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Welcome everyone to session 3 of META-511, NFTs and the Metaverse.

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This week we're going to talk about PFPs and this week we're going to be doing something

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different in the prior two weeks and so there'll be a little experimentation as we go

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along and what I mean by different in this case is how we're going to pull together

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the material for this week.

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Last week if you remember Ellie and I and George did a session together and that was the

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week session.

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This week I'm going to present some material about PFPs today.

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Yesterday I recorded a session with Garga, Greg Solano from Yuga Labs where we covered

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a lot of these same topics and in more depth and that we will play on Thursday and have

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Q&A on Thursday and the reason we're holding that back is because in order to have I think

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a good understanding of that session it's good today to cover some of the more background

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material because that session implies some good understanding of the topic already.

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And then hopefully the next few days I'll have a similar discussion with punk 4156 where

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again for that discussion it is useful to have had the context both of today's discussion

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and the one with Garga because in many ways one builds on another on another and so they've

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actually left some slides at the end of this presentation, the conclusions, unconcluded

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yet.

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What I'd like to do is fill them in after we've done all three sessions, fill in the further

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reading because I want to incorporate feedback from the other sessions because we got into

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some real depth on some of these topics, topics that we'll cover for a few minutes today

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we covered for an hour and a half in the session with Garga.

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So we'll see exactly how this works.

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I think it's a new format for this week and I think it's going to be the format that

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we're going to increasingly have the following weeks because the pace of guests is going

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to pick up and so we're trying to find the model where we balance what I think is going

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on with the course audience is we have everyone from extremely sophisticated users of NFTs

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to people who are new to the space.

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And so if you're an extremely sophisticated user of NFTs or in the NFT field you'll

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probably find some of today's session fairly straightforward and things that are quite

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obvious to you.

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On the other hand what is going to come on Thursday I found super interesting and sophisticated

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and I'm I think a sophisticated user of NFTs.

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So the overall week is going to touch upon is going to touch upon both basic intermediate

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and advanced issues in one week and I'd like to stage it and phase it so that particularly

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for the folks who are newer they can pick up some of the basics so they can stay in touch

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with the discussion that happens in the more advanced discussions with the guests.

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So I guess I view my job today as giving the groundwork so that everyone not just our

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sophisticated students, everyone can get the most out of the more in depth discussions

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that are going to happen later in the week.

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And like everything else we are learning in progress as we're doing this.

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So we'll see exactly what works we'll find unit for next week and then we'll I think

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figure out a good model for the upcoming weeks.

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There's a lot of interesting guests coming up and I'm really excited about.

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So the other thing we might try today and I say this with some trepidation but we don't

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learn until we try.

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I'm going to try and do the Q&A in home.

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So instead of maybe here in StreamYard it's a streaming platform that I'm using to

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stream into home after I finish presenting the slides.

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I'm going to try and answer the questions directly in OM using OMS audio feature and

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the really interesting question is how are we going to manage moderation in that model.

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We have audio turned off because I think with hundreds of people we could we might lose

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folks.

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I will see what's helpful to it.

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I think there might also be some issues of people in different rooms, there are messages

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like it was.

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So we'll see how it is at the end of the session.

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I might be conservative and just handle this week's session once again in the StreamYard

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model.

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We'll make it the end time decision of the session.

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So with that let me get into the slides and let me cover some basics.

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Let's make sure we get everyone on the same page so that we're good for today's Q&A

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and we're good for later in the week.

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So we're in session three, we're going to talk about PFPs and we're going to put it

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in three buckets, PFPs and virtual identity in general, PFPs in an NFT context and a few

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quantitative methods.

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This is what I had mentioned earlier today.

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We have the first session on Thursday at one thirty Eastern time.

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I think in Eastern time or one thirty New York time, we're going to do the session with

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Darga and we're still working on logistics for one five six, it will come later.

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So please follow the UNIC metaverse Twitter account about keeping posted with all the

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logistics.

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All right, I'll start with the absolute basics because I do find that sometimes people

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who are not in the NFT space are little.

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What does PFP mean and I'm going to laugh here because I remember when I asked someone

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about that and I actually gave them the, what does it mean and they explained it to me

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and it means profile picture.

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Sounds very fancy actually just means profile picture and profile pictures obviously predate

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and if keys profile pictures are a key component of every single social media.

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You see them in different styles.

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I would say the typical, I don't think I'm going to surprise anyone here, the typical profile

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picture we'll see.

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I'm like then it might be different in the typical profile picture you'll see on Instagram,

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even though Gates feels he needs to put on his nice business casual for profile picture

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as does every one.

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And what do people use as their profile picture?

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Absolutely anything.

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The normal model where I think people used to, what people used to do historically and

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still most people, is they put a picture of themselves, actually the literal picture of themselves.

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And this is nothing new than a key, so people put a picture of them and sure everyone

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in the group here has social media accounts and often has a picture of them.

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Some people put an illustration of themselves, Tyler Hobbs, an amazing generative artist,

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but his profile picture is an illustration of himself.

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Naval is an amazing generative investor and a very abstract picture of themselves.

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Some people put a picture of something else that's important, a special place of each.

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Sometimes they're spouse, their children.

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And over the last, and it hasn't been very long, last one and a half to two years,

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there has been a different spread where people are putting it as a PFT and NFT.

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And even here, there's kind of two models.

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People who are using an NFT from a collection that is specifically oriented to be a PFP collection.

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And then people who are just putting it as a PFT and NFT that might just be a piece of work.

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So, it's interesting that PFPs even predate the Internet.

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Your high school yearbook has PFPs.

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And I was thinking about the slides for this session.

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And I remember how Facebook started.

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And Facebook literally started on this concept.

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Mark Zuckerberg was a sophomore, I think, a Harvard.

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And Harvard had a Facebook where you could see your classmates that can come and classmates.

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And open it and look for their pictures.

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And he said, well, this is 2004.

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We have the Internet. Why do I have to look at a physical look?

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And I put this online.

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And over to the right is what early Facebook was like.

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It's not the work online as opposed to Internet. And you could check it on your Facebook.

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It is fundamental to social media.

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It is fundamental to how we organize ourselves in social media.

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Because social media is about people, about community, about identity.

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And sure, there's a variety of technological platforms that are underlined.

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But the human needs are the same.

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It is a social media platform without any people in it.

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It's absolutely worth it.

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And I say that in the universe and say, well, that's obvious, but it's not obvious.

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You know, not all software is like that.

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Global search engine is very valuable to me if it was the exact same global search engine

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or was that there wasn't anyone else using it.

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It's perfectly valuable.

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I need to find direction somewhere I need to look up and find the article from the crimson in 2004.

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It was very useful, even in a solo usage case.

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Social media is not.

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Social media is pointless in the social media of the solo usage case.

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And this is actually an important part, and it's one we need to keep in mind,

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the what the web to social media companies have successfully done is tap into core human desires.

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See their classmates or their friends or their family or people they hope to meet or people they admire or people who they think they're interesting.

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Or in some cases, use the people they dislike.

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And the social media platform gives you the mechanism by which you can find the communicate with them, yell at them online that we like to.

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And they're built.

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They're only value is, in fact, people who are using it.

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And in a way, they've done an excellent job of capturing value that is latent and pre-existing in humans.

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And then in some cases, you know, selling it back to you.

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And the general model of a social media company is you want to go look at other people's profile picture.

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And this is the basic thing, or what it is.

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See what Mark is saying or George is saying or Tim Kardashian is saying.

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And that attention, that human attention of yours is then being partially monetized with certain, certain post coming in that are advertisements.

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So, PFPs were interesting at the level of your printed high school yearbook.

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I think they still have minds for it.

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But now we're near as interesting as they became when you can take them online.

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So they became there much more interesting online.

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And I think we should note because virtual identities are not only two-dimensional.

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We have had a long history of avatars.

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And avatars primarily came out of the gaming world.

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And they have become progressively more three-dimensional.

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It started off as fairly two-dimensional as well, you know, 1990s era video games.

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And avatars had characters you played as a character in that game.

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And some of those graphics today were, would give you this quite low resolution and that interesting.

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But it didn't actually matter.

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They still became engaged.

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You still felt you were a football player.

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You were a football player, you were a football player, or the player or the fighter or the warrior.

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And you inhabited that identity.

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Even on a very basic, not very high resolution, not particularly three-dimensional.

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And avatars, well, as Mr. Moore, Moore's Law, Moore's Law is the version of Moore's Law for GPUs that wasn't even given it.

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Help us have more graphic processing capacity.

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The characters became more complex, more three-dimensional.

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And in time, more customizable.

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And so, there is a gigantic gaming economy.

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Based on people, having an avatar in some type of game,

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you're going to grab the creator, module, and read the lectures.

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This happens in dozens of games.

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And people customize their avatar to reflect what they'd like it to be.

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And largely, those gaming economies are driven by the companies selling new features for your avatar,

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a skin, or a piece of clothing, or some object to carry, and some of these are gigantic businesses.

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Based on this fundamental human need to represent yourself in that context,

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in that context, might be a game or a mental field.

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You can call some of those games for the metaverses.

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And the reality is, for the same reason that in real life,

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we don't all wear the exact same state-issued set of packet pants,

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and the state-issued white t-shirt, and everyone does not wear the exact same clothing.

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This appears to be true in virtual roles, because we're still the same people who are virtual roles.

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And on the whole, people do not want to just have the exact same avatar as everyone else.

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And depending on your interest in that world, or in that game,

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and your budget, and how much money you have available,

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and the dynamics, how many customizations you can earn by playing versus buying,

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you might customize more or less, you might spend more or less,

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but very obviously, the cases that people want to express their identity,

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want to express their identity, whether it's in TV or in TV,

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whether it's on social media, whether it's in gaming,

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all of this predates NFTs.

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None of this was invented in 2021.

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Arguably, almost all of the largest technology companies in the world,

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the social media companies, the gaming companies, I leave aside in a Google search,

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actually Apple, the new Tardews, but most of the Web2 slash gaming companies

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have this concept at the heart of their model.

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And one of the things that I find very interesting is there's a lot of pushback

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from non-NFT people, so I don't know. I can't believe people using these silly avatar

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or the silly PFPs, they're paying money for them.

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What's wrong with them? Harding would pay money for them.

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There are the largest tech companies in the world,

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the largest gaming companies in the world are baseless of that type of content.

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And we'll talk later what this means in the NFT context,

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but this was not invented in 2021.

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It's key to human nature, it's key to human identity,

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human identity will express itself regardless of the exact mechanism

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by which we interact with others.

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And that's what we've been saying with them.

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So I keep saying the word identity.

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To me, that's the most important word in this session.

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And identity can mean multiple things.

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First of all, there's personal identity,

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and people might feel that they are a certain way,

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they're not feeling a certain way,

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and they want to express it in a certain way.

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But I would not look at the parenthesis there.

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I think people can and do have multiple identities,

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talk about the translation, slide or two.

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The first form of identity is expressing yourself as an individual.

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I'm Tyler Hobbs.

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I view myself in this way.

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This is how I view myself literally.

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It is the illustration of Tyler Hobbs.

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But in a certain artist's style,

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it reflects something however I think about himself.

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And this is how I'd like to present myself to you all.

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That's a personal identity.

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People, of course, don't just have personal identity.

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Because they have a wide variety of communities.

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You might think of yourself as an Italian.

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You might think of yourself as a physician.

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You might think of yourself as a graduate

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from the University of Alabama.

230
00:21:36,200 --> 00:21:43,200
You might think of yourself as a fan of Chicago most.

231
00:21:43,200 --> 00:21:46,200
All of these are artists communities.

232
00:21:46,200 --> 00:21:49,200
Everyone belongs in multiple communities.

233
00:21:49,200 --> 00:21:56,200
And people have a long history of also expressing

234
00:21:56,200 --> 00:21:58,200
in visual form.

235
00:21:58,200 --> 00:22:02,200
They're commitment to that community.

236
00:22:02,200 --> 00:22:06,200
You drive around the American countryside and suburbs.

237
00:22:06,200 --> 00:22:09,200
You see a lot of American fights.

238
00:22:09,200 --> 00:22:12,200
You go to a football game,

239
00:22:12,200 --> 00:22:18,200
a good chunk of the people in the football game,

240
00:22:18,200 --> 00:22:19,200
and the stadiums,

241
00:22:19,200 --> 00:22:21,200
grown adults,

242
00:22:21,200 --> 00:22:24,200
have went and brought clothing

243
00:22:24,200 --> 00:22:31,200
that reflects the identity of their team.

244
00:22:31,200 --> 00:22:33,200
You take this for granted,

245
00:22:33,200 --> 00:22:36,200
like the people will buy

246
00:22:36,200 --> 00:22:41,200
a Le Bron James shirt.

247
00:22:41,200 --> 00:22:44,200
But it's not 100% obvious that makes sense, right?

248
00:22:44,200 --> 00:22:49,200
If you were, if a athletic brand of athletic care

249
00:22:49,200 --> 00:22:50,200
didn't exist,

250
00:22:50,200 --> 00:22:52,200
and someone came and said,

251
00:22:52,200 --> 00:22:54,200
well, we're going to,

252
00:22:54,200 --> 00:22:57,200
I'm going to charge people 80 bucks

253
00:22:57,200 --> 00:23:00,200
to have a LeBron James number on their back

254
00:23:00,200 --> 00:23:03,200
and they go to basketball game.

255
00:23:03,200 --> 00:23:04,200
Some of them are logical,

256
00:23:04,200 --> 00:23:05,200
come on,

257
00:23:05,200 --> 00:23:06,200
who wants to do this?

258
00:23:06,200 --> 00:23:08,200
These are grown adults.

259
00:23:08,200 --> 00:23:09,200
These are grown adults,

260
00:23:09,200 --> 00:23:12,200
even while they even want to do this.

261
00:23:12,200 --> 00:23:14,200
People don't do it,

262
00:23:14,200 --> 00:23:15,200
and they do it at scale,

263
00:23:15,200 --> 00:23:17,200
and it's very common.

264
00:23:17,200 --> 00:23:19,200
And now,

265
00:23:19,200 --> 00:23:24,200
if you walk around American University campuses,

266
00:23:24,200 --> 00:23:27,200
which I think probably

267
00:23:27,200 --> 00:23:28,200
have done the best job

268
00:23:28,200 --> 00:23:31,200
among university identities.

269
00:23:31,200 --> 00:23:34,200
There are days you walk around the campus

270
00:23:34,200 --> 00:23:35,200
on the SCC

271
00:23:35,200 --> 00:23:38,200
and asserted the student population

272
00:23:38,200 --> 00:23:40,200
is wearing some type of,

273
00:23:40,200 --> 00:23:43,200
yeah, you're related to,

274
00:23:43,200 --> 00:23:45,200
well, I didn't do that community identify them.

275
00:23:45,200 --> 00:23:46,200
By the way,

276
00:23:46,200 --> 00:23:48,200
I'm saying all these things,

277
00:23:48,200 --> 00:23:49,200
always as anything wrong with it.

278
00:23:49,200 --> 00:23:50,200
I think it's definitely normal.

279
00:23:50,200 --> 00:23:53,200
I think this is how humans are organized.

280
00:23:53,200 --> 00:23:56,200
Humans like to belong to groups,

281
00:23:56,200 --> 00:23:57,200
all the groups,

282
00:23:57,200 --> 00:23:58,200
all the tribes,

283
00:23:58,200 --> 00:23:59,200
like it's,

284
00:23:59,200 --> 00:24:02,200
it's fundamental to our nature.

285
00:24:02,200 --> 00:24:06,200
And it's cross-technology.

286
00:24:06,200 --> 00:24:08,200
It's cross-analysis.

287
00:24:08,200 --> 00:24:11,200
It's something fundamental to the nation.

288
00:24:11,200 --> 00:24:13,200
And then I think the third one,

289
00:24:13,200 --> 00:24:16,200
which might be a little bit more abstract,

290
00:24:16,200 --> 00:24:19,200
a little bit more sophisticated.

291
00:24:19,200 --> 00:24:21,200
But I do think it exists.

292
00:24:21,200 --> 00:24:24,200
Let's call it branding.

293
00:24:24,200 --> 00:24:27,200
Let's call it recall.

