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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.

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You might think of yourself as a fan of Chicago most.

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All of these are artists communities.

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Everyone belongs in multiple communities.

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And people have a long history of also expressing

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in visual form.

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They're commitment to that community.

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You drive around the American countryside and suburbs.

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You see a lot of American fights.

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You go to a football game,

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a good chunk of the people in the football game,

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and the stadiums,

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grown adults,

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have went and brought clothing

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that reflects the identity of their team.

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You take this for granted,

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like the people will buy

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a Le Bron James shirt.

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But it's not 100% obvious that makes sense, right?

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If you were, if a athletic brand of athletic care

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didn't exist,

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and someone came and said,

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well, we're going to,

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I'm going to charge people 80 bucks

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to have a LeBron James number on their back

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and they go to basketball game.

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Some of them are logical,

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come on,

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who wants to do this?

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These are grown adults.

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These are grown adults,

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even while they even want to do this.

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People don't do it,

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and they do it at scale,

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and it's very common.

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And now,

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if you walk around American University campuses,

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which I think probably

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have done the best job

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among university identities.

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There are days you walk around the campus

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on the SCC

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and asserted the student population

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is wearing some type of,

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yeah, you're related to,

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well, I didn't do that community identify them.

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By the way,

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I'm saying all these things,

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always as anything wrong with it.

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I think it's definitely normal.

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I think this is how humans are organized.

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Humans like to belong to groups,

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all the groups,

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all the tribes,

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like it's,

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it's fundamental to our nature.

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And it's cross-technology.

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It's cross-analysis.

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It's something fundamental to the nation.

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And then I think the third one,

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which might be a little bit more abstract,

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a little bit more sophisticated.

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But I do think it exists.

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Let's call it branding.

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Let's call it recall.

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Having symbols,

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symbolic thinking,

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mimetic thinking,

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is easier to remember.

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Every single person

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and visualized instantly

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the making solution.

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If I ask you to visualize

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the face of the CEO of Nike,

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I bet almost nobody can.

24:55.200 --> 24:56.200
And this is why,

24:56.200 --> 24:57.200
Nike shows,

24:57.200 --> 24:59.200
always come with a solution.

24:59.200 --> 25:00.200
As the Nike teachers,

25:00.200 --> 25:01.200
as the Nike ads,

25:01.200 --> 25:03.200
and they never come with the face

25:03.200 --> 25:08.200
of the current CEO of Nike.

25:08.200 --> 25:09.200
Partially it's because,

25:09.200 --> 25:11.200
you know, less than a CEO's change.

25:11.200 --> 25:12.200
That's part of it.

25:12.200 --> 25:14.200
That's not the whole part of it.

25:14.200 --> 25:16.200
The main part of it

25:16.200 --> 25:18.200
is that logos,

25:18.200 --> 25:20.200
and dense information.

25:20.200 --> 25:22.200
Good logos are simple.

25:22.200 --> 25:27.200
A picture of the CEO of Nike,

25:27.200 --> 25:28.200
is very rich.

25:28.200 --> 25:29.200
It's very detailed.

25:29.200 --> 25:31.200
It contains a lot of information.

25:31.200 --> 25:33.200
It's hard to remember.

25:33.200 --> 25:35.200
The source is very simple.

25:35.200 --> 25:37.200
It's easy to remember.

25:37.200 --> 25:39.200
And there is something like this

25:39.200 --> 25:43.200
growing on with PFPs.

25:43.200 --> 25:47.200
A crypto-punk PFP

25:47.200 --> 25:50.200
is lower resolution than the average

25:50.200 --> 25:54.200
length in photographs.

25:54.200 --> 25:56.200
And in some ways,

25:56.200 --> 25:57.200
in some capacitors,

25:57.200 --> 25:59.200
some people say, well, there's a lot of them.

25:59.200 --> 26:00.200
They look the same.

26:00.200 --> 26:02.200
You know, there's 200-something hoodie

26:02.200 --> 26:03.200
folks, they all look the same.

26:03.200 --> 26:04.200
And that might be true.

26:04.200 --> 26:06.200
But there's also, like,

26:06.200 --> 26:12.200
you know, several tens of millions of people

26:12.200 --> 26:14.200
in their office casual,

26:14.200 --> 26:16.200
isn't as casual and length-in,

26:16.200 --> 26:18.200
and they all look the same too.

26:18.200 --> 26:20.200
So, I think there's something

26:20.200 --> 26:23.200
about the installation of information

26:23.200 --> 26:25.200
that happens with this.

26:25.200 --> 26:27.200
This is part of this.

26:27.200 --> 26:28.200
This is a more sophisticated point.

26:28.200 --> 26:29.200
Everyone naturally understands,

26:29.200 --> 26:30.200
personally, then,

26:30.200 --> 26:31.200
to the community belonging.

26:31.200 --> 26:32.200
But I think this part of this,

26:32.200 --> 26:34.200
and I think this drives part of this.

26:34.200 --> 26:36.200
I think it's why community belonging

26:36.200 --> 26:38.200
tends to rally around something.

26:38.200 --> 26:40.200
It doesn't tend to rally around individuals

26:40.200 --> 26:43.200
on the whole.

26:43.200 --> 26:46.200
And, I mean, this is,

26:46.200 --> 26:49.200
PFPs send a message not only about

26:49.200 --> 26:51.200
the individual,

26:51.200 --> 26:53.200
and their values,

26:53.200 --> 26:55.200
they're happening with...

26:55.200 --> 26:56.200
I think that also the values of the

26:56.200 --> 26:58.200
broader community, right?

26:58.200 --> 27:00.200
So, this is someone who

27:00.200 --> 27:02.200
reflects both some personal values

27:02.200 --> 27:03.200
and the values of the

27:03.200 --> 27:06.200
surfing community.

27:06.200 --> 27:09.200
Now,

27:09.200 --> 27:11.200
we mentioned identity's plural,

27:11.200 --> 27:15.200
and we'll come back to identity's plural.

27:15.200 --> 27:19.200
Everyone has multiple identities.

27:19.200 --> 27:21.200
Everyone plays multiple roles,

27:21.200 --> 27:25.200
so you are

27:25.200 --> 27:29.200
a scientist

27:29.200 --> 27:31.200
and a mother

27:31.200 --> 27:33.200
and a golfer

27:33.200 --> 27:36.200
and a Roman Catholic

27:36.200 --> 27:41.200
and a lover of

27:41.200 --> 27:43.200
obscure sashimi,

27:43.200 --> 27:45.200
all of those are part of your identity

27:45.200 --> 27:47.200
and your personality.

27:47.200 --> 27:49.200
And some people,

27:49.200 --> 27:51.200
many of you,

27:51.200 --> 27:53.200
blend them together.

27:53.200 --> 27:55.200
Here is me,

27:55.200 --> 27:56.200
a rich,

27:56.200 --> 27:57.200
capitalist-favor-person.

27:57.200 --> 27:59.200
I'm very interested in science

27:59.200 --> 28:01.200
as well, right?

28:01.200 --> 28:03.200


28:03.200 --> 28:05.200
sashimi from

28:05.200 --> 28:07.200
obscure waters of New Zealand.

28:07.200 --> 28:08.200
That's absolutely fine, right?

28:08.200 --> 28:09.200
Those are people who,

28:09.200 --> 28:11.200
many people,

28:11.200 --> 28:13.200
none of these women say it's good or bad,

28:13.200 --> 28:15.200
but for ways people express it.

28:15.200 --> 28:18.200
People will express it as one identity.

28:18.200 --> 28:20.200
But other people,

28:20.200 --> 28:22.200
in fact, I think,

28:22.200 --> 28:24.200
probably more people,

28:24.200 --> 28:26.200
separate those women.

28:26.200 --> 28:28.200
And then,

28:28.200 --> 28:30.200
it might be because of practical reasons,

28:30.200 --> 28:32.200
but I'm also happy for other reasons.

28:32.200 --> 28:34.200
So,

28:34.200 --> 28:36.200
it's very common,

28:36.200 --> 28:38.200
that people use different

28:38.200 --> 28:42.200
PFPs on different social media platforms.

28:42.200 --> 28:44.200
On LinkedIn,

28:44.200 --> 28:46.200
where, earlier,

28:46.200 --> 28:48.200
we discussed the practical reason, right?

28:48.200 --> 28:50.200
On LinkedIn, you might have your serious foot.

28:50.200 --> 28:52.200
And that photo

28:52.200 --> 28:54.200
is there to

28:54.200 --> 28:56.200
demonstrate to a recruiter,

28:56.200 --> 28:58.200
a fixed employer,

28:58.200 --> 29:00.200
and have a serious professional

29:00.200 --> 29:02.200
you're going to come to work and do the job.

29:02.200 --> 29:04.200
On an Instagram,

29:04.200 --> 29:06.200
where maybe you're

29:06.200 --> 29:08.200
really only targeting it to your friends

29:08.200 --> 29:10.200
or broader community,

29:10.200 --> 29:12.200
you might have a more fun photo.

