Speaker 1: What's up everybody will Lucas here, Afro tech, black tech,
Speaker 1: Green money. UM. I wanted to spend a little bit
Speaker 1: of time today just talking about the language of n
Speaker 1: f t S and you know what, I'm so thankful.
Speaker 1: Before I get into today's episode, I wanted to express this.
Speaker 1: I'm so thankful for all the people who have been
Speaker 1: in my Instagram d m s since we have been
Speaker 1: doing episodes, like particularly last week's episode, and then we
Speaker 1: did win a couple of weeks ago about n f
Speaker 1: t S. These have been solo episodes, so they kind
Speaker 1: of stretched me a little bit outside of my comfort zone.
Speaker 1: Some thankful for all the positive feedback we've been getting
Speaker 1: because obviously by virtue of what I'm seeing in my comments, UM,
Speaker 1: in my d ms, excuse me like this, what we're
Speaker 1: providing is such a value to you. So I really
Speaker 1: appreciate you taking the time a minute out of your
Speaker 1: day to let me know that in my Instagram d M.
Speaker 1: So thank you, and even if you put it in
Speaker 1: the comments, if it's one, but I really apreciated all
Speaker 1: the messages I've been getting about these episodes. So we're
Speaker 1: gonna do it again today Today, I wanted to spend
Speaker 1: a few minutes talking about some of the terminology I've
Speaker 1: seen with people that I follow, like on Twitter and
Speaker 1: others on Instagram. Also, like, there are there are people
Speaker 1: that I follow who are also really really big into
Speaker 1: n f T s and they had they used some
Speaker 1: terms in a lot of their tweets that I want
Speaker 1: to make sure you understand what they mean. I'm one
Speaker 1: of those people when I see it, when I come
Speaker 1: across the term in a book, or I come across
Speaker 1: the term just like reading an article and I don't
Speaker 1: know what it means, I'm gonna hit the Google. But like, yo,
Speaker 1: like what does this mean? But I understand not all
Speaker 1: of us do that. I understand that sometimes we just
Speaker 1: take for granted that we will understand if we keep
Speaker 1: reading this sentence or whatever. But I what I want
Speaker 1: to do today is take a moment of people who
Speaker 1: have not done dug deeper into uh a phrase that
Speaker 1: they've heard or perhaps UM in the acronym. What I
Speaker 1: wanted to do today is dig into some of the
Speaker 1: most popular ones, the most frequent ones I've seen come
Speaker 1: across my feeds, and hopefully they are ones that you
Speaker 1: may have seen and maybe you've had some questions about them.
Speaker 1: So I'm gonna do my best here to explain a
Speaker 1: lot of these things so that hopefully by the end
Speaker 1: of this episode you are more equipped to win and
Speaker 1: be successful with your journey into non fungible token So
Speaker 1: I'm not gonna get super deep into things that have
Speaker 1: nothing to do or I shouldn't say that for things
Speaker 1: that are not specifically related to n f t s,
Speaker 1: because there's a lot of directions we can go and
Speaker 1: we can go really deep into dials, we can go
Speaker 1: really deep into smart contracts, we can go really deep
Speaker 1: into currencies, and they are all relative to n f
Speaker 1: t s. But I want to go specifically into things
Speaker 1: that are most most specifically specifically twice, I want to
Speaker 1: go specifically into the things that are most directly related,
Speaker 1: and they're gonna be some things I don't mention, So
Speaker 1: I'm gonna say that up whenever you put together a
Speaker 1: list or something like this, there's somebody who's gonna say, well,
Speaker 1: you didn't do this one, and so that's gonna happen.