294
00:24:27,200 --> 00:24:29,200
Having symbols,

295
00:24:29,200 --> 00:24:31,200
symbolic thinking,

296
00:24:31,200 --> 00:24:33,200
mimetic thinking,

297
00:24:33,200 --> 00:24:38,200
is easier to remember.

298
00:24:38,200 --> 00:24:40,200
Every single person

299
00:24:40,200 --> 00:24:43,200
and visualized instantly

300
00:24:43,200 --> 00:24:46,200
the making solution.

301
00:24:46,200 --> 00:24:48,200
If I ask you to visualize

302
00:24:48,200 --> 00:24:51,200
the face of the CEO of Nike,

303
00:24:51,200 --> 00:24:55,200
I bet almost nobody can.

304
00:24:55,200 --> 00:24:56,200
And this is why,

305
00:24:56,200 --> 00:24:57,200
Nike shows,

306
00:24:57,200 --> 00:24:59,200
always come with a solution.

307
00:24:59,200 --> 00:25:00,200
As the Nike teachers,

308
00:25:00,200 --> 00:25:01,200
as the Nike ads,

309
00:25:01,200 --> 00:25:03,200
and they never come with the face

310
00:25:03,200 --> 00:25:08,200
of the current CEO of Nike.

311
00:25:08,200 --> 00:25:09,200
Partially it's because,

312
00:25:09,200 --> 00:25:11,200
you know, less than a CEO's change.

313
00:25:11,200 --> 00:25:12,200
That's part of it.

314
00:25:12,200 --> 00:25:14,200
That's not the whole part of it.

315
00:25:14,200 --> 00:25:16,200
The main part of it

316
00:25:16,200 --> 00:25:18,200
is that logos,

317
00:25:18,200 --> 00:25:20,200
and dense information.

318
00:25:20,200 --> 00:25:22,200
Good logos are simple.

319
00:25:22,200 --> 00:25:27,200
A picture of the CEO of Nike,

320
00:25:27,200 --> 00:25:28,200
is very rich.

321
00:25:28,200 --> 00:25:29,200
It's very detailed.

322
00:25:29,200 --> 00:25:31,200
It contains a lot of information.

323
00:25:31,200 --> 00:25:33,200
It's hard to remember.

324
00:25:33,200 --> 00:25:35,200
The source is very simple.

325
00:25:35,200 --> 00:25:37,200
It's easy to remember.

326
00:25:37,200 --> 00:25:39,200
And there is something like this

327
00:25:39,200 --> 00:25:43,200
growing on with PFPs.

328
00:25:43,200 --> 00:25:47,200
A crypto-punk PFP

329
00:25:47,200 --> 00:25:50,200
is lower resolution than the average

330
00:25:50,200 --> 00:25:54,200
length in photographs.

331
00:25:54,200 --> 00:25:56,200
And in some ways,

332
00:25:56,200 --> 00:25:57,200
in some capacitors,

333
00:25:57,200 --> 00:25:59,200
some people say, well, there's a lot of them.

334
00:25:59,200 --> 00:26:00,200
They look the same.

335
00:26:00,200 --> 00:26:02,200
You know, there's 200-something hoodie

336
00:26:02,200 --> 00:26:03,200
folks, they all look the same.

337
00:26:03,200 --> 00:26:04,200
And that might be true.

338
00:26:04,200 --> 00:26:06,200
But there's also, like,

339
00:26:06,200 --> 00:26:12,200
you know, several tens of millions of people

340
00:26:12,200 --> 00:26:14,200
in their office casual,

341
00:26:14,200 --> 00:26:16,200
isn't as casual and length-in,

342
00:26:16,200 --> 00:26:18,200
and they all look the same too.

343
00:26:18,200 --> 00:26:20,200
So, I think there's something

344
00:26:20,200 --> 00:26:23,200
about the installation of information

345
00:26:23,200 --> 00:26:25,200
that happens with this.

346
00:26:25,200 --> 00:26:27,200
This is part of this.

347
00:26:27,200 --> 00:26:28,200
This is a more sophisticated point.

348
00:26:28,200 --> 00:26:29,200
Everyone naturally understands,

349
00:26:29,200 --> 00:26:30,200
personally, then,

350
00:26:30,200 --> 00:26:31,200
to the community belonging.

351
00:26:31,200 --> 00:26:32,200
But I think this part of this,

352
00:26:32,200 --> 00:26:34,200
and I think this drives part of this.

353
00:26:34,200 --> 00:26:36,200
I think it's why community belonging

354
00:26:36,200 --> 00:26:38,200
tends to rally around something.

355
00:26:38,200 --> 00:26:40,200
It doesn't tend to rally around individuals

356
00:26:40,200 --> 00:26:43,200
on the whole.

357
00:26:43,200 --> 00:26:46,200
And, I mean, this is,

358
00:26:46,200 --> 00:26:49,200
PFPs send a message not only about

359
00:26:49,200 --> 00:26:51,200
the individual,

360
00:26:51,200 --> 00:26:53,200
and their values,

361
00:26:53,200 --> 00:26:55,200
they're happening with...

362
00:26:55,200 --> 00:26:56,200
I think that also the values of the

363
00:26:56,200 --> 00:26:58,200
broader community, right?

364
00:26:58,200 --> 00:27:00,200
So, this is someone who

365
00:27:00,200 --> 00:27:02,200
reflects both some personal values

366
00:27:02,200 --> 00:27:03,200
and the values of the

367
00:27:03,200 --> 00:27:06,200
surfing community.

368
00:27:06,200 --> 00:27:09,200
Now,

369
00:27:09,200 --> 00:27:11,200
we mentioned identity's plural,

370
00:27:11,200 --> 00:27:15,200
and we'll come back to identity's plural.

371
00:27:15,200 --> 00:27:19,200
Everyone has multiple identities.

372
00:27:19,200 --> 00:27:21,200
Everyone plays multiple roles,

373
00:27:21,200 --> 00:27:25,200
so you are

374
00:27:25,200 --> 00:27:29,200
a scientist

375
00:27:29,200 --> 00:27:31,200
and a mother

376
00:27:31,200 --> 00:27:33,200
and a golfer

377
00:27:33,200 --> 00:27:36,200
and a Roman Catholic

378
00:27:36,200 --> 00:27:41,200
and a lover of

379
00:27:41,200 --> 00:27:43,200
obscure sashimi,

380
00:27:43,200 --> 00:27:45,200
all of those are part of your identity

381
00:27:45,200 --> 00:27:47,200
and your personality.

382
00:27:47,200 --> 00:27:49,200
And some people,

383
00:27:49,200 --> 00:27:51,200
many of you,

384
00:27:51,200 --> 00:27:53,200
blend them together.

385
00:27:53,200 --> 00:27:55,200
Here is me,

386
00:27:55,200 --> 00:27:56,200
a rich,

387
00:27:56,200 --> 00:27:57,200
capitalist-favor-person.

388
00:27:57,200 --> 00:27:59,200
I'm very interested in science

389
00:27:59,200 --> 00:28:01,200
as well, right?

390
00:28:01,200 --> 00:28:03,200


391
00:28:03,200 --> 00:28:05,200
sashimi from

392
00:28:05,200 --> 00:28:07,200
obscure waters of New Zealand.

393
00:28:07,200 --> 00:28:08,200
That's absolutely fine, right?

394
00:28:08,200 --> 00:28:09,200
Those are people who,

395
00:28:09,200 --> 00:28:11,200
many people,

396
00:28:11,200 --> 00:28:13,200
none of these women say it's good or bad,

397
00:28:13,200 --> 00:28:15,200
but for ways people express it.

398
00:28:15,200 --> 00:28:18,200
People will express it as one identity.

399
00:28:18,200 --> 00:28:20,200
But other people,

400
00:28:20,200 --> 00:28:22,200
in fact, I think,

401
00:28:22,200 --> 00:28:24,200
probably more people,

402
00:28:24,200 --> 00:28:26,200
separate those women.

403
00:28:26,200 --> 00:28:28,200
And then,

404
00:28:28,200 --> 00:28:30,200
it might be because of practical reasons,

405
00:28:30,200 --> 00:28:32,200
but I'm also happy for other reasons.

406
00:28:32,200 --> 00:28:34,200
So,

407
00:28:34,200 --> 00:28:36,200
it's very common,

408
00:28:36,200 --> 00:28:38,200
that people use different

409
00:28:38,200 --> 00:28:42,200
PFPs on different social media platforms.

410
00:28:42,200 --> 00:28:44,200
On LinkedIn,

411
00:28:44,200 --> 00:28:46,200
where, earlier,

412
00:28:46,200 --> 00:28:48,200
we discussed the practical reason, right?

413
00:28:48,200 --> 00:28:50,200
On LinkedIn, you might have your serious foot.

414
00:28:50,200 --> 00:28:52,200
And that photo

415
00:28:52,200 --> 00:28:54,200
is there to

416
00:28:54,200 --> 00:28:56,200
demonstrate to a recruiter,

417
00:28:56,200 --> 00:28:58,200
a fixed employer,

418
00:28:58,200 --> 00:29:00,200
and have a serious professional

419
00:29:00,200 --> 00:29:02,200
you're going to come to work and do the job.

420
00:29:02,200 --> 00:29:04,200
On an Instagram,

421
00:29:04,200 --> 00:29:06,200
where maybe you're

422
00:29:06,200 --> 00:29:08,200
really only targeting it to your friends

423
00:29:08,200 --> 00:29:10,200
or broader community,

424
00:29:10,200 --> 00:29:12,200
you might have a more fun photo.

425
00:29:12,200 --> 00:29:14,200
And on

426
00:29:14,200 --> 00:29:16,200
a platform,

427
00:29:16,200 --> 00:29:18,200
you might have a more

428
00:29:18,200 --> 00:29:20,200
sexy photo,

429
00:29:20,200 --> 00:29:22,200
because there you're trying to

430
00:29:22,200 --> 00:29:24,200
attract

431
00:29:24,200 --> 00:29:26,200
a worker,

432
00:29:26,200 --> 00:29:28,200
and you want to

433
00:29:28,200 --> 00:29:30,200
send a different message.

434
00:29:30,200 --> 00:29:32,200
This is called practical reason.

435
00:29:32,200 --> 00:29:34,200
But there might also be

436
00:29:34,200 --> 00:29:36,200
not exactly practical reason,

437
00:29:36,200 --> 00:29:38,200
but you'll worry that the process

438
00:29:38,200 --> 00:29:40,200
will see the certification

439
00:29:40,200 --> 00:29:42,200
not acted.

440
00:29:42,200 --> 00:29:44,200
So,

441
00:29:44,200 --> 00:29:46,200
ways that you can

442
00:29:46,200 --> 00:29:48,200
express one event to be more fully,

443
00:29:48,200 --> 00:29:50,200
if you're not mixing it

444
00:29:50,200 --> 00:29:52,200
with another event.

445
00:29:52,200 --> 00:29:54,200
So, let's say you are

446
00:29:54,200 --> 00:29:56,200
in the 1990s,

447
00:29:56,200 --> 00:29:58,200
you're heavy

448
00:29:58,200 --> 00:30:00,200
into the voting boards of

449
00:30:00,200 --> 00:30:02,200
Doom,

450
00:30:02,200 --> 00:30:04,200
who was a video game back then,

451
00:30:04,200 --> 00:30:06,200
you can mod it

452
00:30:06,200 --> 00:30:08,200
in a user community,

453
00:30:08,200 --> 00:30:10,200
and let's say you were

454
00:30:10,200 --> 00:30:12,200
a doctor,

455
00:30:12,200 --> 00:30:14,200
but this is what you did

456
00:30:14,200 --> 00:30:16,200
to blow off steam,

457
00:30:16,200 --> 00:30:18,200
you designed

458
00:30:18,200 --> 00:30:20,200
custom Doom boards

459
00:30:20,200 --> 00:30:22,200
you went around,

460
00:30:22,200 --> 00:30:24,200
shooting rockets with monsters,

461
00:30:24,200 --> 00:30:26,200
whatever.

462
00:30:26,200 --> 00:30:28,200
In that world,

463
00:30:28,200 --> 00:30:30,200
the things that are interesting

464
00:30:30,200 --> 00:30:32,200
in that world,

465
00:30:32,200 --> 00:30:34,200
because people are going to care about

466
00:30:34,200 --> 00:30:36,200
in that world,

467
00:30:36,200 --> 00:30:38,200
they'll be topics like

468
00:30:38,200 --> 00:30:40,200
23 patients today,

469
00:30:40,200 --> 00:30:42,200
and they told you about their

470
00:30:42,200 --> 00:30:42,200
shorts rolled,

471
00:30:42,200 --> 00:30:44,200
and their flu

472
00:30:44,200 --> 00:30:44,200
would have you.

473
00:30:44,200 --> 00:30:46,200
It's not that interesting.

474
00:30:46,200 --> 00:30:48,200
It's not relevant to that

475
00:30:48,200 --> 00:30:50,200
content,

476
00:30:50,200 --> 00:30:52,200
and you wouldn't be as effectively

477
00:30:52,200 --> 00:30:54,200
as sharing that content.

478
00:30:54,200 --> 00:30:56,200
If you talked about those things,

479
00:30:56,200 --> 00:30:58,200
and so there's

480
00:30:58,200 --> 00:31:00,200
a model

481
00:31:00,200 --> 00:31:02,200
that is not based on practical

482
00:31:02,200 --> 00:31:04,200
concerns, like you have

483
00:31:04,200 --> 00:31:06,200
the GPS isn't concerned

484
00:31:06,200 --> 00:31:08,200
with video games,

485
00:31:08,200 --> 00:31:10,200
it's a good problem,

486
00:31:10,200 --> 00:31:12,200
not a problem at all.

487
00:31:12,200 --> 00:31:14,200
Nonetheless,

488
00:31:14,200 --> 00:31:16,200
when he goes to work,

489
00:31:16,200 --> 00:31:18,200
he kind of

490
00:31:18,200 --> 00:31:20,200
uploads one program

491
00:31:20,200 --> 00:31:22,200
to how he makes about his day.

492
00:31:22,200 --> 00:31:24,200
When he goes and plays a Doom,

493
00:31:24,200 --> 00:31:26,200
it's a different thing,

494
00:31:26,200 --> 00:31:28,200
and when he's in the Doom community,

495
00:31:28,200 --> 00:31:30,200
a different person.

496
00:31:30,200 --> 00:31:32,200
This is very common and very normal.

497
00:31:32,200 --> 00:31:34,200
And I think most people

498
00:31:34,200 --> 00:31:36,200
we're going to see

499
00:31:36,200 --> 00:31:38,200
with PFP's and

500
00:31:38,200 --> 00:31:40,200
metaverse experiments

501
00:31:40,200 --> 00:31:42,200
is a lot of people

502
00:31:42,200 --> 00:31:44,200
will become

503
00:31:44,200 --> 00:31:46,200
more distinct

504
00:31:46,200 --> 00:31:50,200
version of this.

505
00:31:50,200 --> 00:31:54,200
Related and unrelated,

506
00:31:54,200 --> 00:31:56,200
but related,

507
00:31:56,200 --> 00:31:58,200
is unanimity.

508
00:31:58,200 --> 00:32:00,200
That doctor

509
00:32:00,200 --> 00:32:02,200
on the bulletin board

510
00:32:02,200 --> 00:32:04,200
is going to be

511
00:32:04,200 --> 00:32:06,200
unanimous.

512
00:32:06,200 --> 00:32:08,200
Username

513
00:32:08,200 --> 00:32:10,200
might be

514
00:32:10,200 --> 00:32:12,200
monster_slayer_1997,

515
00:32:12,200 --> 00:32:14,200
not

516
00:32:14,200 --> 00:32:16,200
Mike Smith,

517
00:32:16,200 --> 00:32:20,200
general practitioner.

518
00:32:20,200 --> 00:32:22,200
And it was all

519
00:32:22,200 --> 00:32:24,200
a look at this weird

520
00:32:24,200 --> 00:32:26,200
thing that's happened

521
00:32:26,200 --> 00:32:28,200
on the internet,

522
00:32:28,200 --> 00:32:30,200
early comfortable with it.

523
00:32:30,200 --> 00:32:30,200
What does it mean?

