> 00:09:00,200
Speaker 1: if I do, I'll be on a scope with is

151
00:09:00,800 --> 00:09:04,120
Speaker 1: this episode. So I'll stay. I'll leave that there. But

152
00:09:04,280 --> 00:09:07,240
Speaker 1: this is an important concept because, as I said, the

153
00:09:07,360 --> 00:09:11,120
Speaker 1: token is not the art. The token represents the art

154
00:09:11,280 --> 00:09:14,880
Speaker 1: on the block chain. Then where's the art? It could

155
00:09:14,880 --> 00:09:17,520
Speaker 1: be many places in any place actually, where you can

156
00:09:17,559 --> 00:09:21,720
Speaker 1: store digital file. If you store files on a w S, Amazon,

157
00:09:21,760 --> 00:09:25,640
Speaker 1: web services like blue host, or a server in your bedroom,

158
00:09:25,840 --> 00:09:29,760
Speaker 1: the original non fungible art or digital file could reside there,

159
00:09:29,960 --> 00:09:33,080
Speaker 1: right there in your bedroom. The person who owns it, however,

160
00:09:33,280 --> 00:09:37,240
Speaker 1: could be somebody you've never met across the ocean. Again,

161
00:09:37,360 --> 00:09:39,800
Speaker 1: there's so much here. I'm super compelled to go off script,

162
00:09:39,840 --> 00:09:42,559
Speaker 1: but I will control myself. But just it's that the

163
00:09:43,200 --> 00:09:45,160
Speaker 1: concept is that the token is not the art. The

164
00:09:45,200 --> 00:09:48,960
Speaker 1: token represents the art, and it's stored somewhere on a

165
00:09:49,040 --> 00:09:53,880
Speaker 1: server somewhere. The most native way to store digital files

166
00:09:53,920 --> 00:09:57,280
Speaker 1: for the purposes of tokenization as an n f T, however,

167
00:09:57,800 --> 00:10:00,800
Speaker 1: is to store them on what's called and I PFS

168
00:10:00,920 --> 00:10:05,400
Speaker 1: or the Interplanetary File System, which in Layman's terms, is

169
00:10:05,640 --> 00:10:14,400
Speaker 1: a decentralized AWS or a decentralized server which holds files, documents, JPEG's,

170
00:10:14,559 --> 00:10:19,360
Speaker 1: audio files, et cetera in the ether. I'm not gonna

171
00:10:19,400 --> 00:10:22,960
Speaker 1: go off script, but just rock with me. So minting

172
00:10:23,080 --> 00:10:26,800
Speaker 1: n m T in short, is simply, again, the process

173
00:10:26,960 --> 00:10:31,000
Speaker 1: of making a digital piece of art or digital file

174
00:10:31,400 --> 00:10:34,000
Speaker 1: to be represented by a token and placing it on

175
00:10:34,200 --> 00:10:37,080
Speaker 1: the blockchain. That's all it is. All right, I've got

176
00:10:37,080 --> 00:10:39,400
Speaker 1: a couple more. Let's get through this super quick, alright.

177
00:10:39,520 --> 00:10:43,240
Speaker 1: Crypto exchange UM let's use coin based as is arguably

178
00:10:43,360 --> 00:10:47,680
Speaker 1: the most popular. A crypto exchange is an online market

179
00:10:47,679 --> 00:10:53,719
Speaker 1: place where you can buy, sell, and trade cryptocurrency um

180
00:10:53,720 --> 00:10:56,360
Speaker 1: There are several of these online. So if you want

181
00:10:56,360 --> 00:10:58,800
Speaker 1: to buy your first bitcoin, and you want to buy

182
00:10:58,840 --> 00:11:01,959
Speaker 1: your first dose coin, you want to trade your dose

183
00:11:02,120 --> 00:11:06,200
Speaker 1: coin for somebody's light coin. You do that on a

184
00:11:06,280 --> 00:11:09,800
Speaker 1: crypto exchange. There are several of these online you can

185
00:11:09,920 --> 00:11:13,040
Speaker 1: use UM and ones you can download as apps. I

186
00:11:13,080 --> 00:11:15,840
Speaker 1: will not go through them all UM, but the purpose

187
00:11:16,040 --> 00:11:19,280
Speaker 1: for the purposes of this episode, this conversation will stick

188
00:11:19,320 --> 00:11:21,679
Speaker 1: with coin based UM one of the most if not

189
00:11:21,760 --> 00:11:25,880
Speaker 1: the most widely used among the whole see of them

190
00:11:26,400 --> 00:11:31,120
Speaker 1: UM digital wallet another definition for you. Digital wallet is

191
00:11:31,160 --> 00:11:36,199
Speaker 1: a software based system that stores your coins UM. A

192
00:11:36,240 --> 00:11:39,040
Speaker 1: While a crypto exchange is where you buy, sell, and traded,

193
00:11:39,600 --> 00:11:42,760
Speaker 1: a digital wallet is where you store it. So using

194
00:11:42,880 --> 00:11:47,120
Speaker 1: your wallet, you make transactions like making payments as its

195
00:11:47,160 --> 00:11:51,120
Speaker 1: stores your coins or UM. You gain access to services

196
00:11:51,240 --> 00:11:54,000
Speaker 1: because it stores your passwords. So that's what the digital

197
00:11:54,040 --> 00:11:57,920
Speaker 1: wallet is. So actually, with a lot of these concepts,

198
00:11:57,920 --> 00:12:00,760
Speaker 1: will talk about the way you get access to a

199
00:12:00,800 --> 00:12:02,760
Speaker 1: lot of the sites we're going to be discussing today.