29:12.200 --> 29:14.200
And on

29:14.200 --> 29:16.200
a platform,

29:16.200 --> 29:18.200
you might have a more

29:18.200 --> 29:20.200
sexy photo,

29:20.200 --> 29:22.200
because there you're trying to

29:22.200 --> 29:24.200
attract

29:24.200 --> 29:26.200
a worker,

29:26.200 --> 29:28.200
and you want to

29:28.200 --> 29:30.200
send a different message.

29:30.200 --> 29:32.200
This is called practical reason.

29:32.200 --> 29:34.200
But there might also be

29:34.200 --> 29:36.200
not exactly practical reason,

29:36.200 --> 29:38.200
but you'll worry that the process

29:38.200 --> 29:40.200
will see the certification

29:40.200 --> 29:42.200
not acted.

29:42.200 --> 29:44.200
So,

29:44.200 --> 29:46.200
ways that you can

29:46.200 --> 29:48.200
express one event to be more fully,

29:48.200 --> 29:50.200
if you're not mixing it

29:50.200 --> 29:52.200
with another event.

29:52.200 --> 29:54.200
So, let's say you are

29:54.200 --> 29:56.200
in the 1990s,

29:56.200 --> 29:58.200
you're heavy

29:58.200 --> 30:00.200
into the voting boards of

30:00.200 --> 30:02.200
Doom,

30:02.200 --> 30:04.200
who was a video game back then,

30:04.200 --> 30:06.200
you can mod it

30:06.200 --> 30:08.200
in a user community,

30:08.200 --> 30:10.200
and let's say you were

30:10.200 --> 30:12.200
a doctor,

30:12.200 --> 30:14.200
but this is what you did

30:14.200 --> 30:16.200
to blow off steam,

30:16.200 --> 30:18.200
you designed

30:18.200 --> 30:20.200
custom Doom boards

30:20.200 --> 30:22.200
you went around,

30:22.200 --> 30:24.200
shooting rockets with monsters,

30:24.200 --> 30:26.200
whatever.

30:26.200 --> 30:28.200
In that world,

30:28.200 --> 30:30.200
the things that are interesting

30:30.200 --> 30:32.200
in that world,

30:32.200 --> 30:34.200
because people are going to care about

30:34.200 --> 30:36.200
in that world,

30:36.200 --> 30:38.200
they'll be topics like

30:38.200 --> 30:40.200
23 patients today,

30:40.200 --> 30:42.200
and they told you about their

30:42.200 --> 30:42.200
shorts rolled,

30:42.200 --> 30:44.200
and their flu

30:44.200 --> 30:44.200
would have you.

30:44.200 --> 30:46.200
It's not that interesting.

30:46.200 --> 30:48.200
It's not relevant to that

30:48.200 --> 30:50.200
content,

30:50.200 --> 30:52.200
and you wouldn't be as effectively

30:52.200 --> 30:54.200
as sharing that content.

30:54.200 --> 30:56.200
If you talked about those things,

30:56.200 --> 30:58.200
and so there's

30:58.200 --> 31:00.200
a model

31:00.200 --> 31:02.200
that is not based on practical

31:02.200 --> 31:04.200
concerns, like you have

31:04.200 --> 31:06.200
the GPS isn't concerned

31:06.200 --> 31:08.200
with video games,

31:08.200 --> 31:10.200
it's a good problem,

31:10.200 --> 31:12.200
not a problem at all.

31:12.200 --> 31:14.200
Nonetheless,

31:14.200 --> 31:16.200
when he goes to work,

31:16.200 --> 31:18.200
he kind of

31:18.200 --> 31:20.200
uploads one program

31:20.200 --> 31:22.200
to how he makes about his day.

31:22.200 --> 31:24.200
When he goes and plays a Doom,

31:24.200 --> 31:26.200
it's a different thing,

31:26.200 --> 31:28.200
and when he's in the Doom community,

31:28.200 --> 31:30.200
a different person.

31:30.200 --> 31:32.200
This is very common and very normal.

31:32.200 --> 31:34.200
And I think most people

31:34.200 --> 31:36.200
we're going to see

31:36.200 --> 31:38.200
with PFP's and

31:38.200 --> 31:40.200
metaverse experiments

31:40.200 --> 31:42.200
is a lot of people

31:42.200 --> 31:44.200
will become

31:44.200 --> 31:46.200
more distinct

31:46.200 --> 31:50.200
version of this.

31:50.200 --> 31:54.200
Related and unrelated,

31:54.200 --> 31:56.200
but related,

31:56.200 --> 31:58.200
is unanimity.

31:58.200 --> 32:00.200
That doctor

32:00.200 --> 32:02.200
on the bulletin board

32:02.200 --> 32:04.200
is going to be

32:04.200 --> 32:06.200
unanimous.

32:06.200 --> 32:08.200
Username

32:08.200 --> 32:10.200
might be

32:10.200 --> 32:12.200
monster_slayer_1997,

32:12.200 --> 32:14.200
not

32:14.200 --> 32:16.200
Mike Smith,

32:16.200 --> 32:20.200
general practitioner.

32:20.200 --> 32:22.200
And it was all

32:22.200 --> 32:24.200
a look at this weird

32:24.200 --> 32:26.200
thing that's happened

32:26.200 --> 32:28.200
on the internet,

32:28.200 --> 32:30.200
early comfortable with it.

32:30.200 --> 32:30.200
What does it mean?

32:30.200 --> 32:32.200
Empowered history

32:32.200 --> 32:34.200
of

32:34.200 --> 32:36.200
pseudanonymous

32:36.200 --> 32:38.200
writers and people.

32:38.200 --> 32:40.200
I pull one example of many,

32:40.200 --> 32:42.200
here, which are the federal

32:42.200 --> 32:44.200
papers, which were

32:44.200 --> 32:46.200
a series of essays written

32:46.200 --> 32:48.200
in support of the

32:48.200 --> 32:50.200
Constitution of the United

32:50.200 --> 32:52.200
States, were published in

32:52.200 --> 32:54.200
newspapers and

32:54.200 --> 32:56.200
pulled together.

32:56.200 --> 32:58.200
And they were written

32:58.200 --> 33:00.200
and they could have

33:00.200 --> 33:02.200
absolutely written them under

33:02.200 --> 33:04.200
their own name.

33:04.200 --> 33:06.200
But they wrote them under

33:06.200 --> 33:08.200
a sheet of them.

33:08.200 --> 33:10.200
And for a variety of reasons

33:10.200 --> 33:12.200
they didn't want to feel

33:12.200 --> 33:14.200
they didn't want to feel

33:14.200 --> 33:16.200
they were self-promoting

33:16.200 --> 33:18.200
themselves.

33:18.200 --> 33:20.200
Or maybe they wanted to

33:20.200 --> 33:20.200
put the focus on the ideas

33:20.200 --> 33:22.200
a variety of reasons

33:22.200 --> 33:24.200
someone might do this.

33:24.200 --> 33:26.200
But it's a known

33:26.200 --> 33:28.200
way for the internet.

33:28.200 --> 33:30.200
And so you

33:30.200 --> 33:32.200
put this together,

33:32.200 --> 33:34.200
sometimes,

33:34.200 --> 33:36.200
an identity

33:36.200 --> 33:38.200
might not just be

33:38.200 --> 33:40.200
a focus area.

33:40.200 --> 33:42.200
Oh, and this is my talk

33:42.200 --> 33:44.200
about you.

33:44.200 --> 33:46.200
It might be a way to have

33:46.200 --> 33:48.200
some synonymity.

33:48.200 --> 33:50.200
And to

33:50.200 --> 33:52.200
separate a certain area

33:52.200 --> 33:54.200
from a certain other area.

33:54.200 --> 33:56.200
And i used the the word

33:56.200 --> 33:58.200
synonymity.

33:58.200 --> 34:00.200
Because I think that's

34:00.200 --> 34:02.200
basically we have

34:02.200 --> 34:04.200
a anonymous people online.

34:04.200 --> 34:06.200
And we have

34:06.200 --> 34:08.200
synonymous people online.

34:08.200 --> 34:10.200
And we rarely have

34:10.200 --> 34:12.200
purely anonymous people.

34:12.200 --> 34:14.200
Anonymous would mean

34:14.200 --> 34:16.200
something like there is

34:16.200 --> 34:18.200
no anonymous.

34:18.200 --> 34:20.200
It's not anonymous.

34:20.200 --> 34:22.200
It's synonymous.

34:22.200 --> 34:24.200
6529 It's synonymous and 6529 shows evryday on Twitter with

34:24.200 --> 34:26.200
the same profile picture.

34:26.200 --> 34:28.200
There is a continuity

34:28.200 --> 34:30.200
in one day to the next.