524
00:32:30,200 --> 00:32:32,200
Empowered history

525
00:32:32,200 --> 00:32:34,200
of

526
00:32:34,200 --> 00:32:36,200
pseudanonymous

527
00:32:36,200 --> 00:32:38,200
writers and people.

528
00:32:38,200 --> 00:32:40,200
I pull one example of many,

529
00:32:40,200 --> 00:32:42,200
here, which are the federal

530
00:32:42,200 --> 00:32:44,200
papers, which were

531
00:32:44,200 --> 00:32:46,200
a series of essays written

532
00:32:46,200 --> 00:32:48,200
in support of the

533
00:32:48,200 --> 00:32:50,200
Constitution of the United

534
00:32:50,200 --> 00:32:52,200
States, were published in

535
00:32:52,200 --> 00:32:54,200
newspapers and

536
00:32:54,200 --> 00:32:56,200
pulled together.

537
00:32:56,200 --> 00:32:58,200
And they were written

538
00:32:58,200 --> 00:33:00,200
and they could have

539
00:33:00,200 --> 00:33:02,200
absolutely written them under

540
00:33:02,200 --> 00:33:04,200
their own name.

541
00:33:04,200 --> 00:33:06,200
But they wrote them under

542
00:33:06,200 --> 00:33:08,200
a sheet of them.

543
00:33:08,200 --> 00:33:10,200
And for a variety of reasons

544
00:33:10,200 --> 00:33:12,200
they didn't want to feel

545
00:33:12,200 --> 00:33:14,200
they didn't want to feel

546
00:33:14,200 --> 00:33:16,200
they were self-promoting

547
00:33:16,200 --> 00:33:18,200
themselves.

548
00:33:18,200 --> 00:33:20,200
Or maybe they wanted to

549
00:33:20,200 --> 00:33:20,200
put the focus on the ideas

550
00:33:20,200 --> 00:33:22,200
a variety of reasons

551
00:33:22,200 --> 00:33:24,200
someone might do this.

552
00:33:24,200 --> 00:33:26,200
But it's a known

553
00:33:26,200 --> 00:33:28,200
way for the internet.

554
00:33:28,200 --> 00:33:30,200
And so you

555
00:33:30,200 --> 00:33:32,200
put this together,

556
00:33:32,200 --> 00:33:34,200
sometimes,

557
00:33:34,200 --> 00:33:36,200
an identity

558
00:33:36,200 --> 00:33:38,200
might not just be

559
00:33:38,200 --> 00:33:40,200
a focus area.

560
00:33:40,200 --> 00:33:42,200
Oh, and this is my talk

561
00:33:42,200 --> 00:33:44,200
about you.

562
00:33:44,200 --> 00:33:46,200
It might be a way to have

563
00:33:46,200 --> 00:33:48,200
some synonymity.

564
00:33:48,200 --> 00:33:50,200
And to

565
00:33:50,200 --> 00:33:52,200
separate a certain area

566
00:33:52,200 --> 00:33:54,200
from a certain other area.

567
00:33:54,200 --> 00:33:56,200
And i used the the word

568
00:33:56,200 --> 00:33:58,200
synonymity.

569
00:33:58,200 --> 00:34:00,200
Because I think that's

570
00:34:00,200 --> 00:34:02,200
basically we have

571
00:34:02,200 --> 00:34:04,200
a anonymous people online.

572
00:34:04,200 --> 00:34:06,200
And we have

573
00:34:06,200 --> 00:34:08,200
synonymous people online.

574
00:34:08,200 --> 00:34:10,200
And we rarely have

575
00:34:10,200 --> 00:34:12,200
purely anonymous people.

576
00:34:12,200 --> 00:34:14,200
Anonymous would mean

577
00:34:14,200 --> 00:34:16,200
something like there is

578
00:34:16,200 --> 00:34:18,200
no anonymous.

579
00:34:18,200 --> 00:34:20,200
It's not anonymous.

580
00:34:20,200 --> 00:34:22,200
It's synonymous.

581
00:34:22,200 --> 00:34:24,200
6529 It's synonymous and 6529 shows evryday on Twitter with

582
00:34:24,200 --> 00:34:26,200
the same profile picture.

583
00:34:26,200 --> 00:34:28,200
There is a continuity

584
00:34:28,200 --> 00:34:30,200
in one day to the next.

585
00:34:30,200 --> 00:34:32,200
And clearly anonymous

586
00:34:32,200 --> 00:34:34,200
or someone who would

587
00:34:34,200 --> 00:34:36,200
be logging in

588
00:34:36,200 --> 00:34:38,200
one day as

589
00:34:38,200 --> 00:34:40,200
and on

590
00:34:40,200 --> 00:34:42,200
6778-1112-14.

591
00:34:42,200 --> 00:34:44,200
Posting something

592
00:34:44,200 --> 00:34:46,200
gone.

593
00:34:46,200 --> 00:34:48,200
Going back to the

594
00:34:48,200 --> 00:34:50,200
different account.

595
00:34:50,200 --> 00:34:50,200
Posting something gone.

596
00:34:50,200 --> 00:34:52,200
But that's very rare.

597
00:34:52,200 --> 00:34:54,200
You don't see very

598
00:34:54,200 --> 00:34:56,200
much of it.

599
00:34:56,200 --> 00:34:58,200
I can't even imagine

600
00:34:58,200 --> 00:35:00,200
the time for

601
00:35:00,200 --> 00:35:02,200
imagining an example

602
00:35:02,200 --> 00:35:04,200
in the NFT Twitter

603
00:35:04,200 --> 00:35:06,200
network.

604
00:35:06,200 --> 00:35:08,200
And what's really

605
00:35:08,200 --> 00:35:10,200
what the choices are

606
00:35:10,200 --> 00:35:10,200
between

607
00:35:10,200 --> 00:35:11,200
the

608
00:35:11,200 --> 00:35:12,200
anonymous.

609
00:35:12,200 --> 00:35:14,200
You go and say

610
00:35:14,200 --> 00:35:14,200
portrait

611
00:35:14,200 --> 00:35:16,200
no instructor has

612
00:35:16,200 --> 00:35:18,200
and the

613
00:35:18,200 --> 00:35:20,200
photo is

614
00:35:20,200 --> 00:35:22,200
one for sure.

615
00:35:22,200 --> 00:35:24,200
And you go there.

616
00:35:24,200 --> 00:35:26,200
And it's

617
00:35:26,200 --> 00:35:28,200
towards your place.

618
00:35:28,200 --> 00:35:30,200
And looking at his

619
00:35:30,200 --> 00:35:32,200
PFP, it's a picture of him.

620
00:35:32,200 --> 00:35:34,200
This is me.

621
00:35:34,200 --> 00:35:36,200
I'm talking about

622
00:35:36,200 --> 00:35:38,200
the number of people.

623
00:35:38,200 --> 00:35:40,200
Again, I'm saying this thing.

624
00:35:40,200 --> 00:35:42,200
I'm talking about. 6529 is synonymus but just as consistency

625
00:35:42,200 --> 00:35:44,200
...

626
00:35:44,200 --> 00:35:46,200
Well,

627
00:35:46,200 --> 00:35:48,200
you can mentally model

628
00:35:48,200 --> 00:35:50,200
that person.

629
00:35:50,200 --> 00:35:52,200
And

630
00:35:52,200 --> 00:35:54,200
this is also nothing.

631
00:35:54,200 --> 00:35:56,200
I remember

632
00:35:56,200 --> 00:35:58,200
bulletin boards.

633
00:35:58,200 --> 00:36:00,200
And I'm 15 and 20 years ago.

634
00:36:00,200 --> 00:36:02,200
Most people

635
00:36:02,200 --> 00:36:04,200
did not put their

636
00:36:04,200 --> 00:36:06,200
whole name

637
00:36:06,200 --> 00:36:08,200
and social security number

638
00:36:08,200 --> 00:36:10,200
go post the bulletin board.

639
00:36:10,200 --> 00:36:12,200
I remember being

640
00:36:12,200 --> 00:36:14,200
on different bulletin boards

641
00:36:14,200 --> 00:36:16,200
or had those usually

642
00:36:16,200 --> 00:36:18,200
something made up.

643
00:36:18,200 --> 00:36:20,200
And it was fine.

644
00:36:20,200 --> 00:36:22,200
You kept seeing that

645
00:36:22,200 --> 00:36:24,200
anonymous person

646
00:36:24,200 --> 00:36:26,200
come back every time

647
00:36:26,200 --> 00:36:28,200
and say things.

648
00:36:28,200 --> 00:36:30,200
And you can develop

649
00:36:30,200 --> 00:36:32,200
a consistent understanding

650
00:36:32,200 --> 00:36:34,200
of what that person was.

651
00:36:34,200 --> 00:36:36,200
And how you want

652
00:36:36,200 --> 00:36:38,200
to interact with

653
00:36:38,200 --> 00:36:40,200
them was

654
00:36:40,200 --> 00:36:42,200
quite less

655
00:36:42,200 --> 00:36:44,200
interesting.

656
00:36:44,200 --> 00:36:46,200
I also want to note this

657
00:36:46,200 --> 00:36:48,200
briefly.

658
00:36:48,200 --> 00:36:50,200
I don't have much to say about this

659
00:36:50,200 --> 00:36:52,200
because this was something

660
00:36:52,200 --> 00:36:54,200
wrong.

661
00:36:54,200 --> 00:36:56,200
I was shared with

662
00:36:56,200 --> 00:36:58,200
me by one of the

663
00:36:58,200 --> 00:37:00,200
unique things.

664
00:37:00,200 --> 00:37:02,200
And I don't have

665
00:37:02,200 --> 00:37:04,200
depth of knowledge.

666
00:37:04,200 --> 00:37:06,200
Everyone thinks

667
00:37:06,200 --> 00:37:08,200
of it.

668
00:37:08,200 --> 00:37:10,200
The relationship between

669
00:37:10,200 --> 00:37:12,200
me and my person

670
00:37:12,200 --> 00:37:14,200
I want to express this

671
00:37:14,200 --> 00:37:16,200
why part of my

672
00:37:16,200 --> 00:37:18,200
personality with this

673
00:37:18,200 --> 00:37:20,200
avatar.

674
00:37:20,200 --> 00:37:22,200
It appears

675
00:37:22,200 --> 00:37:24,200
this is fascinating

676
00:37:24,200 --> 00:37:26,200
that the effects

677
00:37:26,200 --> 00:37:28,200
are violent,

678
00:37:28,200 --> 00:37:30,200
that the

679
00:37:30,200 --> 00:37:32,200
avatar can

680
00:37:32,200 --> 00:37:34,200
impact you back.

681
00:37:34,200 --> 00:37:36,200
There is a faculty

682
00:37:36,200 --> 00:37:38,200
number at the University of Nicosia

683
00:37:38,200 --> 00:37:40,200


684
00:37:40,200 --> 00:37:42,200
You can see

685
00:37:42,200 --> 00:37:44,200
in this photo

686
00:37:44,200 --> 00:37:46,200
avatars that look

687
00:37:46,200 --> 00:37:48,200
like normal people

688
00:37:48,200 --> 00:37:50,200
and avatars that look

689
00:37:50,200 --> 00:37:52,200
super strong.

690
00:37:52,200 --> 00:37:54,200
And it turns out that

691
00:37:54,200 --> 00:37:56,200
if you put

692
00:37:56,200 --> 00:37:58,200
your goggles on people

693
00:37:58,200 --> 00:38:00,200
and you show them

694
00:38:00,200 --> 00:38:02,200
themselves as

695
00:38:02,200 --> 00:38:04,200
a normal person and you

696
00:38:04,200 --> 00:38:06,200
ask them to do a test

697
00:38:06,200 --> 00:38:08,200
against you.

698
00:38:08,200 --> 00:38:10,200
They are

699
00:38:10,200 --> 00:38:12,200
only in their

700
00:38:12,200 --> 00:38:14,200
visual field

701
00:38:14,200 --> 00:38:16,200
division and then

702
00:38:16,200 --> 00:38:18,200
ask them to do the hand

703
00:38:18,200 --> 00:38:20,200
test again and get

704
00:38:20,200 --> 00:38:22,200
charmer.

705
00:38:22,200 --> 00:38:24,200
It's actually

706
00:38:24,200 --> 00:38:26,200
wild.

707
00:38:26,200 --> 00:38:28,200
And I suspect

708
00:38:28,200 --> 00:38:30,200
we're going to learn

709
00:38:30,200 --> 00:38:32,200
a lot.

710
00:38:32,200 --> 00:38:34,200
I didn't put

711
00:38:34,200 --> 00:38:36,200
my goggles on people

712
00:38:36,200 --> 00:38:36,200
who

713
00:38:36,200 --> 00:38:38,200
were burned victims,

714
00:38:38,200 --> 00:38:40,200
burned victims who

715
00:38:40,200 --> 00:38:42,200
were virtual reality

716
00:38:42,200 --> 00:38:44,200
goggles and

717
00:38:44,200 --> 00:38:46,200
were put in a

718
00:38:46,200 --> 00:38:48,200
snowy ice cold environment

719
00:38:48,200 --> 00:38:50,200
at

720
00:38:50,200 --> 00:38:52,200
lower perceived

721
00:38:52,200 --> 00:38:54,200
pain levels than those

722
00:38:54,200 --> 00:38:56,200
with them.

723
00:38:56,200 --> 00:38:58,200
But again, it's weird

724
00:38:58,200 --> 00:39:00,200
because you think of

725
00:39:00,200 --> 00:39:02,200
pain or hand strength

726
00:39:02,200 --> 00:39:04,200
and it's going to be very

727
00:39:04,200 --> 00:39:06,200
interesting as we have

728
00:39:06,200 --> 00:39:08,200
over the course of the

729
00:39:08,200 --> 00:39:10,200
decade more

730
00:39:10,200 --> 00:39:12,200
VR and

731
00:39:12,200 --> 00:39:14,200
AR environments

732
00:39:14,200 --> 00:39:16,200
better and more robust

733
00:39:16,200 --> 00:39:18,200
avatars.

734
00:39:18,200 --> 00:39:20,200
What does bilateral

735
00:39:20,200 --> 00:39:20,200
relationship

736
00:39:20,200 --> 00:39:22,200
is going to look

737
00:39:22,200 --> 00:39:24,200
like and hopefully we'll

738
00:39:24,200 --> 00:39:26,200
get some experts

739
00:39:26,200 --> 00:39:28,200
towards the end of the

740
00:39:28,200 --> 00:39:30,200
course.

741
00:39:30,200 --> 00:39:32,200
I know to stop

742
00:39:32,200 --> 00:39:34,200
a better than the end.

743
00:39:34,200 --> 00:39:36,200
I'm not an expert.

744
00:39:36,200 --> 00:39:38,200
But it's

745
00:39:38,200 --> 00:39:40,200
I find it interesting to

746
00:39:40,200 --> 00:39:42,200
just put that

747
00:39:42,200 --> 00:39:44,200
concept out.

748
00:39:44,200 --> 00:39:46,200
The relationship

749
00:39:46,200 --> 00:39:48,200
between you and your

750
00:39:48,200 --> 00:39:50,200
avatar you and your

751
00:39:50,200 --> 00:39:52,200
PFP might not be 100%

752
00:39:52,200 --> 00:39:54,200
unilateral.

753
00:39:54,200 --> 00:39:56,200
It might be

754
00:39:56,200 --> 00:39:58,200
to some degree bilateral.

755
00:39:58,200 --> 00:40:00,200
But I think

756
00:40:00,200 --> 00:40:02,200
we're going to

757
00:40:02,200 --> 00:40:04,200
discuss in

758
00:40:04,200 --> 00:40:06,200
NFT collections.

759
00:40:06,200 --> 00:40:08,200
Here I'm linking to a slide

760
00:40:08,200 --> 00:40:10,200
from last week's session

761
00:40:10,200 --> 00:40:12,200
where we were talking

762
00:40:12,200 --> 00:40:14,200
about IP issues

763
00:40:14,200 --> 00:40:16,200
in

764
00:40:16,200 --> 00:40:18,200
NFTs and specifically in

765
00:40:18,200 --> 00:40:20,200
PFP's.

