WEBVTT - 17 NFT Terms You Should Know w/ Will Lucas 0:00:00.040 --> 0:00:03.080 What's up everybody will Lucas here, Afro tech, black tech, 0:00:03.120 --> 0:00:06.680 Green money. UM. I wanted to spend a little bit 0:00:06.720 --> 0:00:11.079 of time today just talking about the language of n 0:00:11.160 --> 0:00:13.280 f t S and you know what, I'm so thankful. 0:00:13.800 --> 0:00:16.200 Before I get into today's episode, I wanted to express this. 0:00:16.320 --> 0:00:19.800 I'm so thankful for all the people who have been 0:00:19.880 --> 0:00:23.640 in my Instagram d m s since we have been 0:00:23.680 --> 0:00:27.760 doing episodes, like particularly last week's episode, and then we 0:00:27.760 --> 0:00:30.479 did win a couple of weeks ago about n f 0:00:30.520 --> 0:00:34.000 t S. These have been solo episodes, so they kind 0:00:34.000 --> 0:00:35.959 of stretched me a little bit outside of my comfort zone. 0:00:36.080 --> 0:00:39.080 Some thankful for all the positive feedback we've been getting 0:00:39.400 --> 0:00:45.000 because obviously by virtue of what I'm seeing in my comments, UM, 0:00:45.000 --> 0:00:47.760 in my d ms, excuse me like this, what we're 0:00:47.760 --> 0:00:50.520 providing is such a value to you. So I really 0:00:50.560 --> 0:00:53.239 appreciate you taking the time a minute out of your 0:00:53.320 --> 0:00:56.360 day to let me know that in my Instagram d M. 0:00:56.480 --> 0:00:58.040 So thank you, and even if you put it in 0:00:58.040 --> 0:01:01.080 the comments, if it's one, but I really apreciated all 0:01:01.080 --> 0:01:04.319 the messages I've been getting about these episodes. So we're 0:01:04.319 --> 0:01:08.120 gonna do it again today Today, I wanted to spend 0:01:08.680 --> 0:01:14.480 a few minutes talking about some of the terminology I've 0:01:14.480 --> 0:01:18.800 seen with people that I follow, like on Twitter and 0:01:19.040 --> 0:01:23.160 others on Instagram. Also, like, there are there are people 0:01:23.160 --> 0:01:25.920 that I follow who are also really really big into 0:01:26.080 --> 0:01:28.319 n f T s and they had they used some 0:01:28.640 --> 0:01:31.240 terms in a lot of their tweets that I want 0:01:31.280 --> 0:01:34.120 to make sure you understand what they mean. I'm one 0:01:34.120 --> 0:01:36.480 of those people when I see it, when I come 0:01:36.520 --> 0:01:38.800 across the term in a book, or I come across 0:01:38.840 --> 0:01:42.479 the term just like reading an article and I don't 0:01:42.480 --> 0:01:46.039 know what it means, I'm gonna hit the Google. But like, yo, 0:01:46.120 --> 0:01:48.600 like what does this mean? But I understand not all 0:01:48.640 --> 0:01:52.000 of us do that. I understand that sometimes we just 0:01:52.040 --> 0:01:54.800 take for granted that we will understand if we keep 0:01:54.920 --> 0:01:57.920 reading this sentence or whatever. But I what I want 0:01:57.960 --> 0:02:01.000 to do today is take a moment of people who 0:02:01.080 --> 0:02:06.520 have not done dug deeper into uh a phrase that 0:02:06.560 --> 0:02:11.440 they've heard or perhaps UM in the acronym. What I 0:02:11.480 --> 0:02:14.200 wanted to do today is dig into some of the 0:02:14.240 --> 0:02:17.919 most popular ones, the most frequent ones I've seen come 0:02:17.960 --> 0:02:22.120 across my feeds, and hopefully they are ones that you 0:02:22.240 --> 0:02:25.240 may have seen and maybe you've had some questions about them. 0:02:25.240 --> 0:02:27.600 So I'm gonna do my best here to explain a 0:02:27.639 --> 0:02:29.840 lot of these things so that hopefully by the end 0:02:29.840 --> 0:02:33.240 of this episode you are more equipped to win and 0:02:33.280 --> 0:02:37.720 be successful with your journey into non fungible token So 0:02:37.840 --> 0:02:40.400 I'm not gonna get super deep into things that have 0:02:40.520 --> 0:02:43.280 nothing to do or I shouldn't say that for things 0:02:43.320 --> 0:02:46.239 that are not specifically