34:30.200 --> 34:32.200
And clearly anonymous

34:32.200 --> 34:34.200
or someone who would

34:34.200 --> 34:36.200
be logging in

34:36.200 --> 34:38.200
one day as

34:38.200 --> 34:40.200
and on

34:40.200 --> 34:42.200
6778-1112-14.

34:42.200 --> 34:44.200
Posting something

34:44.200 --> 34:46.200
gone.

34:46.200 --> 34:48.200
Going back to the

34:48.200 --> 34:50.200
different account.

34:50.200 --> 34:50.200
Posting something gone.

34:50.200 --> 34:52.200
But that's very rare.

34:52.200 --> 34:54.200
You don't see very

34:54.200 --> 34:56.200
much of it.

34:56.200 --> 34:58.200
I can't even imagine

34:58.200 --> 35:00.200
the time for

35:00.200 --> 35:02.200
imagining an example

35:02.200 --> 35:04.200
in the NFT Twitter

35:04.200 --> 35:06.200
network.

35:06.200 --> 35:08.200
And what's really

35:08.200 --> 35:10.200
what the choices are

35:10.200 --> 35:10.200
between

35:10.200 --> 35:11.200
the

35:11.200 --> 35:12.200
anonymous.

35:12.200 --> 35:14.200
You go and say

35:14.200 --> 35:14.200
portrait

35:14.200 --> 35:16.200
no instructor has

35:16.200 --> 35:18.200
and the

35:18.200 --> 35:20.200
photo is

35:20.200 --> 35:22.200
one for sure.

35:22.200 --> 35:24.200
And you go there.

35:24.200 --> 35:26.200
And it's

35:26.200 --> 35:28.200
towards your place.

35:28.200 --> 35:30.200
And looking at his

35:30.200 --> 35:32.200
PFP, it's a picture of him.

35:32.200 --> 35:34.200
This is me.

35:34.200 --> 35:36.200
I'm talking about

35:36.200 --> 35:38.200
the number of people.

35:38.200 --> 35:40.200
Again, I'm saying this thing.

35:40.200 --> 35:42.200
I'm talking about. 6529 is synonymus but just as consistency

35:42.200 --> 35:44.200
...

35:44.200 --> 35:46.200
Well,

35:46.200 --> 35:48.200
you can mentally model

35:48.200 --> 35:50.200
that person.

35:50.200 --> 35:52.200
And

35:52.200 --> 35:54.200
this is also nothing.

35:54.200 --> 35:56.200
I remember

35:56.200 --> 35:58.200
bulletin boards.

35:58.200 --> 36:00.200
And I'm 15 and 20 years ago.

36:00.200 --> 36:02.200
Most people

36:02.200 --> 36:04.200
did not put their

36:04.200 --> 36:06.200
whole name

36:06.200 --> 36:08.200
and social security number

36:08.200 --> 36:10.200
go post the bulletin board.

36:10.200 --> 36:12.200
I remember being

36:12.200 --> 36:14.200
on different bulletin boards

36:14.200 --> 36:16.200
or had those usually

36:16.200 --> 36:18.200
something made up.

36:18.200 --> 36:20.200
And it was fine.

36:20.200 --> 36:22.200
You kept seeing that

36:22.200 --> 36:24.200
anonymous person

36:24.200 --> 36:26.200
come back every time

36:26.200 --> 36:28.200
and say things.

36:28.200 --> 36:30.200
And you can develop

36:30.200 --> 36:32.200
a consistent understanding

36:32.200 --> 36:34.200
of what that person was.

36:34.200 --> 36:36.200
And how you want

36:36.200 --> 36:38.200
to interact with

36:38.200 --> 36:40.200
them was

36:40.200 --> 36:42.200
quite less

36:42.200 --> 36:44.200
interesting.

36:44.200 --> 36:46.200
I also want to note this

36:46.200 --> 36:48.200
briefly.

36:48.200 --> 36:50.200
I don't have much to say about this

36:50.200 --> 36:52.200
because this was something

36:52.200 --> 36:54.200
wrong.

36:54.200 --> 36:56.200
I was shared with

36:56.200 --> 36:58.200
me by one of the

36:58.200 --> 37:00.200
unique things.

37:00.200 --> 37:02.200
And I don't have

37:02.200 --> 37:04.200
depth of knowledge.

37:04.200 --> 37:06.200
Everyone thinks

37:06.200 --> 37:08.200
of it.

37:08.200 --> 37:10.200
The relationship between

37:10.200 --> 37:12.200
me and my person

37:12.200 --> 37:14.200
I want to express this

37:14.200 --> 37:16.200
why part of my

37:16.200 --> 37:18.200
personality with this

37:18.200 --> 37:20.200
avatar.

37:20.200 --> 37:22.200
It appears

37:22.200 --> 37:24.200
this is fascinating

37:24.200 --> 37:26.200
that the effects

37:26.200 --> 37:28.200
are violent,

37:28.200 --> 37:30.200
that the

37:30.200 --> 37:32.200
avatar can

37:32.200 --> 37:34.200
impact you back.

37:34.200 --> 37:36.200
There is a faculty

37:36.200 --> 37:38.200
number at the University of Nicosia

37:38.200 --> 37:40.200


37:40.200 --> 37:42.200
You can see

37:42.200 --> 37:44.200
in this photo

37:44.200 --> 37:46.200
avatars that look

37:46.200 --> 37:48.200
like normal people

37:48.200 --> 37:50.200
and avatars that look

37:50.200 --> 37:52.200
super strong.

37:52.200 --> 37:54.200
And it turns out that

37:54.200 --> 37:56.200
if you put

37:56.200 --> 37:58.200
your goggles on people

37:58.200 --> 38:00.200
and you show them

38:00.200 --> 38:02.200
themselves as

38:02.200 --> 38:04.200
a normal person and you

38:04.200 --> 38:06.200
ask them to do a test

38:06.200 --> 38:08.200
against you.

38:08.200 --> 38:10.200
They are

38:10.200 --> 38:12.200
only in their

38:12.200 --> 38:14.200
visual field

38:14.200 --> 38:16.200
division and then

38:16.200 --> 38:18.200
ask them to do the hand

38:18.200 --> 38:20.200
test again and get

38:20.200 --> 38:22.200
charmer.

38:22.200 --> 38:24.200
It's actually

38:24.200 --> 38:26.200
wild.

38:26.200 --> 38:28.200
And I suspect

38:28.200 --> 38:30.200
we're going to learn

38:30.200 --> 38:32.200
a lot.

38:32.200 --> 38:34.200
I didn't put

38:34.200 --> 38:36.200
my goggles on people

38:36.200 --> 38:36.200
who

38:36.200 --> 38:38.200
were burned victims,

38:38.200 --> 38:40.200
burned victims who

38:40.200 --> 38:42.200
were virtual reality

38:42.200 --> 38:44.200
goggles and

38:44.200 --> 38:46.200
were put in a

38:46.200 --> 38:48.200
snowy ice cold environment

38:48.200 --> 38:50.200
at

38:50.200 --> 38:52.200
lower perceived

38:52.200 --> 38:54.200
pain levels than those

38:54.200 --> 38:56.200
with them.

38:56.200 --> 38:58.200
But again, it's weird

38:58.200 --> 39:00.200
because you think of

39:00.200 --> 39:02.200
pain or hand strength

39:02.200 --> 39:04.200
and it's going to be very

39:04.200 --> 39:06.200
interesting as we have

39:06.200 --> 39:08.200
over the course of the

39:08.200 --> 39:10.200
decade more

39:10.200 --> 39:12.200
VR and

39:12.200 --> 39:14.200
AR environments

39:14.200 --> 39:16.200
better and more robust

39:16.200 --> 39:18.200
avatars.

39:18.200 --> 39:20.200
What does bilateral

39:20.200 --> 39:20.200
relationship

39:20.200 --> 39:22.200
is going to look

39:22.200 --> 39:24.200
like and hopefully we'll

39:24.200 --> 39:26.200
get some experts

39:26.200 --> 39:28.200
towards the end of the

39:28.200 --> 39:30.200
course.

39:30.200 --> 39:32.200
I know to stop

39:32.200 --> 39:34.200
a better than the end.

39:34.200 --> 39:36.200
I'm not an expert.

39:36.200 --> 39:38.200
But it's

39:38.200 --> 39:40.200
I find it interesting to

39:40.200 --> 39:42.200
just put that

39:42.200 --> 39:44.200
concept out.

39:44.200 --> 39:46.200
The relationship

39:46.200 --> 39:48.200
between you and your

39:48.200 --> 39:50.200
avatar you and your

39:50.200 --> 39:52.200
PFP might not be 100%

39:52.200 --> 39:54.200
unilateral.

39:54.200 --> 39:56.200
It might be

39:56.200 --> 39:58.200
to some degree bilateral.

39:58.200 --> 40:00.200
But I think

40:00.200 --> 40:02.200
we're going to

40:02.200 --> 40:04.200
discuss in

40:04.200 --> 40:06.200
NFT collections.

