0:00 [Music] you guys know what crypto punks are yes were they the first big ft right what do you know about i'm gonna act like i don't so you can explain it for the audience oh ████ i have to google it then no uh so cr so crypto punks is like it was one of the first ethereum meditations right and like there's a lot of uh art so i'll just show you it looks like my nine-year-old nephew made it yeah they're even before the board apes right this is before board apes for sure this is like the first ethereum nft how much are those guys like a million i think was the record 69 million for one trade 69 i didn't know that one millionaire oh yeah for the blue face boy yeah i know you're talking about that like alien two i think is this yeah there was
0:50 like a video of him like actually like crying and stuff after like the cellar yeah so um punks have been sold for a ridiculous amount right so like some of them have gone for like 20 to 30 million which is crazy is there an owner of all the punks you're not wrong to ask that right so one of the people who was just about to do a self of ease um release of 104 crypto punks he and he took an 8.32 million dollar loan backed by the same blockchain based collectibles so he's taking out a collateralized loan he's like saying like hey um all these entities are worth this much can i take it alone against them and they're like sure so the bees meaning like the the luxury auction yeah exactly are they doing anything yeah yeah yeah because this was facilitated by these cats and because there was enough faith there
1:41 where he could just release all this stuff he also felt safe enough to go you know what i actually don't feel good about this right now like i don't want to put my 104 crypto punks out i want to pull them back but he took an 8.32 million dollar loan um off of them right so then the group which were first acquired together in a single transaction by the cat right which have an estimated estimated value of 20 million to 30 million dollars from sotheby's that's what sotheby's estimates right not just some ████ um he pulled his lot his lot of nfd's 100 whatever minutes before the sale was slated to begin at sotheby's shocking everyone in the room at the time because everyone was there to maybe bid on those right what a ████ ████ wasting everyone's time and he started to look for a way to
2:31 retain his crypto punk exposure while simultaneously unlocking liquidity so he was starting to see holy ████ i could borrow against these but um i might have to sell some of them why would i do that if i can borrow against them and they're so valuable like uniformly in the crypto space so that's kind of what ████ everyone who's trying to buy this over is that there's so much utility behind the name crypto punks early so you could basically rent against your pawning basically your own while you hold it it's like a rolex yeah you take it to a pawn shop you hand to the guy and you say i want to get this back and he's like sure give me payments of xyz in the next 36 months and you can get it back or sooner so so that's what happened right so it's
3:21 a it's a jpeg version of what we all experience in our real life economy which blows people's minds right so crypto bucks currently have a floor price of 231 000 each or approximately 68 ethereum um which is a ████ amount compared like when i you know when i first started buying 30 that's nothing it's really not that much but a ████ it's a mother ████ i said what about a ████ so um the demand for entities after he loans keeps on soaring and this testimony to the fundamental value borrowers and lenders described to nfds as a new asset class here here to stay says stephen young the founder and ceo of nft phi um and so this just gives you an idea of like okay you could just get rid of that now or you could see it as like a new asset
4:12 class where you could borrow against it basically finance a house finance a ████ business like all these opportunities are there afforded to you or you sell it and you don't have that opportunity available to you as easily so it's different you have to go to the traditional fiat means you have to like go to a bank and say like here's all my collateral i hope you take my loan this is all different so that's why he pulled out his um collateral he was like you know what ████ this ████ i think i could do better elsewhere uh which is different than normal thinking so that's why this is such an interesting article where people are like holy such a large scale too which is crazy it's crazy bro because traditionally like let's say if you had a house or something and you wanted to start something then you would take a loan against your house or whatever or
5:03 if you had like equity and then you like want to remodel the kitchen like that's like the most common thing what happens if you can't pay for your house bar they take it away it's the same as your nft but it's like isn't that less of a pain point like isn't that much less of a pain point so it's like cool it's not a real world considered item it's like this blockchain space thing so awesome i can borrow against it and it well the worst case scenario they it's locked up in a smart contract they take it from me it's theirs now uh it doesn't affect my life or like anything you have to do with my family yeah that is pretty wild you're just like uh i'm going to take out a loan on this nft i'm going to buy this house suddenly for whatever reason you don't have enough money to pay for the house so they take your nft away and it's already in your house yeah well give me a break wonderful i paid it off