Speaker 1: But some of the things that have been most frequently
Speaker 1: across my desk, I want to make sure that we
Speaker 1: explain today. So if you've ever heard of the word
Speaker 1: or the phrase insider trading. So think of this as
Speaker 1: you work at Coca Cola. Coca Cola is a publicly
Speaker 1: traded company. Let's say you're an executive, you like the CTO,
Speaker 1: you're a vice president of a division, and you know
Speaker 1: that Coca Cola is about to get into selling n
Speaker 1: f T s, and so you know that the minute
Speaker 1: Coca Cola announces that they're going to sell n f
Speaker 1: T s, their share price is going to move. If you,
Speaker 1: being vice president of a division CTO CFO of Coca Cola,
Speaker 1: go ahead and make bets on that movement before anybody
Speaker 1: else even has an opportunity to understand what's happening. That's
Speaker 1: called inside of trading. Right. So there's a word in
Speaker 1: n f T space called alpha. What alpha means is
Speaker 1: your alpha ng into something means you have access to
Speaker 1: like important insider information that most people don't know. For instance,
Speaker 1: we just released, um the afro Tech World Metaverse n
Speaker 1: f T ticket for afro Tech UH two. The afro
Speaker 1: Tech World conference comes up April UM. So we just
Speaker 1: we just dropped remember that, put a bookmark there. We
Speaker 1: just dropped the afro Tech World n f T ticket,
Speaker 1: which means you can go right now to bitsky dot
Speaker 1: com and find the afro Tech World n f T
Speaker 1: which allows you to hold in your wallets the afro
Speaker 1: Tech World ticket, which gets you access to the gated
Speaker 1: the exclusive afro Tech World, This core channel a live discussions,
Speaker 1: you get into the afro Tech World conference, you get apart,
Speaker 1: you get to be a part of the community. So
Speaker 1: I knew that this was coming. We just announced it
Speaker 1: like this past week. I knew weeks ago this was coming,
Speaker 1: so I have insider information. So if I was to
Speaker 1: dig in, I was alphaing into the afro Tech n
Speaker 1: f T ticket because I had important insider information like
Speaker 1: nobody else knew this. I had insider information that the
Speaker 1: world did not know, and I got into it before
Speaker 1: everybody else had an opportunity to see what was going on.
Speaker 1: So I alpha into the afro Tech World n f
Speaker 1: T ticket. Our for alphae in in motion aping into
Speaker 1: something aping like like monkey, like ape a gorilla aping
Speaker 1: into something. Um. So we've all seen this. If you
Speaker 1: have anything to do with you know, if you've got
Speaker 1: a Twitter account, you've seen people aping and stuff. I
Speaker 1: don't care like what you follow on Twitter. You've seen
Speaker 1: people just go dumb about certain n f T projects.
Speaker 1: Another bookmark. Put put a bookmark their projects. We're gonna
Speaker 1: come back to that. Aping into something means, it's it's
Speaker 1: it's effectively like embedded in the DNA of fomo fear
Speaker 1: of missing out. You see something going him on, an
Speaker 1: n f T project going crazy, and you go and
Speaker 1: you buy you you like, invest into that n f
Speaker 1: T project without even doing much research at all. And
Speaker 1: these could be scams, these could be valid projects, whatever
Speaker 1: they are. You're just getting involved very financially fiscally irresponsibly
Speaker 1: because because you just see a bunch of things happening
Speaker 1: in the space and you're like, I'm about to go
Speaker 1: and drop half of my savings into this particular project
Speaker 1: without reading a white paper, like, without getting any without
Speaker 1: doing any homework. It's just irresponsible. I don't care how
Speaker 1: many people talking about it. It's irresponsible if you have
Speaker 1: not done your homework. Air drop. I want to talk
Speaker 1: about air drop because this is actually something pretty cool
Speaker 1: and it's a great way to increase your n f
Speaker 1: T library, your personal holdings. Air drop means, let's say
Speaker 1: you are a part of a discord channel, and like
Speaker 1: Gary Vychu, like Gary Vanychuk has, they do a lot
Speaker 1: of this with V Friends. Let's say you're part of
Speaker 1: V Friends discord channel. What they will do is in
Speaker 1: order to generate interests around valuable V Friends n f
Speaker 1: T s is they will drop free n f T
Speaker 1: s in exchange for you doing something or being engaged.
Speaker 1: That's why they will drop these things to just reward
Speaker 1: people who are engaged in the community of V Friends.
