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Speaker 1: Well, last week we were talking about Madonna making NFTs

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Speaker 1: of plants growing out of a private area. We were

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Speaker 1: interested in the private area, but the NFTs, the digital

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Speaker 1: art thing, confused us.

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Speaker 2: A little bit.

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Speaker 1: Not a day goes by, we don't hear about cryptocurrency.

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Speaker 1: I know there's been a crash this week. I kind

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Speaker 1: of understand that, but are we too late to get

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Speaker 1: onto it? Is it all over?

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Speaker 2: What do NFTs mean?

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Speaker 1: We brought it an expert to explain it all pretty

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Speaker 1: much crypto for dummies. His name is Jesse Smythe from

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Speaker 1: our Moral Digital Jesse.

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Speaker 3: Hello, Hello, how are you going? Thanks for having me.

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Speaker 1: I'm going to say to you, assume we know nothing,

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Speaker 1: and you'd be assuming correctly.

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Speaker 4: Man has got a big bag of money. She wants

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Speaker 4: to buy some cryptocurrency.

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Speaker 2: Well, let's start with crypto. I heard that it crashed

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Speaker 2: this week. Is it all over? Is it like where

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Speaker 2: there's a dip in the regular stock market.

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Speaker 5: Yeah, so it was a brutal week on the crypto markets,

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Speaker 5: that's for sure. Terror which is a large platform, lost

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Speaker 5: over sixty billion worth of value starting on the eighth

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Speaker 5: and up until today. So a massive, massive crash.

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Speaker 2: And that's real money.

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Speaker 3: Real money.

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Speaker 5: Unfortunately, majority of it mum and dad investors who were

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Speaker 5: invested in a protocol called Anchor fourteen billion gone cause

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Speaker 5: that it was they.

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Speaker 3: On a high level.

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Speaker 5: It was a stable coin, which was a cryptocurrency that's

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Speaker 5: supposed to replicate the US dollar. Now a US dollar

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Speaker 5: is supposed to stay at one dollar, it is now

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Speaker 5: trading at eight cents. It was called a de pegging

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Speaker 5: event and basically it's now worth eight cents. So fourteen

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Speaker 5: billion wiped out of that protocol alone in a few days, which.

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Speaker 3: Was which was very bad.

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Speaker 1: And there are people were like you who are advisers,

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Speaker 1: so you don't have to go into it blindly and

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Speaker 1: not know what you're doing.

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Speaker 2: We now have grown ups who can assist you.

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Speaker 3: Yes, yes, so, I mean there's a few ways to

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Speaker 3: do it.

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Speaker 5: If you can either go out and you can buy

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Speaker 5: a bitcoin on your own. The only thing I will

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Speaker 5: the only advice I could give someone if you're going

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Speaker 5: to buy a volatile asset class like bitcoin, make sure

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Speaker 5: you're always doing it with money that you can afford

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Speaker 5: to lose. Okay, As a as a mum and dad investor,

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Speaker 5: the aim of the game in the first few years

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Speaker 5: of you deciding to invest in anything shouldn't be to

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Speaker 5: make money.

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Speaker 3: It should be survival.

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Speaker 5: Try and not lose money first, and once you stop

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Speaker 5: losing money, then worry about making it.

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Speaker 3: So it's pretty obvious advice.

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Speaker 2: You have to understand it to get into it.

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Speaker 5: Yes, I would say, yes you do because the problem

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Speaker 5: the problem with a lot of retail or mum and

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Speaker 5: dad investors if you invest in something that you don't

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Speaker 5: know why you've invested. As soon as that thing starts

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Speaker 5: crashing and plummeting, you sell at the bottom because you've

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Speaker 5: got no conviction and why you've bought it. So understanding

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Speaker 5: what you buy, why you're buying it, and I mean

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Speaker 5: it sounds simple, but have a plan. So if bitcoin

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Speaker 5: goes to X on the upside, I'm going to sell

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Speaker 5: half of it and I'm going to convert into cash.

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Speaker 5: If bitcoin does the opposite and crashes, this is the

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Speaker 5: point at which I want to get out right. So

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Speaker 5: it sounds very simple. If you're going to invest in anything, bitcoin, stocks, property, all,

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Speaker 5: we always have an entry and an exit plan.

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Speaker 4: And with NFTs, yes, so basically noting ask me.

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Speaker 3: You're the foremost expert on FT. Sure, so I was looking.

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Speaker 4: And so there was a whole thing about the x

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Speaker 4: YGT Falcon, which is a really rare Australian car, and

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Speaker 4: to buy one of those, they're getting up to like

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Speaker 4: a million dollars. But on an NFT you can buy

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Speaker 4: a picture of this Falcon for fifty thousand dollars.

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Speaker 5: Does it mean?

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Speaker 4: And that seems it's just a picture.

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Speaker 5: So the word or the acronym NFT, I think was

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Speaker 5: the biggest mistake. A non fungible token. Nobody knows what

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Speaker 5: that means in the real world. But what it what

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Speaker 5: it actually should be called, is a digital access right.

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Speaker 5: So the world is becoming more digital, as we all know,

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Speaker 5: and now people don't just want to own things in

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Speaker 5: the real world, they want to own things in.

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Speaker 3: The digital world, the metaverse.

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Speaker 5: So it's a it's a it's a it's a it's

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Speaker 5: an access to be.

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Speaker 3: Able to own something that isn't in the real world.

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Speaker 3: It's digital.

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Speaker 5: So if I had my way, I would rename NFT

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Speaker 5: to a digital access right.

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Speaker 1: And what's an example of owning something in the digital world.

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Speaker 5: Yeah, so you'll hear a term called web three. So

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Speaker 5: web two is where we live right now. Web three

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Speaker 5: is I'll give you a practical example is Facebook. You

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Speaker 5: could own an NFT or a digital access right in Facebook.

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Speaker 5: So instead of signing your data away and then feeding

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Speaker 5: you ads, you could be a part owner in Facebook

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Speaker 5: and then vote on the future of the platform.

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Speaker 2: Right, So access to the digital world.

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Speaker 5: Correct, So it's it's basically your favorite website could create

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Speaker 5: an NFT and therefore you get to vote as an

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Speaker 5: NFT owner on the direction of that website.

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Speaker 2: I've almost understood.

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Speaker 4: You come up with a better word than fungible.

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Speaker 5: It's terrible the word NFT. It just confuses everybody. It's

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Speaker 5: basically a digital access right. That's all it is.

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Speaker 3: I can think of another word, but it comes with

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Speaker 3: beat me. But Jesse, Jesse.

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Speaker 1: A number of people have tried to explain this to Befron.

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Speaker 1: I've never understood it. So I appreciate what you've done today.

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Speaker 2: Thank you.

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Speaker 4: Could you please explain the outcome of dude, where's my

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Speaker 4: car to Amanda?

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Speaker 3: That would be That would be great, Jesse, Smike, thank

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Speaker 3: you for joining us. Thank you very much, guys. I

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Speaker 3: appreciate it.