May 12, 2022 • 21 mins
Our registered Web3/crypto expert Elan Halpern returns to the podcast to introduce us to Non-fungible tokens (NFTs.)
Elan educates us on NFTs and how artists, businesses, and individuals can make money while maintaining ownership through NFTs and why people of color should jump into this new currency now.
Guest IG: @halpernesta
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Episode Transcript
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Speaker 1 (00:00):
Hey, Money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. Blockchain technology and its
application to Web three are a new technological frontier, and
(00:23):
we want to make sure the Money Moves audience is
in the notes. So welcome to Crypto School, And on
today's episode of Crypto School, we're going to do a
deep dive into n f t s with our resident
Crypto School expert, Alan Ouprin Hi Loan. Welcome back to
the podcast, hy Tanya, Thanks for having me again. I'm
so excited because I love talking about n f t s,
(00:46):
n f t s, n f t s all day,
all long, um, and this is something I'm really passionate about,
and I'm really passionate about sharing this with the Money
Moves audience. So let's get started and we'll dive right
into what is an n f T Absolutely Yeah. So
n f t s stand for non fungible tokens and
what the heck does that even mean? So there's this
(01:08):
concept of fungible and non fungible. You can think of
things as fungible that are interchangeable. One is the same
exactly as the other. So if I have a dollar
right a U. S dollar right here, and I give
it to you, and then I take your dollar like
it's no difference to either of us, doesn't make a
difference at all. They both get us a bagel at
the corner store. That's it, you know, dollar. But if
(01:32):
I treat you the piece of artwork hanging in my
bedroom for your piece of artwork haying in your bedroom,
those are very different. Those are fungible, those are non fungible,
Those are non fungible, right, so those things one isn't
the same as the other. So hopefully that makes a
little bit more sense. No, it does. It does, And
because you know, it's like this buzzword where I'm like, okay,
(01:53):
but why is this relevant? And so I almost compare
it to you know, it's funny. In the crypto world,
we're talking about bitcole pin. On previous episodes, we talked
about n f T s. So in this example that
you gave, like a bitcoin in and of itself is
actually fungible, right, it's the same bitcoin. Um, you know
the value of it changes, but it's the same bitcoin.
(02:13):
If if bitcoin was actually a real life piece like
a doctor, like a dollar bill. I could give you
this bitcoin um and it would be the same thing
everywhere in the world. Correct, correct, that's absolutely correct. Bitcoin
is a fule Okay. So now as we try to
understand this craze of n f T s, and we'd
had on previous episodes, you guys check it out. We
had a young gentleman. I think the story was really interesting,
(02:36):
and I'll tell it because it gives a little bit
of color to why I think n f T s
are so important. But he was from Atlanta, a young
black artist, and he did a lot of street painting UM,
so people would follow his street art, his graffiti art, etcetera.
And about a year ago, when n f t s
were really taking off, he decided to do an online
n f T project. So Artlanta was his name, and
(02:56):
he created a project with ten thousand unique dumb alien images.
The project is called Dumb Aliens. Make sure you check
it out on open c But this was revolutionary for
him because all of a sudden, now he created these
unique pieces of art that we're sort of trading as
an asset on open c And this is where I
think a lot of the discussion around what our n
f t s and why should I care about JPEG's.
(03:18):
Why should I care about these pictures that I could
essentially screenshot, Like how do you add value to them?
And this is what I want to dive into with
this conversation because it's fascinating and it takes a leap
for people to really get excited about it. But once
they do, I feel like they drink the kool aid
and they're in it. Yeah. Absolutely, I think this is
a is a very common question here. Um and n
(03:39):
f t s, you know, represent so many things, and
I think there's this concept of digital ownership right now.
With n f t s, you can own things in
the digital world that you weren't really able to do before.
So this whole jpeg argument where I can just drag
and drop this jpeg and I can save it among computer. Yes, absolutely,
you also go and take a photo of the Mona
(04:02):
Lisa and then print it up on your wall and
tell everyone that you have the Mona Lisa. Right, That's
the same thing, but there is verification of the original
piece of artwork and the original owner and all of
that data is now stored on the blockchain. When it
comes to n f T. There it is that it's
stored on the blockchain. So there's these smart contracts attached
to this digital um basically this digital piece of art,
(04:24):
and we'll we'll use art with with the example of
n f T s right now, we can get into
some other use cases and utilities for them. But then
are stored in this your irrefutable I'm using immutable, mutable
and stored in this immutable ledger that is now the blockchain.
So let's back out a little bit because I want
you guys to get a great understanding. So n f
(04:44):
T sort of started taking off um in the past
couple of years because of a specific cryptocurrency called Ethereum.
And in past episodes, Elan has sort of talked to
us about the difference between blockchain and ethereum and other
cryptocurrent these tell us what's so special about ethereum. Yeah,
so ethereum allows you to create these different types of token.
