0:00 [Music] mcdonald's is getting into the nft craze oh boy ah can you make rib that's just gonna be worse no way they're not giving very many away either you got to get on twitter is the mcrib back are they giving them away they're giving them away on twitter and yeah you're not going to win it's probably it's probably i think it's already been distributed at this point because it happened on november 1st but yeah this is um part of the new craze we're like i mean dude we're reaching a point in the cycle right now where all these companies are launching nfts and ████ and it's getting really really similar to how it was in 2018 where you know we reached like a max capacity before everything went down are people really excited about like big companies nfts though i mean people want nfts because they're called
0:50 entities right now and that equals money to them yeah like just the hype is so big there's that big auction recently right with a bunch of like like those like monkeys or some board board yeah yeah like getting all sold or whatever on ethereum yeah yeah how much are they getting sold for you know it's like somebody i think one of like a rapper bought one for like a couple million or something like that called boarding board 8 yacht club oh isn't that the first that's why it's one no crypto yeah crypto pumps is the first oh gee this one's like the high end one right like by the way who blew up board it um it is honestly it was kind of like just a viral thing that happened jason chen did but there was some celebrities who got involved as well like um but basically they're some of them have gone for like 100 like tens of millions of dollars tens of millions dude i heard like caa was like gonna start representing them or like buying four or eight yeah i just
1:41 don't know i don't even understand the draw to stuff like that yeah i wish i did i know because i would like to i'd like to play but i just don't understand like even with like base or basketball baseball cards okay cool you have a star player you know he changed his street or whatever i get it one of one superman condition there is a video that explains also how you can kind of double your net worth by buying and use like all the winnings you take on crypto or whatever yeah into uh the nft space it's kind of like using cash and art in the real world to avoid taxes to avoid taxes and all that but also to um increase the value or something like that like the mechanism i understand right like buying things of assets and stuff like that but then in the real world when you have a van gogh or whatever it's like this guy was a part of history so that that's the part i'm trying to understand like the it is
2:31 still a part of history it's just new history exactly well that's the the biggest thing about nft is just like the the scam ability is super ████ high yeah so that's why people are a little iffy about it right because like one of the the original art that was sold the most before all this board ████ was people's art right so people is ████ huge he's always been a huge artist he makes a new art piece every ████ day super impressive his digital rpgs are ████ amazing too right so at the time there was so i haven't seen that but i think i would lean more towards actually understand that versus those don't look like it took much skill exactly so now you have people like like logan paul he's doing his thing and it's you know it's trash but somehow has value to it yeah you know so this is where it starts to get a little ████ ████ weird yeah because the original like idea behind nfts or why artists really like it was based on the fact that it allows artists to make money so a lot of the times when you have these things that
3:21 are digital arts they're jpegs right you have it anybody can copy it isn't that the one that sold for the most 80 mil wow so you never ████ know and so uh this guy that i had on my podcast named tim king he bought one for 777 thousand dollars and i think that when by the time he came to the podcast it was already worth like 1.2 whoa yeah people are flipping these things like crazy yeah uh i'm not i'm holding nfts right now i'm scooping them but yeah it's it's a huge industry right now which is i mean it's like art and one of the cool things about them too is so like if you if you scroll down this is open c's one of the main ones um they have all the different attributes like the rare attributes so people can kind of judge for themselves not even based on personal preferences but based on whoever issues it can make it rarer yeah each one that they issue what's open c openc is just a platform for nft
4:11 launches i was hearing at the board ape yacht club they were having like pretty much like road maps of if you buy one of these the owner of whoever created this will give you like special um like rare pieces that'll go along with it and then it could change your monkeys like uh look yeah if you get like two or three different serums then it'll be like a zombie one you can mutate them yeah and that'll become like three in a row of one exclusive brand and then you could sell that for even more because everybody wants a collection so they gamified the investment depending on who's doing it right you could also make it so every time it changes hands the artist will always get a percentage of the cut for what it's sold for so for example it's worth like 2 000 when you bought it right but then it sells for 4 million well there's a thing inside that nft that says i get 40 of that smart contract yes so there you go so it allows a lot of like power to be given
5:02 back to the artist for them to actually make money off of their art so each time it changes transaction the artist wins and i hear a lot of like really high-end like art galleries are getting into the nft space because they're like we might as well right because it's it's such a hot commodity whether they think it's it's not even just art right you you could put the medical industry into nfts and it would be easier for doctors to have your records if it's an nft so like it's all in the blockchain it's all a public ledger right all the doctors can see it like that well no you could use privacy networks in order to secure it so that you can keep your information private but then the doctors could access it as an nft and then it would be nice and clean you don't have to worry about record keeping being sloppy which kills thousands of people a year i don't know if a lot of people know that and even doctors handwriting kills shady handwriting s█████ handwriting kills thousands of people a year so imagine that's why your ████ relative died