Speaker 1: So let's say I was a matter of fact, I
Speaker 1: was watching or listening to a discord conversation. UM want
Speaker 1: I want to say about three weeks ago, there was
Speaker 1: a football game on and it was on one of
Speaker 1: the sports channels of V Friends discord channel, and they
Speaker 1: were you had to listen for a period of time
Speaker 1: and if you listen or I should say, if you're
Speaker 1: still listening around the time where they announced the where
Speaker 1: the how like what do you have to do to
Speaker 1: get this free n f T, you were then rewarded
Speaker 1: with that n f T. So, for instance, um, they
Speaker 1: would say okay, like on like every half an hour
Speaker 1: or once an hour or whatever, they would announce we're
Speaker 1: gonna open up another channel on V friends on discord
Speaker 1: and right now, for the next five minutes, you can
Speaker 1: go to that channel, and whoever goes into that channel
Speaker 1: and drops, you know, the A pound sign whatever, you're
Speaker 1: gonna be rewarded with this n f T. This air
Speaker 1: dropped n f T. But you had to be listening
Speaker 1: when they announced that they were going to open up
Speaker 1: that channel, because the channel wasn't always open. So it's
Speaker 1: a lot like you ever listened to radio back in
Speaker 1: the day and they were giving the way tickets to
Speaker 1: like a future concert, and they would say, you know,
Speaker 1: you have to be listening for the phrase that pays,
Speaker 1: And so you have you're listening all day long waiting
Speaker 1: to hear this phrase that pays. And then as soon
Speaker 1: as you hear the phrase that pays, you gotta call
Speaker 1: in in order to get those free future tickets. But
Speaker 1: if you weren't listening, let's say you got out of
Speaker 1: the car. Let's say you, you know, turned off your
Speaker 1: headphones for a minute, and you missed the call for
Speaker 1: the phrase that pays. You missed your opportunity to get
Speaker 1: those future tickets. Is this air drop to work the
Speaker 1: same way. So if you're listening like to a discord, conversation.
Speaker 1: They can drop that free n f T whenever, and
Speaker 1: it's gonna happen in a variety of ways. I'm just
Speaker 1: using the discord example as an example. You know, this's
Speaker 1: gonna happen via Twitter, that's gonna happen in your d M.
Speaker 1: This is gonna happen all sorts of ways. That's happening
Speaker 1: live at a at a show. But they will drop
Speaker 1: n f T s free n f T s in
Speaker 1: exchange for your engagement, just rewarding people who are part
Speaker 1: of the community. Okay, I see, I have probably have
Speaker 1: to speed up or I'm gonna just do this in
Speaker 1: two parts because I'm taking a long time to get
Speaker 1: through these doubt UM stands for decentralized autonomous organization. So
Speaker 1: there are a lot of or more and more projects.
Speaker 1: I should say that owning an n f T in
Speaker 1: this community, in this project allows you voting rights and
Speaker 1: whatever the voting rights are written to be as dictated
Speaker 1: in the smart contract. And so particularly like let's say,
Speaker 1: if you own a red Head n f T, I'm
Speaker 1: I'm making this up. I'm making up an n f
Speaker 1: T project, and they're called the red Heads. There are
Speaker 1: ten thousand red heads in this particular n f T project,
Speaker 1: and all the characters in this project have red heads,
Speaker 1: everything for monkeys to people too, squirrels, but all of
Speaker 1: them have red heads. Okay, but the DOW says, if
Speaker 1: you own a red head n f T, you get
Speaker 1: a voting right to say what the next head is
Speaker 1: going to be in the next set of ten thousand.
Speaker 1: So everybody who owns an n f T gets one
Speaker 1: vote in this particular scenario. You own you own one
Speaker 1: of these red head n f T s, you get
Speaker 1: one vote. If you own ten, you get ten votes.
Speaker 1: And so the next project is going to drop in
Speaker 1: three months, and it's written in the smart contract what
Speaker 1: power that particular n f T holder has that is
Speaker 1: correspondent to their votes. So if again, if I have
Speaker 1: ten redheads, I get ten votes in this particular scenario
Speaker 1: that says I get to dictate alongside my ten votes
Speaker 1: that I want the next set of ten thousand um
Speaker 1: red heads to actually be orange heads. So now I
Speaker 1: have ten votes to make the next collection orange heads.
Speaker 1: Now what's so cool about this is there you can
Speaker 1: foreseeably see a day where this could actually be like
Speaker 1: a homeowners association or actual government to where where people live.
Speaker 1: If you if you own an n f T for
Speaker 1: you know, Detroit, Michigan, you could help to dictate what
Speaker 1: the future of Detroit, Michigan looks like with your vote.