40:06.200 --> 40:08.200
Here I'm linking to a slide

40:08.200 --> 40:10.200
from last week's session

40:10.200 --> 40:12.200
where we were talking

40:12.200 --> 40:14.200
about IP issues

40:14.200 --> 40:16.200
in

40:16.200 --> 40:18.200
NFTs and specifically in

40:18.200 --> 40:20.200
PFP's.

40:20.200 --> 40:22.200
And one of the things

40:22.200 --> 40:24.200
that I'm going to take

40:24.200 --> 40:26.200
with us because today

40:26.200 --> 40:28.200
we're going to talk

40:28.200 --> 40:30.200
about IP issues.

40:30.200 --> 40:32.200
And the first

40:32.200 --> 40:34.200
model is

40:34.200 --> 40:36.200
PFT collections that

40:36.200 --> 40:38.200
give you commercial rights

40:38.200 --> 40:40.200
to avatar

40:40.200 --> 40:42.200
and PFT collections

40:42.200 --> 40:44.200
that say your

40:44.200 --> 40:46.200
avatars in the

40:46.200 --> 40:48.200
domain if

40:48.200 --> 40:50.200
anyone can use it.

40:50.200 --> 40:52.200
You can also use it

40:52.200 --> 40:54.200
anyone else can use it.

40:54.200 --> 40:56.200
You can also use it

40:56.200 --> 40:58.200
around

40:58.200 --> 40:58.200
everyone's

40:58.200 --> 41:00.200
moral

41:00.200 --> 41:02.200
as my credit.

41:02.200 --> 41:04.200
I just say this we're

41:04.200 --> 41:06.200
talking to read

41:06.200 --> 41:08.200
discuss last week's session

41:08.200 --> 41:10.200
but keep that in mind as we

41:10.200 --> 41:12.200
discuss some of the things

41:12.200 --> 41:14.200
discussed today.

41:14.200 --> 41:16.200
But also when we speak

41:16.200 --> 41:18.200
to

41:18.200 --> 41:20.200
Arda on Thursday

41:20.200 --> 41:22.200
4156

41:22.200 --> 41:22.200
they're not accidental guests.

41:22.200 --> 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

41:27.240 --> 41:33.400
not say, good model for their collection and what the process of minuses are. So I think that's

41:34.200 --> 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

41:42.040 --> 41:52.600
by the older people in the NFT space but less known as less known by the newer people. I put

41:52.600 --> 42:00.520
up on what you're viewed as the definitive initial original PFP collection. And not strictly speaking

42:00.520 --> 42:06.360
start as a PFP collection. Larvalabs, the founders, Matt and John did not come out and say, hey,

42:06.360 --> 42:14.920
everyone needs profile pictures that look like low-res cartoons. And so here come picture profile

42:14.920 --> 42:21.880
pictures you can use it on Twitter. This wasn't at all. They were designed as a whole project

42:21.880 --> 42:30.120
where you could claim them for free. The traits for generative, what I mean by that,

42:30.760 --> 42:34.440
you're going to know in advance what you get to be some combination of the traits that

42:34.440 --> 42:40.840
were probability adjusted. And you can get an alienate as long as you win. And it came along

42:40.840 --> 42:47.480
with as a project and the founders definitely thought of this as a complete project, not just to be

42:49.480 --> 42:56.040
at the point itself, but the overall system, which included the front end website that was

42:56.040 --> 43:04.680
created, allowed you to trade them, allowed you to trade them for tier of fees, make offers, list them for sale.

43:05.000 --> 43:16.760
It was a very sophisticated project for its time. It has done more, it comes, it came on day one

43:16.760 --> 43:24.440
with more complete infrastructure than almost every PFP project you want today. But I believe the

43:24.440 --> 43:36.440
mental models on what the puncture, where is it art or is it collectible? It wasn't then,

43:36.440 --> 43:45.960
is it a PFP? And this quote here is from an interview that the larval abs Team

43:45.960 --> 43:54.120
did with art known who's a true expert in the NFT space. And he asked them is there what,

43:55.960 --> 44:01.720
what is it? Is it digital art or is it a collectible project? And their answer was basically,

44:02.920 --> 44:08.840
it doesn't really matter. You don't care what people call it, we just thought it was really

44:09.640 --> 44:14.840
interesting. And we want to emphasize that part of the project wasn't just the point in

44:14.840 --> 44:19.960
the art, but also the contract and the marketplace that's all built in together.

44:21.320 --> 44:25.320
What's really interesting when you look at this, you know, what's not there is PFP.

44:27.000 --> 44:33.960
Because that's on how they were thinking. The use of crypto-punk as PFP was emergent.

44:36.200 --> 44:44.280
It happened on the community, it was not designed. It was not necessarily obvious

44:44.280 --> 44:50.600
as it is now. It didn't happen right away. The project was launched in 2017. And I'm not saying

44:50.600 --> 44:57.720
these are the first times that people used a crypto-punk as their profile machine.

44:58.760 --> 45:02.760
But they were the first times I know, which doesn't mean I'm trying to happen before,

45:02.760 --> 45:11.640
but these weren't seminal events. And the first was in January when key money paid,

45:11.640 --> 45:16.840
I think $100,000 is the punk gave us back that was a gigantic record.

45:18.440 --> 45:25.160
And then made it his profile picture. And then a few weeks later, 4156,

45:27.800 --> 45:34.040
made a higher money, a little more of Hanter, is the pump gave. And also made it his profile picture,

45:34.040 --> 45:42.760
and also encouraged a lot of derivatives to be made of his profile picture. And we're going

45:42.760 --> 45:49.320
to speak to both 4156 and G-Money. Of course, we're going to ask them directly how they thought

45:49.320 --> 45:54.600
of why they did it, what it meant. But I remember both of these thinking in my mind,

45:54.600 --> 46:05.160
I'm like, oh, that's interesting. And over the next few months, a lot more people did.

46:05.160 --> 46:11.800
There's a lot more crypto points to it. And then a lot of people with other PFP collections.

46:13.800 --> 46:18.120
From my perspective, it seemed like this agreement I'm proud of hearing about it on Twitter.

46:18.120 --> 46:30.280
But I think NFTs as PFP was a 2021 funder. And I think it is a unbelievable fund.

46:30.280 --> 46:34.600
We'll talk about what that might mean, but it's an incredible fund.

46:34.600 --> 46:54.680
It's certainly impacted my thinking about 6529, that it became very obvious to me in 2021,

46:54.680 --> 47:03.320
early 2020. That's the idea that you can have an NFT in that NFT to represent your virtual identity,

47:03.320 --> 47:10.360
whether it's a 2D PFP or whether it's a 3D avatar. And the models are going to change

47:10.920 --> 47:16.040
a hundred times over the next few months. But the idea that you're going to have a

47:16.040 --> 47:23.240
visual presence for presenting yourself is not going to change. And that there is something

47:23.240 --> 47:35.480
interesting in representing that as NFTs. And that this is how that if there is a broad open,

47:35.480 --> 47:43.960
decentralized, metaverse, internet, the internet with persistent digital objects,

47:43.960 --> 47:51.240
well, that it makes sense to do it this way, as opposed to just uploading the cover itself.

47:51.240 --> 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

48:03.480 --> 48:06.840
still go personal for a second because I think it's wrong. I'm doing six, five,

48:06.840 --> 48:17.240
tonight is one of the better known PFP NFTs now. Why did I do it? Why did I not just start

48:17.240 --> 48:26.280
tweeting about NFTs? My professional question. Well, the first is I like to do things by doing

48:26.280 --> 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.

48:31.000 --> 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.

48:36.760 --> 48:42.360
You'll be able to learn by doing it personally. The second one was fun.

