1 00:00:00,240 --> 00:00:02,720 Speaker 1: So I was thinking about this, um because there are 2 00:00:02,759 --> 00:00:05,680 Speaker 1: so many people who who get excited about the implications 3 00:00:05,720 --> 00:00:07,640 Speaker 1: of what Web three can do, and some people just 4 00:00:07,720 --> 00:00:09,640 Speaker 1: here it all the time and like, Okay, something cool 5 00:00:09,720 --> 00:00:12,520 Speaker 1: is happening over here. And I think about this quote 6 00:00:12,880 --> 00:00:16,320 Speaker 1: that Steve Jobs had put out, you know, several years ago, obviously, 7 00:00:16,800 --> 00:00:18,759 Speaker 1: and I'm on a paraphrase, but he talked about how 8 00:00:18,880 --> 00:00:22,439 Speaker 1: how technology is nothing, but what matters is you know humans, 9 00:00:22,440 --> 00:00:24,960 Speaker 1: and that people are basically good and smart, and that 10 00:00:25,079 --> 00:00:27,040 Speaker 1: if you know, if you give them the tools, will 11 00:00:27,280 --> 00:00:30,080 Speaker 1: do incredible things with them. And so I think about 12 00:00:30,160 --> 00:00:33,080 Speaker 1: how the story that I read about how you and 13 00:00:33,120 --> 00:00:35,599 Speaker 1: Harold and somebody else had had had thought about this 14 00:00:35,760 --> 00:00:40,200 Speaker 1: idea for a black at and and I wonder how 15 00:00:40,880 --> 00:00:43,680 Speaker 1: you would ad manage people to build these communities, whether 16 00:00:43,720 --> 00:00:47,320 Speaker 1: they're just interested in the technology and what it can do, um, 17 00:00:47,360 --> 00:00:51,000 Speaker 1: you know, technologically, or that they see a larger mission 18 00:00:51,320 --> 00:00:55,560 Speaker 1: that is more effectively reached by employing Web three technology. 19 00:00:55,640 --> 00:00:59,760 Speaker 1: So number one, how do you think about the Web 20 00:00:59,800 --> 00:01:02,280 Speaker 1: three is it was the technology is super cool, and 21 00:01:02,360 --> 00:01:04,840 Speaker 1: you was like I gotta do something here, or you like, okay, 22 00:01:04,880 --> 00:01:07,479 Speaker 1: I got my people, and how can I best help them. 23 00:01:07,480 --> 00:01:09,360 Speaker 1: How do you think about that when you're building these 24 00:01:09,360 --> 00:01:13,280 Speaker 1: social technologies. So I think there are a lot of 25 00:01:13,280 --> 00:01:19,160 Speaker 1: communities and companies whoever creators that are just like jumping 26 00:01:19,160 --> 00:01:21,840 Speaker 1: into web three because it's like the new thing, which 27 00:01:22,600 --> 00:01:27,760 Speaker 1: it happens whatever. Um. But for us, we were thinking 28 00:01:27,760 --> 00:01:32,560 Speaker 1: about a couple of things. One, we were wondering, how 29 00:01:32,680 --> 00:01:37,120 Speaker 1: do we token gate this so that the value isn't 30 00:01:37,319 --> 00:01:41,080 Speaker 1: on us? Right, we don't just own the value, but 31 00:01:41,120 --> 00:01:44,959 Speaker 1: our community members owned the value. And so that was 32 00:01:45,000 --> 00:01:46,959 Speaker 1: one of the reasons why we decided to have to 33 00:01:47,040 --> 00:01:49,080 Speaker 1: make it token gated, right, Like, we wanted to create 34 00:01:49,120 --> 00:01:52,680 Speaker 1: a token around this so that it wasn't just us 35 00:01:52,920 --> 00:01:55,320 Speaker 1: owning the value. So what I mean by that is 36 00:01:55,360 --> 00:01:58,559 Speaker 1: like if you are a member