related to n f t s, 0:02:46.480 --> 0:02:48.560 because there's a lot of directions we can go and 0:02:48.600 --> 0:02:51.400 we can go really deep into dials, we can go 0:02:51.560 --> 0:02:54.400 really deep into smart contracts, we can go really deep 0:02:54.639 --> 0:02:58.760 into currencies, and they are all relative to n f 0:02:58.880 --> 0:03:02.120 t s. But I want to go specifically into things 0:03:02.160 --> 0:03:06.880 that are most most specifically specifically twice, I want to 0:03:06.880 --> 0:03:10.520 go specifically into the things that are most directly related, 0:03:11.480 --> 0:03:14.640 and they're gonna be some things I don't mention, So 0:03:14.639 --> 0:03:16.880 I'm gonna say that up whenever you put together a 0:03:16.880 --> 0:03:19.760 list or something like this, there's somebody who's gonna say, well, 0:03:19.800 --> 0:03:22.560 you didn't do this one, and so that's gonna happen. 0:03:23.040 --> 0:03:25.160 But some of the things that have been most frequently 0:03:25.200 --> 0:03:27.920 across my desk, I want to make sure that we 0:03:28.000 --> 0:03:32.000 explain today. So if you've ever heard of the word 0:03:32.120 --> 0:03:35.440 or the phrase insider trading. So think of this as 0:03:36.040 --> 0:03:38.880 you work at Coca Cola. Coca Cola is a publicly 0:03:38.880 --> 0:03:41.720 traded company. Let's say you're an executive, you like the CTO, 0:03:41.960 --> 0:03:44.320 you're a vice president of a division, and you know 0:03:44.840 --> 0:03:49.240 that Coca Cola is about to get into selling n 0:03:49.240 --> 0:03:52.280 f T s, and so you know that the minute 0:03:52.320 --> 0:03:55.320 Coca Cola announces that they're going to sell n f 0:03:55.360 --> 0:04:00.080 T s, their share price is going to move. If you, 0:04:00.640 --> 0:04:05.960 being vice president of a division CTO CFO of Coca Cola, 0:04:06.400 --> 0:04:11.680 go ahead and make bets on that movement before anybody 0:04:11.680 --> 0:04:15.080 else even has an opportunity to understand what's happening. That's 0:04:15.120 --> 0:04:18.159 called inside of trading. Right. So there's a word in 0:04:18.800 --> 0:04:22.640 n f T space called alpha. What alpha means is 0:04:22.920 --> 0:04:26.760 your alpha ng into something means you have access to 0:04:26.839 --> 0:04:32.200 like important insider information that most people don't know. For instance, 0:04:32.480 --> 0:04:36.200 we just released, um the afro Tech World Metaverse n 0:04:36.240 --> 0:04:41.120 f T ticket for afro Tech UH two. The afro 0:04:41.200 --> 0:04:45.960 Tech World conference comes up April UM. So we just 0:04:46.279 --> 0:04:49.440 we just dropped remember that, put a bookmark there. We 0:04:49.600 --> 0:04:53.640 just dropped the afro Tech World n f T ticket, 0:04:53.839 --> 0:04:57.400 which means you can go right now to bitsky dot 0:04:57.480 --> 0:05:01.240 com and find the afro Tech World n f T 0:05:01.800 --> 0:05:06.120 which allows you to hold in your wallets the afro 0:05:06.200 --> 0:05:11.040 Tech World ticket, which gets you access to the gated 0:05:11.240 --> 0:05:15.919 the exclusive afro Tech World, This core channel a live discussions, 0:05:15.960 --> 0:05:19.440 you get into the afro Tech World conference, you get apart, 0:05:19.560 --> 0:05:22.279 you get to be a part of the community. So 0:05:23.800 --> 0:05:27.919 I knew that this was coming. We just announced it 0:05:27.960 --> 0:05:30.839 like this past week. I knew weeks ago this was coming, 0:05:32.040 --> 0:05:35.320 so I have insider information. So if I was to 0:05:35.360 --> 0:05:39.880 dig in, I was alphaing into the afro Tech n 0:05:39.920 --> 0:05:44.880 f T ticket because I had important insider information like 0:05:44.920 --> 0:05:48.360 nobody else knew this. I had insider information that the 0:05:48.400 --> 0:05:51.520 world did not know, and I got into it before 0:05:51.720 --> 0:05:54.159 everybody else had an opportunity to see what was going on. 