48:42.360 --> 48:53.800
The third, I thought it would clarify the message that I wanted to say and also help me test

48:53.800 --> 48:59.800
the message that I wanted to say. So I have a reasonable professional reputation,

48:59.800 --> 49:05.400
including in crypto. And I could have said like, oh, I thought these new things about NFTs

49:05.400 --> 49:12.600
and I would tell you what, we will get some feedback and audience views. But I started

49:12.600 --> 49:21.800
subscribe to that. I was zero followers as a brand new account, but with the six, five, nine,

49:21.800 --> 49:29.800
PFP. Because I was about to talk about NFTs. And this is now part of my identity. I want to talk

49:29.800 --> 49:38.680
about NFTs under that identity. And I don't actually want to mix it up with what I forget

49:38.680 --> 49:45.720
the last. I would just matter. I don't think you know what I want to talk about is the open

49:45.720 --> 49:55.880
network and how it's very socially important that we succeed at it. And you know, in no way,

49:55.880 --> 49:59.800
am I comparing myself to the federal speakers? Imagine if I had a joke, we have no idea what

50:00.680 --> 50:04.440
the readers of the federal speakers have no idea what Alexander Hamilton had for them or that

50:04.440 --> 50:10.680
like, why should they, right? Would anything have been improved if they did? I doubt it. So the

50:16.120 --> 50:22.120
area was all of the things mentioned. It was an identity where they community, in this case,

50:22.120 --> 50:30.040
the community of NFTs holders. And they went to sharpen the message and stand a focus

50:30.040 --> 50:40.600
message. And I think it's working. And I think it's not just something that you would say,

50:40.600 --> 50:47.880
oh, well, this is very unique to subscribe tonight. Other people won't use it. I've spoken to a

50:47.880 --> 50:54.760
lot of people. A lot of people, my professional network, who are fascinated and kind of frightened

50:56.120 --> 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

51:02.120 --> 51:10.440
long time pre-NFT to discuss with nothing new. But also, I don't think my experience

51:11.240 --> 51:16.280
is going to be some weird one-off experience. I think my experience and everyone's experience,

51:16.280 --> 51:23.480
I think most people will present multiple identities online, like they sort of do now,

51:24.440 --> 51:34.520
but a little bit. And so this, I think it's very interesting. I think

51:34.520 --> 51:45.160
PFPs do have at some level product market that that level means that people will want, need,

51:45.160 --> 51:51.400
it personalized, customized for what were their values and interest in identity,

51:52.280 --> 51:55.400
virtual identity online. Now, this doesn't mean that

51:55.400 --> 52:03.240
you can date your worth thirteen years, whatever is a totally different question, or how the

52:03.240 --> 52:08.040
projects are trying to find their position in the marketplace. It's very complicated,

52:08.040 --> 52:15.480
interesting question, but not today's question. The question is, there is not this point.

52:15.480 --> 52:23.560
There was one, I believe, people will use the PFPs in this way. And it's a fairly obvious

52:23.560 --> 52:30.440
and truly obvious usage case in virtual worlds and for NFTs.

52:36.120 --> 52:43.240
Really, for a good friend brought on a slide, I think this is a little bit more of the same that,

52:45.240 --> 52:52.440
what happens, I'm saying this more for people for not even the space, what happens when I see

52:52.440 --> 52:57.560
this NFTs? What is it done before I get to know Bharat? What messaging is he saying?

52:57.560 --> 53:01.960
What is it saying when he's contentative? That's what, that's kind of the messaging of the

53:01.960 --> 53:06.440
punks. And the crypto native comes one of two ways, right? Either you were early enough to

53:06.440 --> 53:10.040
own a punk early, because probably really, really contentative, not because you were good idea

53:10.040 --> 53:16.040
to buy one of them. Or if you're in relative journey completely, it means you are willing to sacrifice

53:16.040 --> 53:23.000
a lot of capital to own one of them. Anyway, I tell what people are just doing this, for example,

53:23.000 --> 53:29.400
solves the way that they're not. We try that with some people, but on average, on average,

53:29.400 --> 53:35.560
statistically, someone who was holding a punk, and they could instead be holding tens of thousands

53:35.560 --> 53:42.360
or hundreds of thousands of dollars, or a few cases where it's not. Is it making a decision

53:42.360 --> 53:47.880
that a punk is more important to them than tens or hundreds or thousands of dollars, or millions

53:47.880 --> 53:54.040
of dollars? So statistically, you will know something about it. It is highly unlikely, for example,

53:54.040 --> 54:00.120
that they hate crypto assets. It is quite likely that they like crypto assets, that they believe

54:00.120 --> 54:05.560
them, that they're willing to sacrifice, yeah, assets, and yeah, in some humans in order to make

54:05.560 --> 54:13.560
this thing. And so while you might not know anything about, or not specifically, you will know

54:13.560 --> 54:19.400
something in an aggregate, across the 10,000. This leads to two, right, where there's no

54:20.600 --> 54:24.840
punks followed, punks, I think that has died off a little bit, but you know, the punks discord was

54:24.840 --> 54:29.640
very popular, and people thought they had shared values, and I think they do have shared values,

54:29.640 --> 54:33.640
and the word, it's the sport, that's a different sort of shared value. That's true, and the

54:33.640 --> 54:37.480
moon words discord has a different share of shared values, not all pretty similar at this age,

54:37.480 --> 54:43.400
right? We haven't, they're all quite similar people, anyone who's currently buying a

54:44.360 --> 54:51.160
PFP on a fee, but there are differences between those community, and they're being expressed,

54:51.160 --> 54:59.000
and this is where collections of PFPs possibly mean something, because they're a way,

54:59.000 --> 55:05.480
very short hand, to see what something is for us, has made a random drawing of

55:06.360 --> 55:12.520
himself and presented it. But we're, you know, a fantastic collector, an excellent writer,

55:12.520 --> 55:20.120
and so it has forced to come, someone we respect to follow, in any case. However, there's a

55:20.120 --> 55:24.920
cognitive short cut, he's sending a message to something, a cognitive short cut that I

55:24.920 --> 55:30.360
express these types of values, not perfectly not completely, you know, you don't, if you wear

55:30.360 --> 55:34.840
University of Alabama t-shirt, it doesn't mean you would have your social University of Alabama,

55:34.840 --> 55:40.040
but you're doing some type of cognitive short cut. And of course, it allows for

55:40.680 --> 55:49.640
pseudonymity in a way that is a cool photo, that's it. Now, to talk about this a lot,

55:49.640 --> 55:56.600
yesterday, we'll talk about it on Thursday, the time to introduce another concept,

55:56.600 --> 56:05.560
a very controversial concept in PFPs, which is the concept of utility. And utility was,

56:07.640 --> 56:11.800
I believe, and this is not to say that there weren't some utility aspects in prior collections,

56:12.840 --> 56:19.080
this concept is an important concept in the PFP culture. I think it was largely popularized by you,

56:19.080 --> 56:27.800
Liga, which founded the Bordips.com PFP culture. It was very ambitious,

56:28.360 --> 56:35.480
post-minting, in offering all types of benefits, buddies, fun features to their community.

56:36.920 --> 56:43.240
Which is very different from the cryptopart, that the Marvel abs team, after they minted

56:43.240 --> 56:52.840
the PFPs, did something that approximates to nothing. And then there's a lot of criticism of

56:52.840 --> 56:59.400
the state, and people go back and forth, which was better. But they did not organize parties for

56:59.400 --> 57:05.080
punks, they did not make a game for punks, they did not make t-shirts for punks and minerals.

57:05.880 --> 57:11.080
I said, oh, this is an interesting, digital art collectible project. We have done it,

57:11.080 --> 57:16.200
and then what happened with the punks was quite emerging. Yuga was a little different.

57:17.720 --> 57:24.120
Yuga started off with access to a virtual yacht club, and you could make them walls,

57:24.120 --> 57:29.800
but then they helped parties in New York, they air-dropped, additional NFTs,

57:29.800 --> 57:33.400
they're now building a game called, or a Metaverse, or a game Metaverse, called,

57:33.400 --> 57:44.680
other side. And so Yuga, the company, does an awful lot of things. And they also copyright

57:44.680 --> 57:50.440
a different concept, a concept of commercial rights. And if Optimus was very good to illustrate,

57:52.040 --> 57:55.240
it was, the logic wasn't necessarily that every single

57:56.600 --> 58:00.600
or they pulled or launched an aggressiveness, but if this is going to be your identity,

58:00.600 --> 58:08.200
you should be able to do it every while. And crypto-punks from our labs were not totally clear

58:08.200 --> 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

58:12.600 --> 58:17.960
every while. And you don't have to ask this information, it's your identity. Almost the idea of

58:17.960 --> 58:26.360
that commercial rights was just as important as commercial rights. And whatever reason,

58:26.360 --> 58:32.120
maybe it was these things that they did, or maybe it was a moment in time, or maybe it was

58:32.120 --> 58:39.000
the minty model. Whatever the case was, the board had got up to very, very well economic,

58:39.000 --> 58:43.800
it was mint of the point zero, repeat from you. At some point, it crossed a hundred

58:43.800 --> 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

59:00.280 --> 59:07.000
interesting thing is to follow. Because it did well, and because it had a lot of utility,

59:07.000 --> 59:18.040
a lot of other collections followed this effort. And so the typical election, you know,

59:18.040 --> 59:29.240
the punks have the benefit that they were first, early, have heritage in history and provenance.

59:29.240 --> 59:40.920
And so it's plausible to believe that the crypto punks are the Andy Warhol shoot cans of PFPs.

59:42.360 --> 59:47.400
They were the first people in the original, they were extremely well-fought out, they were very

59:47.400 --> 59:53.640
comprehensive, they had a form of artistic thinking in them. They are just between the fact that

59:53.640 --> 59:59.880
there's simplistic, probably actually even helps them in terms of, you know, being less

00:00.920 --> 00:07.480
impacted by fashion trends. And so, that opportunity was unique to the punks.