of SOHO house or 37 00:01:58,600 --> 00:02:01,400 Speaker 1: another community, I don't know, think of something. I'm sure 38 00:02:01,440 --> 00:02:06,520 Speaker 1: you're part of something, and you decided to get a membership. Um, 39 00:02:06,600 --> 00:02:10,720 Speaker 1: you buy the membership and you invite all your friends, uh, 40 00:02:10,720 --> 00:02:14,040 Speaker 1: and as your friends come and become members, then it 41 00:02:14,040 --> 00:02:16,360 Speaker 1: becomes more valuable to you. Right, Like you're like, great, 42 00:02:16,440 --> 00:02:17,720 Speaker 1: you know I can go get launched, I can do 43 00:02:17,760 --> 00:02:22,080 Speaker 1: my work whatever you're doing. But once you leave, that's it. 44 00:02:22,960 --> 00:02:26,400 Speaker 1: The value stays with solo house. You no longer hold 45 00:02:26,440 --> 00:02:30,079 Speaker 1: that value, You no longer get to interact in that 46 00:02:30,120 --> 00:02:33,120 Speaker 1: way with your friends. UM, and you don't really get 47 00:02:33,160 --> 00:02:38,800 Speaker 1: any um uh, you don't really get any UM return 48 00:02:38,919 --> 00:02:41,400 Speaker 1: on your investment once you leave. Obviously, there may be 49 00:02:41,480 --> 00:02:43,920 Speaker 1: relationships and things that you've built there. Uh. And so 50 00:02:44,080 --> 00:02:47,040 Speaker 1: because this is a token gated community, there's also a 51 00:02:47,080 --> 00:02:50,960 Speaker 1: monetory monetary value to this, right. UM. As you bring 52 00:02:51,000 --> 00:02:53,000 Speaker 1: in more friends, and I'll go into kind of the 53 00:02:53,120 --> 00:02:55,680 Speaker 1: mechanism of how we priced our tokens in a second, 54 00:02:56,160 --> 00:02:59,240 Speaker 1: But as you bring in more friends, and as the 55 00:02:59,240 --> 00:03:02,840 Speaker 1: community gets larger, and as we build more products, and 56 00:03:02,880 --> 00:03:05,560 Speaker 1: as more people hear about what we're doing at black 57 00:03:05,639 --> 00:03:11,080 Speaker 1: at UM, the value of the community collectively goes up. 58 00:03:11,160 --> 00:03:12,919 Speaker 1: The value of the community goes up. But but the 59 00:03:13,240 --> 00:03:17,000 Speaker 1: fact that you're part of it collectively, we're all bringing 60 00:03:17,639 --> 00:03:21,280 Speaker 1: we're all raising the value of the community together. And 61 00:03:21,400 --> 00:03:25,799 Speaker 1: in order to show that um and really uh use 62 00:03:25,880 --> 00:03:30,600 Speaker 1: token omics to kind of highlight that point, we did 63 00:03:30,639 --> 00:03:34,880 Speaker 1: a reverse Dutch auction, which means the first and twenty 64 00:03:34,960 --> 00:03:40,080 Speaker 1: five tokens that were sold, we're at point one eight. 65 00:03:40,480 --> 00:03:42,720 Speaker 1: So you got in early it was point one eight 66 00:03:43,000 --> 00:03:45,240 Speaker 1: I think I don't even know what it was at 67 00:03:45,280 --> 00:03:47,280 Speaker 1: that point. I don't know, maybe four thousand, maybe a 68 00:03:47,280 --> 00:03:51,120 Speaker 1: little less, I don't know. Whatever it wasn't in February. 