200
00:12:02,840 --> 00:12:05,240
Speaker 1: You have to have a wallet because the wallet serves

201
00:12:05,280 --> 00:12:07,200
Speaker 1: as like you're user name and password to get in.

202
00:12:07,600 --> 00:12:10,800
Speaker 1: So we're talking about that more in a second. And

203
00:12:10,920 --> 00:12:14,320
Speaker 1: then gas fees UM erased the idea in your head

204
00:12:14,360 --> 00:12:19,080
Speaker 1: of like automobiles, gas fees in the world of ETHEREUM

205
00:12:19,320 --> 00:12:22,840
Speaker 1: is the fee you pay for the usage of the network.

206
00:12:23,720 --> 00:12:28,640
Speaker 1: Making transactions, as you might imagine, on the blockchain, uses

207
00:12:28,760 --> 00:12:34,160
Speaker 1: computational power. Um that computational power causes cost some money,

208
00:12:34,520 --> 00:12:37,800
Speaker 1: so somebody has to pay the electric bills. Somebody's gotta fix,

209
00:12:38,280 --> 00:12:41,960
Speaker 1: you know, the system if it breaks. So gas fees

210
00:12:42,000 --> 00:12:45,640
Speaker 1: are the fee you pay when you perform transactions on

211
00:12:45,720 --> 00:12:48,880
Speaker 1: the blockchain. We're gonna talk a lot about this concept

212
00:12:49,360 --> 00:12:53,240
Speaker 1: um because it's important and this could make a break

213
00:12:53,280 --> 00:12:57,360
Speaker 1: a lot of your UM experience with n f t S.

214
00:12:57,800 --> 00:12:59,640
Speaker 1: So we're gonna talk a lot about this. But this

215
00:12:59,760 --> 00:13:01,560
Speaker 1: for all you, for all you need to know right

216
00:13:01,559 --> 00:13:05,440
Speaker 1: now is there's a concept of gas fees, which is

217
00:13:06,080 --> 00:13:11,960
Speaker 1: fee the fee you pay for making transactions using um ethereum.

218
00:13:12,000 --> 00:13:16,760
Speaker 1: All right, so now that we've established some foundational language,

219
00:13:17,160 --> 00:13:20,679
Speaker 1: let's mint our first n f t UM. The first

220
00:13:20,720 --> 00:13:26,240
Speaker 1: thing we have to have is the digital asset. So

221
00:13:26,280 --> 00:13:29,200
Speaker 1: you might have like a song you'd like to place

222
00:13:29,280 --> 00:13:32,640
Speaker 1: on the blockchain, or a piece of art you created

223
00:13:32,720 --> 00:13:36,640
Speaker 1: an illustrator or photoshop, or maybe a poem you wrote

224
00:13:36,640 --> 00:13:39,079
Speaker 1: and you saved it as a JEF. None of this

225
00:13:39,240 --> 00:13:43,000
Speaker 1: conversation matters if you don't have some digital asset you

226
00:13:43,040 --> 00:13:45,880
Speaker 1: want to share with the world. I won't spend a

227
00:13:45,880 --> 00:13:49,160
Speaker 1: lot of time here. While having an asset is critical

228
00:13:49,200 --> 00:13:53,800
Speaker 1: to this idea, it's obvious and there are other necessary

229
00:13:53,800 --> 00:13:55,880
Speaker 1: steps more worthy of our time, so I won't spend

230
00:13:56,280 --> 00:14:00,280
Speaker 1: time there. You gotta have it obviously. It's important, UM,

231
00:14:00,360 --> 00:14:05,120
Speaker 1: necessary and required also UM that you have a digital wallet.

232
00:14:05,600 --> 00:14:08,000
Speaker 1: There's no need in having a digital wallet if you

233
00:14:08,000 --> 00:14:11,480
Speaker 1: don't have any coins. And yes, you will need some coins.

234
00:14:11,840 --> 00:14:14,640
Speaker 1: Remember gas fees in order to mention first inn f T.