(05:07):
So on bitcoin, really the only token there is bitcoin,
and that's just how they implemented it. But ethereum introduce
this new concept of smart contracts where people can create
their own tokens. So Ethereum is sort of the base currency,
the base token us on that blockchains called ether, but
you can create your own currencies, one of those being
(05:28):
n f T. So what n f T s are
are really just a different type of token standard. So
it's this preset definitions and traits that this token has
to meet, has to be unique, has to be transferable.
You know, they each have their own unique identifier, and
all of these different traits represent an n f T
on Ethereum. Okay, I get it all right. So now
(05:52):
you with our example of um aliens. So you've now
created this piece of art. It's living on the blockchain.
But what is the hype in terms of everyone is
buying and selling and trading it. They're making money. People
are talking about making millions and millions of dollars. How
does that work? Yeah, that's such a good question. I
think that. You know, I remember showing my dad some
(06:13):
n f T s. I think it was specifically the
Boarded Yacht Club n f T. It's a very very
popular one selling for tons and tons of money, and
he was like, yeah, but like I just don't like
the yard, Like I just I just don't think it's cool.
And I was like, oh, that's a really interesting argument
and point. Right. So I think number one like art
is such a subjective industry. Right. If you think about
(06:34):
like Damien Hurst or like some of these other artists
that are more abstract, people are like, oh I could
have done that, or like what like how is that
selling for so much? And it's really like subjectivity, right.
Art is very much an emotional something. Someone's attracted to it,
someone's not. So there's that aspect of it that I
think a lot of people overlook when it's on the internet.
The other thing is, I think one important story I
(06:57):
think really sort of solidified you know, the whole concept
of art and value to begin with, is actually the
story of Mona Lisa. So I'm curious time to don't
do you know how the Mona Lisa got to be
one of the most famous art pieces of artwork? No, okay,
so this is a really interesting story. So I think
you know, if you ask someone like why is the money,
like do you know the Mona Lisa? And yeah, yes, right,
(07:20):
and then you ask why do you think it's such
a popular piece of art? So I'm curious what your
answer is there? Um, I don't know. Probably some old
queen owned it. Or something like, I don't know, good question, right,
No one really thinks about why it is, Like do
you think it's like the best piece of art you've
ever seen? No, it's so why do people go to
the louver and like pack into this one room in
(07:42):
Sanchol to sort of trying to get a photo of
this of this piece of art. It's like, you know,
maybe it's someone's favorite piece of artwork, but most of
the people I surround myself with are like, no, that's
not my favorite. It's not, but we're all sort of
good question, Like it's the most famous, it's the art
that everyone knows. Turns out, what actually we happened is,
you know, when it was first created. The artist actually
(08:05):
is a bunch of its Da Vinci, right yea, So
they say what I said? So I said, um, so
what how does Da Vinci has a bunch of pieces
of artwork that all looked relatively similar to the Mona Lisa?
But like, so why did the Mona Lisa? When? Why
did that become so popular? It turns out what happened
was when it was kind of first first created back
(08:26):
in the day. Um, maybe a little after it was
first created, don't don't quote me on my timelines here,
but someone actually broke into the museum and stole it,
and they stole it. And what happened was it broke
news everywhere. Someone stole the Mona Lisa. It was on
every newspaper. And guess what was on those newspapers a
photo of the Mona Lisa. Someone stole this painting, help
(08:48):
us find it? Right, all of a sudden, this piece
of artwork, the Mona Lisa, got put on a global
scale and had global viewership because someone stole it and
they were trying to rEFInd it. And then it became
one of the most recognizable and popular pieces of artwork
that existed. Right. There were movies made of it, there
was like plays made of it, all because someone stole
(09:09):
it and it became popular. So there's this whole concept
of art and value that I think a lot of
people don't take a step back to understand, like why
do we find any art valuable? Why do we pay
any amount of money for art? And it's really like
this kind of community by an awareness and if you
like it, yeah, which is what we're seeing happening in
the n f T world. Because people are I mean,
I also think it's this digital renaissance of like what
(09:32):
people appreciate as art, and this is what I think
is also really interesting. There's something for everything everyone in
the n f T space. It doesn't have to just
be the board a yacht club. You know a lot
of the projects that are getting really exciting right now
are by women and for women. But okay, so let
me just back at I'm going to tell you the
story of how I really got into n f T
s and cryptocurrency. Like I've been in tech, I've understood it.
(09:53):
You know, I've helps people build and scale these companies.
I invest in a lot of early stage companies. So
everyone around me was sort of talking about n f
T s and you know, I didn't get it. I
was like, I don't know, why would I want to
buy someone's tweet? Why would I want to buy this jpeg?