69 00:03:51,320 --> 00:03:54,440 Speaker 1: So you got in at point one first, the next 70 00:03:54,520 --> 00:03:59,120 Speaker 1: fifty we're at point three, The next fifty we're at 71 00:03:59,200 --> 00:04:02,080 Speaker 1: point five. The next fifty will be at I think 72 00:04:02,120 --> 00:04:07,360 Speaker 1: point seven five. Uh. And so every fifty, every um, 73 00:04:07,360 --> 00:04:12,480 Speaker 1: every incremental of fifty, there's an increase in the value 74 00:04:12,880 --> 00:04:15,600 Speaker 1: literally in the value of the coin based on the 75 00:04:15,600 --> 00:04:19,760 Speaker 1: mechanism that we used. And so there are some people 76 00:04:20,240 --> 00:04:23,880 Speaker 1: when you leave right you can undercut the market. You 77 00:04:24,080 --> 00:04:27,560 Speaker 1: don't right now. The only way to get our tokens 78 00:04:27,760 --> 00:04:30,479 Speaker 1: is by going to our website in minting the token 79 00:04:30,680 --> 00:04:34,480 Speaker 1: there um. But if you have you bought the token 80 00:04:34,520 --> 00:04:36,720 Speaker 1: for point one and you for some reason have to 81 00:04:36,800 --> 00:04:40,840 Speaker 1: leave or whatever we decided to sell, if you can 82 00:04:41,040 --> 00:04:43,440 Speaker 1: go to our if someone could go to our our 83 00:04:43,520 --> 00:04:45,840 Speaker 1: website and buy it at point five and you can 84 00:04:45,880 --> 00:04:49,640 Speaker 1: sell it for point four, then you've made you know, 85 00:04:49,800 --> 00:04:52,160 Speaker 1: three times what you paid for it. Uh. And so 86 00:04:52,279 --> 00:04:56,760 Speaker 1: there's inherent value in one how we did the token 87 00:04:56,760 --> 00:04:59,600 Speaker 1: onyx and to um what happens when we all come 88 00:04:59,640 --> 00:05:04,520 Speaker 1: together in the black at community um UH is more 89 00:05:04,680 --> 00:05:09,040 Speaker 1: known and UH is built out. And so you got 90 00:05:09,120 --> 00:05:11,599 Speaker 1: me thinking about a couple of different things. And I 91 00:05:11,640 --> 00:05:13,719 Speaker 1: am a firm believer. I think it was like Napoleon 92 00:05:13,800 --> 00:05:16,919 Speaker 1: Hill or Dale Carnegie or somebody, and he said, you know, 93 00:05:16,960 --> 00:05:19,160 Speaker 1: if I can help enough other people get what they want, 94 00:05:19,200 --> 00:05:22,200 Speaker 1: I'm gonna get everything I want. Right, And so I 95 00:05:22,240 --> 00:05:24,920 Speaker 1: think about that and this this ongoing battle in my 96 00:05:24,960 --> 00:05:28,920 Speaker 1: mind about that concept and competition, like I'm a competitor 97 00:05:28,960 --> 00:05:33,200 Speaker 1: to and most business over the last particularly in tech 98 00:05:33,480 --> 00:05:36,159 Speaker 1: over the last decade maybe two, was like I want 99 00:05:36,200 --> 00:05:38,799 Speaker 1: to own the whole thing. You've got this Peter Teal 100 00:05:38,920 --> 00:05:41,760 Speaker 1: like competition is like for suckers or whatever, like they 101 00:05:41,760 --> 00:05:45,599 Speaker 1: want to just own everything. And then you have what 102 00:05:46,400 --> 00:05:50,200 Speaker 1: what you talked about, this shared value? And so how 103 00:05:51,120 --> 00:05:54,800 Speaker 1: in in Web three can you go into more deeply 104 00:05:54,839 --> 00:05:58,480 Speaker 1: the philosophy of how value gets created When you're not 105 00:05:58,560 --> 00:06:01,280 Speaker 1: talking about competition, You're not talking about the people at 106 00:06:01,279 --> 00:06:03,960 Speaker 1: the top get the most. You're talking about all of 107 00:06:04,040 --> 00:06:07,880 Speaker 1: us are going to win together. Yeah, I mean that 108 00:06:07,880 --> 00:06:11,200 Speaker 1: that is that's that's the ethos Like that's literally