Speaker 1: Who's going to be in the state legislature with your vote,
Speaker 1: your n f T vote n f T s. I
Speaker 1: don't want you to think of n f T s
Speaker 1: as just art because n f T s are not
Speaker 1: just are they We are using them primarily to hold
Speaker 1: art today. But it's an n f T is a
Speaker 1: technology that can be across any vertical and it could
Speaker 1: actually have real life implications to how you live and
Speaker 1: move in the world ultimately. So that's the direction we're
Speaker 1: going in, which is why these conversations are so important.
Speaker 1: So an n f T as part of a DOW,
Speaker 1: a decentralized altonomous organization, could dictate whether your grass is
Speaker 1: allowed to be three inches or four inches because you
Speaker 1: hold a vote inside your homeowners association, which is an
Speaker 1: n f T, which is part of a DOLL in
Speaker 1: this world, so that is your vote. Your n f
Speaker 1: T serves as your vote as part of a DOLL.
Speaker 1: A decentralized autonomous organization gives you voting rights. So the
Speaker 1: next two phrases are actually kind of my favorite too,
Speaker 1: UM definitions that we're gonna do today. One of them
Speaker 1: is out of alphabetic order, but it makes sense to
Speaker 1: do with them together. Um. The next one is diamond
Speaker 1: hands and paper hands. Um. These are fun to me
Speaker 1: because I love the conversation that we have when let's
Speaker 1: a bitcoin drops by ten percent over you know, a
Speaker 1: period of three days, and like, people like the world
Speaker 1: is on fire or you know, Ethereum goes up ten
Speaker 1: percent and people like, you know, there's a rush on
Speaker 1: this thing. There's a rush on those coins. There's a
Speaker 1: rush on Sheba. And then as soon as you know,
Speaker 1: it goes down one tenth of a percent, you know,
Speaker 1: people like, you know again the world is burning. So
Speaker 1: n f T S, you know, these these are the
Speaker 1: two phrases that we're gonna use specifically regarding n F
Speaker 1: T S. Diamond hands is when you describe a person who,
Speaker 1: you know, what, I believe in this. I believe in this,
Speaker 1: you know art, I believe in this particular project. I'm
Speaker 1: gonna hold onto it. I don't care what you're talking
Speaker 1: about with the value. I don't care what you're talking
Speaker 1: about with the price fluctuations. I don't care what you're
Speaker 1: talking about with the volatility, the negative news. I'm holding
Speaker 1: onto this because I believe in it, or I'm gonna
Speaker 1: hold on it for some other reason. But I'm holding
Speaker 1: onto it for whatever my reasons are. I'm holding on
Speaker 1: to these n f t s regardless of the volatility
Speaker 1: in the marketplace. Paper hands is kind of like the
Speaker 1: opposite of diamond in So paper hands is somebody who's like,
Speaker 1: you know, I'm getting rid of this, and they might
Speaker 1: actually be losing money on the on the cell of
Speaker 1: their crypto or their n f T because paper hands
Speaker 1: means you sold it at too low of a price.
Speaker 1: Let's say somebody today like I don't even know what
Speaker 1: crypto punks are going for, but let's just say you
Speaker 1: know they're going for like a bunch of heather, and
Speaker 1: the cheapest one you can find it's like a hundred grand.
Speaker 1: So now somebody goes and sell its for dollars. That's
Speaker 1: paper hands, because like, you sold it way under price,
Speaker 1: you got it. I don't have to go deeper into this, y'all.
Speaker 1: I'll get the point, y'all. SMERT. The next one is
Speaker 1: probably the fastest definition. I'm gonna have this whole episode.
Speaker 1: And it's a drop. I told y'all to Bookmarket when
Speaker 1: I said earlier, a drop just means it's the launch
Speaker 1: of the n f T, Like we just launched the
Speaker 1: Afro Tech World Metaverse n f T. It's officially launched.
Speaker 1: We dropped it. Boom. The next one is actually probably
Speaker 1: the most fun to do UM and that's d R.
Speaker 1: And this is not like Kristen d R or this
Speaker 1: is not a fashion this is d R D Y
Speaker 1: who are? This is when you should do your own research.
Speaker 1: This is you know, remember that you might have heard
Speaker 1: the story of the people who bought what's the show
Speaker 1: that was on Netflix squid Game. So these people, a
Speaker 1: bunch of people, a lot of people bought these squid
Speaker 1: coins that it was a play that earned cryptocurrency squid.