235
00:14:15,320 --> 00:14:17,360
Speaker 1: The first thing you'll need to do UM is set

236
00:14:17,400 --> 00:14:20,280
Speaker 1: up an account on coin base. UM. You could use

237
00:14:20,320 --> 00:14:23,960
Speaker 1: other crypto exchanges, but for this example, we're gonna use

238
00:14:24,480 --> 00:14:27,480
Speaker 1: this one coin bage. To set up your coin based account,

239
00:14:27,760 --> 00:14:29,880
Speaker 1: you'll need all the same kind of information you need

240
00:14:29,920 --> 00:14:33,800
Speaker 1: to set up any other online account, like an email address, unique,

241
00:14:33,880 --> 00:14:36,600
Speaker 1: use your name, password, and etcetera. But you also need

242
00:14:36,640 --> 00:14:38,920
Speaker 1: to serve up a photo of your driver's license or

243
00:14:38,960 --> 00:14:42,080
Speaker 1: some other state I d UM from the coin based website.

244
00:14:42,440 --> 00:14:46,760
Speaker 1: The reason behind requiring this documentation is to prevent fraud

245
00:14:47,120 --> 00:14:50,560
Speaker 1: and to make any account related changes. Coin Based will

246
00:14:50,640 --> 00:14:53,440
Speaker 1: ask you to verify your identity from time to time

247
00:14:53,520 --> 00:14:56,280
Speaker 1: We also ask you to verify your identity to ensure

248
00:14:56,320 --> 00:14:59,840
Speaker 1: no one but you changes your payment information, So be

249
00:15:00,000 --> 00:15:02,760
Speaker 1: ready with your idea on hand when setting up your account.

250
00:15:03,160 --> 00:15:05,480
Speaker 1: The next thing you'll need is your banking info in

251
00:15:05,560 --> 00:15:09,000
Speaker 1: order to buy some which you'll need um. You'll need

252
00:15:09,040 --> 00:15:12,640
Speaker 1: to have access to an online account your bank account

253
00:15:12,880 --> 00:15:15,600
Speaker 1: to connect to your coin based account to swap off

254
00:15:15,600 --> 00:15:21,760
Speaker 1: the currencies you'll be trading your dollars for ethereum. So

255
00:15:21,960 --> 00:15:25,000
Speaker 1: you're a genius. You got this far without much of

256
00:15:25,000 --> 00:15:28,400
Speaker 1: a headache, right, Well, that was the easy stuff. It

257
00:15:28,440 --> 00:15:30,880
Speaker 1: gets a little bit more complex from here, but I

258
00:15:30,920 --> 00:15:33,720
Speaker 1: promise it gets simpler again shortly. But this is the

259
00:15:33,760 --> 00:15:36,800
Speaker 1: part where I got hung up on for like a week.

260
00:15:37,640 --> 00:15:40,040
Speaker 1: There was a lot of un learning I had to

261
00:15:40,080 --> 00:15:42,840
Speaker 1: do in order to be birthed into the world of

262
00:15:42,880 --> 00:15:45,840
Speaker 1: web three. There were a lot of norms I was

263
00:15:46,000 --> 00:15:49,200
Speaker 1: used to and had taken for granted, that are not native,

264
00:15:49,440 --> 00:15:52,120
Speaker 1: or at least not at face value, native to how

265
00:15:52,160 --> 00:15:57,480
Speaker 1: we perform in our analog world. This concept of a

266
00:15:57,560 --> 00:16:00,440
Speaker 1: digital wallet took me a second. Um, I just assumed

267
00:16:00,880 --> 00:16:03,320
Speaker 1: once I had some money in my coin based account

268
00:16:03,360 --> 00:16:07,000
Speaker 1: that I was golden. I could go and make some purchases.

269
00:16:07,720 --> 00:16:11,360
Speaker 1: But coin base is just an exchange. You don't buy

270
00:16:11,480 --> 00:16:14,520
Speaker 1: things from the coin based app. You need a digital

271
00:16:14,520 --> 00:16:17,480
Speaker 1: wallet to do that, which, after I got over the

272
00:16:17,560 --> 00:16:20,560
Speaker 1: momentary state of confusion, it started to make sense. If

273
00:16:20,600 --> 00:16:23,760
Speaker 1: I have a bank account, that doesn't mean I go

274
00:16:24,920 --> 00:16:28,000
Speaker 1: buy some yeasys on the confirmed app using my bank account. No,

275
00:16:28,400 --> 00:16:31,480
Speaker 1: I use my credit card or a debit card, which

276
00:16:31,520 --> 00:16:34,480
Speaker 1: is backed either by my credit worthiness or my bank balance.

277
00:16:34,920 --> 00:16:39,200
Speaker 1: You get the point. The exchange either way, it's just

278
00:16:39,400 --> 00:16:46,040
Speaker 1: where I converted convert my dollars to cryptocurrency with the

279
00:16:46,040 --> 00:16:50,720
Speaker 1: cryptocurrency of my choice, be it Ethereum, Bitcoin, dose coin,

280
00:16:50,880 --> 00:16:53,840
Speaker 1: or Sheba or whatever. And the wallet is where I

281
00:16:53,920 --> 00:16:57,640
Speaker 1: buy stuff in the marketplace, like a n f T marketplace.