I don't really understand. So I was actually gifted my
first n f T. So I got gifted and n
f T. I opened a wallet, um, I did all
(10:14):
the steps that we talked about before, I bought a
little bit of ethereum, and then I just had this
n f T sitting in my in my wallet. But
the thing about it, and the thing that's really amazing
about this web three world is I started following them
on Twitter. Then I joined the discord, and then I
joined this community of people that felt so proud to
have this n f T. And what you're starting to
(10:36):
see is like this group of like minded people that
want to talk about n f T s UM. They
want to talk about why it's important to them, and
all of a sudden, value was built on that and
it was just it was such an incredible thing. It
was like I was in this club of people that
wanted to talk about the same things, and they came
from far and wide. They weren't all technology people. They
(10:58):
were you know how his wife in the middle of Idaho.
There was you know, uh, fifteen year old someone in
the middle of like England. But we created this community.
There was talking, there was learning, there was shared insights,
and so I started buying into other n f T
projects and what you started to see happening. And this
(11:20):
is why I'm trying to get tell you the story
UM to explain why people get really excited about it.
They realized that there was value in that. So all
of a sudden, that n f T that someone gave
me for free. I looked up and it was on
the open seas or different market places where you can
sell in exchange n f t s, and I was like, wow,
it's worth double. Now it's worth triple. It's worth so
(11:43):
much more. And this is gauged in terms of ethereum,
which we know we can convert to a dollar value.
And some of these projects, now, uh Elonis, you mentioned
Board eight Yacht Club are worth hundreds of thousands of dollars,
and that value was grown organically about people who really
cared about these projects um. And that's where I think
(12:04):
it's I want people to understand, to get involved and
to learn about n f t s because there's one
piece of it that actually just like out of a
love for a project and appreciation for art. But there
is a side of this where people are creating wealth
and value because it's allowing them to trade assets in
a way that we weren't able to before. We couldn't
(12:26):
walk onto Wall Street and be like, Hi, like a
job at Lehman Brothers. I'm gonna make billions of dollars
and a hedge fund. We just couldn't do it. They
wouldn't let us in but here we are trading assets
and people are making incredible amounts of money. And this
is why I'm so passionate about talking about this, because
I've surrounded myself with so many women who were like,
tell me about n f t s, like is this
(12:47):
a way that I can make a diversified income stream?
But like I said, you do your own research. This
is not financial advice, but I'm sort of trying to
walk you into why I think there's importance to it. Absolutely.
I think there's this huge community aspect to it as well.
So yes, like there are ways to make money and
if you're really but I wouldn't. I wouldn't necessarily get
(13:08):
into n f t s for the money making reasons, person,
I would, you know what I mean, There's sort of
these fundamental values. Like I was looking at n f
T actually right before this call, and it was one
of the first n f T I have a bunch
of n f T s. I think some just based
out of interests of what they're building. There's one one
called City Dow And these n f t s are
citizenship tokens. So this is not art, right, it's just
(13:29):
kind of like just boring little piece of paper, But
it's my certificate for being a citizen in this kind
of metaverse. City is actually a physical city. But this
is another story. Um, that's another segment. Well, we'll get
into what the metaverse is. We'll get into meta versu later. Um. So,
I mean I was just before this looking at this
this n f T S. It was called Women and Weapons.
(13:49):
It was called and I was like, men like these
are cool. I was like, whoa, Like, this is one
of the first n f T s that I've looked
at and been like, oh, ship, like this is actually
cool and I want to actually like this art. And
so there's other reasons to get into it. But the
community aspect is massive. So what I'll do next is
go check out their Twitter, Go check out their discord,
Go meet a couple of people who are in the community,
(14:11):
see what their vibe is, see what they're about, see
what their mission is, and understand that community a little
bit better, and then have this sort of ownership and
access into that. Yes, And that's a great way to
put it. Um, And I love that project. It's a
really great project. Women and Weapons is really interesting. Um,
it's a it's an interesting vibe because you typically wouldn't
think of, Like you know, there's this sense of empowerment
(14:32):
that they really try to push behind it. So it's
not just a picture. It's talking about the power that
women have. UM, and sort of this juxtaposition of like
a bunch of like really badass women with like you
got to see it just to understand, with like brass knuckles.
But but it's really beautiful and so that's what it is.
It's about building community. Um. And we'll dive more into
(14:52):
this in further segments, but I want to come back
to like this idea of like why n f t
s have been so important, um, and how you can
sort of take a look at it. So you know,
we're talking about n f t s. We've talked a
bit about cryptocurrency. We we've talked about wallets, but like
where do I go and find an an f T? Yeah,
great questions. There are a couple of market places where
you can go and purchase n f T So a
(15:14):
couple of places. So number one, if you have a
project that hasn't dropped yet, you go to that project
site and you get on the drop early. So um.
