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Season 3 Episode 39 The One-Off Tech Podcast
What is NFT?
NFTs for Beginners
NFTs are NiFfTy
What one of these fiercely hang on we’re going to get that I’m very excited to have moved very special guest court grow up. Who was on our bitcoin episode, which a lot of people life and asked about ten? I really appreciate you guys watching,
would take a deep breath and slow down
because yeah I get excited when I go really fast, so must slow down. There are so few years ray. Let’s go soap, hey kurt idea, nerd nite good! How are you roy
mm yeah yeah? Thank you so much for agreeing to come out here this we’re going to cover a lot of material so much so that I’m going to wait in and like to shout out and questions later
we’re gonna do. First part we can tell what what our inequities in they will get into, how to make your own in the process of selling them and buying, and all that so we’ll we’ll get. There will be there. Just hang on. It’s gonna happen, so I write em, I like to say: let’s go to the board’s first of eight,
but there’s curtains and by the way kurt is on twitter at kurt grella
gonna go on twitter, yeah guns at home are also follow a one on one blockchain street approach to you, hyperion stuff answer.
So anyway, I will get started. Watering of teeth, though seriously. What are non fungible tokens so
non fungible tokens are a special kind of crypto asset in which each token is unique, as opposed to fungible tokens of fungible assets like bitcoin or dollar bills. Basically, the concept you fungible is: where farm near two nickels. He calls a damn at everything, but you
The assets are, you always were his a saint, but with enough t everyone’s unique, I like to think of his count like a certificate of ownership per year, certificate of authenticity.
Oh and here’s my disclaimer
in a tease, crypto currency era, speculative, it’s like the stock market, so any advice you get from experts should be if I waited for truthiness an in a teaser like stock and that they can lose all their value or gain value, and course your mileage may vary
right, and then this is more about non fungible
zoom in on screen right, real, quick and bogus skip it. It’s it’s just too much! So
I should let you talk about this so fungible years since economics, here,
oh fungible versus non fungible
kurt. What’s your thought on that?
So it’s right or ass is express on the screen. Fungible exchangeable non friend was not changeable, so could be, a ticket could be artwork, could be a piece of music
and it’s kind of broken down in an ownership pieces, so it gets ago and ownership certificate,
and it’s a lot of watching.
I’m sorry ass. Her say it’s really fun to say non fungible for some reason too. I don’t know why it’s just a fun word,
so I seriously, whereas a non fungible token end kurds gonna tell us
so the way it works is or what’s happening. Right now is a lot of people worse like when you saw art today you go to the gallery and they they offer, like. You, have your your your artwork on the walls and then it’s a one time sale, but in the world of f t’s. Those artists now can get residual
income from those art pieces, because you could never really track the owner of that artwork.
Now that you can track it, you can earn royalties from it. So people are putting collections using software on the internet.
I think there’s the software called blender there’s a couple other ones, but
they’re creating collections of artwork and then people are buying it and then immediately. There’s a market for people to buy and sell artwork, and then the artist earns a royalty from it
and why are people buying invitees again what so why’s it gone. So crazy, elder son
at stuff like crazy,
some of them gonna tax among gonna, be a hundred x, so some of my very limited edition, so maybe there’s only ten per sailor, honored for sale and there’s five thousand people that want it so baffling when there’s high demand the price goes up
and in terms of the quality, some of it’s high quality artwork, and some of it’s like why? If someone buying this like I’ll, give you a couple examples later in the show? But it’s it’s also somewhat of a mania right. It’s it’s new things are going up and people wanna participate and a lot of the collections there aren’t enough for the people who want them
right. So how do I buy in? If t’s here hear some of the exchanges? There are others, of course, but here some of them
and and later kurt will, I do a demo will show you some sites and such
oh and then the it occurred said the digital art in games and virtual worlds me paid like twelve million dollars to own property in a virtual world. You can do music, you could do film
nba been doing basically baseball game basketball cards that show like live action, moments. Theory of your highlights from a game in kind of a gift, type lupin and selling those indian people,
people who was basically do the artwork like every day. He took all those pieces of artwork that he was on instagram and made this one piece of artwork and it sold for a record. Sixty nine point: three million dollars at a chris christie’s auction house. So- and this is digital you in indiana, let’s go back
when I saw the one thing about people boys, he got sixty nine point. Three million dollars in a theory theorem and a three room at the time was about, I think, two thousand dollars and out a theorems four thousand dollars, and I think he sold some of us theorem some or a lot of us. It’s trips, oh
it it could have actually worth one hundred thirty million four hundred and forty million just crazy to think as this crazy just at night,
I’m so nat and and next up by jack dorsey, who it was, is stepping down as ceo twitter,
but he sold his first tweet for two point: nine million dollars
in yeah and the thing: here’s the thing that’s a guy thing about this- is that so you can make multiple copies. I made a copy of the first to out there too. So that’s not the original, but basically you’re, taking that image and you’re tying it to the blockchain transaction code. To say
this is an original authentic. You can makes me cows won’t, but you can’t make this one. This one is done.