766
00:40:20,200 --> 00:40:22,200
And one of the things

767
00:40:22,200 --> 00:40:24,200
that I'm going to take

768
00:40:24,200 --> 00:40:26,200
with us because today

769
00:40:26,200 --> 00:40:28,200
we're going to talk

770
00:40:28,200 --> 00:40:30,200
about IP issues.

771
00:40:30,200 --> 00:40:32,200
And the first

772
00:40:32,200 --> 00:40:34,200
model is

773
00:40:34,200 --> 00:40:36,200
PFT collections that

774
00:40:36,200 --> 00:40:38,200
give you commercial rights

775
00:40:38,200 --> 00:40:40,200
to avatar

776
00:40:40,200 --> 00:40:42,200
and PFT collections

777
00:40:42,200 --> 00:40:44,200
that say your

778
00:40:44,200 --> 00:40:46,200
avatars in the

779
00:40:46,200 --> 00:40:48,200
domain if

780
00:40:48,200 --> 00:40:50,200
anyone can use it.

781
00:40:50,200 --> 00:40:52,200
You can also use it

782
00:40:52,200 --> 00:40:54,200
anyone else can use it.

783
00:40:54,200 --> 00:40:56,200
You can also use it

784
00:40:56,200 --> 00:40:58,200
around

785
00:40:58,200 --> 00:40:58,200
everyone's

786
00:40:58,200 --> 00:41:00,200
moral

787
00:41:00,200 --> 00:41:02,200
as my credit.

788
00:41:02,200 --> 00:41:04,200
I just say this we're

789
00:41:04,200 --> 00:41:06,200
talking to read

790
00:41:06,200 --> 00:41:08,200
discuss last week's session

791
00:41:08,200 --> 00:41:10,200
but keep that in mind as we

792
00:41:10,200 --> 00:41:12,200
discuss some of the things

793
00:41:12,200 --> 00:41:14,200
discussed today.

794
00:41:14,200 --> 00:41:16,200
But also when we speak

795
00:41:16,200 --> 00:41:18,200
to

796
00:41:18,200 --> 00:41:20,200
Arda on Thursday

797
00:41:20,200 --> 00:41:22,200
4156

798
00:41:22,200 --> 00:41:22,200
they're not accidental guests.

799
00:41:22,200 --> 00:41:27,240
model and the public dream market. So that's what we're going to talk to them and ask them why they think

800
00:41:27,240 --> 00:41:33,400
not say, good model for their collection and what the process of minuses are. So I think that's

801
00:41:34,200 --> 00:41:42,040
it's important to keep this in the back of your mind. Now one of the things again is it'll be known

802
00:41:42,040 --> 00:41:52,600
by the older people in the NFT space but less known as less known by the newer people. I put

803
00:41:52,600 --> 00:42:00,520
up on what you're viewed as the definitive initial original PFP collection. And not strictly speaking

804
00:42:00,520 --> 00:42:06,360
start as a PFP collection. Larvalabs, the founders, Matt and John did not come out and say, hey,

805
00:42:06,360 --> 00:42:14,920
everyone needs profile pictures that look like low-res cartoons. And so here come picture profile

806
00:42:14,920 --> 00:42:21,880
pictures you can use it on Twitter. This wasn't at all. They were designed as a whole project

807
00:42:21,880 --> 00:42:30,120
where you could claim them for free. The traits for generative, what I mean by that,

808
00:42:30,760 --> 00:42:34,440
you're going to know in advance what you get to be some combination of the traits that

809
00:42:34,440 --> 00:42:40,840
were probability adjusted. And you can get an alienate as long as you win. And it came along

810
00:42:40,840 --> 00:42:47,480
with as a project and the founders definitely thought of this as a complete project, not just to be

811
00:42:49,480 --> 00:42:56,040
at the point itself, but the overall system, which included the front end website that was

812
00:42:56,040 --> 00:43:04,680
created, allowed you to trade them, allowed you to trade them for tier of fees, make offers, list them for sale.

813
00:43:05,000 --> 00:43:16,760
It was a very sophisticated project for its time. It has done more, it comes, it came on day one

814
00:43:16,760 --> 00:43:24,440
with more complete infrastructure than almost every PFP project you want today. But I believe the

815
00:43:24,440 --> 00:43:36,440
mental models on what the puncture, where is it art or is it collectible? It wasn't then,

816
00:43:36,440 --> 00:43:45,960
is it a PFP? And this quote here is from an interview that the larval abs Team

817
00:43:45,960 --> 00:43:54,120
did with art known who's a true expert in the NFT space. And he asked them is there what,

818
00:43:55,960 --> 00:44:01,720
what is it? Is it digital art or is it a collectible project? And their answer was basically,

819
00:44:02,920 --> 00:44:08,840
it doesn't really matter. You don't care what people call it, we just thought it was really

820
00:44:09,640 --> 00:44:14,840
interesting. And we want to emphasize that part of the project wasn't just the point in

821
00:44:14,840 --> 00:44:19,960
the art, but also the contract and the marketplace that's all built in together.

822
00:44:21,320 --> 00:44:25,320
What's really interesting when you look at this, you know, what's not there is PFP.

823
00:44:27,000 --> 00:44:33,960
Because that's on how they were thinking. The use of crypto-punk as PFP was emergent.

824
00:44:36,200 --> 00:44:44,280
It happened on the community, it was not designed. It was not necessarily obvious

825
00:44:44,280 --> 00:44:50,600
as it is now. It didn't happen right away. The project was launched in 2017. And I'm not saying

826
00:44:50,600 --> 00:44:57,720
these are the first times that people used a crypto-punk as their profile machine.

827
00:44:58,760 --> 00:45:02,760
But they were the first times I know, which doesn't mean I'm trying to happen before,

828
00:45:02,760 --> 00:45:11,640
but these weren't seminal events. And the first was in January when key money paid,

829
00:45:11,640 --> 00:45:16,840
I think $100,000 is the punk gave us back that was a gigantic record.

830
00:45:18,440 --> 00:45:25,160
And then made it his profile picture. And then a few weeks later, 4156,

831
00:45:27,800 --> 00:45:34,040
made a higher money, a little more of Hanter, is the pump gave. And also made it his profile picture,

832
00:45:34,040 --> 00:45:42,760
and also encouraged a lot of derivatives to be made of his profile picture. And we're going

833
00:45:42,760 --> 00:45:49,320
to speak to both 4156 and G-Money. Of course, we're going to ask them directly how they thought

834
00:45:49,320 --> 00:45:54,600
of why they did it, what it meant. But I remember both of these thinking in my mind,

835
00:45:54,600 --> 00:46:05,160
I'm like, oh, that's interesting. And over the next few months, a lot more people did.

836
00:46:05,160 --> 00:46:11,800
There's a lot more crypto points to it. And then a lot of people with other PFP collections.

837
00:46:13,800 --> 00:46:18,120
From my perspective, it seemed like this agreement I'm proud of hearing about it on Twitter.

838
00:46:18,120 --> 00:46:30,280
But I think NFTs as PFP was a 2021 funder. And I think it is a unbelievable fund.

839
00:46:30,280 --> 00:46:34,600
We'll talk about what that might mean, but it's an incredible fund.

840
00:46:34,600 --> 00:46:54,680
It's certainly impacted my thinking about 6529, that it became very obvious to me in 2021,

841
00:46:54,680 --> 00:47:03,320
early 2020. That's the idea that you can have an NFT in that NFT to represent your virtual identity,

842
00:47:03,320 --> 00:47:10,360
whether it's a 2D PFP or whether it's a 3D avatar. And the models are going to change

843
00:47:10,920 --> 00:47:16,040
a hundred times over the next few months. But the idea that you're going to have a

844
00:47:16,040 --> 00:47:23,240
visual presence for presenting yourself is not going to change. And that there is something

845
00:47:23,240 --> 00:47:35,480
interesting in representing that as NFTs. And that this is how that if there is a broad open,

846
00:47:35,480 --> 00:47:43,960
decentralized, metaverse, internet, the internet with persistent digital objects,

847
00:47:43,960 --> 00:47:51,240
well, that it makes sense to do it this way, as opposed to just uploading the cover itself.

848
00:47:51,240 --> 00:48:02,520
It made a lot of sense to me. And that was my exact logic, nine, six, five, two, and I'm going to

849
00:48:03,480 --> 00:48:06,840
still go personal for a second because I think it's wrong. I'm doing six, five,

850
00:48:06,840 --> 00:48:17,240
tonight is one of the better known PFP NFTs now. Why did I do it? Why did I not just start

851
00:48:17,240 --> 00:48:26,280
tweeting about NFTs? My professional question. Well, the first is I like to do things by doing

852
00:48:26,280 --> 00:48:30,120
things. And I thought, this is how I think this is the native of the way it's going to be done.

853
00:48:31,000 --> 00:48:36,760
In NFTs, I started wanting to live in a space the way it's how I think it's going to play out.

854
00:48:36,760 --> 00:48:42,360
You'll be able to learn by doing it personally. The second one was fun.

855
00:48:42,360 --> 00:48:53,800
The third, I thought it would clarify the message that I wanted to say and also help me test

856
00:48:53,800 --> 00:48:59,800
the message that I wanted to say. So I have a reasonable professional reputation,

857
00:48:59,800 --> 00:49:05,400
including in crypto. And I could have said like, oh, I thought these new things about NFTs

858
00:49:05,400 --> 00:49:12,600
and I would tell you what, we will get some feedback and audience views. But I started

859
00:49:12,600 --> 00:49:21,800
subscribe to that. I was zero followers as a brand new account, but with the six, five, nine,

860
00:49:21,800 --> 00:49:29,800
PFP. Because I was about to talk about NFTs. And this is now part of my identity. I want to talk

861
00:49:29,800 --> 00:49:38,680
about NFTs under that identity. And I don't actually want to mix it up with what I forget

862
00:49:38,680 --> 00:49:45,720
the last. I would just matter. I don't think you know what I want to talk about is the open

863
00:49:45,720 --> 00:49:55,880
network and how it's very socially important that we succeed at it. And you know, in no way,

864
00:49:55,880 --> 00:49:59,800
am I comparing myself to the federal speakers? Imagine if I had a joke, we have no idea what

865
00:50:00,680 --> 00:50:04,440
the readers of the federal speakers have no idea what Alexander Hamilton had for them or that

866
00:50:04,440 --> 00:50:10,680
like, why should they, right? Would anything have been improved if they did? I doubt it. So the

867
00:50:16,120 --> 00:50:22,120
area was all of the things mentioned. It was an identity where they community, in this case,

868
00:50:22,120 --> 00:50:30,040
the community of NFTs holders. And they went to sharpen the message and stand a focus

869
00:50:30,040 --> 00:50:40,600
message. And I think it's working. And I think it's not just something that you would say,

870
00:50:40,600 --> 00:50:47,880
oh, well, this is very unique to subscribe tonight. Other people won't use it. I've spoken to a

871
00:50:47,880 --> 00:50:54,760
lot of people. A lot of people, my professional network, who are fascinated and kind of frightened

872
00:50:56,120 --> 00:51:02,120
by this type of thing. And what I tell them is, oh, this is, oh, first of all, this is just a

873
00:51:02,120 --> 00:51:10,440
long time pre-NFT to discuss with nothing new. But also, I don't think my experience

874
00:51:11,240 --> 00:51:16,280
is going to be some weird one-off experience. I think my experience and everyone's experience,

875
00:51:16,280 --> 00:51:23,480
I think most people will present multiple identities online, like they sort of do now,

876
00:51:24,440 --> 00:51:34,520
but a little bit. And so this, I think it's very interesting. I think

877
00:51:34,520 --> 00:51:45,160
PFPs do have at some level product market that that level means that people will want, need,

878
00:51:45,160 --> 00:51:51,400
it personalized, customized for what were their values and interest in identity,

879
00:51:52,280 --> 00:51:55,400
virtual identity online. Now, this doesn't mean that

880
00:51:55,400 --> 00:52:03,240
you can date your worth thirteen years, whatever is a totally different question, or how the

881
00:52:03,240 --> 00:52:08,040
projects are trying to find their position in the marketplace. It's very complicated,

882
00:52:08,040 --> 00:52:15,480
interesting question, but not today's question. The question is, there is not this point.

883
00:52:15,480 --> 00:52:23,560
There was one, I believe, people will use the PFPs in this way. And it's a fairly obvious

884
00:52:23,560 --> 00:52:30,440
and truly obvious usage case in virtual worlds and for NFTs.

885
00:52:36,120 --> 00:52:43,240
Really, for a good friend brought on a slide, I think this is a little bit more of the same that,

886
00:52:45,240 --> 00:52:52,440
what happens, I'm saying this more for people for not even the space, what happens when I see

887
00:52:52,440 --> 00:52:57,560
this NFTs? What is it done before I get to know Bharat? What messaging is he saying?

888
00:52:57,560 --> 00:53:01,960
What is it saying when he's contentative? That's what, that's kind of the messaging of the

889
00:53:01,960 --> 00:53:06,440
punks. And the crypto native comes one of two ways, right? Either you were early enough to

890
00:53:06,440 --> 00:53:10,040
own a punk early, because probably really, really contentative, not because you were good idea

891
00:53:10,040 --> 00:53:16,040
to buy one of them. Or if you're in relative journey completely, it means you are willing to sacrifice

892
00:53:16,040 --> 00:53:23,000
a lot of capital to own one of them. Anyway, I tell what people are just doing this, for example,

893
00:53:23,000 --> 00:53:29,400
solves the way that they're not. We try that with some people, but on average, on average,

894
00:53:29,400 --> 00:53:35,560
statistically, someone who was holding a punk, and they could instead be holding tens of thousands

895
00:53:35,560 --> 00:53:42,360
or hundreds of thousands of dollars, or a few cases where it's not. Is it making a decision

896
00:53:42,360 --> 00:53:47,880
that a punk is more important to them than tens or hundreds or thousands of dollars, or millions

897
00:53:47,880 --> 00:53:54,040
of dollars? So statistically, you will know something about it. It is highly unlikely, for example,

898
00:53:54,040 --> 00:54:00,120
that they hate crypto assets. It is quite likely that they like crypto assets, that they believe

899
00:54:00,120 --> 00:54:05,560
them, that they're willing to sacrifice, yeah, assets, and yeah, in some humans in order to make

900
00:54:05,560 --> 00:54:13,560
this thing. And so while you might not know anything about, or not specifically, you will know

901
00:54:13,560 --> 00:54:19,400
something in an aggregate, across the 10,000. This leads to two, right, where there's no

902
00:54:20,600 --> 00:54:24,840
punks followed, punks, I think that has died off a little bit, but you know, the punks discord was

903
00:54:24,840 --> 00:54:29,640
very popular, and people thought they had shared values, and I think they do have shared values,

904
00:54:29,640 --> 00:54:33,640
and the word, it's the sport, that's a different sort of shared value. That's true, and the

905
00:54:33,640 --> 00:54:37,480
moon words discord has a different share of shared values, not all pretty similar at this age,

906
00:54:37,480 --> 00:54:43,400
right? We haven't, they're all quite similar people, anyone who's currently buying a

907
00:54:44,360 --> 00:54:51,160
PFP on a fee, but there are differences between those community, and they're being expressed,

908
00:54:51,160 --> 00:54:59,000
and this is where collections of PFPs possibly mean something, because they're a way,

909
00:54:59,000 --> 00:55:05,480
very short hand, to see what something is for us, has made a random drawing of

910
00:55:06,360 --> 00:55:12,520
himself and presented it. But we're, you know, a fantastic collector, an excellent writer,

911
00:55:12,520 --> 00:55:20,120
and so it has forced to come, someone we respect to follow, in any case. However, there's a

912
00:55:20,120 --> 00:55:24,920
cognitive short cut, he's sending a message to something, a cognitive short cut that I

913
00:55:24,920 --> 00:55:30,360
express these types of values, not perfectly not completely, you know, you don't, if you wear

914
00:55:30,360 --> 00:55:34,840
University of Alabama t-shirt, it doesn't mean you would have your social University of Alabama,

915
00:55:34,840 --> 00:55:40,040
but you're doing some type of cognitive short cut. And of course, it allows for

916
00:55:40,680 --> 00:55:49,640
pseudonymity in a way that is a cool photo, that's it. Now, to talk about this a lot,

917
00:55:49,640 --> 00:55:56,600
yesterday, we'll talk about it on Thursday, the time to introduce another concept,

918
00:55:56,600 --> 00:56:05,560
a very controversial concept in PFPs, which is the concept of utility. And utility was,

919
00:56:07,640 --> 00:56:11,800
I believe, and this is not to say that there weren't some utility aspects in prior collections,

920
00:56:12,840 --> 00:56:19,080
this concept is an important concept in the PFP culture. I think it was largely popularized by you,

921
00:56:19,080 --> 00:56:27,800
Liga, which founded the Bordips.com PFP culture. It was very ambitious,

922
00:56:28,360 --> 00:56:35,480
post-minting, in offering all types of benefits, buddies, fun features to their community.