In an earlier episode, I know Tandy was trying to
get in on an n f T drop. Shit in
a large set to get on the n f T
drop and that's like you want to be there as
soon as they release it and buy it from the
kind of original distributors. Then there are these secondary marketplaces, right,
(15:38):
so things like open see things like looked rare, looks rare, rarable.
There are a bunch of others and this is where
you can buy n f T s that are you know,
from other other holders and other other owners um and
you know, you connect your wallet and then you can
instantly go and buy and sell whatever n f T
s you might want. Yes, So that's a great example
again and just to say like there's these marketplaces. There's
(16:00):
open face marketplaces where you can see the images, you
can go through and they titrate like they fluctuate based
on the value of ethereum and the value that people
attribute to the project. And so this is where it
becomes a little bit of assets or an asset trading
and how you add you can add value and wealth.
But again it's art and you know, there's a lot
of different conversations about why you choose an n f
(16:23):
T um if you hold onto it, if you keep it,
if you sell it, And there's a lot of different
use cases. So I know we've talked a lot about
the artistic projects behind it, but I just want to
touch on as we go out and we'll continue this
perhaps another segments. If you guys want a lot to
come back, please, you know, leave a review on Apple podcast,
leave a like, you know, message us on social media.
(16:43):
If you want more of these conversations, we'd be happy
to facilitate them. But let's talk about some of the
other utility cases for n f t s because art
is one. Um what are some of the other things
that you're seeing pop up right now? Absolutely? And I
think this is where I'm most excited is all of
these other use cases of n f t S that
people haven't really applied yet. So basically, what in the
(17:05):
world right now is unique and you know can be
traded in this similar way. Um. So, one example could
be representation of real estate. Right there's a unique amount
of land in the world. If we had n f
t S that represents different areas on the land, that's
a perfect way to make that process more liquid, traceable,
(17:27):
and verifiable. Right, So you can use n f T
s for those types of things, and what it breaks
down to is like what are the properties of n
f T s, Not like is it pretty, but like
what are the technological properties of these n f t s.
Another example I like to give us like birth certificates. Right,
birth certificates are completely unique. Everyone has one. It's it's
very individual. So that would be a good example of
(17:47):
an n f T Yeah, that's a great example. And
just like I always had to add in a little color, Um,
my dad has a lot of property in Ghana, West Africa.
It's a very old system. A lot of it was
done just by handshakes and through literally tribal chiefs. So
you know, we are now managing his estate and there's
like five different people who say I own the land,
(18:08):
I own the land, I own the land, this chief
gave me the land. And there's I mean, it's a
very difficult situation to navigate. But if you had n
f T s, it would be irrefutable evidence that like
this land was given to this person on this date,
and because that was then recorded on this digital ledger
that is the blockchain, it's it's unbreakable and you can't
deny it. And I think you know what happens and
(18:30):
how this sort of changes our world is examples like
this where you're seeing the utility of it in real life. Yeah,
And I think to add to that, it also makes
these markets that are traditionally very hard to break into
a lot more liquid. So now you can buy and
sell these real estate assets without ever having to go
visit and like talk to someone, and it creates this
(18:51):
entirely new marketplace and availability for others. Um So, as
we close at the segment, I just want to leave
a little bit of inspiration about why I think this
Web three world and the use cases of n f
t s. You know, and Ellen, you're a builder in
this case. But what's really amazing is there's so many
people who are diving into this space. They don't have,
(19:12):
you know, deep technology backgrounds. They don't have the access
to like land, lumber or steel that their parents have
left them from generation after generation. But they're using their minds.
And this the application of what's possible with blockchain and
n f t s to fix problems in the world
that are really really big. And this idea of building
(19:32):
something from nothing really affords us with the opportunity to
create wealth in our families and to change the world.
And so I'm just grateful for you to be on
our podcast because we need more of this and I
hope that you know we have inspired a lot of
you guys to take the dive to learning about Web
three because this is really a truly transformative time for
(19:53):
so for for like the entire world, it is absolutely
game changing. It to really new industry, and you should
definitely get involved. Thank you so much, Allen, thank you,
thank you, thank you. Please tell everyone again where they
can find you on social media and follow you and
your journey in web three and all the information and
(20:13):
knowledge that you have to share. Absolutely yeah, So you
can find me on Twitter at zero x alon and
on Instagram at help Ernesta. I post a lot of
educational stuff about the space on both those platforms. Awesome.