Speaker 1: It was called squid and a bunch of people bought
Speaker 1: these squid coins, and the the developers of these coins
Speaker 1: didn't allow people to resell the tokens, and so ultimately
Speaker 1: it was deemed like a rug pool, which will come
Speaker 1: back to and maybe part two because I'm going over
Speaker 1: long rug pool. Um. They didn't allow people to resell
Speaker 1: those tokens, and then the people who developed this coin
Speaker 1: is token took off with everybody's money. It was a scam.
Speaker 1: And so if you would have done your own research,
Speaker 1: you probably would have read the white paper. You probably
Speaker 1: would have looked into the founding team. You probably would
Speaker 1: probably would have looked into things that they may have
Speaker 1: done in their past. You would look at the resume
Speaker 1: to see, you know, are these credible people to be
Speaker 1: putting together a new project. And before I invest a
Speaker 1: bunch of money, instead of just going on the hype,
Speaker 1: I'm going to do my own research. Do you or
Speaker 1: do your own research instead of just going with the
Speaker 1: hype because you're listening to people all on the internets,
Speaker 1: you can lose your money. Don't follow the hype, pay attention,
Speaker 1: then do your research. Floor. Um, this is I kind
Speaker 1: of mentioned this before and when I was describing another
Speaker 1: term a minute ago, and it was about like what
Speaker 1: is the cheapest way I can get into a particular community,
Speaker 1: So like the floor is the cheapest item in a
Speaker 1: project like crypto punks. So let's say I want to
Speaker 1: find a crypto punk that I can afford and I'm
Speaker 1: not jay Z, so I don't know what. But jay
Speaker 1: Z paid for his let's just say he paid like
Speaker 1: seven hundred fifty thousand dollars. And so I'm not jay Z,
Speaker 1: and I can't pay seven hundred fifty dollars for a
Speaker 1: crypto punk. And it's I go. I go to you
Speaker 1: know whatever they're settling them, maybe they're on open Sea.
Speaker 1: And then I go and look, Okay, well, if I
Speaker 1: can't spend seven d fifty dollars, what is the cheapest
Speaker 1: crypto punk I can find? So I just did a
Speaker 1: quick Google search and what I found was the cheapest
Speaker 1: crypto punk that is available today is UM three thousand dollars.
Speaker 1: So you have to determine whether that's manageable for you.
Speaker 1: But that is the floor for n f T s
Speaker 1: in that particular project, three thousand dollars. That's the bottom. Fomoh,
Speaker 1: I don't have to spend a bunch of time here.
Speaker 1: You know what fear of missing out is. I know
Speaker 1: a lot of people buying crypto punks. I know a
Speaker 1: lot of people buying um B, a YC board, a
Speaker 1: yacht club. I know a lot of people buying these things.
Speaker 1: Unless you know, I can go and feel some type
Speaker 1: of way because I'm I'm missing out this you know,
Speaker 1: money grab and so that's a fear, and so people
Speaker 1: do strange things when they're afraid. And so you don't
Speaker 1: have to go buy things, but a lot of people
Speaker 1: do buy things because they fear like they feel like
Speaker 1: they're gonna miss out. So it's a fear of missing out.
Speaker 1: It's called phone gas. We talked about this on podcast before.
Speaker 1: But gas is the fuel. It's the toll that you
Speaker 1: pay for playing in this game on the Ethereum network.
Speaker 1: So I mentioned before on the podcast that every time
Speaker 1: you interact with the blockchain, you are using computational power.
Speaker 1: So gas is the fee you pay for that computational
Speaker 1: power because those computers somewhere in the world, all over
Speaker 1: the world use electricity. And more so, you are paying
Speaker 1: for that computational data that block to be adjusted based
Speaker 1: on your activity, whether you're buying n f T, whether
Speaker 1: you're selling an n f T, whether you're minting an
Speaker 1: n f T. Every time you interact with the blockchain,
Speaker 1: you're gonna pay for it. It's called gas. It's the
Speaker 1: tax you pay metadata. This one's fun for me because
Speaker 1: I take pictures and I'm a videographer and an editor.
Speaker 1: So you know, whenever have you if you've ever taken
Speaker 1: a photo like on your iPhone or for an actual
Speaker 1: like you know, camera, like a cannon or whatever, and
Speaker 1: you put it onto a computer and you open it up,
Speaker 1: you can sometimes see a bunch of other stuff in
Speaker 1: the file that you didn't realize where in the file.