5:53 you couldn't read your ████ prescription you know but yeah putting this stuff on the blockchain and making it and creating an um a public ledger for it is super beneficial in many ways that people aren't even thinking about making these ████ entities are expensive too because there's gas fees and ████ they can be but if you go to there's certain places if you go to mintable for example if you're an artist out there go to mentable and you can print them for free wow yeah and so you don't pay gas um to mint them it's the advantage of paying gas though some obviously people are doing it uh they're doing it to get on open c generally because on open c i'm pretty sure you have to pay gas to get an open seat at least that's a bigger market or bigger exposure yeah it's way bigger marketing open c is like where everybody goes right now to get into the appeal of an a owning an nft is just bragging rights and a theoretical increase in value for the future it's uniquely yours like it's it's yours so like this one's yours yeah and nobody else um
6:43 has it you could you could argue right now i can control click and save it but it's not yours on the blockchain right so it's but it's bragging rights so like it's just to say that you own it yeah it's it's it's yeah it's uniquely yours just like i could copy the mona lisa right now hang it on my wall but it's not the mona lisa so it's the same ideas the louvre can be like we have the mona lisa and they do and they make money off of it i wish i was smart enough to understand dude as you do understand not dude i'm like why do people want a monkey wearing three glasses why do people want to buy a shoe very true well there's utility yeah but they don't ever wear it they just display it and they put in the closet or like why do they want a ████ hundred thousand dollar gun that they'll never shoot but it has like a historical but all a lot yeah exactly the historical meaning to it it's built into the story the narrative i don't know who made that but do people know yeah that's why it's it's it's yeah yeah yeah because there's there's a story to different ones like the
7:33 cyberpunks is the first or whatever and then or like the tarah whales one that you know you guys were getting into it's gonna be you know for the terra network so it's kind of like a meme for all the terror whales yeah there's a lot of the collectible stuff in the physical world what makes that thing so valuable to people is that it also transcended its own industry right like if you buy the chris kyle rifle not only is it used in afghanistan during that time it was an american sniper or whatever like there's like it goes like jordan's like you don't even people don't even know basketball they they love they love jordan or they love what it's about or you know there's like it transcends it like uh so i understand where it becomes part of like the cultural and societal fabric that we're in the i'm still trying to understand this one's more niche so it's like it's kind of like stab collecting or like just any type of collecting and niche marketplace but
8:24 this is just it just so happens that the people involved are just deep pockets why do people buy newer right like contemporary art is actually one of the highest um nfts no no contemporary art is one of the highest grossing like art like you you you like yeah rembrandts and all these are mad money but contemporary art you'll get like 75 plus on like games uh and also nike just filed a trademark to get into nfts as well yeah they're looking at making nfts for video games like fortnite uh and for branding and i do think that the novelty of just like everyone talking about it and it's new and how everyone's bum rushing the market is also creating this like hype around it building the foundation for the future hey but also who knows if the value will stick you know what i mean like you can't predict that it might be like
9:15 beanie babies for a lot of this ████ which i think it's gonna be a lot of this ████ the value's not gonna hold no way yeah it's not what about but the only different element here is that it's also like like contemporary or any art where like you can kind of hide money and add value to your money by owning these things too well like i own some of the i own the first tom brady and athena ever were made right and i'm just counting on that being why they're valuable i think that's it you know what i mean it's just ████ like that the like tom brady agreed that this is the first time writing stuff like that i think i understand more because i could like equate that to football cards baseball cards whatever just the other ones i don't know maybe i'm just thinking about it like this art doesn't mean ████ like the way it's valued is so superfluous it's only somebody who ████ is rich that goes this is worth money that's why it's worth money exactly that is how obscure art
10:06 evaluation is right and if there's no buyers then it's not worth that much but if there's five millionaires that are fighting over this ████ jar of peanuts no matter if we go dude you could buy this i could remake it they're like i don't care but there's five millions five millionaires fighting over this pro this bag of peanuts or whatever no it's worth that now it's worth that much that's all it is and how relevant is it right because like my uncle bob had a huge combo collection that was worth like half a million dollars and the most popular ones were not the ones that he was buying as a boy necessarily like like some monster house or some ████ that nobody's ever heard of some science fiction comics and nobody's ever heard of it's all super boy number one superman number one or like spider-man number one the stuff that lasted right the stuff that like went throughout generations but like if he had i mean back then if he had guardians of the galaxy number one
10:56 nobody gave a ████ it was like 1995. nobody gave a ████ right so like because they brought that back dusted off brought it to a new generation that's worth something again but like how much is this old arc gonna be worth something to a lot of younger people who are growing up getting money you know what i'm saying so this is like like pokemon cards when you're a kid you're a lot of parents threw away pokemon cards yeah right my parents threw gave all my pokemon cards to this ████ kid i hated yep and like i went to college i came back i like wearing those cards and she goes oh i gave it to that kid i was like where's he moved to korea i was like you ████ ████ yep and then so like a couple of years ago i hunted him down i found everything i had was like a mint first edition and i sent my mom like ebay links i was like this is how much money you threw away i was like you ████ idiot and why are they valuable because we all grew up and we agreed that they're valuable and now we're just older with deeper pockets that's it and
11:47 we're the ones who make the money yeah like i went on ebay and looked for some old lego sets that i always wanted it was a pirates collection now it's worth thousands dude exactly bro i wanted that too oh and i will buy it i will i will buy it dude i will front run you're not i'll buy it i'll buy that ████ and i'll have a pirate ship right here and i'll be like look at my pirate ship ████ [Music] you
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