282
00:16:58,320 --> 00:17:02,240
Speaker 1: With this conversation, we're talking about minting n f T s, however,

283
00:17:02,440 --> 00:17:05,440
Speaker 1: not buying them. But so far in our steps we're

284
00:17:05,480 --> 00:17:08,040
Speaker 1: still doing the same work. To perform I have a task,

285
00:17:08,520 --> 00:17:10,840
Speaker 1: you still have to have a wallet to mint n

286
00:17:10,880 --> 00:17:14,040
Speaker 1: f T s. Again, your wallet is also the holder

287
00:17:14,119 --> 00:17:18,679
Speaker 1: of your coins and your passwords. Remember that, so moving

288
00:17:18,680 --> 00:17:21,879
Speaker 1: coins over to your wallet, the process of moving my

289
00:17:22,000 --> 00:17:26,080
Speaker 1: coins from the exchange to my wallet again being new

290
00:17:26,119 --> 00:17:28,080
Speaker 1: to the game cost me a little bit of heartache.

291
00:17:28,320 --> 00:17:31,040
Speaker 1: Before I describe the heartache, though, I'll tell you about

292
00:17:31,080 --> 00:17:33,159
Speaker 1: my wallet. There are two wallets that I have. I

293
00:17:33,240 --> 00:17:35,639
Speaker 1: have one that is a meta mask wallet, and I

294
00:17:35,720 --> 00:17:38,480
Speaker 1: also have a coin based wallet. Coin Based is not

295
00:17:38,560 --> 00:17:42,119
Speaker 1: only a marketplace, they also provide a wallet to go

296
00:17:42,200 --> 00:17:46,080
Speaker 1: alongside their marketplace services, though you do have to sign

297
00:17:46,160 --> 00:17:50,720
Speaker 1: up for them independently. Once um you have some coins

298
00:17:50,760 --> 00:17:55,399
Speaker 1: in your marketplace account, you'll need to move some over

299
00:17:55,600 --> 00:17:58,760
Speaker 1: to your wallet in order to continue the process of

300
00:17:58,880 --> 00:18:02,240
Speaker 1: minting your n f T east. This was my first

301
00:18:02,359 --> 00:18:06,919
Speaker 1: experience with the dreaded gas fees. Now, I mentioned before

302
00:18:07,200 --> 00:18:09,879
Speaker 1: that you get charged gas fees when you make a

303
00:18:09,920 --> 00:18:14,320
Speaker 1: transaction on the etherym blockchain. Remember so I also mentioned

304
00:18:14,320 --> 00:18:17,320
Speaker 1: that at this point I had already purchased some eth.

305
00:18:17,840 --> 00:18:21,080
Speaker 1: So why is now moving money from my coin based

306
00:18:21,119 --> 00:18:24,760
Speaker 1: account to my wallet, in this case, my coin based wallet,

307
00:18:24,760 --> 00:18:26,920
Speaker 1: when it wouldn't have matter. It could have been my

308
00:18:27,040 --> 00:18:30,440
Speaker 1: metal mask wallet. Why is now the first brush I've

309
00:18:30,480 --> 00:18:33,320
Speaker 1: had with gas fees when I've had to pay gas

310
00:18:33,400 --> 00:18:36,040
Speaker 1: fees to get my coins in the first place on

311
00:18:36,119 --> 00:18:39,840
Speaker 1: the marketplace, Yes, but no, I could go off the

312
00:18:39,880 --> 00:18:42,240
Speaker 1: deep end here, but I won't what I what I

313
00:18:42,280 --> 00:18:45,800
Speaker 1: will give you is enough information to understand the core

314
00:18:45,920 --> 00:18:49,640
Speaker 1: concepts without balking you down in details and minutia. When

315
00:18:49,720 --> 00:18:54,080
Speaker 1: you buy crypto from marketplace like coin Base, that marketplace

316
00:18:54,160 --> 00:18:58,040
Speaker 1: already has the ethereum, the EAT. So having a thousand

317
00:18:58,040 --> 00:19:02,560
Speaker 1: dollars in your coin Base marketplace account is effectively like

318
00:19:02,640 --> 00:19:06,560
Speaker 1: having a thousand dollars IOU from coin Base. You really

319
00:19:06,600 --> 00:19:09,960
Speaker 1: don't own the eath. When you go to move it

320
00:19:10,080 --> 00:19:13,440
Speaker 1: over to your wallet, however, you're taking control of the

321
00:19:13,560 --> 00:19:18,439
Speaker 1: e and placing it in your digital hands. So because

322
00:19:18,520 --> 00:19:22,359
Speaker 1: you first simply had an IOU from the marketplace coin Base,

323
00:19:22,520 --> 00:19:25,040
Speaker 1: in my case, you didn't, you didn't really have any

324
00:19:25,200 --> 00:19:27,600
Speaker 1: have to pay any gas fees because you really didn't

325
00:19:27,640 --> 00:19:31,600
Speaker 1: have the eath. You had a promise of ease. So

326
00:19:31,800 --> 00:19:34,280
Speaker 1: platforms can get hacked and it will matter to you

327
00:19:34,480 --> 00:19:37,719
Speaker 1: because they're storing your EATH or your promised eth. If