0:05:54.520 --> 0:05:58.360 So I alpha into the afro Tech World n f 0:05:58.440 --> 0:06:05.240 T ticket. Our for alphae in in motion aping into 0:06:05.320 --> 0:06:11.120 something aping like like monkey, like ape a gorilla aping 0:06:11.160 --> 0:06:14.880 into something. Um. So we've all seen this. If you 0:06:15.000 --> 0:06:18.320 have anything to do with you know, if you've got 0:06:18.320 --> 0:06:20.520 a Twitter account, you've seen people aping and stuff. I 0:06:20.560 --> 0:06:23.200 don't care like what you follow on Twitter. You've seen 0:06:23.240 --> 0:06:27.040 people just go dumb about certain n f T projects. 0:06:27.480 --> 0:06:30.720 Another bookmark. Put put a bookmark their projects. We're gonna 0:06:30.720 --> 0:06:35.320 come back to that. Aping into something means, it's it's 0:06:35.560 --> 0:06:39.560 it's effectively like embedded in the DNA of fomo fear 0:06:39.600 --> 0:06:42.760 of missing out. You see something going him on, an 0:06:42.839 --> 0:06:47.479 n f T project going crazy, and you go and 0:06:47.600 --> 0:06:52.359 you buy you you like, invest into that n f 0:06:52.400 --> 0:06:57.479 T project without even doing much research at all. And 0:06:57.520 --> 0:07:02.760 these could be scams, these could be valid projects, whatever 0:07:02.800 --> 0:07:08.360 they are. You're just getting involved very financially fiscally irresponsibly 0:07:08.440 --> 0:07:12.200 because because you just see a bunch of things happening 0:07:12.720 --> 0:07:15.200 in the space and you're like, I'm about to go 0:07:15.400 --> 0:07:20.120 and drop half of my savings into this particular project 0:07:20.280 --> 0:07:23.520 without reading a white paper, like, without getting any without 0:07:23.600 --> 0:07:27.760 doing any homework. It's just irresponsible. I don't care how 0:07:27.760 --> 0:07:30.440 many people talking about it. It's irresponsible if you have 0:07:30.560 --> 0:07:33.760 not done your homework. Air drop. I want to talk 0:07:33.760 --> 0:07:36.200 about air drop because this is actually something pretty cool 0:07:36.240 --> 0:07:39.960 and it's a great way to increase your n f 0:07:40.040 --> 0:07:44.840 T library, your personal holdings. Air drop means, let's say 0:07:44.880 --> 0:07:48.760 you are a part of a discord channel, and like 0:07:48.840 --> 0:07:51.520 Gary Vychu, like Gary Vanychuk has, they do a lot 0:07:51.600 --> 0:07:54.520 of this with V Friends. Let's say you're part of 0:07:54.680 --> 0:07:59.480 V Friends discord channel. What they will do is in 0:07:59.640 --> 0:08:05.080 order to generate interests around valuable V Friends n f 0:08:05.120 --> 0:08:07.880 T s is they will drop free n f T 0:08:08.040 --> 0:08:12.440 s in exchange for you doing something or being engaged. 0:08:12.680 --> 0:08:15.320 That's why they will drop these things to just reward 0:08:15.400 --> 0:08:19.680 people who are engaged in the community of V Friends. 0:08:19.720 --> 0:08:21.920 So let's say I was a matter of fact, I 0:08:21.960 --> 0:08:26.760 was watching or listening to a discord conversation. UM want 0:08:26.920 --> 0:08:28.360 I want to say about three weeks ago, there was 0:08:28.400 --> 0:08:31.440 a football game on and it was on one of 0:08:31.440 --> 0:08:37.000 the sports channels of V Friends discord channel, and they 0:08:37.000 --> 0:08:40.240 were you had to listen for a period of time 0:08:40.760 --> 0:08:43.559 and if you listen or I should say, if you're 0:08:43.600 --> 0:08:47.480 still listening around the time where they announced the where 0:08:47.600 --> 0:08:49.920 the how like what do you have to do to 0:08:50.000 --> 0:08:52.880 get this free n f T, you were then rewarded 0:08:53.040 --> 0:08:56.360 with that n f T. So, for instance, um, they 0:08:56.400 --> 0:09:00.600 would say okay, like on like every half an hour 0:09:00.720 --> 0:09:03.719 or once an hour or whatever, they would announce we're 0:09:03.720 --> 0:09:07.960 gonna open up