Yep there’s people have been making enough tease out different means: nine cats for father and sixty thousand charlie bit my finger so for seven hundred sixty thousand. I liked that video charlie bit my finger, but it isn’t funny video favorite for his finger back in in the kids mouth again railway banquet and it does
vassar girl sell for five hundred thousand. I mean crazy,
this crazy, I now I want to go back so talk about this concept. How are people basically saying this? Is the only one of this thing using blockchain,
so, basically the way it works is they registered on a particular blockchain? There’s many block chains. There’s a theory blockchain there’s the slot, a blockchain there’s stacks block, blockchain, there’s a bitcoin blockchain, so you register that piece of work on that block chain. It’s logged! What a transaction I b m
therefore it’s it’s it’s right there and then, if you want to sell it, then you can it’s: it’s traceable,
yeah. I may have just fast by this whole process. It’s it’s crazy that this is how this works.
The survey right, my navigate cool ice, roll call window oceana here, big reds out there, how you doing my big red, it’s a man, my wife’s out there hey how you doing yeah,
I am excited about you guys, be here.
Gee guess heavy question so far.
This is where were we able or your questions by entities were gonna? Do more questions later,
so the worry you’ll get another chance. A move on
right, so next up can I make digital art and enceladus enough. Tease me: how can I make an empty had selling of t? Where are these gas fees I’m hearing about, and I have to have a crypto wallet in order to do the new invitees was the deal
and just when you do a dimmer
sure, all right, let’s break out the demo term, so roasts will share kurt string, ready, I’m ready. Let’s do this are high cool.
Can you see my screen? Yes, I can hardly talk only of teeth, perfect, so open sea is like the ebay for nf to use right now.
One of the entities that you probably heard about was crypto punks.
So in terms of volume,
ten, almost eleven thousand, a variance with a theory, is four thousand dollars roughly, so you multiply that and that’s how much has been traded. It’s actually says it’s down. Seventy six percent in terms of maybe this volume is just even if this is in the last twenty four hours, but this is the last seven days here.
Get less will will stay with last seven days, but that’s that’s crazy, but it was higher seven days ago,
I no twenty four hours ago and then seven days ago, it’s up on and sixty percent who get you outside to some of my screen: okay, there’s three hundred thirty three thousand three hundred owners and there’s ten thousand in this collection. Okay, so the average person owns about three crypto punks
I’ll I’ll, actually try to see if I can go inside I’ll, give you a preview. So look at these images. Why are people paying
so much for a pixelate it small little imagery like this? One
is four point: two five, a thirteen. This is sixteen thousand dollars for this. This. This picture break there,
this one’s twenty, almost twenty. Fourth through him. So this is a hundred grand
for this. This picture is the earring, I think, is the area if I could pick something but-
and I think these are the number that actually this is the number there sometimes there’s- there’s the rarity we can see of the ten thousand. Is this like the number one who or is this the number? Two, but these are just, I think, the the numbers of the image, but this one’s going for was at four million was at forty.
I bet four million dollars wow
our minutes, four hundred thousand others. I can’t do my multiplication on the fly by adding county- do fits that’s when the rules of life dreaming. You can’t do math laugh answer. The questions is
like. Why would you pay for something like this? Typically, what happens is it’s somewhat of a mania people sit going up people by and expect to sell to someone else for higher price,
I mean markets like this. Come to realization. There has to be some type of utility to this. So if you bought this, what what does it give you so one of the attributes of an nf two years it gives you access to a community, so you’re part of the cyber punks community or your access to other and, if tease, but essentially
it’s a community. You believe that economy built around the honesty
since, when is pokemon cards, say you’re in the cyber punks pokemon character, yeah. So
in so what I did, I want to open sea forward, slash rankings
and you can just see all the activity it’s not like in our thousand people on the internet are talking crazy about and if t’s, it’s probably a couple I’d say like a million people talking about this
and they’re buying and selling.