5:54 but then you don't have an nft anymore oh you're right you should have gave up the house joe always just breaks through with something i'm like i didn't think of that right yeah because what's the point of living then i mean you guys got to cut the fat when you think yeah there's a lot of noise you call us fat no there's extra weight okay sorry you got to get straight to the point you do this and you're going to lose your crypto pump you're going to lose the picture of a pet rock you're going to lose that official nba michael jordan dunk card made into the nft form and it sounds better than the pet rock but i'm honest i'm biased i love the last dance i loved it it was a great documentary there is a huge world of nfts right pictures on the internet that you exclusively own and if you ████ do this and you can't pay back your
6:44 bills all that ████ is gone yeah that's mind-blowing dude i i wouldn't be able to live with myself if you lost your nfts hell yeah dude that's why i don't i'm too scared to own any you shouldn't live with yourself afterwards yeah i mean you could take my car yeah take my girl good for you but then the end of keys that's crazy that is mind-blowing that anyone would give up their mfts i agree you didn't trade your girlfriend if she's right hell yeah bar do you have any of these nope why why i don't own any money he spent it all on his house but nobody's an idiot actually got real houses nobody believes you would you pay for the house with cash ████ idiot ████ ████ losing six percent a year yeah you actually got a ████ loan from the military when you could if
7:35 i got a loan for the nft i took i took a loan against my wife if i don't pay it they take my wife away sounds like a good deal if you ask me hey yeah we're a bunch of cool boys here we're a bunch of cool guys oh yeah yeah in case you didn't get it ryan now the jokes make sense i think that's how i know you guys are cool original cuck porn started really where they're like the landlord's ████ my wife well it's because you put her up for oxygen because you don't got no nfts yeah did you just call it cookbook is that like a adapter the genre of like the guy sitting on the couch he's like oh no my wife is getting ████ and he's going by the landlord no oh no my wife is getting so pounded for like 40 minutes oh no i thought she would stop by now it's been 39 minutes he's enjoying it
8:25 too much suddenly i'm jacking off yeah yeah what is up with that i haven't heard about that that's weird you don't hear it really weird nobody says that that's so odd that was ryan's idea yeah patented so yeah anyway uh it's basically just a dunk video where it's like you know i have a lot of nfts and you probably don't how many do you have 150 100 holy ████ i have a lot of these you probably don't yeah i don't know how to crypto i got to be more like steve dude you don't have any assets you joe you just have fiat i have five crypto that's not i got five how many nfts do you have anthony me probably like 15 20. i don't know what's a good starter maybe 30. you're 30. what's a good starter nft experience how much do you really want to know yeah for longevity yeah galactic punks honestly
9:15 yeah how much do those run or derby stars there's like 40 minutes therapy starts every star is like seven lunar right now six lunar right now how about a dragon eggs one of those ████ dragon eggs yeah it's so expensive the meteorites yeah i spent like twenty five thousand dollars how about the lunar whales the luna whales much cheaper i spent three loonies but like that's i guess like a lot of money now but there's nothing there remember the ████ matrix one anthony put us on and then i was so excited you cats were in there for like 18 hours and i was me and nicki were moving that day and i was like god damn it nikki why'd you have to move today and she's like what's going on and like matrix nft drops is going to ████ change their lives and like nothing happened yeah it was weak but then when they dropped it was the worst ████ selection what made it bad the ████ characters the androgynous characters
10:08 it's just a guy with a blue shirt and another guy with a red shirt bro dudes and chicks wearing pant suits that's the problem with it everybody's in dresses as ████ but nobody in the matrix wears a dress though it was like 2002 sims thank you oh like but he loves sims yeah but not the 2000s right the 2010 sims guy yeah yeah he was in the final fantasy back then crying his eyes out about it that's true still crying from 2001 to 2002. he had a year of my pain right there it's either that or 911 and i chose right and there was no neo or ████ any of them the ████ no carrie anne moss i wanted nairobi and ████ so it was all just like fictitious like characters that weren't appearing in the films no dude i wanted to vomit why does it even have to be matrix did you guys play end of the matrix by the way which was a great game so jada was in the game and like the cat who played ghost was in the game
10:59 and like the best part about the game is that everybody got to take turns with jada pinkett smith which was ████ epic oh cool like wait is that that turns at the boss level at that age like i never really got to see chicks ████ and then tupac comes out and sticks his dick inside and they he throat ████ her so him and ghost are ████ her and then tank comes in he starts ████ her he's the operator too the operator he's got the headset and everything exactly where are you are you serious and at the end neo goes and then he ████ dodges the combat takes shoots and he ████ comes and then he comes back and he's like whoa this sounds like a new grounds cartoon two crowns man oh ████ that's actually just what happened [Music]
11:53 [Applause] [Music] you
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