another channel on V friends on discord 0:09:08.559 --> 0:09:11.559 and right now, for the next five minutes, you can 0:09:11.640 --> 0:09:14.720 go to that channel, and whoever goes into that channel 0:09:14.760 --> 0:09:20.199 and drops, you know, the A pound sign whatever, you're 0:09:20.200 --> 0:09:23.240 gonna be rewarded with this n f T. This air 0:09:23.320 --> 0:09:26.199 dropped n f T. But you had to be listening 0:09:27.000 --> 0:09:29.040 when they announced that they were going to open up 0:09:29.080 --> 0:09:31.920 that channel, because the channel wasn't always open. So it's 0:09:31.920 --> 0:09:33.800 a lot like you ever listened to radio back in 0:09:33.840 --> 0:09:36.719 the day and they were giving the way tickets to 0:09:36.840 --> 0:09:41.520 like a future concert, and they would say, you know, 0:09:42.120 --> 0:09:44.439 you have to be listening for the phrase that pays, 0:09:44.640 --> 0:09:47.000 And so you have you're listening all day long waiting 0:09:47.040 --> 0:09:49.400 to hear this phrase that pays. And then as soon 0:09:49.400 --> 0:09:51.120 as you hear the phrase that pays, you gotta call 0:09:51.200 --> 0:09:54.400 in in order to get those free future tickets. But 0:09:54.440 --> 0:09:56.920 if you weren't listening, let's say you got out of 0:09:56.920 --> 0:09:58.880 the car. Let's say you, you know, turned off your 0:09:58.880 --> 0:10:02.960 headphones for a minute, and you missed the call for 0:10:03.040 --> 0:10:06.080 the phrase that pays. You missed your opportunity to get 0:10:06.080 --> 0:10:09.520 those future tickets. Is this air drop to work the 0:10:09.559 --> 0:10:13.679 same way. So if you're listening like to a discord, conversation. 0:10:14.640 --> 0:10:17.440 They can drop that free n f T whenever, and 0:10:17.480 --> 0:10:19.240 it's gonna happen in a variety of ways. I'm just 0:10:19.320 --> 0:10:22.240 using the discord example as an example. You know, this's 0:10:22.240 --> 0:10:24.280 gonna happen via Twitter, that's gonna happen in your d M. 0:10:24.360 --> 0:10:26.960 This is gonna happen all sorts of ways. That's happening 0:10:27.000 --> 0:10:29.760 live at a at a show. But they will drop 0:10:30.280 --> 0:10:31.920 n f T s free n f T s in 0:10:32.040 --> 0:10:36.439 exchange for your engagement, just rewarding people who are part 0:10:36.480 --> 0:10:39.800 of the community. Okay, I see, I have probably have 0:10:39.880 --> 0:10:41.280 to speed up or I'm gonna just do this in 0:10:41.280 --> 0:10:43.520 two parts because I'm taking a long time to get 0:10:43.520 --> 0:10:49.040 through these doubt UM stands for decentralized autonomous organization. So 0:10:49.080 --> 0:10:52.079 there are a lot of or more and more projects. 0:10:52.120 --> 0:10:55.760 I should say that owning an n f T in 0:10:55.840 --> 0:11:01.480 this community, in this project allows you voting rights and 0:11:01.520 --> 0:11:05.239 whatever the voting rights are written to be as dictated 0:11:05.280 --> 0:11:09.079 in the smart contract. And so particularly like let's say, 0:11:09.480 --> 0:11:12.199 if you own a red Head n f T, I'm 0:11:12.240 --> 0:11:13.760 I'm making this up. I'm making up an n f 0:11:13.800 --> 0:11:16.120 T project, and they're called the red Heads. There are 0:11:16.120 --> 0:11:20.280 ten thousand red heads in this particular n f T project, 0:11:20.600 --> 0:11:23.680 and all the characters in this project have red heads, 0:11:24.120 --> 0:11:28.520 everything for monkeys to people too, squirrels, but all of 0:11:28.520 --> 0:11:32.080 them have red heads. Okay, but the DOW says, if 0:11:32.120 --> 0:11:35.480 you own a red head n f T, you get 0:11:35.520 --> 0:11:38.560 a voting right to say what the next head is 0:11:38.600 --> 0:11:41.080 going to be in the next set of ten thousand. 0:11:41.240 --> 0:11:43.600 So everybody who owns an n f T gets one 0:11:43.679 --> 0:11:46.560 vote in this particular scenario. You own you own one 0:11:46.600 --> 0:11:48.120 of these red head n f T s, you get 0:11:48.120 --> 0:11:50.120 one vote. If you own ten, you get ten votes. 