So that’s one. This is the athenian blockchain and what the downside of this is you’ve probably heard about high gas fee. So right now a theorem there are high gas few. So gaspe is like when you want to purchase this and actually the transaction fee about but say fifty to seventy five dollars to to buy this.
But of course you’re like all. If I’m paying four million dollars, does it really matter? So it probably doesn’t matter when you’re paying that much money,
but it it. It is high gas fee. So there’s others have come along like salon. Us aslan is a new, a new blockchain and less and say two years, but it’s the same idea. There’s collections, there’s a marketplace! There’s artists that are looking to sell their artwork
come pick, one roy, which one should which one you may click on.
Let’s see, where’s the self esteem. Nine here is k, so let’s dive into this, I doing too well right now, though, but
this collection has eleven thousand one hundred and eleven items and only
that’s interesting, there’s only twenty eight two owners, so that means the average person. What owns five of these were fifty of them who,
but you can see the fireworks a little better
like its with better quality amateur, but the community of this, but it’s more of like what’s the community, what’s the access? What is this gets you by buying into this community, it’s kind of like a ticket into an event,
but in this case it’s a ticket into the community,
but at I forget how much of solaris at maybe it’s two hundred to twenty five. So this one’s wanna thousand dollars- and you can in this case you can bet on it. It looks like I get so that’s salon a blockchain, so there’s a theorem solana there’s another blockchain called stacks. So it’s the same idea. There’s a
marketplace different collections so about but two months ago
there were four options here
when and now, there’s like eighty.
These are all the different ones that have gone to market and some of whom didn’t sell out some of them sold out in ten minutes. Some of em are
or just take, some of them are actually.
Let me see if I can click on one,
so the future of money was an actual artist. The guy was about think eighty or eighty five years old
his artwork on the internet,
and then I heard his presentation last friday live. He had never earned residuals sales ever in his career. This will be the first time or he can earn. Let’s say fight. If this one sells, he can earn five percent of this value. So all he needed was a wallet and the
royalties just stream, men as things are, are sold, and I have the seller sells it than he gets more. So it’s actually very beneficial for the artist, but you can see some of these actually look. The same they’re different colors. This one’s actually flashing a measure how he did it. He
and it’s this one’s black and white, this one’s color, some of armor.
I mean this is like fifteen hundred dollars so a coup.
You have to really liked select what, if you bought this, what what does it give you haven’t? You can say you own it, but is it part of the community? You support the artist,
so that’s the stocks, blockchain
and then there’s another there’s a tumor, I’m gonna show you this one is crypto dot com. I got a couple friends who actually use this one. They started trading crypto with crypto got come and then they launched and if t’s and recognize
like you have c right
it’s the same deal though it’s like some of these are super high. Some of are super low, but these are. If you want to browse, I guess I encourage you just browse and see. What’s there if you wanna, buy anything, be cautious as robot’s saying it’s, it’s like it could go up higher, but also could go down.
Who knows how long the market will last?
What I tend to do is actually, if I really focus on what is this, what is this get me like? Does it get me access to this community? Does it give me access to more and if he drops so that’s kind of what I take into consideration
and then finally coin base which you’ve probably heard of because it’s been out for about what six eight years now and you can see, there’s so much interest in and if t’s they’re like well we’re going through the same thing who were they gonna, launch and and fifty marketplace?
And when you click this, let this link points to join wait list. I think there was like a million people who joined within twenty four hours and then within seventy two hours of like another million people mile. Oh- and this is like two or three weeks ago,
so once coin base opens up the market and columbus is now public company I don’t have any customers has. But let’s say this is eminem between the two or three of these websites.