Thank you so much. Money movers, make sure you follow
a Laan on her social media handles, and if we
helped you at all make your money move or inspired
(20:34):
you to participate in Web three, please make sure to
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(20:56):
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(21:17):
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Hey, Money Movers, Welcome back to Money Moves, the daily
podcast determined to give you the keys to the Kingdom
of financial stability, wealth and abundance. Blockchain technology and its
application to Web three are a new technological frontier, and
(00:23):
we want to make sure the Money Moves audience is
in the notes. So welcome to Crypto School, And on
today's episode of Crypto School, we're going to do a
deep dive into n f t s with our resident
Crypto School expert, Alan Ouprin Hi Loan. Welcome back to
the podcast, hy Tanya, Thanks for having me again. I'm
so excited because I love talking about n f t s,
(00:46):
n f t s, n f t s all day,
all long, um, and this is something I'm really passionate about,
and I'm really passionate about sharing this with the Money
Moves audience. So let's get started and we'll dive right
into what is an n f T Absolutely Yeah. So
n f t s stand for non fungible tokens and
what the heck does that even mean? So there's this
(01:08):
concept of fungible and non fungible. You can think of
things as fungible that are interchangeable. One is the same
exactly as the other. So if I have a dollar
right a U. S dollar right here, and I give
it to you, and then I take your dollar like
it's no difference to either of us, doesn't make a
difference at all. They both get us a bagel at
the corner store. That's it, you know, dollar. But if
(01:32):
I treat you the piece of artwork hanging in my
bedroom for your piece of artwork haying in your bedroom,
those are very different. Those are fungible, those are non fungible,
Those are non fungible, right, so those things one isn't
the same as the other. So hopefully that makes a
little bit more sense. No, it does. It does, And
because you know, it's like this buzzword where I'm like, okay,
(01:53):
but why is this relevant? And so I almost compare
it to you know, it's funny. In the crypto world,
we're talking about bitcole pin. On previous episodes, we talked
about n f T s. So in this example that
you gave, like a bitcoin in and of itself is
actually fungible, right, it's the same bitcoin. Um, you know
the value of it changes, but it's the same bitcoin.
(02:13):
If if bitcoin was actually a real life piece like
a doctor, like a dollar bill. I could give you
this bitcoin um and it would be the same thing
everywhere in the world. Correct, correct, that's absolutely correct. Bitcoin
is a fule Okay. So now as we try to
understand this craze of n f T s, and we'd
had on previous episodes, you guys check it out. We
had a young gentleman. I think the story was really interesting,
(02:36):
and I'll tell it because it gives a little bit
of color to why I think n f T s
are so important. But he was from Atlanta, a young
black artist, and he did a lot of street painting UM,
so people would follow his street art, his graffiti art, etcetera.
And about a year ago, when n f t s
were really taking off, he decided to do an online
n f T project. So Artlanta was his name, and
(02:56):
he created a project with ten thousand unique dumb alien images.
The project is called Dumb Aliens. Make sure you check
it out on open c But this was revolutionary for
him because all of a sudden, now he created these
unique pieces of art that we're sort of trading as
an asset on open c And this is where I
think a lot of the discussion around what our n
f t s and why should I care about JPEG's.
(03:18):
Why should I care about these pictures that I could
essentially screenshot, Like how do you add value to them?
And this is what I want to dive into with
this conversation because it's fascinating and it takes a leap
for people to really get excited about it. But once
they do, I feel like they drink the kool aid
and they're in it. Yeah. Absolutely, I think this is
a is a very common question here. Um and n
(03:39):
f t s, you know, represent so many things, and
I think there's this concept of digital ownership right now.
With n f t s, you can own things in
the digital world that you weren't really able to do before.
So this whole jpeg argument where I can just drag
and drop this jpeg and I can save it among computer. Yes, absolutely,
you also go and take a photo of the Mona
(04:02):
Lisa and then print it up on your wall and
tell everyone that you have the Mona Lisa. Right, That's
the same thing, but there is verification of the original
piece of artwork and the original owner and all of
that data is now stored on the blockchain. When it
comes to n f T. There it is that it's
stored on the blockchain. So there's these smart contracts attached
to this digital um basically this digital piece of art,
(04:24):
and we'll we'll use art with with the example of
n f T s right now, we can get into
some other use cases and utilities for them. But then
are stored in this your irrefutable I'm using immutable, mutable
and stored in this immutable ledger that is now the blockchain.
So let's back out a little bit because I want
you guys to get a great understanding. So n f
(04:44):
T sort of started taking off um in the past
couple of years because of a specific cryptocurrency called Ethereum.
And in past episodes, Elan has sort of talked to
us about the difference between blockchain and ethereum and other
cryptocurrent these tell us what's so special about ethereum. Yeah,
so ethereum allows you to create these different types of token.
(05:07):
So on bitcoin, really the only token there is bitcoin,
and that's just how they implemented it. But ethereum introduce
this new concept of smart contracts where people can create
their own tokens. So Ethereum is sort of the base currency,
the base token us on that blockchains called ether, but
you can create your own currencies, one of those being
(05:28):
n f T. So what n f T s are
are really just a different type of token standard. So
it's this preset definitions and traits that this token has
to meet, has to be unique, has to be transferable.