923
00:56:36,920 --> 00:56:43,240
Which is very different from the cryptopart, that the Marvel abs team, after they minted

924
00:56:43,240 --> 00:56:52,840
the PFPs, did something that approximates to nothing. And then there's a lot of criticism of

925
00:56:52,840 --> 00:56:59,400
the state, and people go back and forth, which was better. But they did not organize parties for

926
00:56:59,400 --> 00:57:05,080
punks, they did not make a game for punks, they did not make t-shirts for punks and minerals.

927
00:57:05,880 --> 00:57:11,080
I said, oh, this is an interesting, digital art collectible project. We have done it,

928
00:57:11,080 --> 00:57:16,200
and then what happened with the punks was quite emerging. Yuga was a little different.

929
00:57:17,720 --> 00:57:24,120
Yuga started off with access to a virtual yacht club, and you could make them walls,

930
00:57:24,120 --> 00:57:29,800
but then they helped parties in New York, they air-dropped, additional NFTs,

931
00:57:29,800 --> 00:57:33,400
they're now building a game called, or a Metaverse, or a game Metaverse, called,

932
00:57:33,400 --> 00:57:44,680
other side. And so Yuga, the company, does an awful lot of things. And they also copyright

933
00:57:44,680 --> 00:57:50,440
a different concept, a concept of commercial rights. And if Optimus was very good to illustrate,

934
00:57:52,040 --> 00:57:55,240
it was, the logic wasn't necessarily that every single

935
00:57:56,600 --> 00:58:00,600
or they pulled or launched an aggressiveness, but if this is going to be your identity,

936
00:58:00,600 --> 00:58:08,200
you should be able to do it every while. And crypto-punks from our labs were not totally clear

937
00:58:08,200 --> 00:58:12,600
what you could do with your crypto-punks. And Yuga said, no, if you're on this 48, you could do it

938
00:58:12,600 --> 00:58:17,960
every while. And you don't have to ask this information, it's your identity. Almost the idea of

939
00:58:17,960 --> 00:58:26,360
that commercial rights was just as important as commercial rights. And whatever reason,

940
00:58:26,360 --> 00:58:32,120
maybe it was these things that they did, or maybe it was a moment in time, or maybe it was

941
00:58:32,120 --> 00:58:39,000
the minty model. Whatever the case was, the board had got up to very, very well economic,

942
00:58:39,000 --> 00:58:43,800
it was mint of the point zero, repeat from you. At some point, it crossed a hundred

943
00:58:43,800 --> 00:58:59,800
meters per PFP. And I know this isn't just a question, and no idea what that price was for, or any

944
00:59:00,280 --> 00:59:07,000
interesting thing is to follow. Because it did well, and because it had a lot of utility,

945
00:59:07,000 --> 00:59:18,040
a lot of other collections followed this effort. And so the typical election, you know,

946
00:59:18,040 --> 00:59:29,240
the punks have the benefit that they were first, early, have heritage in history and provenance.

947
00:59:29,240 --> 00:59:40,920
And so it's plausible to believe that the crypto punks are the Andy Warhol shoot cans of PFPs.

948
00:59:42,360 --> 00:59:47,400
They were the first people in the original, they were extremely well-fought out, they were very

949
00:59:47,400 --> 00:59:53,640
comprehensive, they had a form of artistic thinking in them. They are just between the fact that

950
00:59:53,640 --> 00:59:59,880
there's simplistic, probably actually even helps them in terms of, you know, being less

951
01:00:00,920 --> 01:00:07,480
impacted by fashion trends. And so, that opportunity was unique to the punks.

952
01:00:08,920 --> 01:00:15,240
What has happened with the BFB culture, because the first one that managed to make real

953
01:00:15,240 --> 01:00:23,640
inroads against the punks, and today is probably the same market capacity for it. And this heavy utility

954
01:00:23,640 --> 01:00:28,680
focus, this space shift there, because obviously people are saying, oh my gosh, the great business

955
01:00:28,680 --> 01:00:35,720
opportunity is like, people like having an NFT, there are PFPs, there's 10,000 punks, people can

956
01:00:35,720 --> 01:00:41,080
do a very quick check, check if there's more than 10,000 people know. You know, all you have,

957
01:00:41,080 --> 01:00:45,400
maybe there's not 10,000 people who want to spend a lot of money in the PFP. And I think this is

958
01:00:45,400 --> 01:00:50,280
probably also incorrect. The most amazing stuff that I read in the last couple of months,

959
01:00:50,280 --> 01:00:56,040
is the Rolex, which a lot of people think it was a luxury league product. So it was one million

960
01:00:56,040 --> 01:01:01,720
watches a year. And over the last, I don't know how many years, three decades have sold 40 million

961
01:01:01,720 --> 01:01:10,440
something watching. And so, the Rolex is, of course, an identity object. It is not an object that

962
01:01:11,480 --> 01:01:16,680
whose goal is to tell you the time, certainly not in 2022, you have a phone on you that'll

963
01:01:17,880 --> 01:01:22,600
watch with the Zillion features for a couple hundred bucks. You're buying your Rolex for

964
01:01:22,600 --> 01:01:28,120
identity reasons, many belonging reasons, especially. And the average Rolex is under $12,000,

965
01:01:28,120 --> 01:01:33,240
$13,000, which is still a reasonably priced PFP. And there's a million of those a year, right? So,

966
01:01:33,960 --> 01:01:39,640
a lot of people in the post-based NFTs phase with an entrepreneurial line and in this lab. Well,

967
01:01:41,400 --> 01:01:50,920
obviously, there's going to be more demand for PFPs in a thousand. And in which case,

968
01:01:50,920 --> 01:01:59,960
we should make some. And how do we get people to be introduced not already to do things for

969
01:01:59,960 --> 01:02:09,480
them, you tell anyone. And this, I would say, is one of the very big interesting and outstanding

970
01:02:09,480 --> 01:02:17,800
questions about this. Because in a lot of products, there will be so far in watches near an Apple.

971
01:02:17,800 --> 01:02:22,520
I don't think you can replicate the

972
01:02:24,360 --> 01:02:30,520
birth of different components anymore. And then I think the interesting question,

973
01:02:30,520 --> 01:02:36,200
where you're telling a question, really boils down to, is anyone actually want these things?

974
01:02:36,200 --> 01:02:42,520
Are these things interesting? You know, you can get physical builds, you get air drops,

975
01:02:42,520 --> 01:02:51,240
you get access to market reports. When we get cover rolls on here later, we're going to ask

976
01:02:51,240 --> 01:02:57,480
them why in something so funny, but not previously, I think I wanted to funny that, right? And so,

977
01:02:58,040 --> 01:03:02,280
some of them are saying we're going to make cows, we're going to make metaphors, we're going to make games.

978
01:03:02,280 --> 01:03:13,160
And I think in some cases, it is a bit, a solution looking for a problem, as opposed to necessarily

979
01:03:13,160 --> 01:03:20,840
a problem that is very obviously solved by these solutions. I think to me, what has happened

980
01:03:20,840 --> 01:03:27,720
to certain collections generated the high market value. And then people kind of look around and

981
01:03:27,720 --> 01:03:33,720
say, well, why does it have this high market value? Well, we need to do things justified and

982
01:03:33,720 --> 01:03:40,120
it's not necessarily, if those things are the right things, some of them might come out to be the

983
01:03:40,120 --> 01:03:49,640
right, some of them might not. And the reality is we don't know you, right? NFTs as a PFP concept

984
01:03:49,640 --> 01:03:55,560
is not even two years old. Utility-oriented PFP collections are maybe a year and a half old.

985
01:03:55,560 --> 01:04:01,560
Most of you are still in the orange of PFP, or should something up for a few months. Is there

986
01:04:03,240 --> 01:04:08,600
any doubt in my mind that people will use PFPs, isn't? If you want them to be

987
01:04:09,160 --> 01:04:15,400
or fiably yours and take your identity across different applications, all they should be in,

988
01:04:15,400 --> 01:04:27,160
NFTs, they are done. Is it clear in my mind that it's good that there is a company that has

989
01:04:27,160 --> 01:04:33,960
issued those NFTs and that company is going to do interesting activities for you, though.

990
01:04:34,520 --> 01:04:39,960
Make your physical clubhouse, the whole party is going to solve your t-shirts, go to special shows

991
01:04:39,960 --> 01:04:45,560
with actors. Or maybe I think some people will figure it out. I can do some of those in work,

992
01:04:46,760 --> 01:04:51,480
but some of them will not. In fact, most of them will not. And we're at the beginning of a vast

993
01:04:51,480 --> 01:04:58,680
process of exploration of which models do work. In which models don't work. In which models work

994
01:04:58,680 --> 01:05:02,680
for which communities, it's going to be different. But some communities are going to value.

995
01:05:03,720 --> 01:05:07,480
You can just see this very clearly between the proximity and the more interesting,

996
01:05:07,480 --> 01:05:11,640
the more interesting and many, very much, values. It's best to meet other people. They'll learn

997
01:05:11,640 --> 01:05:15,400
the joy of having the time instead of why they're going to be out party on the Pearson.

998
01:05:16,360 --> 01:05:20,520
And then if the folks did something similar, but how far the psychological profile of

999
01:05:20,520 --> 01:05:25,720
the company goes, what's interesting about that? Neither is right. Neither is wrong. There's

1000
01:05:25,720 --> 01:05:33,000
going to be different things for different types of people. So when this experimentation phase,

1001
01:05:33,000 --> 01:05:39,160
and I'll mention the nouns here, because the nouns are another take on the same model,

1002
01:05:39,640 --> 01:05:46,520
because we're going to talk about these. The nouns are the step beyond commercial rights. They

1003
01:05:46,520 --> 01:05:51,640
like the crypto tools and the city needs and the NFRS are collections that say,

1004
01:05:51,640 --> 01:06:04,680
we're building a collection that is meant to be a network oriented collection. What do I mean

1005
01:06:04,680 --> 01:06:12,200
by that? I need to think of it in phases. If I'm a company and I don't give commercial rights,

1006
01:06:12,200 --> 01:06:18,280
I'm a company. I'm starting a lifestyle company, a street work company. I have five or ten people

1007
01:06:18,280 --> 01:06:28,760
at my company and make you products. Hopefully, my people are talented and smart and have

1008
01:06:28,760 --> 01:06:35,080
tasted people like it. And if I'm a commercial collector, too, maybe there'll be

1009
01:06:36,200 --> 01:06:39,560
thousands of people who have commercial rights, and if there's a few hundred or dozens,

1010
01:06:39,560 --> 01:06:45,240
we'll do some interesting things. So I get some number. The idea behind nouns,

1011
01:06:45,240 --> 01:06:51,000
there's many of those names, but the relevant idea here is, I don't know why, there's a whole world

1012
01:06:51,000 --> 01:06:57,080
to that force. Why should it just be the people who happen to hold a noun? Maybe someone

1013
01:06:57,720 --> 01:07:04,520
in Japan who turns out to be super talented and wants to be a project with these famous nouns

1014
01:07:04,520 --> 01:07:10,680
ones. You can just go it. It doesn't need to ask a more permission. And the only thing that's

1015
01:07:10,680 --> 01:07:18,920
good is that good is that bad. Well, the model there, and the underlying theory there, is

1016
01:07:20,680 --> 01:07:25,240
in an attention economy, in a networked attention economy, really the only thing that's

1017
01:07:25,240 --> 01:07:30,920
going to drive long-term now is long-term tension. I think this would be the less-case serve now,

1018
01:07:30,920 --> 01:07:35,000
if they become some type of global brand. Then through some mechanisms somehow

1019
01:07:35,000 --> 01:07:42,040
still unclear, owning an actual noun tough and will show a level of provenance and

1020
01:07:42,040 --> 01:07:52,040
its need, and it should be valuable. It is the far edge of PFPs experimentation in life.

1021
01:07:53,160 --> 01:07:57,000
You now would get into this at all, and get to deep into this, I would love a whole session,

1022
01:07:57,000 --> 01:07:59,480
like with 411Xs, about this office.

1023
01:07:59,480 --> 01:08:08,360
Also, you know, we had mentioned avatars, avatars, of course, coming. They're coming to PFP world.

1024
01:08:08,360 --> 01:08:17,800
They're summarizing the needs of the cybercalls. There's more coming. Will there be

1025
01:08:19,400 --> 01:08:24,200
avatar-based collections for moving around in virtual lands, of course? There's 100% happening.

1026
01:08:24,200 --> 01:08:29,160
With the agency of this, I will expect a lot more of this, and they'll be an interesting question.

1027
01:08:29,160 --> 01:08:35,800
What's better? Do you keep two? Do you have one? Do you have one? Do you have only one?

1028
01:08:35,800 --> 01:08:39,800
In which case is it a 2D render than 3D? Is it 3D render than 2D?

1029
01:08:40,600 --> 01:08:43,240
I don't know, but we're going to find out of the next five to the end of the year.

1030
01:08:45,720 --> 01:08:50,520
Now, I'm going to go highly abstract, or something, a whole lot.

1031
01:08:50,520 --> 01:09:02,760
I want to inject into your thinking. One of the things that fascinates me about PFP collections

1032
01:09:03,640 --> 01:09:13,320
is this idea that they are a publicly readable community database.

1033
01:09:13,320 --> 01:09:19,160
What do I mean by that? We talked about the particulates.

1034
01:09:21,320 --> 01:09:24,040
You don't have to know who any of the

1035
01:09:25,880 --> 01:09:31,080
crypto-punk holders are in real life. You don't need to know their mailing address,

1036
01:09:31,080 --> 01:09:34,600
the social security number, their email, where they live,

1037
01:09:34,600 --> 01:09:42,680
to be able to address them. What do I mean by address them? Well, you can airdrop them

1038
01:09:43,800 --> 01:09:51,320
a token of any type by airdroping it to the addresses that have crypto-punks.

1039
01:09:52,200 --> 01:09:55,400
You don't need anyone's permission to do it. It's right there. It's easy to find if you know it.

1040
01:09:55,960 --> 01:10:02,520
You can create an application, where someone who has a crypto-punk

1041
01:10:02,520 --> 01:10:07,960
is in with their web3 blog, and can enable features in their application.

1042
01:10:08,520 --> 01:10:10,520
Now, if those features were, it could be things like,

1043
01:10:11,960 --> 01:10:17,080
our own against your crypto-punk, because you know, you feel you know how much

1044
01:10:17,080 --> 01:10:20,760
your crypto-punks's are worth, and you're willing to take a crypto-punk as collateral,

1045
01:10:21,240 --> 01:10:24,360
and extend a blog against it. It could be

1046
01:10:26,040 --> 01:10:29,560
signing a licensing degree with the crypto-punk's world bought by Yuga.

1047
01:10:29,560 --> 01:10:37,320
And so they now have commercial rights, and so let's say I wanted to sell coffee mons with

1048
01:10:37,320 --> 01:10:42,840
crypto-punks on them. I could make an application and say, hey, I want to

1049
01:10:42,840 --> 01:10:48,520
sublice them some the way you can express to me that you're interested. I don't have to

1050
01:10:48,520 --> 01:10:54,680
email your call. You need to come here and sign something crypto graphically,

1051
01:10:54,680 --> 01:11:02,840
with a non-exclusive sublice. You could say in another verse environment,

1052
01:11:02,840 --> 01:11:08,680
and OM, and say, oh, here's a neighborhood, and this neighborhood is only available to

1053
01:11:09,640 --> 01:11:13,800
crypto blog holders, and how will we know your crypto blog holders? Because we'll check

1054
01:11:13,800 --> 01:11:18,440
your wallet when you log in. If you haven't crypto, then you can come in, and if you can't,

1055
01:11:18,440 --> 01:11:26,760
you could make a game. So if you're in this game, now it's very interesting. Everyone,

1056
01:11:26,760 --> 01:11:31,400
nine to seven, how they want to do it, everyone under making games, once they've grown game assets,

1057
01:11:31,400 --> 01:11:41,640
they can monetize it, but people will make games that would use existing PFPs.