Eminem a million people, two million people coin base, let’s say, has twenty million customers? It’s automatically gonna five times. What’s already on the market, wow
yeah, it’s it’s quite impressive
yeah. How is the the gas fees? If you do an theory, the gas phase understand it were basically you’re paying for me to do the mining of your invitees home
that image data correctly yeah, it’s it’s! It’s correct! The miners are the fees from domain the transaction,
it’s very similar visa. Mastercard. I think I mean visa mastercard when you do when you swipe your card at the restaurant
visa, mastercard american express they take like one percent, two percent three percent, so the restaurant actually doesn’t get the full price of the check. Good,
the money to mastercard, visa or american express
certain was good to be a critic, her company, it’s a great I mean if you make money on the transactions, whether it’s one percent, two percent to three percent yeah, like treatments lot of money be made if you’ve got the marketplace eight. So I made this amazing artwork and you mentioned blender. That’s why the brought the programs you mentioned, that you can make your own
in if teaser speak, make your artwork in the in the next part of that is that you have to have a crypto wallet
k in. So what is the process? What would I have to do to get mine of teas listed somewhere? What’s? What’s all the steps near the big high level steps, so I’ve gotta have crept a wallet. I certainly gonna have a series of artworks it. It seems like series of the best bet that you can do the best with those crane. Just an individual work doesn’t seem to do
very well. I’ve seen some other changes were people soldiers, one thing and like nobody was buying anything I met. That’s that’s garlic, launching a book right. If you just come out with the book and say here’s my book, people, people really aren’t ready for it.
So you need like a launch plan and you need to build anticipation of of I mean, of course it helps if someone, if you’re famous or like you, got previous or work to share, but it could be that your artwork just stand by itself and people people are like wow. This is amazing,
or you write about it on a blog and people see it and eventually organically it grows like you can see, there’s a create button right here on open sea, we present rate, and it takes you through the process
missy here. So this is your wallet
and somebody’s website. You can actually create your images on the website, some of whom you can just import
and then other times a lot of these websites are having like artist accelerators. They really want to reach out to artists who need help getting on these platforms break cause if they are works, that not there
like people will only buy these things for so long right right, the least that’s my takeaway is this gonna stay like this for five or ten years? Maybe it well because there’s a strong community against for it,
but if this goes to millions of dollars,
hup help test. Am it’s a very select few?
I guess I think, he’s what the loot needs to go and take pictures of all the artwork they’re, like the mona lisa in then making a teaser the pitchers and sell those here that the the gateway for museums raise money for the artists that aren’t around anymore hey. We can still make money off of you so, but we don’t get sell. The painting, I would have never thought I got into ca,
opted to actually buy artwork right. Oh, I just never expected that turned, but I do see the usefulness of having it tracked on the block chain in having royalties stream back to the artist, like imagine, being an artist and your crank things every single day, or sometimes you have spurts of like creativity in it.
You’re cutting five things a day, but then you don’t have to sell it or doesn’t sell, and it just doesn’t work out so now online you can have a portfolio and earn residual income and then build a community around it
cause if things so quickly. I’m sure that your next collection will instantly sell out as well now here. So let me ask you this. So we talked some on our block chain in irv, crypto currency episode, and we talked about the crypto wallets.
So one thing I noticed it daylight, for example, there’s not very many options, yeah well as there’s a lot of options, but anyway, if if oh now, now see coin base, while wallet when I literally went out there a week ago, coin base wallet, I did not see it as an option know I was on crypto dot com and little was encrypted outcome did not have coin base
is an option as a wallet.
I guess we should be like a brief snippet of bout, a bitcoin wallet and how you need to keep a highly secure in it’s easier. I think of is like this get out. The most complex password possible
saying, keep it safe, but we talk a little bit about crypto wallets sure. So I think the reason why crypto dot doesn’t have a lot is because they have their own wallet
and their own wallet
has multiple blockchain. So like you can have a bitcoin and they’re a thorium and sonata like they’re they’re, also not just an empty platform. There are actual crypto exchange that has many different things. I don’t think they would wanna and they’re competing against coin base, that they don’t want friend you to coin base and makes it. But but let’s say you set up
you’re young you’re a website whether it’s claim base or a different crypto wallet like metal mask, but you saw
where was I here, so didnt got a metal mask and, of course, on the appstore there’s a lot of other used to be a lot of like. Is this the real one? And so what I actually do is I go to twitter and I try to find the right one from eta basque and it’s usually the monmouth like a lot of followers. Like a couple hundred thousand followers, I clicked the link
and it takes me to them to download the wallet into chrome most. This works in chrome right now kay.