You know, they each have their own unique identifier, and
all of these different traits represent an n f T
on Ethereum. Okay, I get it all right. So now
(05:52):
you with our example of um aliens. So you've now
created this piece of art. It's living on the blockchain.
But what is the hype in terms of everyone is
buying and selling and trading it. They're making money. People
are talking about making millions and millions of dollars. How
does that work? Yeah, that's such a good question. I
think that. You know, I remember showing my dad some
(06:13):
n f T s. I think it was specifically the
Boarded Yacht Club n f T. It's a very very
popular one selling for tons and tons of money, and
he was like, yeah, but like I just don't like
the yard, Like I just I just don't think it's cool.
And I was like, oh, that's a really interesting argument
and point. Right. So I think number one like art
is such a subjective industry. Right. If you think about
(06:34):
like Damien Hurst or like some of these other artists
that are more abstract, people are like, oh I could
have done that, or like what like how is that
selling for so much? And it's really like subjectivity, right.
Art is very much an emotional something. Someone's attracted to it,
someone's not. So there's that aspect of it that I
think a lot of people overlook when it's on the internet.
The other thing is, I think one important story I
(06:57):
think really sort of solidified you know, the whole concept
of art and value to begin with, is actually the
story of Mona Lisa. So I'm curious time to don't
do you know how the Mona Lisa got to be
one of the most famous art pieces of artwork? No, okay,
so this is a really interesting story. So I think
you know, if you ask someone like why is the money,
like do you know the Mona Lisa? And yeah, yes, right,
(07:20):
and then you ask why do you think it's such
a popular piece of art? So I'm curious what your
answer is there? Um, I don't know. Probably some old
queen owned it. Or something like, I don't know, good question, right,
No one really thinks about why it is, Like do
you think it's like the best piece of art you've
ever seen? No, it's so why do people go to
the louver and like pack into this one room in
(07:42):
Sanchol to sort of trying to get a photo of
this of this piece of art. It's like, you know,
maybe it's someone's favorite piece of artwork, but most of
the people I surround myself with are like, no, that's
not my favorite. It's not, but we're all sort of
good question, Like it's the most famous, it's the art
that everyone knows. Turns out, what actually we happened is,
you know, when it was first created. The artist actually
(08:05):
is a bunch of its Da Vinci, right yea, So
they say what I said? So I said, um, so
what how does Da Vinci has a bunch of pieces
of artwork that all looked relatively similar to the Mona Lisa?
But like, so why did the Mona Lisa? When? Why
did that become so popular? It turns out what happened
was when it was kind of first first created back
(08:26):
in the day. Um, maybe a little after it was
first created, don't don't quote me on my timelines here,
but someone actually broke into the museum and stole it,
and they stole it. And what happened was it broke
news everywhere. Someone stole the Mona Lisa. It was on
every newspaper. And guess what was on those newspapers a
photo of the Mona Lisa. Someone stole this painting, help
(08:48):
us find it? Right, all of a sudden, this piece
of artwork, the Mona Lisa, got put on a global
scale and had global viewership because someone stole it and
they were trying to rEFInd it. And then it became
one of the most recognizable and popular pieces of artwork
that existed. Right. There were movies made of it, there
was like plays made of it, all because someone stole
(09:09):
it and it became popular. So there's this whole concept
of art and value that I think a lot of
people don't take a step back to understand, like why
do we find any art valuable? Why do we pay
any amount of money for art? And it's really like
this kind of community by an awareness and if you
like it, yeah, which is what we're seeing happening in
the n f T world. Because people are I mean,
I also think it's this digital renaissance of like what
(09:32):
people appreciate as art, and this is what I think
is also really interesting. There's something for everything everyone in
the n f T space. It doesn't have to just
be the board a yacht club. You know a lot
of the projects that are getting really exciting right now
are by women and for women. But okay, so let
me just back at I'm going to tell you the
story of how I really got into n f T
s and cryptocurrency. Like I've been in tech, I've understood it.
(09:53):
You know, I've helps people build and scale these companies.
I invest in a lot of early stage companies. So
everyone around me was sort of talking about n f
T s and you know, I didn't get it. I
was like, I don't know, why would I want to
buy someone's tweet? Why would I want to buy this jpeg?