328
00:19:37,760 --> 00:19:40,600
Speaker 1: it's in your wallet, however, you risk losing it if

329
00:19:40,680 --> 00:19:44,120
Speaker 1: you lose your keys or your keys get stolen. You're

330
00:19:44,160 --> 00:19:48,000
Speaker 1: in control. Going deeper into that isn't in the scope

331
00:19:48,040 --> 00:19:50,800
Speaker 1: of this episode, but I'll leave it at that. If

332
00:19:50,880 --> 00:19:53,600
Speaker 1: it's on the platform. If you have not moved money

333
00:19:53,800 --> 00:19:56,440
Speaker 1: out of the marketplace and into your wallet, you have

334
00:19:56,600 --> 00:20:00,399
Speaker 1: the promise of that currency. Once you move over to

335
00:20:00,520 --> 00:20:05,399
Speaker 1: the wallet, then you have it in your hands. Okay,

336
00:20:06,119 --> 00:20:08,440
Speaker 1: So this is where I came to pay my first

337
00:20:08,560 --> 00:20:11,800
Speaker 1: real toll in the form of gas fees, moving money

338
00:20:11,960 --> 00:20:14,920
Speaker 1: from my coin based marketplace account to in this case,

339
00:20:15,040 --> 00:20:18,920
Speaker 1: my coin based wallet. Since I'm truly taking ownership of

340
00:20:19,040 --> 00:20:22,680
Speaker 1: my ETH instead of having coin based the marketplace be

341
00:20:22,800 --> 00:20:27,119
Speaker 1: a custodian from my ETH, I'm placing a recorded transaction

342
00:20:27,359 --> 00:20:32,920
Speaker 1: onto the blockchain. Therefore, that requires, as we remember, computational power,

343
00:20:33,119 --> 00:20:36,280
Speaker 1: and I gotta pay for that. Gas prices, just like

344
00:20:36,400 --> 00:20:40,520
Speaker 1: the gas prices were used to the ones that involve automobiles, fluctuate,

345
00:20:41,040 --> 00:20:44,760
Speaker 1: and they fluctuate based on the demand for computational power,

346
00:20:45,200 --> 00:20:48,520
Speaker 1: the volume of network activity, and since ethereum is in

347
00:20:48,680 --> 00:20:52,119
Speaker 1: more demand than ever, gas prices have been higher than

348
00:20:52,200 --> 00:20:56,520
Speaker 1: they've been in months and years. Recently, they're incredibly high

349
00:20:56,720 --> 00:20:59,119
Speaker 1: at the moment, so much so that the rates make

350
00:20:59,200 --> 00:21:02,800
Speaker 1: some investments into n f T s UM no longer

351
00:21:02,920 --> 00:21:06,360
Speaker 1: feasible and even ruin the value and possibility of future returns.

352
00:21:06,400 --> 00:21:09,080
Speaker 1: So gas prices are high. UM, let's just lead it

353
00:21:09,119 --> 00:21:10,600
Speaker 1: to the side because it's again out of the scope

354
00:21:10,640 --> 00:21:13,120
Speaker 1: of this conversation. But it's important to know that gas

355
00:21:13,240 --> 00:21:16,240
Speaker 1: prices are high and can you know can impact UM

356
00:21:16,440 --> 00:21:19,760
Speaker 1: whether or not you get involved. So let's say your

357
00:21:19,800 --> 00:21:23,720
Speaker 1: comfy with paying the incredibly high fees to move your feet,

358
00:21:24,680 --> 00:21:27,359
Speaker 1: and you make the move. So note, I'm going to

359
00:21:27,520 --> 00:21:30,840
Speaker 1: use some very simple numbers going forward as an example

360
00:21:31,040 --> 00:21:34,320
Speaker 1: of actual numbers in these real life instances, very second

361
00:21:34,359 --> 00:21:36,560
Speaker 1: to second. But my goal here is just for you

362
00:21:36,680 --> 00:21:39,960
Speaker 1: to understand the concepts. Giving you simple numbers helps me

363
00:21:40,040 --> 00:21:43,159
Speaker 1: communicate these ideas. So you had a thousand dollars in

364
00:21:43,280 --> 00:21:47,080
Speaker 1: your in your coin based marketplace account, and now you

365
00:21:47,240 --> 00:21:52,120
Speaker 1: have nine hundred in in your coin based wallets after

366
00:21:52,240 --> 00:21:55,639
Speaker 1: paying gas fees. UM, here's a peek at everything you

367
00:21:55,760 --> 00:21:59,280
Speaker 1: have so far. You have a digital non fungible asset

368
00:21:59,440 --> 00:22:01,480
Speaker 1: like a piece of art or an MP three of

369
00:22:01,560 --> 00:22:05,879
Speaker 1: a song. You have a coin based marketplace account, and

370
00:22:05,960 --> 00:22:10,479
Speaker 1: you have a coin based wallet with some in it. UM.

371
00:22:10,520 --> 00:22:13,399
Speaker 1: The next thing you'll need to ment your first n

372
00:22:13,480 --> 00:22:16,719
Speaker 1: f T is an account on an n f T marketplace.