0:11:50.440 --> 0:11:53.320 And so the next project is going to drop in 0:11:53.400 --> 0:11:56.720 three months, and it's written in the smart contract what 0:11:56.920 --> 0:12:01.440 power that particular n f T holder has that is 0:12:01.480 --> 0:12:03.640 correspondent to their votes. So if again, if I have 0:12:03.800 --> 0:12:07.800 ten redheads, I get ten votes in this particular scenario 0:12:08.360 --> 0:12:12.440 that says I get to dictate alongside my ten votes 0:12:13.200 --> 0:12:18.080 that I want the next set of ten thousand um 0:12:18.280 --> 0:12:21.040 red heads to actually be orange heads. So now I 0:12:21.120 --> 0:12:25.199 have ten votes to make the next collection orange heads. 0:12:25.600 --> 0:12:28.800 Now what's so cool about this is there you can 0:12:28.920 --> 0:12:32.880 foreseeably see a day where this could actually be like 0:12:33.559 --> 0:12:39.600 a homeowners association or actual government to where where people live. 0:12:39.720 --> 0:12:42.280 If you if you own an n f T for 0:12:42.960 --> 0:12:48.360 you know, Detroit, Michigan, you could help to dictate what 0:12:48.480 --> 0:12:51.000 the future of Detroit, Michigan looks like with your vote. 0:12:51.040 --> 0:12:53.720 Who's going to be in the state legislature with your vote, 0:12:53.720 --> 0:12:55.679 your n f T vote n f T s. I 0:12:55.679 --> 0:12:57.120 don't want you to think of n f T s 0:12:57.200 --> 0:12:59.480 as just art because n f T s are not 0:12:59.600 --> 0:13:04.400 just are they We are using them primarily to hold 0:13:04.640 --> 0:13:07.400 art today. But it's an n f T is a 0:13:07.480 --> 0:13:11.040 technology that can be across any vertical and it could 0:13:11.120 --> 0:13:14.960 actually have real life implications to how you live and 0:13:15.000 --> 0:13:17.880 move in the world ultimately. So that's the direction we're 0:13:17.920 --> 0:13:20.640 going in, which is why these conversations are so important. 0:13:21.040 --> 0:13:24.480 So an n f T as part of a DOW, 0:13:24.679 --> 0:13:30.079 a decentralized altonomous organization, could dictate whether your grass is 0:13:30.120 --> 0:13:33.280 allowed to be three inches or four inches because you 0:13:33.320 --> 0:13:37.760 hold a vote inside your homeowners association, which is an 0:13:37.880 --> 0:13:41.520 n f T, which is part of a DOLL in 0:13:41.600 --> 0:13:44.240 this world, so that is your vote. Your n f 0:13:44.280 --> 0:13:47.960 T serves as your vote as part of a DOLL. 0:13:48.080 --> 0:13:52.800 A decentralized autonomous organization gives you voting rights. So the 0:13:52.840 --> 0:13:56.160 next two phrases are actually kind of my favorite too, 0:13:57.120 --> 0:13:59.600 UM definitions that we're gonna do today. One of them 0:13:59.679 --> 0:14:03.680 is out of alphabetic order, but it makes sense to 0:14:03.760 --> 0:14:06.720 do with them together. Um. The next one is diamond 0:14:06.760 --> 0:14:11.080 hands and paper hands. Um. These are fun to me 0:14:11.280 --> 0:14:15.560 because I love the conversation that we have when let's 0:14:15.600 --> 0:14:19.400 a bitcoin drops by ten percent over you know, a 0:14:19.400 --> 0:14:21.840 period of three days, and like, people like the world 0:14:21.920 --> 0:14:25.920 is on fire or you know, Ethereum goes up ten 0:14:25.960 --> 0:14:28.920 percent and people like, you know, there's a rush on 0:14:29.640 --> 0:14:31.960 this thing. There's a rush on those coins. There's a 0:14:32.040 --> 0:14:34.920 rush on Sheba. And then as soon as you know, 0:14:34.960 --> 0:14:38.440 it goes down one tenth of a percent, you know, 0:14:38.480 --> 0:14:41.240 people like, you know again the world is burning. So 0:14:41.440 --> 0:14:43.640 n f T S, you know, these these are the 0:14:43.640 --> 0:14:46.120 two phrases that we're gonna use specifically regarding n F 