1058
01:11:42,680 --> 01:11:45,880
You can say, oh, look, I made this whole game, and if I have a crypto-punk,

1059
01:11:45,880 --> 01:11:50,840
then I get a special org of power, and if there's something in the game.

1060
01:11:52,360 --> 01:11:55,240
You can even go into the first of the world. You can sell it down,

1061
01:11:56,600 --> 01:12:04,040
actually running a physical blog in Manhattan, and it's token gated, and you can come in,

1062
01:12:04,040 --> 01:12:10,200
you can, there's different models now on a mobile device, demonstrate ownership of the token,

1063
01:12:10,200 --> 01:12:15,240
and I was not just for bugs, maybe it's for a different type of blockchain, because people who are

1064
01:12:15,880 --> 01:12:23,720
generally into NFTs, NFT club, NYC, right? It's a cool bar. You only want NFT nerds,

1065
01:12:23,720 --> 01:12:28,040
so you can talk about NFTs all day long, not saying it's necessarily good business,

1066
01:12:28,040 --> 01:12:33,560
I don't understand, you can in fact do. And if you think about this concept,

1067
01:12:33,560 --> 01:12:42,840
it's saying shine normal psychic, because there are all types of community databases in the world.

1068
01:12:42,840 --> 01:12:51,080
They are all held in fact from twice the end of it. They all have a variety of personal information

1069
01:12:51,080 --> 01:12:59,960
involved, right? And, hey, you can't easily get access to them, and need to get access to them

1070
01:12:59,960 --> 01:13:07,800
for someone to give you access to them. Usually, they're going to handle

1071
01:13:07,800 --> 01:13:11,320
where people's personal information, right? So, let's say,

1072
01:13:15,320 --> 01:13:22,360
I wanted access to a database of a Catholic church network. I haven't done that, I'm

1073
01:13:22,360 --> 01:13:26,280
trying to deal with a Catholic church, and I don't think they would, but let's say they did,

1074
01:13:26,280 --> 01:13:31,320
I certainly couldn't do anything directly, because I would expose everyone's personal information,

1075
01:13:31,320 --> 01:13:35,880
so you could do some lot of work out here, include a mailer to their house, or what have you.

1076
01:13:35,880 --> 01:13:39,960
But, none of these things are easily made. None of these things are particularly interesting

1077
01:13:39,960 --> 01:13:50,440
in 2022. Whereas, should it be the community to start forming new NFT collection?

1078
01:13:50,440 --> 01:13:58,200
And, those NFT collections mean something. And, by mean something, actually, not that there's

1079
01:13:58,200 --> 01:14:05,880
a whole t-shirt or a game, mean something and they have distinctive value, distinctive psycho-demographies.

1080
01:14:07,160 --> 01:14:12,600
It's going to be very interesting, because you can then have the world large

1081
01:14:13,320 --> 01:14:18,440
developing things for your community, regardless of which model you are, like you don't have

1082
01:14:18,440 --> 01:14:24,760
you can get a commercial model, or you can get a CC0 model, someone can still make an opt-in service

1083
01:14:24,760 --> 01:14:34,360
for your community. I think this idea is underappreciated. I think I need to work on it and develop

1084
01:14:34,360 --> 01:14:41,080
more. I think it's a very large idea. And, much more interesting idea than most of what is going

1085
01:14:41,080 --> 01:14:47,480
on on the Internet. I always say everything, but most of what is going on. Next question,

1086
01:14:47,480 --> 01:14:55,800
I want to ask this for the new people. Why do people pay so much to people? It is almost

1087
01:14:55,800 --> 01:15:02,600
like the generic first argument that people at all, NFTs are a scam. I can't believe someone paid

1088
01:15:02,600 --> 01:15:12,120
100 grand for this one to pay. Well, of course, some of what's going on is speculation. Of

1089
01:15:12,120 --> 01:15:18,920
course, some of what's going on is, of course, prices go up and prices go down a lot, which

1090
01:15:18,920 --> 01:15:28,200
happens a lot in particular, and it's the most directly monetized space on the Internet.

1091
01:15:28,200 --> 01:15:31,960
Now, some of it is just, you know, something that's definitely going to get some popular

1092
01:15:31,960 --> 01:15:36,360
price goes up in a place like that. And, of course, some of it. Why isn't the price for all

1093
01:15:36,360 --> 01:15:41,320
these things like 10 bucks? Let's start with the particular punch, which is where the logic

1094
01:15:41,320 --> 01:15:48,440
started in the long time. We have the particular punch meant something natively importantly,

1095
01:15:48,440 --> 01:15:56,440
artistically, as the first of its type in the particular world. Well, certain people,

1096
01:15:56,440 --> 01:16:05,960
myself and readers, want to express my identity through owning a part of that culture,

1097
01:16:05,960 --> 01:16:11,480
just like I've expressed my identity with a person or a people's story, but I do it because

1098
01:16:11,480 --> 01:16:16,360
to me, it's the exact same thing. I express my identity by owning and or ultimately.

1099
01:16:18,040 --> 01:16:22,040
It says something about it. I like that type of thing.

1100
01:16:22,040 --> 01:16:37,960
And it turns out the net market dynamics of how many people feel that way and how many

1101
01:16:37,960 --> 01:16:44,200
crypto-punks they offer. And given the crypto-punks that in a somewhat special place in the

1102
01:16:46,040 --> 01:16:50,920
hierarchy, and given that the people who tend to feel that way and to have a lot of

1103
01:16:50,920 --> 01:16:59,400
crypto assets and have gotten fairly rich over the last few years. The market

1104
01:17:00,600 --> 01:17:05,080
clears at whatever price of the people. What point today is 99?

1105
01:17:08,440 --> 01:17:15,960
Does it mean it should be 90 and not 10 or 90 and not 900? Nobody knows. We all discover this

1106
01:17:15,960 --> 01:17:25,400
over time. But it is no different conceptually to why a tomato soup can cost whatever it can

1107
01:17:25,400 --> 01:17:29,720
be. This is how the hell the logic starts. And they all want about these utility miscollection.

1108
01:17:30,440 --> 01:17:36,760
Not the same thing at first, right now, and everyone's trying to, you know, the project promoters

1109
01:17:36,760 --> 01:17:42,440
are trying to replicate in short circuit the pathway of crypto-punks. Make the same thing you have

1110
01:17:42,440 --> 01:17:48,440
in crypto-punks. And this is where some of the mismatch happens. There are a lot of people

1111
01:17:49,800 --> 01:17:55,320
and look at the auto-quote utility and say, well, I'm not sure that's worth it.

1112
01:17:55,320 --> 01:18:00,280
Why is it worth it to be there? If everything is going to be an interesting question,

1113
01:18:00,280 --> 01:18:05,640
most utility miscollections, I believe, will fail at all. Now, ones that work

1114
01:18:05,640 --> 01:18:16,840
are the ones who managed to build a broad ecosystem, but the original PFPs are not highly

1115
01:18:16,840 --> 01:18:24,440
deadly. I spoke about this one earlier. They hope that someday the boarded ecosystem

1116
01:18:25,240 --> 01:18:30,600
is as large as some of the major life-stover internet. And if that's the case,

1117
01:18:30,600 --> 01:18:37,560
when there's only 30,000 PFPs, it is likely that the demand for those PFPs to be sufficient

1118
01:18:38,120 --> 01:18:43,880
of the prices will be, you know, not zero, significant. We don't know these things,

1119
01:18:45,400 --> 01:18:55,800
and because, like, most startup ideas, most collections will fail, price will not be high.

1120
01:18:55,800 --> 01:19:03,400
You're going to have this continuous tension with non-crypto people, non-NFT people.

1121
01:19:03,400 --> 01:19:08,760
Those are like, oh, come on, this is like all-time-some-type scale and some-type problem.

1122
01:19:10,200 --> 01:19:14,200
And, you know, the leading investment of the PFP might get out of this,

1123
01:19:15,560 --> 01:19:22,920
but some of them will, I think, create a strong social construction. And for those,

1124
01:19:22,920 --> 01:19:30,840
I think you will hold on. If there is continued demand for a million roles in the year,

1125
01:19:33,720 --> 01:19:37,560
there is going to be more than 10 or 20 or 30,000 valuable people.

1126
01:19:38,200 --> 01:19:43,240
A valuable, I don't know, which ones I don't know. I'm not sure if you've ever given

1127
01:19:43,240 --> 01:19:49,400
the rest of the question, you know, but I think it's fair to say that most PFPs will not be

1128
01:19:49,400 --> 01:19:56,920
expected, in expected. And if you will have value, and the fact that they have value is not

1129
01:19:57,400 --> 01:20:05,560
some type of a priori takeaway that there's a scam going on. It's not an input.

1130
01:20:06,360 --> 01:20:11,560
A thing of quite sloppy thinking, even if a lot of these things don't actually hold value.

1131
01:20:11,560 --> 01:20:18,920
Now, some questions that I want you to think about, as we talk about,

1132
01:20:19,640 --> 01:20:27,160
as we go through the next two interviews, discussions will start in 4156.

1133
01:20:27,160 --> 01:20:31,320
There are things that happen, that I have in the back of my mind when I'm chatting with them,

1134
01:20:31,320 --> 01:20:34,520
and you'll see them come out, and I want to let you know the question that I'm thinking.

1135
01:20:35,720 --> 01:20:39,240
The first is valuation that was discussed. You're telling me, what does it mean?

1136
01:20:39,240 --> 01:20:42,920
It doesn't mean anything, right? This is what people actually want. What do people want?

1137
01:20:45,400 --> 01:20:50,120
As it present, this is a kind of an excuse question. I'll talk about this more later in the course

1138
01:20:50,120 --> 01:20:54,120
when we talk about security and legislations, and I want to get it deep into it now.

1139
01:20:54,120 --> 01:20:58,520
As it presents some risks, I hope this will be classified as security. We'll see.

1140
01:20:58,520 --> 01:21:05,400
I mean, it's not for today. What are the trade-offs between commercial licenses versus

1141
01:21:05,400 --> 01:21:12,920
CC0 public domain licenses? Are these really communities, or are these customers

1142
01:21:12,920 --> 01:21:22,040
or companies that need? Are these art Christmases, or maybe the social construction that is

1143
01:21:22,040 --> 01:21:28,840
global, or are they fashion businesses, or are they, it's fashion, it's not fashion.

1144
01:21:29,880 --> 01:21:32,840
What are the revenue models, you know, is it from primary sales,

1145
01:21:32,840 --> 01:21:37,160
from ongoing royalties? How is this impact to move the current debate happening in royalties?

1146
01:21:37,160 --> 01:21:41,640
These are the types of things I want to dig into with, for example, 4156,

1147
01:21:43,080 --> 01:21:49,320
and get into the more hard-hitting question. I think you now have the basis covered. You have

1148
01:21:49,320 --> 01:21:56,280
some basic frameworks and models covered, and then we'll get into some more hard-hitting question.

1149
01:21:56,280 --> 01:22:04,520
Now, I want to share a couple of just numbers, and then we'll go to Q&A. I pulled this from

1150
01:22:04,520 --> 01:22:11,640
the NFT valuation team. What's interesting, so far they've tracked PFPs in generative art,

1151
01:22:12,920 --> 01:22:18,360
and one of one art, probably in the next few months, I don't think one of one art is likely

1152
01:22:18,360 --> 01:22:23,160
to be bigger than generative art. And what's interesting so far is the market value of PFPs

1153
01:22:23,160 --> 01:22:27,720
is higher than the market value. I suspect we'll see the other categories that have PFPs.

1154
01:22:30,840 --> 01:22:34,040
There's a couple of reasons you can imagine. One, because maybe it's easier,

1155
01:22:34,040 --> 01:22:38,680
it's the easy way to get started. It's understandable what, which ones are more valuable,

1156
01:22:38,680 --> 01:22:43,480
less valuable, more rare, or lesser. It's understandable what you do with it, just a hundred profile.

1157
01:22:43,480 --> 01:22:53,960
So that's one idea. The other idea, maybe it has product market fit. Maybe this is a thing that

1158
01:22:53,960 --> 01:23:03,320
everyone is going to want. Everyone. And maybe whereas owning a piece of generative art is

1159
01:23:03,320 --> 01:23:09,080
something only a few people are going to want. So we don't know the reasons, but today,

1160
01:23:09,080 --> 01:23:15,480
they're a large percentage, the largest percentage of the NFT market capitalization.

1161
01:23:16,280 --> 01:23:22,040
Eight, over the top ten collections, by market capital, 15 collections, more of those,

1162
01:23:22,040 --> 01:23:26,680
or the top five, or you've been five of the top ten, or you've been. So it is quite concentrated.

1163
01:23:28,520 --> 01:23:31,400
I think I was in a semi-debate on Twitter about this.

1164
01:23:31,400 --> 01:23:41,800
Does someone ask it? Is this an apple? No. NFT is of the furthest thing from an apple,

1165
01:23:41,800 --> 01:23:48,200
right? There's no barriers to entry them, none zero. I can go out this afternoon and mint 1,000

1166
01:23:48,200 --> 01:23:57,720
PFP collections until it happens. So I think it is more of a reflection of the maturity of this

1167
01:23:57,720 --> 01:24:05,000
space than one company who calls the IP for 50, 60 percent of the market capital, 50. And

1168
01:24:05,000 --> 01:24:13,080
really, this really happened because they were able to buy the crypto points IP. But I'm all

1169
01:24:13,080 --> 01:24:20,280
about 100 percent certain that this number will diminish over time because there's people who

1170
01:24:20,280 --> 01:24:27,720
will be launching new PFP collections. And some of them will shift some vein of interest

1171
01:24:27,720 --> 01:24:34,280
along the public. And there's no reason to believe that only you'll get to do it.

1172
01:24:35,240 --> 01:24:40,920
Many communities, artists, companies, etc. will come after this space. So I think that number

1173
01:24:40,920 --> 01:24:47,400
isn't that kind of, but it also will go down over time, natural, because unlike how you think

1174
01:24:47,400 --> 01:24:52,680
about classes from Apple, your utility company, they've literally run the pipes to your house

1175
01:24:52,680 --> 01:24:58,920
and class from Apple. You'll get does not have a class from Apple. Anyone can launch a PFP collection.

1176
01:24:59,960 --> 01:25:05,400
What they've done is very good execution. So I do think that number will match on from now.

1177
01:25:06,520 --> 01:25:16,280
And then the last data point, this is volume from, you know, I hate lectures from all time,

1178
01:25:16,280 --> 01:25:23,160
basically before January 2021. It was in, in barely even see it on the chart.

1179
01:25:24,360 --> 01:25:33,000
And there were big spikes in fall of August and September of 2021. A huge spike in April is the

1180
01:25:33,000 --> 01:25:42,120
other side of mint. And today I'm going to down quite a bit. Crypto volume in general,

1181
01:25:42,120 --> 01:25:48,600
and I'm talking. And given this is the least established part of the crypto asset

1182
01:25:48,600 --> 01:25:54,760
field, it's logical to expect that they'll be down even more. This does not have priority

1183
01:25:54,760 --> 01:26:03,080
bothering me. I think this is going to be very, very large field. And this reminds me of what

1184
01:26:03,080 --> 01:26:11,880
was happening early, but it's like selectivity and then long periods of much less activity.

1185
01:26:12,760 --> 01:26:22,040
I think that's how it's going to happen here as well. And so this is what I wanted to cover

1186
01:26:22,040 --> 01:26:29,560
today. What I'm going to do is I don't want to mint presentation yet. I want to finish the

1187
01:26:29,560 --> 01:26:41,720
chat with the others. Also information from those chats and share it once it's fully complete

1188
01:26:42,600 --> 01:26:49,320
towards the end of the week. Now, I don't know if George or Valentino's can tell me,

1189
01:26:49,320 --> 01:26:55,320
are we in one room in which case I can maybe drop down and try and do voice chat and all,

1190
01:26:55,320 --> 01:27:00,040
or are there multiple rooms in which case I think we need to be able to display for now several

1191
01:27:03,240 --> 01:27:10,520
information. Okay, well, nobody's replying to me here. So I am going to assume, assume we're,

1192
01:27:10,520 --> 01:27:18,120
I'm going to take a section and just answer questions here. So let me stop here.