it, right, 109 00:06:11,279 --> 00:06:14,479 Speaker 1: like you, here's the thing. And I think about this 110 00:06:14,560 --> 00:06:19,719 Speaker 1: a lot because there's different projects that have or not 111 00:06:20,760 --> 00:06:24,960 Speaker 1: ten thousand PfP drops or a thousand drops. We only 112 00:06:25,040 --> 00:06:28,800 Speaker 1: chose five hundred UM. And I've talked a lot to 113 00:06:28,800 --> 00:06:31,960 Speaker 1: our community. We just had one of our first local 114 00:06:32,080 --> 00:06:34,680 Speaker 1: events in d C where I don't know how many 115 00:06:34,680 --> 00:06:36,919 Speaker 1: of us were there, maybe eight UM and we talked 116 00:06:36,920 --> 00:06:40,640 Speaker 1: about like what makes black At special to them, and 117 00:06:40,680 --> 00:06:42,560 Speaker 1: a lot of them said because it was a it's 118 00:06:42,600 --> 00:06:48,919 Speaker 1: a smaller community in which I know everybody. I feel like, um, 119 00:06:48,960 --> 00:06:52,760 Speaker 1: I feel like it's we're a family. And I think 120 00:06:53,800 --> 00:06:56,200 Speaker 1: you have to understand that there's different places that you 121 00:06:56,240 --> 00:06:58,440 Speaker 1: can play. This is something that I've been really thinking 122 00:06:58,480 --> 00:07:02,640 Speaker 1: about because those larger communities are not what we're doing, right, 123 00:07:02,720 --> 00:07:07,640 Speaker 1: Like there's so much uh specialization I think that can 124 00:07:07,720 --> 00:07:12,040 Speaker 1: come from these really small communities that there. I don't 125 00:07:12,360 --> 00:07:15,600 Speaker 1: the ethos is shared like that's literally the ethos of 126 00:07:15,640 --> 00:07:19,720 Speaker 1: like Web three is shared ownership, shared value. And I 127 00:07:19,720 --> 00:07:23,119 Speaker 1: don't know if there has to be competition because there's 128 00:07:23,200 --> 00:07:27,160 Speaker 1: so many ways that we can go where my community 129 00:07:27,240 --> 00:07:30,480 Speaker 1: can overlap with your community, right, Like my community can 130 00:07:30,480 --> 00:07:34,000 Speaker 1: provide something completely different my community can be a community 131 00:07:34,000 --> 00:07:38,080 Speaker 1: of black builders of black collectors. Your community could be 132 00:07:39,040 --> 00:07:40,800 Speaker 1: folks that have never heard of Web three that are 133 00:07:40,880 --> 00:07:44,080 Speaker 1: brand new to the space and need, like you know, 134 00:07:44,280 --> 00:07:48,280 Speaker 1: complete education on what it is and there, and we 135 00:07:48,280 --> 00:07:50,920 Speaker 1: could we could both have people in all communities. And 136 00:07:51,120 --> 00:07:53,360 Speaker 1: that it's really interesting that you say that because a 137 00:07:53,400 --> 00:07:56,640 Speaker 1: lot of these larger communities when we were building Gated. 138 00:07:56,680 --> 00:07:59,239 Speaker 1: We're still building it obviously, but as we're building Gated, 139 00:08:00,040 --> 00:08:03,160 Speaker 1: we're going to these very large communities. So CpG pop 140 00:08:03,280 --> 00:08:09,080 Speaker 1: um wow, cool cats like all these larger communities, um aku. 141 00:08:09,720 --> 00:08:13,120 Speaker 1: And my question is like, well, wait a minute, guys, 142 00:08:13,240 --> 00:08:16,800 Speaker 1: Like there's so much overlap here, how are we going 143 00:08:16,880 --> 00:08:20,360 Speaker 1: to make