0:14:46.200 --> 0:14:50.720 T S. Diamond hands is when you describe a person who, 0:14:51.000 --> 0:14:53.520 you know, what, I believe in this. I believe in this, 0:14:53.640 --> 0:14:57.280 you know art, I believe in this particular project. I'm 0:14:57.280 --> 0:14:59.320 gonna hold onto it. I don't care what you're talking 0:14:59.360 --> 0:15:01.600 about with the value. I don't care what you're talking 0:15:01.680 --> 0:15:04.080 about with the price fluctuations. I don't care what you're 0:15:04.120 --> 0:15:07.160 talking about with the volatility, the negative news. I'm holding 0:15:07.200 --> 0:15:09.360 onto this because I believe in it, or I'm gonna 0:15:09.360 --> 0:15:11.840 hold on it for some other reason. But I'm holding 0:15:11.880 --> 0:15:15.280 onto it for whatever my reasons are. I'm holding on 0:15:15.520 --> 0:15:19.280 to these n f t s regardless of the volatility 0:15:19.320 --> 0:15:22.880 in the marketplace. Paper hands is kind of like the 0:15:22.960 --> 0:15:26.960 opposite of diamond in So paper hands is somebody who's like, 0:15:27.160 --> 0:15:30.080 you know, I'm getting rid of this, and they might 0:15:30.120 --> 0:15:33.640 actually be losing money on the on the cell of 0:15:33.680 --> 0:15:38.040 their crypto or their n f T because paper hands 0:15:38.120 --> 0:15:41.040 means you sold it at too low of a price. 0:15:41.120 --> 0:15:43.560 Let's say somebody today like I don't even know what 0:15:43.720 --> 0:15:45.800 crypto punks are going for, but let's just say you 0:15:45.840 --> 0:15:48.040 know they're going for like a bunch of heather, and 0:15:48.280 --> 0:15:51.120 the cheapest one you can find it's like a hundred grand. 0:15:51.440 --> 0:15:55.360 So now somebody goes and sell its for dollars. That's 0:15:55.400 --> 0:15:58.880 paper hands, because like, you sold it way under price, 0:15:59.480 --> 0:16:01.480 you got it. I don't have to go deeper into this, y'all. 0:16:01.520 --> 0:16:04.040 I'll get the point, y'all. SMERT. The next one is 0:16:04.080 --> 0:16:07.000 probably the fastest definition. I'm gonna have this whole episode. 0:16:07.120 --> 0:16:09.960 And it's a drop. I told y'all to Bookmarket when 0:16:10.000 --> 0:16:12.720 I said earlier, a drop just means it's the launch 0:16:13.000 --> 0:16:15.520 of the n f T, Like we just launched the 0:16:15.560 --> 0:16:19.320 Afro Tech World Metaverse n f T. It's officially launched. 0:16:19.680 --> 0:16:23.880 We dropped it. Boom. The next one is actually probably 0:16:23.880 --> 0:16:26.880 the most fun to do UM and that's d R. 0:16:26.960 --> 0:16:29.720 And this is not like Kristen d R or this 0:16:29.800 --> 0:16:32.200 is not a fashion this is d R D Y 0:16:32.320 --> 0:16:37.320 who are? This is when you should do your own research. 0:16:37.960 --> 0:16:40.320 This is you know, remember that you might have heard 0:16:40.320 --> 0:16:43.160 the story of the people who bought what's the show 0:16:43.400 --> 0:16:47.680 that was on Netflix squid Game. So these people, a 0:16:47.720 --> 0:16:50.920 bunch of people, a lot of people bought these squid 0:16:50.920 --> 0:16:54.720 coins that it was a play that earned cryptocurrency squid. 0:16:54.800 --> 0:16:57.320 It was called squid and a bunch of people bought 0:16:57.320 --> 0:17:02.680 these squid coins, and the the developers of these coins 0:17:03.400 --> 0:17:08.280 didn't allow people to resell the tokens, and so ultimately 0:17:08.440 --> 0:17:12.000 it was deemed like a rug pool, which will come 0:17:12.040 --> 0:17:14.480 back to and maybe part two because I'm going over 0:17:14.560 --> 0:17:19.399 long rug pool. Um. They didn't allow people to resell 0:17:19.480 --> 0:17:23.320 those tokens, and then the people who developed this coin 0:17:23.680 --> 0:17:27.760 is token took off with everybody's money. It was a scam. 0:17:27.800 --> 0:17:30.080 And so if you would have done your own research, 0:17:30.359 --> 0:17:32.399 you probably would