Speaker 1: You just thought the picture was in the file. But
Speaker 1: then you find the name of the file written on
Speaker 1: this you know, get info. You find like the date
Speaker 1: and time the photo was taken. Inside the image, you
Speaker 1: find the camera information. You find the settings that the
Speaker 1: camera was set to at the time the photo was taken.
Speaker 1: You find all where the photo was taking in the world.
Speaker 1: You find all this other data that you didn't realize
Speaker 1: might have been baked into the image. You just thought
Speaker 1: you were taking a picture, but you didn't realize you
Speaker 1: were collecting all this other information. That's called metadata. And
Speaker 1: in every n f T, there's other data outside of
Speaker 1: just the visual thing that you might see. There is
Speaker 1: other information that makes that n f T unique. It
Speaker 1: could be the name of the author, it could be
Speaker 1: the dating time it was created, It could be the
Speaker 1: device it was created on. That can be spelled out
Speaker 1: in the main day in the metadata. It could be
Speaker 1: the location the n f T was creating. All this
Speaker 1: other information makes that particular n f T unique and
Speaker 1: it's baked into the n f T. So I've been
Speaker 1: doing a lot of creation of my own n f
Speaker 1: T s, and we're gonna talk about that because that's
Speaker 1: called minting in n f T. I did an episode
Speaker 1: a couple of weeks ago that was like, how to
Speaker 1: mention your first n f T. It's a very valuable episode,
Speaker 1: So if you have not heard it, please go back
Speaker 1: a couple of episodes ago and listen to how to
Speaker 1: ment your first n f T. And So, what minting
Speaker 1: in n f T means, it's when you put a
Speaker 1: digital asset into circulations so that it can be bought
Speaker 1: by somebody else. And so let's say you create a
Speaker 1: piece of digital art, or you took a picture of
Speaker 1: a piece of art and you made it into you know,
Speaker 1: a f T. You put it on the blockchain that
Speaker 1: you went to open See or some other platform where
Speaker 1: you can mint n f T s, and you put
Speaker 1: it up for sale. You put it up for auction.
Speaker 1: That's called minting inn n f T. So when you
Speaker 1: take a digital asset, you place it on the block
Speaker 1: chain so that it can be purchased by somebody else.
Speaker 1: You you put in the circulation and somebody else can
Speaker 1: be You can buy it, they can sell it, they
Speaker 1: can collect it. But whatever they are doing, they can
Speaker 1: only do it because you put the item up for grabs.
Speaker 1: PfP profile pictures. So if you've probably seen if you're
Speaker 1: on Twitter, like jay Z's p FP his profile picture
Speaker 1: which is a crypto punk, and a lot of other
Speaker 1: people have their profile pictures set to their n f
Speaker 1: t s and for instance, like these are not just avatars.
Speaker 1: These are not just just pictures that somebody said, Okay,
Speaker 1: I'm gonna make this my avatar, but these are verified
Speaker 1: like algorithmics set it set uh pictures and so often
Speaker 1: in order to create like a p A an actual
Speaker 1: p FP, you need you need to attach your digital
Speaker 1: wallet to the platform, like for instance, on Discord, I
Speaker 1: can connect my coin base or meta mask wallet to
Speaker 1: my Discord, which then verifies that I own this particular image,
Speaker 1: whether it be a JPEG, a PNG, or otherwise. But
Speaker 1: it is my profile picture now, so I said it
Speaker 1: as my profile picture, but it's verified that I own
Speaker 1: that particular image. It's unique to me project. If you've
Speaker 1: ever heard anybody say, you know this n f T project,
Speaker 1: Like what do they mean? Um? And n f T
Speaker 1: project is a collection. It's a collection of art or
Speaker 1: other digital assets that are you know, all released as
Speaker 1: part of like a series or some overall you know
Speaker 1: story or roadmap. UM, like crypto punks is a project
Speaker 1: because like there's ten and there's ten thousand n f
Speaker 1: T s in this particular project a board a yacht club,
Speaker 1: Like that's a project. I don't I think there's ten
Speaker 1: that ten thousand in that one also, but the collection
Speaker 1: is called a project as simple as that. The rug
Speaker 1: pool is something that we talked about earlier when we
Speaker 1: were talking about squid games. Like when they go create
Speaker 1: these tokens, these n f T s or whatever, and
Speaker 1: then they see a bunch of people like ape n
Speaker 1: They didn't do their homework, They just ape into something,
Speaker 1: and you know, they stopped working on the project, or
Speaker 1: they take the money and run, or they shut the
Speaker 1: project down completely. All the n f T s could disappear.