00:08.920 --> 00:15.240
What has happened with the BFB culture, because the first one that managed to make real

00:15.240 --> 00:23.640
inroads against the punks, and today is probably the same market capacity for it. And this heavy utility

00:23.640 --> 00:28.680
focus, this space shift there, because obviously people are saying, oh my gosh, the great business

00:28.680 --> 00:35.720
opportunity is like, people like having an NFT, there are PFPs, there's 10,000 punks, people can

00:35.720 --> 00:41.080
do a very quick check, check if there's more than 10,000 people know. You know, all you have,

00:41.080 --> 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

00:45.400 --> 00:50.280
probably also incorrect. The most amazing stuff that I read in the last couple of months,

00:50.280 --> 00:56.040
is the Rolex, which a lot of people think it was a luxury league product. So it was one million

00:56.040 --> 01:01.720
watches a year. And over the last, I don't know how many years, three decades have sold 40 million

01:01.720 --> 01:10.440
something watching. And so, the Rolex is, of course, an identity object. It is not an object that

01:11.480 --> 01:16.680
whose goal is to tell you the time, certainly not in 2022, you have a phone on you that'll

01:17.880 --> 01:22.600
watch with the Zillion features for a couple hundred bucks. You're buying your Rolex for

01:22.600 --> 01:28.120
identity reasons, many belonging reasons, especially. And the average Rolex is under $12,000,

01:28.120 --> 01:33.240
$13,000, which is still a reasonably priced PFP. And there's a million of those a year, right? So,

01:33.960 --> 01:39.640
a lot of people in the post-based NFTs phase with an entrepreneurial line and in this lab. Well,

01:41.400 --> 01:50.920
obviously, there's going to be more demand for PFPs in a thousand. And in which case,

01:50.920 --> 01:59.960
we should make some. And how do we get people to be introduced not already to do things for

01:59.960 --> 02:09.480
them, you tell anyone. And this, I would say, is one of the very big interesting and outstanding

02:09.480 --> 02:17.800
questions about this. Because in a lot of products, there will be so far in watches near an Apple.

02:17.800 --> 02:22.520
I don't think you can replicate the

02:24.360 --> 02:30.520
birth of different components anymore. And then I think the interesting question,

02:30.520 --> 02:36.200
where you're telling a question, really boils down to, is anyone actually want these things?

02:36.200 --> 02:42.520
Are these things interesting? You know, you can get physical builds, you get air drops,

02:42.520 --> 02:51.240
you get access to market reports. When we get cover rolls on here later, we're going to ask

02:51.240 --> 02:57.480
them why in something so funny, but not previously, I think I wanted to funny that, right? And so,

02:58.040 --> 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.

03:02.280 --> 03:13.160
And I think in some cases, it is a bit, a solution looking for a problem, as opposed to necessarily

03:13.160 --> 03:20.840
a problem that is very obviously solved by these solutions. I think to me, what has happened

03:20.840 --> 03:27.720
to certain collections generated the high market value. And then people kind of look around and

03:27.720 --> 03:33.720
say, well, why does it have this high market value? Well, we need to do things justified and

03:33.720 --> 03:40.120
it's not necessarily, if those things are the right things, some of them might come out to be the

03:40.120 --> 03:49.640
right, some of them might not. And the reality is we don't know you, right? NFTs as a PFP concept

03:49.640 --> 03:55.560
is not even two years old. Utility-oriented PFP collections are maybe a year and a half old.

03:55.560 --> 04:01.560
Most of you are still in the orange of PFP, or should something up for a few months. Is there

04:03.240 --> 04:08.600
any doubt in my mind that people will use PFPs, isn't? If you want them to be

04:09.160 --> 04:15.400
or fiably yours and take your identity across different applications, all they should be in,

04:15.400 --> 04:27.160
NFTs, they are done. Is it clear in my mind that it's good that there is a company that has

04:27.160 --> 04:33.960
issued those NFTs and that company is going to do interesting activities for you, though.

04:34.520 --> 04:39.960
Make your physical clubhouse, the whole party is going to solve your t-shirts, go to special shows

04:39.960 --> 04:45.560
with actors. Or maybe I think some people will figure it out. I can do some of those in work,

04:46.760 --> 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

04:51.480 --> 04:58.680
process of exploration of which models do work. In which models don't work. In which models work

04:58.680 --> 05:02.680
for which communities, it's going to be different. But some communities are going to value.

05:03.720 --> 05:07.480
You can just see this very clearly between the proximity and the more interesting,

05:07.480 --> 05:11.640
the more interesting and many, very much, values. It's best to meet other people. They'll learn

05:11.640 --> 05:15.400
the joy of having the time instead of why they're going to be out party on the Pearson.

05:16.360 --> 05:20.520
And then if the folks did something similar, but how far the psychological profile of

05:20.520 --> 05:25.720
the company goes, what's interesting about that? Neither is right. Neither is wrong. There's

05:25.720 --> 05:33.000
going to be different things for different types of people. So when this experimentation phase,

05:33.000 --> 05:39.160
and I'll mention the nouns here, because the nouns are another take on the same model,

05:39.640 --> 05:46.520
because we're going to talk about these. The nouns are the step beyond commercial rights. They

05:46.520 --> 05:51.640
like the crypto tools and the city needs and the NFRS are collections that say,

05:51.640 --> 06:04.680
we're building a collection that is meant to be a network oriented collection. What do I mean

06:04.680 --> 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,

06:12.200 --> 06:18.280
I'm a company. I'm starting a lifestyle company, a street work company. I have five or ten people

06:18.280 --> 06:28.760
at my company and make you products. Hopefully, my people are talented and smart and have

06:28.760 --> 06:35.080
tasted people like it. And if I'm a commercial collector, too, maybe there'll be

06:36.200 --> 06:39.560
thousands of people who have commercial rights, and if there's a few hundred or dozens,

06:39.560 --> 06:45.240
we'll do some interesting things. So I get some number. The idea behind nouns,

06:45.240 --> 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

06:51.000 --> 06:57.080
to that force. Why should it just be the people who happen to hold a noun? Maybe someone

06:57.720 --> 07:04.520
in Japan who turns out to be super talented and wants to be a project with these famous nouns

07:04.520 --> 07:10.680
ones. You can just go it. It doesn't need to ask a more permission. And the only thing that's

07:10.680 --> 07:18.920
good is that good is that bad. Well, the model there, and the underlying theory there, is

07:20.680 --> 07:25.240
in an attention economy, in a networked attention economy, really the only thing that's

07:25.240 --> 07:30.920
going to drive long-term now is long-term tension. I think this would be the less-case serve now,

07:30.920 --> 07:35.000
if they become some type of global brand. Then through some mechanisms somehow

07:35.000 --> 07:42.040
still unclear, owning an actual noun tough and will show a level of provenance and

07:42.040 --> 07:52.040
its need, and it should be valuable. It is the far edge of PFPs experimentation in life.

07:53.160 --> 07:57.000
You now would get into this at all, and get to deep into this, I would love a whole session,

07:57.000 --> 07:59.480
like with 411Xs, about this office.

07:59.480 --> 08:08.360
Also, you know, we had mentioned avatars, avatars, of course, coming. They're coming to PFP world.

08:08.360 --> 08:17.800
They're summarizing the needs of the cybercalls. There's more coming. Will there be

08:19.400 --> 08:24.200
avatar-based collections for moving around in virtual lands, of course? There's 100% happening.

08:24.200 --> 08:29.160
With the agency of this, I will expect a lot more of this, and they'll be an interesting question.

08:29.160 --> 08:35.800
What's better? Do you keep two? Do you have one? Do you have one? Do you have only one?

08:35.800 --> 08:39.800
In which case is it a 2D render than 3D? Is it 3D render than 2D?

08:40.600 --> 08:43.240
I don't know, but we're going to find out of the next five to the end of the year.

08:45.720 --> 08:50.520
Now, I'm going to go highly abstract, or something, a whole lot.

08:50.520 --> 09:02.760
I want to inject into your thinking. One of the things that fascinates me about PFP collections

09:03.640 --> 09:13.320
is this idea that they are a publicly readable community database.

09:13.320 --> 09:19.160
What do I mean by that? We talked about the particulates.

09:21.320 --> 09:24.040
You don't have to know who any of the

09:25.880 --> 09:31.080
crypto-punk holders are in real life. You don't need to know their mailing address,

09:31.080 --> 09:34.600
the social security number, their email, where they live,

09:34.600 --> 09:42.680
to be able to address them. What do I mean by address them? Well, you can airdrop them

09:43.800 --> 09:51.320
a token of any type by airdroping it to the addresses that have crypto-punks.

09:52.200 --> 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.

09:55.960 --> 10:02.520
You can create an application, where someone who has a crypto-punk

10:02.520 --> 10:07.960
is in with their web3 blog, and can enable features in their application.