I will say that apple recently, the last month or so wants to explore like plugins to their browser, and so there is some talk of doing lots, watson, side of safari who,
but what will happen, is you’ll click, the men, a mask or download the ad in the admin will go up to your browser, pier and it won’t give you a phrase. It could be twelve word. Sixteen words, twenty four words and you gotta write that down. That’s your see, brains, that’s something that you’d want to savoring a computer cause. If you say that, unlike ever note, if you save it on your ear,
no that’s all hannibal rank. You wanna write it down on a piece of paper and save it,
because if your whatever needs to be reset, that seed phrase will bring it back to life, like madsen phrase, is embedded inside the blockchain and an in addition to that. You’re has set a password. So you have the seed phrase and the that the password, and so normally you only need that seed phrase. If you separate the computer
or if you lose access to your password, you can do it cuts like a hard reset
cool okay. So I’ve got my crypto wallet and I crave my art work and then I go with these exchanges. I can go enlist my art work somehow home. I guess so do ask pay a fee. The list it. I guess, that’s a view
he’s a theory in this. I guess fee or does all these may he’s robbing. Do that add another listing fee? Who I am
I mean it could probably change, maybe maybe the seller, maybe the buyers currently paying the listing feeling. Okay at the market dynamics may change at different times and in this and this and if two world, but I don’t actually know who pays it: okay, but I’m sure it’s probably a small amount. If it is, is percent. Usually
now microsoft gave me some men f, t’s, wind wind is eleven came out, so I have to figure out what it really reconcile nancy, where he
okay kurt. This has been awesome.
This go out and see the game more questions
and, let’s see, if I eat see big red says hand if my mouse was to cooperate. Big red says is a t registering then in the same way as a pan being registered.
So pat yeah patton is deathly register with the government and, of course, if it’s like a us patents for air it’s registered here
and then, if she is registered, unlike a global blockchain, so it’s probably an easier process to register an empty because you’re just creating you’re gonna click craig. It could be an image or ukraine, and it’s it’s documented on the blockchain three, oh and the patton’s. I think you need to renew them
for the block fucked end of tube watching stuff. I don’t think you need to renew anything at the moment. The k in that bigger it asked this flying the market drop prices like most physical items.
I think the laws of supply and demand say yes, always
yeah, I mean when you look at this listing is down seventy six percent last twenty four hours, so
I think that may purchase volume is down near. Will the other part of that with bitcoin dropping a theory and can’t take a hit as well? Didn’t it?
It did everything kind of sunk. The last three days like I was down twenty five percent across the board. Something’s have bounced back,
but a deftly
in packs because, let’s say forty, nine, a theorem
was two hundred grand three days ago, but putting on a third today
is twenty five percent, less rain new. So are people going out login here in reduced the price
at what at what I find it ends up happening? Is people think in three am terms or bitcoin terms? They no longer think in dollar terms like if I bought this and f t for forty nine, a thinner theorem. I would only sell it for higher than forty nine theorem, like I don’t even think of it in dollar terms.
I make sense:
can you exchange one form of crypto to another? If it’s required to purchase certain pieces
yeah you can, you can definitely cut of the crypto exchanges, their scripted dot com, there’s coin base, there’s a couple other ones
that you can buy a theory. I mean by slaughter, you can buy stacks and if you were to purchase that button like if you were in a press by it, would launch your wallet and it would confirm that you have a hundred stacks. The symbols hundred stacks, if you didn’t it would fail
as the same thing for all these like it would confirm that you had forty nine appearing before the transaction would be complete.
Okay, yeah, I’m in athens exchange. If you had bitcoin you can trade for theory, and if you got a theorem, you can trade it for the snow, so many different ones. So if the exchange supports those different bitcoins is your coin based on port, certain ones, there’s others it’s for others, so um
they just recently put doge own alma coin base anyway, was out there for long time. I want to buy someone that was fun, but now a nando just not fun because eli, I must killed it.