I don't really understand. So I was actually gifted my
first n f T. So I got gifted and n
f T. I opened a wallet, um, I did all
(10:14):
the steps that we talked about before, I bought a
little bit of ethereum, and then I just had this
n f T sitting in my in my wallet. But
the thing about it, and the thing that's really amazing
about this web three world is I started following them
on Twitter. Then I joined the discord, and then I
joined this community of people that felt so proud to
have this n f T. And what you're starting to
(10:36):
see is like this group of like minded people that
want to talk about n f T s UM. They
want to talk about why it's important to them, and
all of a sudden, value was built on that and
it was just it was such an incredible thing. It
was like I was in this club of people that
wanted to talk about the same things, and they came
from far and wide. They weren't all technology people. They
(10:58):
were you know how his wife in the middle of Idaho.
There was you know, uh, fifteen year old someone in
the middle of like England. But we created this community.
There was talking, there was learning, there was shared insights,
and so I started buying into other n f T
projects and what you started to see happening. And this
(11:20):
is why I'm trying to get tell you the story
UM to explain why people get really excited about it.
They realized that there was value in that. So all
of a sudden, that n f T that someone gave
me for free. I looked up and it was on
the open seas or different market places where you can
sell in exchange n f t s, and I was like, wow,
it's worth double. Now it's worth triple. It's worth so
(11:43):
much more. And this is gauged in terms of ethereum,
which we know we can convert to a dollar value.
And some of these projects, now, uh Elonis, you mentioned
Board eight Yacht Club are worth hundreds of thousands of dollars,
and that value was grown organically about people who really
cared about these projects um. And that's where I think
(12:04):
it's I want people to understand, to get involved and
to learn about n f t s because there's one
piece of it that actually just like out of a
love for a project and appreciation for art. But there
is a side of this where people are creating wealth
and value because it's allowing them to trade assets in
a way that we weren't able to before. We couldn't
(12:26):
walk onto Wall Street and be like, Hi, like a
job at Lehman Brothers. I'm gonna make billions of dollars
and a hedge fund. We just couldn't do it. They
wouldn't let us in but here we are trading assets
and people are making incredible amounts of money. And this
is why I'm so passionate about talking about this, because
I've surrounded myself with so many women who were like,
tell me about n f t s, like is this
(12:47):
a way that I can make a diversified income stream?
But like I said, you do your own research. This
is not financial advice, but I'm sort of trying to
walk you into why I think there's importance to it. Absolutely.
I think there's this huge community aspect to it as well.
So yes, like there are ways to make money and
if you're really but I wouldn't. I wouldn't necessarily get
(13:08):
into n f t s for the money making reasons, person,
I would, you know what I mean, There's sort of
these fundamental values. Like I was looking at n f
T actually right before this call, and it was one
of the first n f T I have a bunch
of n f T s. I think some just based
out of interests of what they're building. There's one one
called City Dow And these n f t s are
citizenship tokens. So this is not art, right, it's just
(13:29):
kind of like just boring little piece of paper, But
it's my certificate for being a citizen in this kind
of metaverse. City is actually a physical city. But this
is another story. Um, that's another segment. Well, we'll get
into what the metaverse is. We'll get into meta versu later. Um. So,
I mean I was just before this looking at this
this n f T S. It was called Women and Weapons.
(13:49):
It was called and I was like, men like these
are cool. I was like, whoa, Like, this is one
of the first n f T s that I've looked
at and been like, oh, ship, like this is actually
cool and I want to actually like this art. And
so there's other reasons to get into it. But the
community aspect is massive. So what I'll do next is
go check out their Twitter, Go check out their discord,
Go meet a couple of people who are in the community,
(14:11):
see what their vibe is, see what they're about, see
what their mission is, and understand that community a little
bit better, and then have this sort of ownership and
access into that. Yes, And that's a great way to
put it. Um, And I love that project. It's a
really great project. Women and Weapons is really interesting. Um,
it's a it's an interesting vibe because you typically wouldn't
think of, Like you know, there's this sense of empowerment
(14:32):
that they really try to push behind it. So it's
not just a picture. It's talking about the power that
women have. UM, and sort of this juxtaposition of like
a bunch of like really badass women with like you
got to see it just to understand, with like brass knuckles.
But but it's really beautiful and so that's what it is.
It's about building community. Um. And we'll dive more into
(14:52):
this in further segments, but I want to come back
to like this idea of like why n f t
s have been so important, um, and how you can
sort of take a look at it. So you know,
we're talking about n f t s. We've talked a
bit about cryptocurrency. We we've talked about wallets, but like
where do I go and find an an f T? Yeah,
great questions. There are a couple of market places where
you can go and purchase n f T So a
(15:14):
couple of places. So number one, if you have a
project that hasn't dropped yet, you go to that project
site and you get on the drop early. So um.
In an earlier episode, I know Tandy was trying to
get in on an n f T drop. Shit in
a large set to get on the n f T
drop and that's like you want to be there as
soon as they release it and buy it from the
kind of original distributors. Then there are these secondary marketplaces, right,
(15:38):
so things like open see things like looked rare, looks rare, rarable.