373
00:22:17,440 --> 00:22:20,760
Speaker 1: For this example, I'll use the most popular of these,

374
00:22:21,119 --> 00:22:26,200
Speaker 1: which is open c. There are others like Wearable, Foundation,

375
00:22:26,560 --> 00:22:30,760
Speaker 1: Mentable and more UM, but open c is the biggest.

376
00:22:31,800 --> 00:22:34,159
Speaker 1: To set up an account on open ce, UH, to

377
00:22:34,280 --> 00:22:36,440
Speaker 1: make your first piece of art, we're going to need

378
00:22:36,520 --> 00:22:40,080
Speaker 1: to use the other utility of your wallet. Remember, a

379
00:22:40,200 --> 00:22:43,480
Speaker 1: wallet can perform more tasks than just spending coins. It

380
00:22:43,560 --> 00:22:47,920
Speaker 1: can also serve as our password traffic keeper UM. In

381
00:22:48,040 --> 00:22:51,600
Speaker 1: order to create our open sea account, will need to

382
00:22:51,840 --> 00:22:56,240
Speaker 1: connect open ce by clicking the create button at the

383
00:22:56,280 --> 00:22:59,720
Speaker 1: top of their web page to our wallet. UH. This

384
00:23:00,040 --> 00:23:03,240
Speaker 1: require a little bit of authentication which we don't have

385
00:23:03,320 --> 00:23:05,480
Speaker 1: to get into here, but I found it to be,

386
00:23:05,680 --> 00:23:08,920
Speaker 1: you know, quite user freely and uncumbersome. So if you've

387
00:23:08,960 --> 00:23:11,320
Speaker 1: made it this far into this episode, you should get

388
00:23:11,359 --> 00:23:15,000
Speaker 1: through the process of connecting open sea to your wallet

389
00:23:15,119 --> 00:23:20,040
Speaker 1: without much of an issue. Guess what you have now

390
00:23:20,119 --> 00:23:23,159
Speaker 1: created your wallet and move some feet into it, and

391
00:23:23,240 --> 00:23:26,080
Speaker 1: you made it past much of the heavy lifting. Most

392
00:23:26,119 --> 00:23:29,959
Speaker 1: people do not make it this far, so cheers. Now,

393
00:23:30,040 --> 00:23:32,960
Speaker 1: after having connected your wallet, you should see that you

394
00:23:33,119 --> 00:23:35,600
Speaker 1: have an open sea account. Now you'll be able to

395
00:23:35,720 --> 00:23:39,320
Speaker 1: click into your profile on open sea, upload a profile

396
00:23:39,400 --> 00:23:43,480
Speaker 1: picture at a bio, your social handles and more. But

397
00:23:43,560 --> 00:23:45,280
Speaker 1: let's get all that and get back to minting our

398
00:23:45,320 --> 00:23:48,399
Speaker 1: first n f T. So the reason open c is

399
00:23:48,600 --> 00:23:52,359
Speaker 1: the big dog in this n f T marketplace uh space,

400
00:23:52,520 --> 00:23:55,040
Speaker 1: is they make it super easy to mint n f

401
00:23:55,160 --> 00:23:59,320
Speaker 1: T s. What you're going to do simply is click

402
00:23:59,480 --> 00:24:02,360
Speaker 1: create at the top of the page in the nav

403
00:24:02,480 --> 00:24:06,320
Speaker 1: bar and start creating your item. Open Sea allows you

404
00:24:06,440 --> 00:24:11,960
Speaker 1: to upload a number of file types like JPEG's, pings, PNGs,

405
00:24:12,480 --> 00:24:16,000
Speaker 1: just MP four's, m P three's on and on and

406
00:24:16,080 --> 00:24:19,120
Speaker 1: on um with a max size of like a hundred megabytes.

407
00:24:19,160 --> 00:24:21,440
Speaker 1: So you've got plenty of space to play there. So

408
00:24:21,760 --> 00:24:23,720
Speaker 1: that's pretty cool, and creators have a lot of options,

409
00:24:24,680 --> 00:24:29,159
Speaker 1: and so most of this page to creating and menting.

410
00:24:29,240 --> 00:24:32,040
Speaker 1: I'm sorry your first n f T is self explanatory.

411
00:24:32,119 --> 00:24:35,320
Speaker 1: But the one thing, and among the last things to

412
00:24:35,440 --> 00:24:37,879
Speaker 1: note here is the benefit of n f T s

413
00:24:38,080 --> 00:24:40,600
Speaker 1: as opposed to the pre n f T world of

414
00:24:40,800 --> 00:24:45,399
Speaker 1: art related to the creator's reward for her creation. Historically,

415
00:24:45,920 --> 00:24:50,040
Speaker 1: and and still many, if not all, analog instances, say

416
00:24:50,119 --> 00:24:54,159
Speaker 1: you create a painting and you're lucky enough to find

417
00:24:54,880 --> 00:24:58,960
Speaker 1: a buyer at some community art show who you sell

418
00:24:59,359 --> 00:25:03,800
Speaker 1: your paint too, for ten thousand dollars. You won. Right.