money? Like we if somebody is only buying 144 00:08:20,400 --> 00:08:23,120 Speaker 1: one token to get onto Gated and there's five of 145 00:08:23,120 --> 00:08:27,440 Speaker 1: their communities on this platform, we're losing out. But the 146 00:08:27,600 --> 00:08:30,840 Speaker 1: but the thing about that is is that the more 147 00:08:30,880 --> 00:08:33,719 Speaker 1: communities that are on that platform, the more value the 148 00:08:33,720 --> 00:08:37,080 Speaker 1: product becomes. Um So, what we're seeing is that like 149 00:08:37,200 --> 00:08:42,800 Speaker 1: that overlap is actually bringing more value to the platform. Right, 150 00:08:42,880 --> 00:08:46,440 Speaker 1: The more eyeballs is bringing more eyeballs to our platform. 151 00:08:46,520 --> 00:08:50,040 Speaker 1: So I don't think that it's like, yes, it's a 152 00:08:50,080 --> 00:08:53,440 Speaker 1: competition thing. But I think that there's so much specialization 153 00:08:53,679 --> 00:08:56,480 Speaker 1: and think about it, right, Like what n f T 154 00:08:56,600 --> 00:09:00,520 Speaker 1: s are right now is our listen listen right, Like 155 00:09:00,600 --> 00:09:03,880 Speaker 1: it's collecting art. But if you think about like art 156 00:09:03,920 --> 00:09:07,320 Speaker 1: in and of itself, it is very subjective, right, So 157 00:09:07,440 --> 00:09:11,360 Speaker 1: I may like something for some completely different reason then 158 00:09:11,400 --> 00:09:14,480 Speaker 1: my best friend over here who may hate it, right, 159 00:09:14,520 --> 00:09:17,559 Speaker 1: And so a community of a certain type of art 160 00:09:17,880 --> 00:09:21,439 Speaker 1: maybe for me. And there's so many iterations to art 161 00:09:21,480 --> 00:09:26,679 Speaker 1: in general that like there's not competition necessarily between artists. 162 00:09:26,880 --> 00:09:28,720 Speaker 1: I don't know, like I'm not an artist, but like 163 00:09:29,559 --> 00:09:32,560 Speaker 1: it is it is a creative endeavor in which it 164 00:09:32,600 --> 00:09:36,240 Speaker 1: appeals to your emotions. Where is there is there competition there? 165 00:09:36,320 --> 00:09:39,000 Speaker 1: Or is it just like what is the emotion that's 166 00:09:39,480 --> 00:09:42,480 Speaker 1: I'm that's being invoked evoked from me from buying this 167 00:09:42,600 --> 00:09:43,840 Speaker 1: piece of art? And I think it's the same thing 168 00:09:43,880 --> 00:09:45,920 Speaker 1: with these communities and buying these Yeah, but like a 169 00:09:45,920 --> 00:09:50,000 Speaker 1: lot of artists are broke. This is a way for 170 00:09:50,040 --> 00:09:52,720 Speaker 1: them not to be. This is this is another way 171 00:09:53,040 --> 00:09:56,240 Speaker 1: for we're empowering the creator. Yes, artists are broke, but 172 00:09:56,320 --> 00:10:03,040 Speaker 1: like I think that's a separate topic. Okay, okay, answer 173 00:10:03,080 --> 00:10:06,240 Speaker 1: complice ever, but I also think that like this is 174 00:10:06,320 --> 00:10:08,640 Speaker 1: a way to put if we're talking about shared ownership 175 00:10:08,679 --> 00:10:11,320 Speaker 1: and ship and shared equity, like this is another way 176 00:10:11,440 --> 00:10:14,760 Speaker 1: that we can empower creators to create community around their art, 177 00:10:14,800 --> 00:10:17,559 Speaker 1: so it's not just somebody consuming the art. Right, So 178 00:10:17,640 --> 00:10:20,880 Speaker 1: we just had I'll give you an example. Hopefully this 179 00:10:20,960 --> 00:10:23,960 Speaker 1: is an example. We just had the artist Nick Davis, 180 00:10:24,600 --> 00:10:27,559 Speaker 1: he apparently was a star on Instagram. Had never heard 181 00:10:27,559 --> 00:10:30,400 Speaker 1: of him before, and one of our community members, he 182 00:10:30,480 --> 00:10:33,600 Speaker 1: has an n f T collection with House of First dropped. 