1193
01:27:18,120 --> 01:27:35,080
Okay. Why don't you feed questions to the team in

1194
01:27:35,080 --> 01:27:49,880
OM? I'll try and answer them here. And the team I'm looking in the live channel, the final of the

1195
01:27:49,880 --> 01:27:56,120
live channel, looking for a question. I'll assume I will see them there. I see three of them so far.

1196
01:27:56,120 --> 01:28:05,400
I assume they're more than three questions, so we should feed them into them. I'll take this

1197
01:28:05,400 --> 01:28:09,240
question to basically not take this question. What is the best way to do marketing for your

1198
01:28:09,240 --> 01:28:17,640
PFP project? I'll tell you the worst way to do marketing. Send me DM on Twitter and say, hey,

1199
01:28:17,640 --> 01:28:27,880
what's your, what's your rate card for marketing my PFP project? I get that, I get that the 10 or

1200
01:28:29,000 --> 01:28:37,800
15 times every single day. Needless to say, I don't even bother replying to these. And

1201
01:28:37,800 --> 01:28:42,680
needless to say, this is unlikely to be a model that is going to be successful.

1202
01:28:42,680 --> 01:28:54,680
Right. The idea of hoping some people with reach will for some reason take your money and say,

1203
01:28:54,680 --> 01:29:01,000
wow, this is a full PFP collection. And people are going to care about that or care about that in

1204
01:29:01,000 --> 01:29:13,320
the long term. It's a terrible one. I'm almost 100% certain that this will not work. The things that

1205
01:29:13,320 --> 01:29:24,360
I can have work that's what I'm going to say is this one. That's how it steps. You'll have to

1206
01:29:24,360 --> 01:29:35,000
find a core of people who have a shared ethos. The punks are to share ethos around the idea of

1207
01:29:39,000 --> 01:29:44,440
the more dates. For sure, early on had a shared ethos around the idea of

1208
01:29:44,440 --> 01:29:57,560
taking themselves less seriously and less expensively than the punks. The CDVs have a shared ethos

1209
01:29:57,560 --> 01:30:06,440
of taking themselves extremely non-served. And it's one of those, you know, anti-branding,

1210
01:30:06,440 --> 01:30:15,880
anti-status ethos. You're willing to use a CDV as your PFP. You don't care about status. It's an

1211
01:30:15,880 --> 01:30:28,360
anti-status, status flex. The nouns have an ethos. The ethos has what they're trying to test.

1212
01:30:28,360 --> 01:30:40,280
This idea of an extremely decentralized PFP project. In fact, I don't do anything. This one is

1213
01:30:40,280 --> 01:30:45,720
pretty free from the project. Ethics is building a better home. Let's go to that and see if you think

1214
01:30:45,720 --> 01:30:55,160
that through it on. It certainly will get me. What is not likely, so to me, you have to start with

1215
01:30:55,160 --> 01:31:03,080
that question. Who wants to be a part of it? Why do they want to be a part of it? Ask yourself

1216
01:31:03,080 --> 01:31:13,640
if these people would want to be together for any other reason. What tends to be the default

1217
01:31:13,640 --> 01:31:23,560
case of a new PFP project, which is why the default new PFP project is it starts off with the

1218
01:31:23,560 --> 01:31:29,320
needs of the creator. The perceived needs of the creator ends up in some of the more lines of

1219
01:31:29,320 --> 01:31:39,480
I want to make a lot of money and have no interest in the actual needs of the people from whom

1220
01:31:40,200 --> 01:31:47,160
you're hoping to make a lot of money. So the starting point has to go, who are you addressing?

1221
01:31:47,160 --> 01:31:54,120
Why are you addressing? Why are you addressing those people? What are you helping them for in

1222
01:31:54,120 --> 01:32:02,840
their lives and start there? It's hard to have any ideas. I just want to make 10,000 generative

1223
01:32:02,840 --> 01:32:15,640
problems. Well, this is not like there are other people who have made some money in this. So I can't say

1224
01:32:15,640 --> 01:32:24,440
I'm in favor of it, but it has happened. You have to start always thinking about the questions

1225
01:32:24,440 --> 01:32:30,840
in community that people start there, not when you're working. If you start a project and then ask

1226
01:32:30,840 --> 01:32:41,320
yourself why does someone want it? Well, weird model. Okay, next question.

1227
01:32:43,640 --> 01:32:50,280
PFP identity can be tied to the cultural object framework perhaps. Yeah, so this is something

1228
01:32:50,280 --> 01:32:55,240
I tweeted about. The cultural object framework is something that I just completely made up.

1229
01:32:55,240 --> 01:33:01,880
But I still think it's something that everyone knows a bunch of cultural objects. Those cultural

1230
01:33:01,880 --> 01:33:07,240
objects might be make you or the Mona Lisa or Donald Trump or Donald Trump is a cultural object

1231
01:33:07,240 --> 01:33:14,120
as much as you can be. I can put your call tips on ideas. What about? There's a bunch of global

1232
01:33:14,120 --> 01:33:19,000
cultural objects. There's a bunch of national ones. Italians have different ones in America

1233
01:33:19,000 --> 01:33:23,560
and then you have local ones in your community, local high schools, local cultural objects.

1234
01:33:23,560 --> 01:33:36,040
Nobody else cares about it. And at any point in time, people have maybe a few thousand cultural

1235
01:33:36,040 --> 01:33:41,400
objects they remember. I think it's just a limitation from the number. You just sit down

1236
01:33:41,400 --> 01:33:46,040
and find the right amount. Every cultural object you can think of. I know you're good. I think

1237
01:33:46,040 --> 01:33:55,000
people come to themselves. The ones that have made it as global cultural objects. They're

1238
01:33:55,000 --> 01:34:00,680
everyone in planet Earth and Earth. By my side, I'm the goal. I'm the goal is super valuable

1239
01:34:01,240 --> 01:34:08,120
not because you know, physical water is super valuable. It's super valuable because several

1240
01:34:08,120 --> 01:34:16,680
billion people will recognize that bottle and say, oh, that's very specific. Very specific

1241
01:34:18,920 --> 01:34:22,520
physical water. So this has

1242
01:34:26,360 --> 01:34:33,400
a background and I think some PFP projects are currently in the competition and become global

1243
01:34:33,400 --> 01:34:41,240
cultural objects. How many will make it? No more than a handful. Why? Because how many global

1244
01:34:41,240 --> 01:34:49,480
cultural objects are there? 200, 500 to 1000 and not 50 health. So how many of those are going

1245
01:34:49,480 --> 01:34:58,680
to be PFPs? Not a lot. But somewhat, somewhat. And part of my logic of why I think was super

1246
01:34:58,680 --> 01:35:11,640
early in PFPs is you don't see national or local, like the normal example I get is France.

1247
01:35:11,640 --> 01:35:18,840
France is a big country. It's a piece of an economy. It has something million people.

1248
01:35:20,680 --> 01:35:24,680
It is extremely proud of its language and culture. We have a whole

1249
01:35:24,680 --> 01:35:31,240
institute set up to protect its language. And as far as I can tell, I have yet to see

1250
01:35:32,200 --> 01:35:38,680
a meaningful PFP collection where the names of the traits are in French.

1251
01:35:40,520 --> 01:35:43,000
By the way, I'm not sure if you should do this as a visual idea because

1252
01:35:44,120 --> 01:35:48,200
probably the reason it hasn't happened is on of French people now still working with NFTs.

1253
01:35:48,200 --> 01:35:55,480
Some other will be. And it seems totally obvious that the average French person who on average speaks

1254
01:35:55,480 --> 01:36:06,440
French will want the PFP in his or her native language. And how many PFP collections in French

1255
01:36:06,440 --> 01:36:17,080
of 10,000 France support? Well, quite a few. Or maybe fewer collections, but larger numbers of

1256
01:36:17,080 --> 01:36:28,360
PFP. So I don't think we even hit national level PFP. We have, I don't know, 30, 40 meaningful PFP

1257
01:36:28,360 --> 01:36:36,360
collections, all of which are competing on a global basis, all of which are super

1258
01:36:36,360 --> 01:36:43,800
rudimentary, like the numbers are tiny. When you think about all large communities,

1259
01:36:43,800 --> 01:36:49,560
well, Facebook has three and a half billion people. Oh, the Bored Apes have

1260
01:36:49,560 --> 01:36:54,840
linked to a lot of NFTs, depending on if you count the crotos in or not in other side.

1261
01:36:55,400 --> 01:36:58,280
The board apes either have 30,000 or 40,000.

1262
01:37:00,760 --> 01:37:08,040
30 or 40,000 is not a large number either as a brand or as a social media company.

1263
01:37:08,040 --> 01:37:17,480
And so we're still super, super early, super, super niche. And I think thinking through

1264
01:37:18,280 --> 01:37:22,840
the cultural object framework, so thinking factfully that there will be outcomes of

1265
01:37:22,840 --> 01:37:29,400
a national at a global level, the national level of community level, will actually help maybe

1266
01:37:30,360 --> 01:37:34,920
help you find gaps in the marketplace. In fact, the gaps in the marketplace are literally

1267
01:37:34,920 --> 01:37:40,440
everything. Everything's happening. But you have to ask yourself, do you understand this group

1268
01:37:40,440 --> 01:37:44,920
well enough and are they online enough and are they crypto enough now that you can fill that?

1269
01:37:48,040 --> 01:37:53,000
I do think the archetype of PFP is going to be replaced since temporary. I assume this means

1270
01:37:53,000 --> 01:38:03,320
the 2D profile picture. But we'll definitely have 3D avatars. You might have other things.

1271
01:38:03,320 --> 01:38:08,840
The 3D avatars are probably the end state right because they'll work 3D in the browser,

1272
01:38:08,840 --> 01:38:11,960
they'll work in virtual reality, they'll work in augmented reality.

1273
01:38:14,520 --> 01:38:23,480
I don't think the end state in any of those 3 is going to be 2D image, it's going to be the most

1274
01:38:23,480 --> 01:38:33,640
natural view. So I certainly expect a lot more 3D avatars and NFT collections.

1275
01:38:36,600 --> 01:38:41,080
How does that interact with 3D spaces? I don't know, I mentioned this earlier.

1276
01:38:41,080 --> 01:38:47,560
Are you going to have one PFP for Twitter and a different one for running around OM?

1277
01:38:47,560 --> 01:38:54,680
Are you going to have the same one, and if you're going to have the same one, is it

1278
01:38:56,840 --> 01:39:03,560
like in OM, am I going to have you some brand new 3D PFP and then I'll use that on Twitter or

1279
01:39:05,000 --> 01:39:10,360
am I going to make a 3D s5 to 9 to run around on? I don't know. I think it's

1280
01:39:11,160 --> 01:39:16,120
I think it's true early to know this. Of course there's one of those questions where the answer is

1281
01:39:16,120 --> 01:39:19,880
yes, all of the above, right? There can be people open different things. But

1282
01:39:22,600 --> 01:39:31,240
we're sure as much as 3D PFP and NFTs are early, 3D ones are certainly on the market beginning of the

1283
01:39:31,240 --> 01:39:39,000
people. I don't know what comes after that. I don't think that the 3D ones have a lot of rooms

1284
01:39:39,000 --> 01:39:48,280
to run and there's a lot of technical issues to solve to make them work well. Facebook

1285
01:39:48,280 --> 01:39:53,640
has spent tens of millions of dollars and they're still working on having their 3D avatars,

1286
01:39:54,440 --> 01:39:59,960
have the legs in VR, you know, why is it hard to have legs? I can do them in an afternoon

1287
01:39:59,960 --> 01:40:06,600
alone. Have legs in VR and not make the user nauseate. The legs have to actually work in a

1288
01:40:06,600 --> 01:40:12,360
naturalist way that people don't get nauseated. So a lot of work that needs to be done by do

1289
01:40:12,360 --> 01:40:24,920
think that's probably the end state. Does a PFP with no utility have a chance in the future? Yes.

1290
01:40:27,400 --> 01:40:34,840
I think it is an open question how much and as we've ever housed,

1291
01:40:34,840 --> 01:40:41,960
both models work, but how much the model is going to be? I want to own this NFT

1292
01:40:42,840 --> 01:40:48,840
because there's a team of people at the company behind that are a bunch of cool stuff for me.

1293
01:40:48,840 --> 01:40:54,120
They're organizing parties, they're making a special house for me to stay in when I'm in

1294
01:40:54,120 --> 01:41:03,560
San Francisco, they're air dropping me a t-shirt, I mean all of this stuff is one model. And then there's

1295
01:41:03,560 --> 01:41:12,680
one of the other PFP's that are pure culture. Crypto-punks are a bunch of pure culture. The CDB is

1296
01:41:12,680 --> 01:41:20,600
pure culture. There is no centralized security team, there is no one organizing on behalf of the

1297
01:41:20,600 --> 01:41:34,360
project. It's just a cultural part. I think cultural ones are harder to do because you've got to

1298
01:41:34,360 --> 01:41:40,680
figure, you've got to really get the meaning of a certain culture. They're harder to do,

1299
01:41:40,680 --> 01:41:47,160
but if you do them, if you do them, I think that easier to be successful. If you get it right,

1300
01:41:47,160 --> 01:41:52,600
the pathway to success is easier, you have to do fewer things. The ones that are utility-based,

1301
01:41:54,600 --> 01:42:01,640
I think you do end up in a bit of a grind as the operator of the project, one of the project,

1302
01:42:02,920 --> 01:42:09,720
that expectations are set that you're doing something for the holders on an ongoing basis.

1303
01:42:09,720 --> 01:42:21,000
I'm going to say, I'm going to say what's bad, big companies operate effectively forever,

1304
01:42:21,000 --> 01:42:26,360
like Nike isn't saying, well, gosh, I'm really exhausted thinking up of new shoes, so next

1305
01:42:26,360 --> 01:42:31,480
year we're not going to make it. It's a normal corporate thing, but if you end up in that model,

1306
01:42:31,480 --> 01:42:39,000
that is the model. You have to keep coming up with new things every year for the developing

1307
01:42:39,000 --> 01:42:46,120
existing things, and managing to stay tuned with the values and interests of your group,

1308
01:42:46,120 --> 01:42:53,800
and continue the bunch of other groups. So, the utility model, it does imply a lot of work,

1309
01:42:53,800 --> 01:43:00,360
if it works. A culture model, all of the hard works on a fund end, if you make something that's

1310
01:43:00,360 --> 01:43:06,040
cultural irrelevant. If you make something that's cultural irrelevant, and they're an initial pickup,

1311
01:43:06,040 --> 01:43:12,680
it might be self-sustaining with much less work on the project. So, there's no free lunch in

1312
01:43:12,680 --> 01:43:21,800
life. This is another no free lunch type, conclusion, that both models I think do.

1313
01:43:25,320 --> 01:43:32,680
All right, what is your most optimistic and pessimistic outlook on PFPs three to five years from now?

1314
01:43:32,680 --> 01:43:40,120
Also, what are your thoughts on PFPS for professional groups? Like, what knowledge of surgeons or trade

1315
01:43:40,120 --> 01:43:49,800
unit? Well, let's start with the second question. I think they're a great professional group for

1316
01:43:49,800 --> 01:43:57,960
definitely making them, and they're definitely used. I don't think that's tomorrow. It's maybe

1317
01:43:57,960 --> 01:44:06,040
three to five years from now, as it's us, and certainly by the end of the day. So, my most optimistic outlook

1318
01:44:07,640 --> 01:44:17,000
is also like the follow-up, which is, everyone is going to have many NFTs with them.