419
00:25:04,640 --> 00:25:08,760
Speaker 1: For many artists, selling anything at that higher number is

420
00:25:08,840 --> 00:25:12,600
Speaker 1: a victory. It doesn't happen often, but if it happens

421
00:25:12,640 --> 00:25:15,800
Speaker 1: to you, you know, kudos to you. But let's put

422
00:25:15,840 --> 00:25:18,920
Speaker 1: a real world twist on this, because it's happened time

423
00:25:19,040 --> 00:25:22,280
Speaker 1: after time. You sold that piece at that community art

424
00:25:22,320 --> 00:25:25,960
Speaker 1: fair for ten thousand dollars. Two years later, the person

425
00:25:26,200 --> 00:25:29,879
Speaker 1: let's call him Sal, has garnered a lot of interest

426
00:25:30,080 --> 00:25:33,040
Speaker 1: in that piece as he throws his remarkable dinner parties

427
00:25:33,119 --> 00:25:36,840
Speaker 1: at his home in Utah. A purveyor of fine art

428
00:25:36,920 --> 00:25:40,400
Speaker 1: loves the piece, visits his home for dinner and it's like, yo, Sal,

429
00:25:40,480 --> 00:25:43,000
Speaker 1: I gotta have that piece. Sounds like you can have

430
00:25:43,119 --> 00:25:45,840
Speaker 1: that piece. You know. They make an exchange for a

431
00:25:45,960 --> 00:25:50,880
Speaker 1: hundred thousand dollars, So Sal is up ninek on his investment.

432
00:25:50,920 --> 00:25:53,960
Speaker 1: He bought it for ten, he sold it for a hundred. You,

433
00:25:54,119 --> 00:25:56,960
Speaker 1: the creator of the work, you realize none of that

434
00:25:57,080 --> 00:26:02,520
Speaker 1: secondary sale value. That purveyor are lists it and Christie's.

435
00:26:02,640 --> 00:26:06,720
Speaker 1: Then let's let's go further. He sells it again Chris

436
00:26:06,840 --> 00:26:11,160
Speaker 1: and Christie's. Now it sells for six hundred thousand dollars. Again,

437
00:26:11,240 --> 00:26:15,359
Speaker 1: you see none of that money. Sal made a hundred K.

438
00:26:16,720 --> 00:26:20,840
Speaker 1: That purveyor who's unnamed made five d K. He bought

439
00:26:20,880 --> 00:26:24,359
Speaker 1: it four hundred and sold it for six hundred. You

440
00:26:24,440 --> 00:26:26,879
Speaker 1: saw none of that. You saw ten thousand, and that

441
00:26:27,000 --> 00:26:29,760
Speaker 1: ten thousand dollars that you were so excited about two

442
00:26:29,880 --> 00:26:32,440
Speaker 1: years ago. It is starting to feel like a raw deal.

443
00:26:33,040 --> 00:26:35,159
Speaker 1: With today's technology. It is with n f T s

444
00:26:35,240 --> 00:26:38,720
Speaker 1: it is with an n f T. On that same page,

445
00:26:38,760 --> 00:26:42,080
Speaker 1: we're looking at on open sea. You can create a

446
00:26:42,280 --> 00:26:46,760
Speaker 1: royalty that gets solidified into your art. It is not changeable,

447
00:26:47,200 --> 00:26:50,399
Speaker 1: and it's up to ten in fact. So what does

448
00:26:50,440 --> 00:26:55,320
Speaker 1: this mean based on our example baked into the smart contract,

449
00:26:55,480 --> 00:26:59,040
Speaker 1: which is simply the settings were creating on this page

450
00:26:59,119 --> 00:27:02,320
Speaker 1: we're looking at an open sea, we're baking into our

451
00:27:02,480 --> 00:27:06,000
Speaker 1: n f T a set of rules that governs all

452
00:27:06,119 --> 00:27:09,960
Speaker 1: transactions going forward about our n f T. So let's

453
00:27:10,080 --> 00:27:13,080
Speaker 1: let's play this out again. Um, with our painting as

454
00:27:13,160 --> 00:27:16,400
Speaker 1: an n f T. You're at that community art fair

455
00:27:17,000 --> 00:27:20,399
Speaker 1: and Sal walks up. He's like, nice piece, kid, how

456
00:27:20,520 --> 00:27:22,760
Speaker 1: much you know? In this case it's obviously a digital

457
00:27:22,800 --> 00:27:26,040
Speaker 1: piece of art. But walk with me. You muster up

458
00:27:26,119 --> 00:27:28,440
Speaker 1: the courage and take that big gulp and you say

459
00:27:28,480 --> 00:27:32,359
Speaker 1: it's fifteen thousand dollars. Nah. You and Sal haggle and

460
00:27:32,480 --> 00:27:34,760
Speaker 1: you settle on ten K. So you got ten grant.