have read the white paper. You probably 0:17:32.400 --> 0:17:34.720 would have looked into the founding team. You probably would 0:17:34.720 --> 0:17:36.800 probably would have looked into things that they may have 0:17:36.840 --> 0:17:38.520 done in their past. You would look at the resume 0:17:39.040 --> 0:17:41.399 to see, you know, are these credible people to be 0:17:41.400 --> 0:17:44.119 putting together a new project. And before I invest a 0:17:44.119 --> 0:17:46.480 bunch of money, instead of just going on the hype, 0:17:46.840 --> 0:17:49.200 I'm going to do my own research. Do you or 0:17:49.480 --> 0:17:52.119 do your own research instead of just going with the 0:17:52.160 --> 0:17:55.200 hype because you're listening to people all on the internets, 0:17:55.840 --> 0:17:59.440 you can lose your money. Don't follow the hype, pay attention, 0:18:00.040 --> 0:18:04.160 then do your research. Floor. Um, this is I kind 0:18:04.160 --> 0:18:07.479 of mentioned this before and when I was describing another 0:18:07.640 --> 0:18:11.040 term a minute ago, and it was about like what 0:18:11.200 --> 0:18:14.879 is the cheapest way I can get into a particular community, 0:18:14.960 --> 0:18:20.359 So like the floor is the cheapest item in a 0:18:20.640 --> 0:18:23.920 project like crypto punks. So let's say I want to 0:18:23.960 --> 0:18:28.000 find a crypto punk that I can afford and I'm 0:18:28.040 --> 0:18:29.880 not jay Z, so I don't know what. But jay 0:18:29.960 --> 0:18:31.879 Z paid for his let's just say he paid like 0:18:31.960 --> 0:18:35.880 seven hundred fifty thousand dollars. And so I'm not jay Z, 0:18:36.480 --> 0:18:40.040 and I can't pay seven hundred fifty dollars for a 0:18:40.119 --> 0:18:44.159 crypto punk. And it's I go. I go to you 0:18:44.200 --> 0:18:46.480 know whatever they're settling them, maybe they're on open Sea. 0:18:47.119 --> 0:18:49.080 And then I go and look, Okay, well, if I 0:18:49.119 --> 0:18:52.200 can't spend seven d fifty dollars, what is the cheapest 0:18:52.720 --> 0:18:55.119 crypto punk I can find? So I just did a 0:18:55.160 --> 0:18:58.200 quick Google search and what I found was the cheapest 0:18:58.600 --> 0:19:05.639 crypto punk that is available today is UM three thousand dollars. 0:19:06.400 --> 0:19:09.359 So you have to determine whether that's manageable for you. 0:19:09.440 --> 0:19:12.639 But that is the floor for n f T s 0:19:12.760 --> 0:19:18.560 in that particular project, three thousand dollars. That's the bottom. Fomoh, 0:19:18.840 --> 0:19:20.280 I don't have to spend a bunch of time here. 0:19:20.320 --> 0:19:22.359 You know what fear of missing out is. I know 0:19:22.440 --> 0:19:26.000 a lot of people buying crypto punks. I know a 0:19:26.080 --> 0:19:30.840 lot of people buying um B, a YC board, a 0:19:31.040 --> 0:19:33.960 yacht club. I know a lot of people buying these things. 0:19:34.600 --> 0:19:38.440 Unless you know, I can go and feel some type 0:19:38.440 --> 0:19:41.399 of way because I'm I'm missing out this you know, 0:19:41.560 --> 0:19:45.639 money grab and so that's a fear, and so people 0:19:45.760 --> 0:19:48.400 do strange things when they're afraid. And so you don't 0:19:48.400 --> 0:19:50.879 have to go buy things, but a lot of people 0:19:50.920 --> 0:19:54.159 do buy things because they fear like they feel like 0:19:54.160 --> 0:19:56.320 they're gonna miss out. So it's a fear of missing out. 0:19:56.320 --> 0:20:01.359 It's called phone gas. We talked about this on podcast before. 0:20:01.440 --> 0:20:07.439 But gas is the fuel. It's the toll that you 0:20:07.560 --> 0:20:11.840 pay for playing in this game on the Ethereum network. 0:20:11.960 --> 0:20:15.520 So I mentioned before on the podcast that every time 0:20:15.600 --> 0:20:20.359 you interact with the blockchain, you are using computational power. 