183 00:10:33,679 --> 00:10:37,280 Speaker 1: One of our community members dropped his collection in our 184 00:10:38,480 --> 00:10:42,320 Speaker 1: in our group chat. The collection is called black is Beautile. 185 00:10:42,440 --> 00:10:45,240 Speaker 1: It's like black is Beautiful, I need if you haven't 186 00:10:45,280 --> 00:10:48,000 Speaker 1: seen it. There there are pieces for sale on open Sea. 187 00:10:48,000 --> 00:10:51,640 Speaker 1: They just sold out last Friday. Um, but she dropped 188 00:10:51,679 --> 00:10:54,400 Speaker 1: the pieces in there. The whole community, all of us 189 00:10:54,640 --> 00:10:56,679 Speaker 1: in this subchat, the n f T subchat, were like, 190 00:10:56,760 --> 00:10:58,839 Speaker 1: wait a minute, who is this man? Where can I 191 00:10:58,920 --> 00:11:01,679 Speaker 1: buy his stuff? We all went, We all bought all 192 00:11:01,720 --> 00:11:03,480 Speaker 1: of his all not all, but we bought all of 193 00:11:03,559 --> 00:11:07,160 Speaker 1: these artworks. Were the single largest holder. And from there, 194 00:11:07,920 --> 00:11:10,559 Speaker 1: right I said, guys, we need to be celebrating more 195 00:11:10,600 --> 00:11:12,880 Speaker 1: black artists. We need to be supporting more black artists, 196 00:11:13,000 --> 00:11:15,559 Speaker 1: and let's talk to this man. I am so touched 197 00:11:15,720 --> 00:11:18,120 Speaker 1: by his work. I need to talk to him. So 198 00:11:18,320 --> 00:11:20,959 Speaker 1: now we had a Twitter spaces and we got to 199 00:11:21,000 --> 00:11:23,280 Speaker 1: hear about his story. He got to tell talk to 200 00:11:23,440 --> 00:11:27,520 Speaker 1: us about um, why he made certain pieces, the feelings 201 00:11:27,559 --> 00:11:30,000 Speaker 1: that he was having behind those pieces. He had been 202 00:11:30,040 --> 00:11:33,839 Speaker 1: creating this collection for three years while he was going 203 00:11:33,920 --> 00:11:37,640 Speaker 1: through some health stuff, and it was kind of his 204 00:11:37,760 --> 00:11:40,200 Speaker 1: way out, uh. And so he was able to create 205 00:11:40,280 --> 00:11:45,559 Speaker 1: community right by drawing these beautiful pieces of art and 206 00:11:45,679 --> 00:11:48,360 Speaker 1: then dropping them as an n f T collection. And 207 00:11:48,480 --> 00:11:50,400 Speaker 1: now I don't know if he was broke before. I'm 208 00:11:50,400 --> 00:11:53,079 Speaker 1: not saying he was, but like, I'm not saying that 209 00:11:53,160 --> 00:11:56,400 Speaker 1: at all, guys, but I'm saying that, you know, allowing 210 00:11:57,320 --> 00:12:00,559 Speaker 1: uh this new medium, uh is a different way of 211 00:12:00,720 --> 00:12:03,560 Speaker 1: interacting with the art and the artist, which I don't 212 00:12:03,559 --> 00:12:05,439 Speaker 1: know if that was there was a way to really 213 00:12:05,480 --> 00:12:08,640 Speaker 1: do that before. It's black Tech, Green Money. Share this 214 00:12:08,760 --> 00:12:10,319 Speaker 1: podcast with the people you're closest to.