461
00:27:34,800 --> 00:27:36,880
Speaker 1: You feel like a million dollars because you just sold

462
00:27:36,920 --> 00:27:40,120
Speaker 1: a piece for five figures that you created at home

463
00:27:40,160 --> 00:27:44,159
Speaker 1: in your draws. Sal has his dinner party at his

464
00:27:44,240 --> 00:27:48,040
Speaker 1: home in Utah and the purveyor shows up. He loves

465
00:27:48,080 --> 00:27:51,439
Speaker 1: the piece and he buys it from Sal four hundred

466
00:27:51,480 --> 00:27:55,840
Speaker 1: thousand dollars. This time you're not mad though, because baked

467
00:27:55,880 --> 00:27:58,399
Speaker 1: into the n f T is a smart contract that

468
00:27:58,520 --> 00:28:03,520
Speaker 1: outlines attend percent royalty. So you you made your initial

469
00:28:03,640 --> 00:28:06,600
Speaker 1: ten k, and now that Sal is out there selling

470
00:28:06,880 --> 00:28:10,000
Speaker 1: your stuff again. You made ten k on his sale.

471
00:28:10,119 --> 00:28:13,280
Speaker 1: You made ten percent on his sale to that purveyor,

472
00:28:13,400 --> 00:28:15,760
Speaker 1: and you cast in another ten k as you earned

473
00:28:16,119 --> 00:28:19,159
Speaker 1: ten percent of his hundred thousand dollars sale. Now you

474
00:28:19,280 --> 00:28:22,440
Speaker 1: had twenty thou hollars. You had your original ten k

475
00:28:22,800 --> 00:28:26,800
Speaker 1: and you had his tin k. That purveyor, being a

476
00:28:26,920 --> 00:28:30,240
Speaker 1: friend of Christie's auction house, list the piece and it

477
00:28:30,320 --> 00:28:34,199
Speaker 1: goes for six hundred thousand dollars. Your ten percent royalty

478
00:28:34,320 --> 00:28:39,760
Speaker 1: never goes away. It's unchangeable, it's unmodifiable, it's baked in

479
00:28:40,760 --> 00:28:44,320
Speaker 1: what you just earned sixty thou hollars. In total, you're

480
00:28:44,400 --> 00:28:46,400
Speaker 1: up eighty thousand dollars and you didn't have to do

481
00:28:46,480 --> 00:28:50,080
Speaker 1: anything else besides your n f T and it went

482
00:28:50,160 --> 00:28:54,920
Speaker 1: to work. Obviously, there will be millions of n f

483
00:28:55,080 --> 00:28:59,240
Speaker 1: T s created as the awareness grows over time, and

484
00:28:59,400 --> 00:29:03,160
Speaker 1: not all have this outcome. Most won't have this outcome.

485
00:29:03,400 --> 00:29:06,720
Speaker 1: If that's not important. What is important is that we

486
00:29:06,880 --> 00:29:11,880
Speaker 1: now have the opportunity for what to happen. John Michelle Botsky.

487
00:29:12,000 --> 00:29:16,480
Speaker 1: I didn't have that. Gordon Parks didn't have that. You do.

488
00:29:18,080 --> 00:29:21,920
Speaker 1: In the future, we'll get more into smart contracts, dolls,

489
00:29:22,120 --> 00:29:24,720
Speaker 1: and other implications of n f t s like what

490
00:29:24,840 --> 00:29:28,800
Speaker 1: will the means for health insurance? Possibly home sales even more.

491
00:29:29,640 --> 00:29:32,920
Speaker 1: But my goal with this podcast episode is to pique

492
00:29:32,920 --> 00:29:35,680
Speaker 1: your interest in the future we can all take advantage

493
00:29:35,720 --> 00:29:40,360
Speaker 1: of now and benefit from for generations to come. What

494
00:29:40,520 --> 00:29:56,880
Speaker 1: will you create? Black Tech, Green Money and production of

495
00:29:56,920 --> 00:30:00,000
Speaker 1: Black they Afro Tech on the Black Effect podcast Network

496
00:30:00,160 --> 00:30:03,040
Speaker 1: in iHeart Media and it's produced by Morgan Davon and

497
00:30:03,160 --> 00:30:07,160
Speaker 1: me Well Lucas, with additional production support by Love Beach

498
00:30:07,200 --> 00:30:11,480
Speaker 1: and Marissa Lewis. Special thank you to Michael Davis Adam Sims.

499
00:30:11,520 --> 00:30:14,239
Speaker 1: It's a car savon Jan you know, like the wine. Yes,

500
00:30:14,360 --> 00:30:17,400
Speaker 1: that's his real name. Learn more about my guests and

501
00:30:17,440 --> 00:30:20,120
Speaker 1: other technis reuptres and innovators at afro tech dot com.

502
00:30:21,400 --> 00:30:24,120
Speaker 1: Enjoying black tech, green money. Leave us a five star

503
00:30:24,240 --> 00:30:29,480
Speaker 1: rating on iTunes. Go get your money, Peace and luck,