10:08.520 --> 10:10.520
Now, if those features were, it could be things like,

10:11.960 --> 10:17.080
our own against your crypto-punk, because you know, you feel you know how much

10:17.080 --> 10:20.760
your crypto-punks's are worth, and you're willing to take a crypto-punk as collateral,

10:21.240 --> 10:24.360
and extend a blog against it. It could be

10:26.040 --> 10:29.560
signing a licensing degree with the crypto-punk's world bought by Yuga.

10:29.560 --> 10:37.320
And so they now have commercial rights, and so let's say I wanted to sell coffee mons with

10:37.320 --> 10:42.840
crypto-punks on them. I could make an application and say, hey, I want to

10:42.840 --> 10:48.520
sublice them some the way you can express to me that you're interested. I don't have to

10:48.520 --> 10:54.680
email your call. You need to come here and sign something crypto graphically,

10:54.680 --> 11:02.840
with a non-exclusive sublice. You could say in another verse environment,

11:02.840 --> 11:08.680
and OM, and say, oh, here's a neighborhood, and this neighborhood is only available to

11:09.640 --> 11:13.800
crypto blog holders, and how will we know your crypto blog holders? Because we'll check

11:13.800 --> 11:18.440
your wallet when you log in. If you haven't crypto, then you can come in, and if you can't,

11:18.440 --> 11:26.760
you could make a game. So if you're in this game, now it's very interesting. Everyone,

11:26.760 --> 11:31.400
nine to seven, how they want to do it, everyone under making games, once they've grown game assets,

11:31.400 --> 11:41.640
they can monetize it, but people will make games that would use existing PFPs.

11:42.680 --> 11:45.880
You can say, oh, look, I made this whole game, and if I have a crypto-punk,

11:45.880 --> 11:50.840
then I get a special org of power, and if there's something in the game.

11:52.360 --> 11:55.240
You can even go into the first of the world. You can sell it down,

11:56.600 --> 12:04.040
actually running a physical blog in Manhattan, and it's token gated, and you can come in,

12:04.040 --> 12:10.200
you can, there's different models now on a mobile device, demonstrate ownership of the token,

12:10.200 --> 12:15.240
and I was not just for bugs, maybe it's for a different type of blockchain, because people who are

12:15.880 --> 12:23.720
generally into NFTs, NFT club, NYC, right? It's a cool bar. You only want NFT nerds,

12:23.720 --> 12:28.040
so you can talk about NFTs all day long, not saying it's necessarily good business,

12:28.040 --> 12:33.560
I don't understand, you can in fact do. And if you think about this concept,

12:33.560 --> 12:42.840
it's saying shine normal psychic, because there are all types of community databases in the world.

12:42.840 --> 12:51.080
They are all held in fact from twice the end of it. They all have a variety of personal information

12:51.080 --> 12:59.960
involved, right? And, hey, you can't easily get access to them, and need to get access to them

12:59.960 --> 13:07.800
for someone to give you access to them. Usually, they're going to handle

13:07.800 --> 13:11.320
where people's personal information, right? So, let's say,

13:15.320 --> 13:22.360
I wanted access to a database of a Catholic church network. I haven't done that, I'm

13:22.360 --> 13:26.280
trying to deal with a Catholic church, and I don't think they would, but let's say they did,

13:26.280 --> 13:31.320
I certainly couldn't do anything directly, because I would expose everyone's personal information,

13:31.320 --> 13:35.880
so you could do some lot of work out here, include a mailer to their house, or what have you.

13:35.880 --> 13:39.960
But, none of these things are easily made. None of these things are particularly interesting

13:39.960 --> 13:50.440
in 2022. Whereas, should it be the community to start forming new NFT collection?

13:50.440 --> 13:58.200
And, those NFT collections mean something. And, by mean something, actually, not that there's

13:58.200 --> 14:05.880
a whole t-shirt or a game, mean something and they have distinctive value, distinctive psycho-demographies.

14:07.160 --> 14:12.600
It's going to be very interesting, because you can then have the world large

14:13.320 --> 14:18.440
developing things for your community, regardless of which model you are, like you don't have

14:18.440 --> 14:24.760
you can get a commercial model, or you can get a CC0 model, someone can still make an opt-in service

14:24.760 --> 14:34.360
for your community. I think this idea is underappreciated. I think I need to work on it and develop

14:34.360 --> 14:41.080
more. I think it's a very large idea. And, much more interesting idea than most of what is going

14:41.080 --> 14:47.480
on on the Internet. I always say everything, but most of what is going on. Next question,

14:47.480 --> 14:55.800
I want to ask this for the new people. Why do people pay so much to people? It is almost

14:55.800 --> 15:02.600
like the generic first argument that people at all, NFTs are a scam. I can't believe someone paid

15:02.600 --> 15:12.120
100 grand for this one to pay. Well, of course, some of what's going on is speculation. Of

15:12.120 --> 15:18.920
course, some of what's going on is, of course, prices go up and prices go down a lot, which

15:18.920 --> 15:28.200
happens a lot in particular, and it's the most directly monetized space on the Internet.

15:28.200 --> 15:31.960
Now, some of it is just, you know, something that's definitely going to get some popular

15:31.960 --> 15:36.360
price goes up in a place like that. And, of course, some of it. Why isn't the price for all

15:36.360 --> 15:41.320
these things like 10 bucks? Let's start with the particular punch, which is where the logic

15:41.320 --> 15:48.440
started in the long time. We have the particular punch meant something natively importantly,

15:48.440 --> 15:56.440
artistically, as the first of its type in the particular world. Well, certain people,

15:56.440 --> 16:05.960
myself and readers, want to express my identity through owning a part of that culture,

16:05.960 --> 16:11.480
just like I've expressed my identity with a person or a people's story, but I do it because

16:11.480 --> 16:16.360
to me, it's the exact same thing. I express my identity by owning and or ultimately.

16:18.040 --> 16:22.040
It says something about it. I like that type of thing.

16:22.040 --> 16:37.960
And it turns out the net market dynamics of how many people feel that way and how many

16:37.960 --> 16:44.200
crypto-punks they offer. And given the crypto-punks that in a somewhat special place in the

16:46.040 --> 16:50.920
hierarchy, and given that the people who tend to feel that way and to have a lot of

16:50.920 --> 16:59.400
crypto assets and have gotten fairly rich over the last few years. The market

17:00.600 --> 17:05.080
clears at whatever price of the people. What point today is 99?

17:08.440 --> 17:15.960
Does it mean it should be 90 and not 10 or 90 and not 900? Nobody knows. We all discover this

17:15.960 --> 17:25.400
over time. But it is no different conceptually to why a tomato soup can cost whatever it can

17:25.400 --> 17:29.720
be. This is how the hell the logic starts. And they all want about these utility miscollection.

17:30.440 --> 17:36.760
Not the same thing at first, right now, and everyone's trying to, you know, the project promoters

17:36.760 --> 17:42.440
are trying to replicate in short circuit the pathway of crypto-punks. Make the same thing you have

17:42.440 --> 17:48.440
in crypto-punks. And this is where some of the mismatch happens. There are a lot of people

17:49.800 --> 17:55.320
and look at the auto-quote utility and say, well, I'm not sure that's worth it.

17:55.320 --> 18:00.280
Why is it worth it to be there? If everything is going to be an interesting question,

18:00.280 --> 18:05.640
most utility miscollections, I believe, will fail at all. Now, ones that work

18:05.640 --> 18:16.840
are the ones who managed to build a broad ecosystem, but the original PFPs are not highly

18:16.840 --> 18:24.440
deadly. I spoke about this one earlier. They hope that someday the boarded ecosystem

18:25.240 --> 18:30.600
is as large as some of the major life-stover internet. And if that's the case,

18:30.600 --> 18:37.560
when there's only 30,000 PFPs, it is likely that the demand for those PFPs to be sufficient

18:38.120 --> 18:43.880
of the prices will be, you know, not zero, significant. We don't know these things,

18:45.400 --> 18:55.800
and because, like, most startup ideas, most collections will fail, price will not be high.

18:55.800 --> 19:03.400
You're going to have this continuous tension with non-crypto people, non-NFT people.

19:03.400 --> 19:08.760
Those are like, oh, come on, this is like all-time-some-type scale and some-type problem.

19:10.200 --> 19:14.200
And, you know, the leading investment of the PFP might get out of this,

19:15.560 --> 19:22.920
but some of them will, I think, create a strong social construction. And for those,

19:22.920 --> 19:30.840
I think you will hold on. If there is continued demand for a million roles in the year,

19:33.720 --> 19:37.560
there is going to be more than 10 or 20 or 30,000 valuable people.

19:38.200 --> 19:43.240
A valuable, I don't know, which ones I don't know. I'm not sure if you've ever given

19:43.240 --> 19:49.400
the rest of the question, you know, but I think it's fair to say that most PFPs will not be

19:49.400 --> 19:56.920
expected, in expected. And if you will have value, and the fact that they have value is not

19:57.400 --> 20:05.560
some type of a priori takeaway that there's a scam going on. It's not an input.