1319
01:44:19,800 --> 01:44:24,680
Everyone, the first population, I mean, people with an internet connection, and

1320
01:44:24,680 --> 01:44:32,120
as far as following the computer and access to at least a little bit of mud groups, two, three billion

1321
01:44:32,120 --> 01:44:39,720
people, definitely. And, I mean, everyone probably don't mean every single grandmother in the world,

1322
01:44:39,720 --> 01:44:46,520
right? I mean, actually, everyone, but everyone in the world is internet active, of course,

1323
01:44:46,520 --> 01:44:56,280
can include them. But, so, and they'll have all types of NFTs. And the median NFT that we're going to have,

1324
01:44:57,640 --> 01:45:04,360
is not going to be very expensive, because the median person doesn't have a lot of money to buy

1325
01:45:04,360 --> 01:45:10,440
an expense letter, but the same reason the median person isn't buying the levitton person,

1326
01:45:10,440 --> 01:45:15,720
for the same part, the median person globally is not owned, and we're saying these men's.

1327
01:45:17,800 --> 01:45:26,040
But, the median person still has a person, and they might have a car, or a motorcycle, or a bicycle,

1328
01:45:26,040 --> 01:45:37,960
or have some means of transportation. So, I would expect the distribution of the prices of NFTs,

1329
01:45:37,960 --> 01:45:44,440
and PFPs, to reflect the distribution of income and wealth, and wealth.

1330
01:45:46,680 --> 01:45:50,120
If this sounds totally obvious, they haven't been in the other way.

1331
01:45:51,880 --> 01:45:57,880
In which case, there's going to be a gigantic number of people.

1332
01:45:57,880 --> 01:46:08,200
I don't know which I get. Most of them are called failure and economic terms. Maybe even

1333
01:46:08,200 --> 01:46:15,400
most of them are called failure and engagement and utility terms, because you don't need to do

1334
01:46:15,400 --> 01:46:21,800
very much to launch a PFP collection. The permissional system can be done itself. Of course,

1335
01:46:21,800 --> 01:46:27,480
a lot of people will do a lazy effort, and very much work into it, and then be surprised

1336
01:46:27,480 --> 01:46:38,280
not to work. But there will also be some valuable quote-unquote in the enterprise collections.

1337
01:46:38,280 --> 01:46:43,480
There will also be collections that are much much larger than today, and so the average

1338
01:46:43,480 --> 01:46:48,520
price of a PSP might be much lower than some of these kinds of collections, but the total value of

1339
01:46:48,520 --> 01:46:57,880
the collection can be seen. And more importantly is, people are using, people are using them to

1340
01:46:58,680 --> 01:47:06,680
organize social activity online, organize community activities, make their social and community

1341
01:47:06,680 --> 01:47:11,960
equipment interoperable with other social and community groupings and applications. That's

1342
01:47:11,960 --> 01:47:18,600
going to be a very happy outcome, and it would also be my fault out there, I think, as well. What's my

1343
01:47:18,600 --> 01:47:25,960
personalistic outcome? It's the same personalistic outcome for everything in the end of the

1344
01:47:25,960 --> 01:47:36,360
incompatible space. That being in the United States, in the European Union, the effectively

1345
01:47:36,360 --> 01:47:45,640
losing freedom to have our own goals, that we can have the freedom to transact in crypto

1346
01:47:46,680 --> 01:47:55,800
directly on the chain. That we are forced to go to centralized providers, that you cannot hold

1347
01:47:55,800 --> 01:48:07,560
an NFT unless you're holding it in a centralized custodian like one base. You are pulled into a

1348
01:48:07,560 --> 01:48:12,040
permission system. Once you're pulled into a permission system, an iteration is going to die,

1349
01:48:12,040 --> 01:48:17,560
interesting ideas are going to die, there's going to be someone keeping, and it's going to get very,

1350
01:48:17,560 --> 01:48:24,840
very boring, you know. To me, this is the number one important thing, not just for the

1351
01:48:24,840 --> 01:48:30,120
success of the crypto space and the key space. My views are this is very important for human

1352
01:48:30,120 --> 01:48:37,160
freedom in general, because the ability to transact conditionlessly off-chain is coming to an end.

1353
01:48:38,840 --> 01:48:46,120
There will be a continued pressure of cash, and if we lose the ability to run applications

1354
01:48:46,920 --> 01:48:54,200
non-custodially permissionlessly online, which a good chunk of the regulatory system would like

1355
01:48:54,200 --> 01:49:03,000
that to happen. It means our whole economic activity as individuals, as organizations, as

1356
01:49:03,000 --> 01:49:09,880
societies, can be switched on and off by a specific individual and a specific individual

1357
01:49:09,880 --> 01:49:16,200
or central bank, president or administrator, and none of that is helping to decide.

1358
01:49:16,200 --> 01:49:25,080
There is, I am not, you're going to hear this over and over, I am not naive, there are bad people,

1359
01:49:25,080 --> 01:49:30,520
there are criminals in the world, there are people who should have law enforcement chase around,

1360
01:49:32,120 --> 01:49:38,760
but because I'm not naive, I also think that if we centralize

1361
01:49:38,760 --> 01:49:46,520
these hard-like hours in a handful of governmental positions, some of those criminal minds

1362
01:49:48,040 --> 01:49:53,800
will work very hard so they get an episode, and when they get an episode, they'll be closed on stop.

1363
01:49:55,240 --> 01:50:00,360
So a sophisticated understanding of this, a sophisticated understanding of

1364
01:50:00,360 --> 01:50:09,320
bad people and criminality, isn't just we need to catch all the bad guys, it is also

1365
01:50:09,960 --> 01:50:19,240
let's not create a gigantic crisis that a bad guy can grab, because someday, in the history of time,

1366
01:50:19,240 --> 01:50:22,440
in some countries, someone's going to manage the world and it's inevitable.

1367
01:50:22,440 --> 01:50:39,080
A sold-bound NFC's PFP wouldn't be an identity model, if I sold out PFP, someone means a PFP

1368
01:50:39,960 --> 01:50:50,360
tied to a wall, from a topic, I don't think we can cover it in depth today. My short answer is

1369
01:50:50,360 --> 01:50:59,080
I think tying a PFP wall is basically done. We are at the beginning of the beginning of wall

1370
01:50:59,080 --> 01:51:06,120
technology, everyone's going to want to change wallets many times like this, and the only way

1371
01:51:07,080 --> 01:51:13,160
to both enable that and have a sold-bound is to effectively centralize that if you have some

1372
01:51:13,160 --> 01:51:20,040
place you can go, say, prove to them, I no longer want to use this wallet, I want to move it to

1373
01:51:20,040 --> 01:51:24,440
another wallet, or I've lost access to this wallet, it's a point of centralization, I don't like it.

1374
01:51:25,240 --> 01:51:33,640
What the sold-bound NFT is actually trying to solve is proof of humanity, civil resistance,

1375
01:51:33,640 --> 01:51:44,920
the ability to say this person is the same person that this wallet and that wallet are still one

1376
01:51:44,920 --> 01:51:55,560
person. It is one of the great unsolved problems in crypto and more generally in decentralized

1377
01:51:55,560 --> 01:52:03,640
identity, people have been trying to solve this for a long time. It may be solvable, but 100% sure.

1378
01:52:04,120 --> 01:52:10,840
It may not be solvable, but 100% sure. But I'm pretty sure it is not solvable by saying

1379
01:52:12,200 --> 01:52:17,880
something as simplistic as you can't move your PFP from this wall,

1380
01:52:17,880 --> 01:52:26,600
it doesn't solve anything, unless you actually verify the types of things you'd have to do for this

1381
01:52:26,600 --> 01:52:36,200
to be a useful outcome. You'll have to KYC the person before him, otherwise someone could go

1382
01:52:36,200 --> 01:52:42,120
to get a sold-bound token for six lives, and I have to follow it. The claim to be six lives

1383
01:52:42,120 --> 01:52:49,320
in our battery system. We have to KYC, and then you need a process permanently to authorize

1384
01:52:49,320 --> 01:52:55,960
movements to new walls. By the time you've done that, you might as well just run a database.

1385
01:52:57,640 --> 01:53:04,120
I mean, this is not better than a database. This is actually very complicated and

1386
01:53:04,120 --> 01:53:14,040
painful to implement a commission database. So to the degree that there's going to be a useful form

1387
01:53:14,040 --> 01:53:21,000
of decentralized identity, a useful form of civil resistance, it's not easy to do. It's very

1388
01:53:21,000 --> 01:53:26,360
hard to do a lot of great lines of fail to solve and solve. It might be solvable, but it's not

1389
01:53:26,360 --> 01:53:31,560
solvable in this simplistic way. It's not solvable in this industry. It's been solvable and tokens

1390
01:53:31,560 --> 01:53:35,960
as they're currently described to me are not fit for the purposes I'm going to describe. All they

1391
01:53:35,960 --> 01:53:39,800
actually do is make life annoying for everyone with no actual practical purpose.

1392
01:53:44,440 --> 01:53:52,600
Okay, let's see. Do you think a physical-backed token recently tested by, as you might be

1393
01:53:52,600 --> 01:53:57,000
rather than used case for corporate company? I am skeptical about the confusion and

1394
01:53:57,000 --> 01:54:02,120
the reasons to you think they have this issue. So, as you can announce something yesterday,

1395
01:54:02,120 --> 01:54:08,040
and I don't think as you can. As you can see, they're using it in their project, a little physical

1396
01:54:08,040 --> 01:54:16,120
device, all of the being. It can be embedded in a physical product and generate it to you.

1397
01:54:17,000 --> 01:54:23,880
And so that when you have a hybrid, physical, digital token combo,

1398
01:54:23,880 --> 01:54:32,280
there's actually a linkage through the physical device. The physical device is a blockchain.

1399
01:54:37,080 --> 01:54:45,480
I'm glad people are experimenting with this. Things are very useful and fruitful area for people

1400
01:54:45,480 --> 01:55:01,160
to experiment. I'm not only 100% convinced how useful this is. A big part of the reason that

1401
01:55:01,160 --> 01:55:07,480
tokens are interesting is their instincts around the world,

1402
01:55:07,480 --> 01:55:13,880
the possibility of mobility, etc. If there's a physical object,

1403
01:55:15,880 --> 01:55:18,680
well, obviously, you can't move that physical object from them or,

1404
01:55:18,680 --> 01:55:24,360
so, basically, they're back in the world and shifting a new PS and a challenge to be

1405
01:55:24,360 --> 01:55:28,440
sure and to be verified because what it is, when it wasn't managed, obviously,

1406
01:55:29,160 --> 01:55:35,240
those are not solved by a better linkage between the token and the physical object.

1407
01:55:35,240 --> 01:55:44,920
Now, what if, now, is it possible, do I believe there will be a world that I can scan a

1408
01:55:44,920 --> 01:55:54,200
physical object on an LA carton of eggs? And that carton of eggs will tell me that they were

1409
01:55:54,200 --> 01:56:06,840
hatched in this farm and the tokens were of organic grain and I can interact where that grain came from.

1410
01:56:07,640 --> 01:56:17,240
And they lived through, oh, that's a tricky little, but they were packaged on this day.

1411
01:56:17,240 --> 01:56:21,800
They were entrusted with these many other days and now they're in like, it shouldn't

1412
01:56:21,800 --> 01:56:29,720
be waiting to become an omelette. Now, we'll have that and doesn't make sense that that type of

1413
01:56:29,720 --> 01:56:38,040
tracking information is put on a blockchain so that if I'm an ex-applier, a neural ex-applier,

1414
01:56:38,040 --> 01:56:43,400
a neural action, a new supplier, and I'm a lead supplier, we all write some type of standardized format

1415
01:56:43,400 --> 01:56:49,240
on the blockchain so people can make applications for this type of user, yeah, but also sounds

1416
01:56:49,240 --> 01:56:53,640
different from seeing up. Even things for a very long time, no one's actually done it yet, but

1417
01:56:53,640 --> 01:57:00,360
it's conceptually one of those things that make sense for blockchain. Blockchain makes sense

1418
01:57:00,360 --> 01:57:04,280
when you have large groups of disparate people that are otherwise part-organized and

1419
01:57:04,280 --> 01:57:08,520
food producers and food distributors and food consumers are good examples.

1420
01:57:13,640 --> 01:57:18,440
All of this is a physical object with a blockchain piece that can be something that is a

1421
01:57:18,440 --> 01:57:23,240
blockchain that can be used in some of the other ways. It's like, this thing represents this

1422
01:57:23,240 --> 01:57:30,040
information. All of this sounds really good, and the fact that I'm not 100% sold on

1423
01:57:32,280 --> 01:57:40,600
is that the linkage to the token doesn't. You wouldn't, if I gave you my carton of eggs,

1424
01:57:41,320 --> 01:57:46,120
allows you to transfer some token, of course this is not the usage case of people,

1425
01:57:46,120 --> 01:57:51,880
talking to people talking about it. I give you my attack mate, and it also comes with token,

1426
01:57:51,880 --> 01:57:56,760
and the token goes along with it, and that has information. I'm not saying there won't be some

1427
01:57:56,760 --> 01:58:05,320
use of blockchain goods or this type of thing, but I am saying that the nature of a physical object

1428
01:58:05,320 --> 01:58:18,520
inside you, an NFT, takes away a lot of the actual entity. It drags you into the extremely

1429
01:58:18,520 --> 01:58:26,200
non-skillable thing, and I'll give you a practical example. I think the psychological

1430
01:58:26,200 --> 01:58:36,200
end is in a couple thousand years, and the fund has it from one of the other ones, and among those 25

1431
01:58:37,320 --> 01:58:42,280
100% are three or four of them, and we've gotten also a physical good, a physical installation,

1432
01:58:43,000 --> 01:58:47,880
and they're great, they're amazing, and I have no objection to physical things. I don't so, but

1433
01:58:50,440 --> 01:58:55,240
we have some more time going through and thinking about how we're going to store

1434
01:58:55,240 --> 01:58:59,640
the physical piece of work, and how we're going to store them, and what's the right model,

1435
01:58:59,640 --> 01:59:03,400
and how are we going to keep them safe, and how we're going to cost, and how we're going to ship them,

1436
01:59:04,200 --> 01:59:16,440
and the ball of these things, that are these five NFTs, and the other 2495 combined by a factor of

1437
01:59:16,440 --> 01:59:26,200
what, and every time I think about these hybrid physical digital, and there's my mind immediately

1438
01:59:26,200 --> 01:59:30,360
goes to what, just to tell you that, well sure, but some things are going to just the physical world

1439
01:59:30,360 --> 01:59:35,960
anyway, if you want to buy a fancy watch, and you're going to have it in the physical world,

1440
01:59:35,960 --> 01:59:47,480
regardless, it's not a choice, not to have it in the physical world, and there'll be some useful

1441
01:59:47,480 --> 01:59:58,680
things, yes, are they going to be, is the problem solved? No, I don't think so, oh my God,

1442
01:59:58,680 --> 02:00:06,440
people are in experiments, yes I am, I really like people, okay, I think I'm going to wrap here,

1443
02:00:06,440 --> 02:00:13,960
this has got a long time, or on exactly two hours, so I want to keep it to some reasonable length,

1444
02:00:15,480 --> 02:00:20,440
the next session, on the other side,

1445
02:00:20,440 --> 02:00:28,840
I'm 30 each time, you know, quite a worse thing to suppose, I think that's right,

1446
02:00:29,480 --> 02:00:35,400
there's going to play the interview, Q&A discussion I have with,

1447
02:00:36,200 --> 02:00:44,520
or then, then a 3PM Eastern one, our dual login, and we can ask questions, I'm not going to ask

1448
02:00:44,520 --> 02:00:51,560
questions, do I spend an hour and a half asking questions on Monday, so you'll have a chance for that question,

1449
02:00:52,760 --> 02:01:04,120
and then, 4156 to some physical, so we do that as well, and with that, we will then also finalize

1450
02:01:04,120 --> 02:01:10,680
anything in the presentation, the UNIC team was making some progress thinking about now,

1451
02:01:10,680 --> 02:01:14,200
then things are going to work out, displaying them, of course people are going to work,

1452
02:01:14,200 --> 02:01:18,760
I'll let them announce them, they're ready, but it seems like progress is being made,

1453
02:01:18,760 --> 02:01:28,600
my guess is another week or two, and we'll have the process down, down time, so thank you, everyone,

1454
02:01:28,600 --> 02:01:41,560
once again, it was a pleasure and we'll see you in a couple of days.