There are a bunch of others and this is where
you can buy n f T s that are you know,
from other other holders and other other owners um and
you know, you connect your wallet and then you can
instantly go and buy and sell whatever n f T
s you might want. Yes, So that's a great example
again and just to say like there's these marketplaces. There's
(16:00):
open face marketplaces where you can see the images, you
can go through and they titrate like they fluctuate based
on the value of ethereum and the value that people
attribute to the project. And so this is where it
becomes a little bit of assets or an asset trading
and how you add you can add value and wealth.
But again it's art and you know, there's a lot
of different conversations about why you choose an n f
(16:23):
T um if you hold onto it, if you keep it,
if you sell it, And there's a lot of different
use cases. So I know we've talked a lot about
the artistic projects behind it, but I just want to
touch on as we go out and we'll continue this
perhaps another segments. If you guys want a lot to
come back, please, you know, leave a review on Apple podcast,
leave a like, you know, message us on social media.
(16:43):
If you want more of these conversations, we'd be happy
to facilitate them. But let's talk about some of the
other utility cases for n f t s because art
is one. Um what are some of the other things
that you're seeing pop up right now? Absolutely? And I
think this is where I'm most excited is all of
these other use cases of n f t S that
people haven't really applied yet. So basically, what in the
(17:05):
world right now is unique and you know can be
traded in this similar way. Um. So, one example could
be representation of real estate. Right there's a unique amount
of land in the world. If we had n f
t S that represents different areas on the land, that's
a perfect way to make that process more liquid, traceable,
(17:27):
and verifiable. Right, So you can use n f T
s for those types of things, and what it breaks
down to is like what are the properties of n
f T s, Not like is it pretty, but like
what are the technological properties of these n f t s.
Another example I like to give us like birth certificates. Right,
birth certificates are completely unique. Everyone has one. It's it's
very individual. So that would be a good example of
(17:47):
an n f T Yeah, that's a great example. And
just like I always had to add in a little color, Um,
my dad has a lot of property in Ghana, West Africa.
It's a very old system. A lot of it was
done just by handshakes and through literally tribal chiefs. So
you know, we are now managing his estate and there's
like five different people who say I own the land,
(18:08):
I own the land, I own the land, this chief
gave me the land. And there's I mean, it's a
very difficult situation to navigate. But if you had n
f T s, it would be irrefutable evidence that like
this land was given to this person on this date,
and because that was then recorded on this digital ledger
that is the blockchain, it's it's unbreakable and you can't
deny it. And I think you know what happens and
(18:30):
how this sort of changes our world is examples like
this where you're seeing the utility of it in real life. Yeah,
And I think to add to that, it also makes
these markets that are traditionally very hard to break into
a lot more liquid. So now you can buy and
sell these real estate assets without ever having to go
visit and like talk to someone, and it creates this
(18:51):
entirely new marketplace and availability for others. Um So, as
we close at the segment, I just want to leave
a little bit of inspiration about why I think this
Web three world and the use cases of n f
t s. You know, and Ellen, you're a builder in
this case. But what's really amazing is there's so many
people who are diving into this space. They don't have,
(19:12):
you know, deep technology backgrounds. They don't have the access
to like land, lumber or steel that their parents have
left them from generation after generation. But they're using their minds.
And this the application of what's possible with blockchain and
n f t s to fix problems in the world
that are really really big. And this idea of building
(19:32):
something from nothing really affords us with the opportunity to
create wealth in our families and to change the world.
And so I'm just grateful for you to be on
our podcast because we need more of this and I
hope that you know we have inspired a lot of
you guys to take the dive to learning about Web
three because this is really a truly transformative time for
(19:53):
so for for like the entire world, it is absolutely
game changing. It to really new industry, and you should
definitely get involved. Thank you so much, Allen, thank you,
thank you, thank you. Please tell everyone again where they
can find you on social media and follow you and
your journey in web three and all the information and
(20:13):
knowledge that you have to share. Absolutely yeah, So you
can find me on Twitter at zero x alon and
on Instagram at help Ernesta. I post a lot of
educational stuff about the space on both those platforms. Awesome.
Thank you so much. Money movers, make sure you follow
a Laan on her social media handles, and if we
helped you at all make your money move or inspired
(20:34):
you to participate in Web three, please make sure to
let us know by sending us alike, sharing the knowledge
on your social media, and of course leave us a
review on Apple podcast. That's all the time we have
for today. Make sure to tune in Monday to Friday
and subscribe to the Money Moves Podcast powered by Greenwood,
so that you two can have the keys to financial
freedom you so rightly deserve. Thank you so much for
(20:56):
tuning in Money Moves audience. If you want more or
a recap of this episod, please go to the Bank
Greenwood dot com and check out the Money Moves podcast blog.
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