Speaker 1: Because we're gonna talk about this one day too. I'm
Speaker 1: so excited to talk about this idea. Your n f
Speaker 1: T can disappear, and we're gonna talk about that on
Speaker 1: another episode. Now is not the time, but it can
Speaker 1: happen and you could have no control over it. But
Speaker 1: the rug pool is effectively a scam. You know, you
Speaker 1: got the rug pool from under you, so you bought
Speaker 1: of these squid coins, these squid tokens, these squid and
Speaker 1: their t s, and the developers did some shady stuff.
Speaker 1: They run off with the money. Now, whale is something
Speaker 1: I think we're gonna end here because I actually didn't
Speaker 1: think I would get through all of these on this episode,
Speaker 1: but I did pretty good. A whale is somebody who's
Speaker 1: just got a bunch of money to invest in n
Speaker 1: f T s. Now, this is not the same, particularly
Speaker 1: as just somebody with a bunch of money. This is
Speaker 1: somebody with a bunch of money that has it to invest.
Speaker 1: It's like in their wallet, their digital wallet or the
Speaker 1: cold wallet. This is somebody who's got a bunch of
Speaker 1: ethereum or bitcoin or whatever. They've got a bunch of
Speaker 1: money ready to invest in their account. They are considered
Speaker 1: a whale. So I would imagine somebody like Jack Dorsey,
Speaker 1: you know, immediate past CEO of Twitter, CEO currently of Square.
Speaker 1: That's somebody like a whale. I can't imagine him having
Speaker 1: a bunch of money in his digital wallet, or somebody
Speaker 1: like an Elon Musk they have a bunch of money
Speaker 1: in their digital wallet. I can imagine. There's probably some
Speaker 1: people that you and I are very familiar with, like
Speaker 1: a Future or Meek Mill or jay Z who has
Speaker 1: a bunch of money cryptocurrency in their wallet and it's
Speaker 1: able to be invested, or is already invested in a
Speaker 1: bunch of n f T projects, or you know what
Speaker 1: was select few of highly valuable n f T projects.
Speaker 1: So what's important to know about Wales is not that
Speaker 1: you could just point them out, but there's there are
Speaker 1: people who can make the whole market move, like you know,
Speaker 1: they could send out a tweet about a particular thing.
Speaker 1: I remember when Elon Musk was talking about Sheba like
Speaker 1: and the market on Sheba moved because he was into it.
Speaker 1: I remember when Tesla said, you know, or the people
Speaker 1: a Tesla said, you know, like we're going to accept
Speaker 1: particular cryptocurrency, and then all the whole market for this
Speaker 1: particular currency just moved. And so that's what you call
Speaker 1: a whale somebody who has a bunch of money or
Speaker 1: a bunch of coins able to be invested, and they
Speaker 1: could move markets should they used to wield that power.
Speaker 1: So that is what you call a whale. So they're
Speaker 1: obviously so many more terms out there, definitions that could
Speaker 1: have been made that while I may make later in
Speaker 1: another episode, but at least wanted to give you a
Speaker 1: really solid foundation. If you get a handle of the
Speaker 1: terms that we've talked about today, you will have a
Speaker 1: very good foundation of, you know, knowledge that you can
Speaker 1: build on to help you in your journey to you know,
Speaker 1: curate a really cool n f T collection and hopefully
Speaker 1: build value with that collection. So you can see an
Speaker 1: r o I. So we're gonna talk more about n
Speaker 1: f T s on this podcast, so stick around. Black
Speaker 1: Tech Green Money is a production to Black of the
Speaker 1: Afro Tech on the Black Effect Podcast Network and I
Speaker 1: Heart Media and it's produced by Morgan Dabon and me
Speaker 1: Little Lucas, with additional production support by Love Beach and
Speaker 1: Marissa Lewis. Special thank you to Michael David's Jermain Hall.
Speaker 1: It's a car savan Yan, you know, like the wine. Yes,
Speaker 1: that's his real name. Learn more about my guests and
Speaker 1: other tech disruptors and innovators at afro tech dot com
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Speaker 1: Gonna get your money. Peace and love,