I think I’ll come back there, so I’m kurt tell us about one on one blockchain street and in you’re in your fun adventures on twitter and how people can connect with you and then also the top ten list, and also year missouri senate, daily of of even more
more information and justice top ten shirt. So I saw one one blockchain street during the last bull cycle, but back in two thousand and seventeen, and I started to actually three years after I got into kind of bitcoin solves our three years before and I was like. I just need to publish my thoughts. My friends keep texting me. Let me just couldn’t email list and see
same here is what I’m thinking about. Here’s the tweet. I see interesting people like the stand twitter, but over last ten years my twitter feed, like things float to the top. Like I get access information were people who just joined twitter. Don’t have access to some like. Let me just take the next
Let me just take that out of like let’s say five favorite tweets, I mean just take the the top ten and cinema,
so I also do some training and courses and things like that,
local. So if he will reach out to you on twitter, to talk about taking a course know was the best one. Yet in fact, if you’re interesting to f t’s, I’m running a promotion right now, where, if you like my tweet, I need to reach five hundred likes right. My like one fifty so I need to have like three. Fifty more people like my post are like
my tweet and I’m giving away twelve, and if t’s and they’re they’re definitely significant value, and I’m doing that because I’m trying to win a competition with one of the exchanges called okay coin,
where I’m trying to win five thousand dollars and bitcoin, but I have to have five hundred like so that’s that’s why I’m giving it away cool answer answer I’ll go get on twitter in in like that tweet! I liked it yesterday in a shared it out and hoof. It brought you some traffic. I I don’t do enough with twitter anything more out there.
It also know you have a newsletter that you have is a subscription that people can subscribe to if they want more than just the top ten tweets of of the day
yeah. The top twenty tweets is that my entry level kind of tree branches and just getting started and then newsletters coming to get the alerts and things like that. The last thing I want to share is like, if you’re an artist and you’re looking to get involved, there is stacks, is offering a brand new
and if team
like accelerator, where they’re picking ten people, so that’s that’s, that’s not a lot of folks. I know, but this is just announced in the last week or so so, if you’re an artist you have interest in. How does this all work began to a thirty day program with you?
That’s awesome providence, ten people in a blow up because they gonna get all the publicity from this. So that’s can be amazing,
yeah. I think it’s a community effort to write, because if you launch a book by yourself, it’s hard to do, but if you launch it, as someone already has the community
and people are promoting you, I think it’s you’re likely to survive and get fat get results faster. Who I think my daughter should take her animation in tournament in if teasing in and start moving forward there so honey. We gadget gadget alyssa work on this right away, skater entities- I get her artwork out there, so people see it and then sell as in, if
he’s actually it’s low popularity
net and then the road to streamline a mean it’s a little tough getting going, but
the work kind of is it stands on it’s own, then you build a community around the artistry been, but the commuting around the purpose
right curt. Thank you again. So much for being on the show tonight. I really do appreciate. I definitely wanted to get out there dead you and thank you so much based question. So this is cool. Now I’m excited now wanna go in and do stuff and f t’s now and so one day I’ll be fine.
Famous sure of it in your party are drawn you to read roy it’s right on youtube famous whatever. That means your tumor, that’s the number one occupation and the kids wanted to so you already done it. So thanks for having me on the shirt great time, I love talking about this stuff and I don’t think cautiously word of caution. It’s it’s!
It’s like fast, paced stuff, like many alike, but if you’re an artist like. I definitely encourage you to do this, because people are making, let’s say ten grand or twenty grand thirty grand pretty quickly and three weeks later they have a random collection because they want to make another twenty or thirty or forty thousand dollars.
So once you build the commanding it, it goes pretty fast,
so yeah the revenues deftly there is awesome.
I look that is our saturday night. Thank you so much ruby. It came back if you watch initial replay own, be sure they’re hit that subscribe button if it shows up, for it dearly, hope it setup little biddy. Okay, scrap the kurt anyway,
I’m thirty eight when things like that happen anyway, I kirk thank you so much again for being on the show night and that’s our show, and then I’ve got show like some in screen. You think about everybody is here to sign off. Okay, we’ll I’ve got a guy who may have great night thing
her watch and
that’s a wrap bye. Thank you so much for watching this is a one off tina to podcast, I hope into a subset. How can I make this episode better confirm me on twitter at tech trouble him k, r, eliminate thanks
have a great week,
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