0:20:20.480 --> 0:20:24.400 So gas is the fee you pay for that computational 0:20:24.440 --> 0:20:27.440 power because those computers somewhere in the world, all over 0:20:27.520 --> 0:20:32.199 the world use electricity. And more so, you are paying 0:20:32.920 --> 0:20:37.280 for that computational data that block to be adjusted based 0:20:37.359 --> 0:20:40.160 on your activity, whether you're buying n f T, whether 0:20:40.200 --> 0:20:42.280 you're selling an n f T, whether you're minting an 0:20:42.400 --> 0:20:45.800 n f T. Every time you interact with the blockchain, 0:20:46.000 --> 0:20:49.040 you're gonna pay for it. It's called gas. It's the 0:20:49.080 --> 0:20:53.320 tax you pay metadata. This one's fun for me because 0:20:53.440 --> 0:20:56.720 I take pictures and I'm a videographer and an editor. 0:20:57.240 --> 0:21:00.240 So you know, whenever have you if you've ever taken 0:21:00.280 --> 0:21:03.240 a photo like on your iPhone or for an actual 0:21:03.320 --> 0:21:06.000 like you know, camera, like a cannon or whatever, and 0:21:06.040 --> 0:21:08.280 you put it onto a computer and you open it up, 0:21:08.359 --> 0:21:12.359 you can sometimes see a bunch of other stuff in 0:21:12.440 --> 0:21:14.760 the file that you didn't realize where in the file. 0:21:14.880 --> 0:21:16.879 You just thought the picture was in the file. But 0:21:16.920 --> 0:21:20.679 then you find the name of the file written on 0:21:21.040 --> 0:21:24.320 this you know, get info. You find like the date 0:21:24.359 --> 0:21:28.160 and time the photo was taken. Inside the image, you 0:21:28.200 --> 0:21:32.919 find the camera information. You find the settings that the 0:21:32.960 --> 0:21:35.359 camera was set to at the time the photo was taken. 0:21:35.760 --> 0:21:38.240 You find all where the photo was taking in the world. 0:21:38.280 --> 0:21:42.240 You find all this other data that you didn't realize 0:21:42.640 --> 0:21:45.800 might have been baked into the image. You just thought 0:21:45.840 --> 0:21:47.560 you were taking a picture, but you didn't realize you 0:21:47.560 --> 0:21:51.720 were collecting all this other information. That's called metadata. And 0:21:51.760 --> 0:21:55.000 in every n f T, there's other data outside of 0:21:55.160 --> 0:21:57.760 just the visual thing that you might see. There is 0:21:57.840 --> 0:22:01.480 other information that makes that n f T unique. It 0:22:01.520 --> 0:22:03.240 could be the name of the author, it could be 0:22:03.280 --> 0:22:06.200 the dating time it was created, It could be the 0:22:06.720 --> 0:22:09.680 device it was created on. That can be spelled out 0:22:09.720 --> 0:22:11.560 in the main day in the metadata. It could be 0:22:11.560 --> 0:22:14.639 the location the n f T was creating. All this 0:22:14.760 --> 0:22:18.639 other information makes that particular n f T unique and 0:22:18.680 --> 0:22:22.160 it's baked into the n f T. So I've been 0:22:22.200 --> 0:22:24.879 doing a lot of creation of my own n f 0:22:24.920 --> 0:22:27.840 T s, and we're gonna talk about that because that's 0:22:27.880 --> 0:22:31.480 called minting in n f T. I did an episode 0:22:31.520 --> 0:22:33.359 a couple of weeks ago that was like, how to 0:22:33.440 --> 0:22:36.320 mention your first n f T. It's a very valuable episode, 0:22:36.320 --> 0:22:38.560 So if you have not heard it, please go back 0:22:38.600 --> 0:22:40.679 a couple of episodes ago and listen to how to 0:22:40.840 --> 0:22:43.800 ment your first n f T. And So, what minting 0:22:43.840 --> 0:22:47.480 in n f T means, it's when you put a 0:22:47.640 --> 0:22:51.080 digital asset into circulations so that it can be bought 0:22:51.720 --> 0:22:54.240 by somebody else. And so let's say you create a 0:22:54.240 --> 0:22:57.119 piece of digital art, or you took a picture of 0:22:57.119 --> 0:22:59.679 a piece of art and you made it into you know, 0:22:59.760 --> 0:23:01.760 a f T. You put it on the blockchain that 0:23:01.880 --> 0:23:05.080 you went to open See or some other platform where 0:23:05.080 --> 0:23:07.600