20:06.360 --> 20:11.560
A thing of quite sloppy thinking, even if a lot of these things don't actually hold value.

20:11.560 --> 20:18.920
Now, some questions that I want you to think about, as we talk about,

20:19.640 --> 20:27.160
as we go through the next two interviews, discussions will start in 4156.

20:27.160 --> 20:31.320
There are things that happen, that I have in the back of my mind when I'm chatting with them,

20:31.320 --> 20:34.520
and you'll see them come out, and I want to let you know the question that I'm thinking.

20:35.720 --> 20:39.240
The first is valuation that was discussed. You're telling me, what does it mean?

20:39.240 --> 20:42.920
It doesn't mean anything, right? This is what people actually want. What do people want?

20:45.400 --> 20:50.120
As it present, this is a kind of an excuse question. I'll talk about this more later in the course

20:50.120 --> 20:54.120
when we talk about security and legislations, and I want to get it deep into it now.

20:54.120 --> 20:58.520
As it presents some risks, I hope this will be classified as security. We'll see.

20:58.520 --> 21:05.400
I mean, it's not for today. What are the trade-offs between commercial licenses versus

21:05.400 --> 21:12.920
CC0 public domain licenses? Are these really communities, or are these customers

21:12.920 --> 21:22.040
or companies that need? Are these art Christmases, or maybe the social construction that is

21:22.040 --> 21:28.840
global, or are they fashion businesses, or are they, it's fashion, it's not fashion.

21:29.880 --> 21:32.840
What are the revenue models, you know, is it from primary sales,

21:32.840 --> 21:37.160
from ongoing royalties? How is this impact to move the current debate happening in royalties?

21:37.160 --> 21:41.640
These are the types of things I want to dig into with, for example, 4156,

21:43.080 --> 21:49.320
and get into the more hard-hitting question. I think you now have the basis covered. You have

21:49.320 --> 21:56.280
some basic frameworks and models covered, and then we'll get into some more hard-hitting question.

21:56.280 --> 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

22:04.520 --> 22:11.640
the NFT valuation team. What's interesting, so far they've tracked PFPs in generative art,

22:12.920 --> 22:18.360
and one of one art, probably in the next few months, I don't think one of one art is likely

22:18.360 --> 22:23.160
to be bigger than generative art. And what's interesting so far is the market value of PFPs

22:23.160 --> 22:27.720
is higher than the market value. I suspect we'll see the other categories that have PFPs.

22:30.840 --> 22:34.040
There's a couple of reasons you can imagine. One, because maybe it's easier,

22:34.040 --> 22:38.680
it's the easy way to get started. It's understandable what, which ones are more valuable,

22:38.680 --> 22:43.480
less valuable, more rare, or lesser. It's understandable what you do with it, just a hundred profile.

22:43.480 --> 22:53.960
So that's one idea. The other idea, maybe it has product market fit. Maybe this is a thing that

22:53.960 --> 23:03.320
everyone is going to want. Everyone. And maybe whereas owning a piece of generative art is

23:03.320 --> 23:09.080
something only a few people are going to want. So we don't know the reasons, but today,

23:09.080 --> 23:15.480
they're a large percentage, the largest percentage of the NFT market capitalization.

23:16.280 --> 23:22.040
Eight, over the top ten collections, by market capital, 15 collections, more of those,

23:22.040 --> 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.

23:28.520 --> 23:31.400
I think I was in a semi-debate on Twitter about this.

23:31.400 --> 23:41.800
Does someone ask it? Is this an apple? No. NFT is of the furthest thing from an apple,

23:41.800 --> 23:48.200
right? There's no barriers to entry them, none zero. I can go out this afternoon and mint 1,000

23:48.200 --> 23:57.720
PFP collections until it happens. So I think it is more of a reflection of the maturity of this

23:57.720 --> 24:05.000
space than one company who calls the IP for 50, 60 percent of the market capital, 50. And

24:05.000 --> 24:13.080
really, this really happened because they were able to buy the crypto points IP. But I'm all

24:13.080 --> 24:20.280
about 100 percent certain that this number will diminish over time because there's people who

24:20.280 --> 24:27.720
will be launching new PFP collections. And some of them will shift some vein of interest

24:27.720 --> 24:34.280
along the public. And there's no reason to believe that only you'll get to do it.

24:35.240 --> 24:40.920
Many communities, artists, companies, etc. will come after this space. So I think that number

24:40.920 --> 24:47.400
isn't that kind of, but it also will go down over time, natural, because unlike how you think

24:47.400 --> 24:52.680
about classes from Apple, your utility company, they've literally run the pipes to your house

24:52.680 --> 24:58.920
and class from Apple. You'll get does not have a class from Apple. Anyone can launch a PFP collection.

24:59.960 --> 25:05.400
What they've done is very good execution. So I do think that number will match on from now.

25:06.520 --> 25:16.280
And then the last data point, this is volume from, you know, I hate lectures from all time,

25:16.280 --> 25:23.160
basically before January 2021. It was in, in barely even see it on the chart.

25:24.360 --> 25:33.000
And there were big spikes in fall of August and September of 2021. A huge spike in April is the

25:33.000 --> 25:42.120
other side of mint. And today I'm going to down quite a bit. Crypto volume in general,

25:42.120 --> 25:48.600
and I'm talking. And given this is the least established part of the crypto asset

25:48.600 --> 25:54.760
field, it's logical to expect that they'll be down even more. This does not have priority

25:54.760 --> 26:03.080
bothering me. I think this is going to be very, very large field. And this reminds me of what

26:03.080 --> 26:11.880
was happening early, but it's like selectivity and then long periods of much less activity.

26:12.760 --> 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

26:22.040 --> 26:29.560
today. What I'm going to do is I don't want to mint presentation yet. I want to finish the

26:29.560 --> 26:41.720
chat with the others. Also information from those chats and share it once it's fully complete

26:42.600 --> 26:49.320
towards the end of the week. Now, I don't know if George or Valentino's can tell me,

26:49.320 --> 26:55.320
are we in one room in which case I can maybe drop down and try and do voice chat and all,

26:55.320 --> 27:00.040
or are there multiple rooms in which case I think we need to be able to display for now several

27:03.240 --> 27:10.520
information. Okay, well, nobody's replying to me here. So I am going to assume, assume we're,

27:10.520 --> 27:18.120
I'm going to take a section and just answer questions here. So let me stop here.

27:18.120 --> 27:35.080
Okay. Why don't you feed questions to the team in

27:35.080 --> 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

27:49.880 --> 27:56.120
live channel, looking for a question. I'll assume I will see them there. I see three of them so far.

27:56.120 --> 28:05.400
I assume they're more than three questions, so we should feed them into them. I'll take this

28:05.400 --> 28:09.240
question to basically not take this question. What is the best way to do marketing for your

28:09.240 --> 28:17.640
PFP project? I'll tell you the worst way to do marketing. Send me DM on Twitter and say, hey,

28:17.640 --> 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

28:29.000 --> 28:37.800
15 times every single day. Needless to say, I don't even bother replying to these. And

28:37.800 --> 28:42.680
needless to say, this is unlikely to be a model that is going to be successful.

28:42.680 --> 28:54.680
Right. The idea of hoping some people with reach will for some reason take your money and say,

28:54.680 --> 29:01.000
wow, this is a full PFP collection. And people are going to care about that or care about that in

29:01.000 --> 29:13.320
the long term. It's a terrible one. I'm almost 100% certain that this will not work. The things that

29:13.320 --> 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

29:24.360 --> 29:35.000
find a core of people who have a shared ethos. The punks are to share ethos around the idea of

29:39.000 --> 29:44.440
the more dates. For sure, early on had a shared ethos around the idea of

29:44.440 --> 29:57.560
taking themselves less seriously and less expensively than the punks. The CDVs have a shared ethos

29:57.560 --> 30:06.440
of taking themselves extremely non-served. And it's one of those, you know, anti-branding,

30:06.440 --> 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

30:15.880 --> 30:28.360
anti-status, status flex. The nouns have an ethos. The ethos has what they're trying to test.

30:28.360 --> 30:40.280
This idea of an extremely decentralized PFP project. In fact, I don't do anything. This one is

30:40.280 --> 30:45.720
pretty free from the project. Ethics is building a better home. Let's go to that and see if you think

30:45.720 --> 30:55.160
that through it on. It certainly will get me. What is not likely, so to me, you have to start with

30:55.160 --> 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

31:03.080 --> 31:13.640
if these people would want to be together for any other reason. What tends to be the default

31:13.640 --> 31:23.560
case of a new PFP project, which is why the default new PFP project is it starts off with the

31:23.560 --> 31:29.320
needs of the creator. The perceived needs of the creator ends up in some of the more lines of

31:29.320 --> 31:39.480
I want to make a lot of money and have no interest in the actual needs of the people from whom

31:40.200 --> 31:47.160
you're hoping to make a lot of money. So the starting point has to go, who are you addressing?

31:47.160 --> 31:54.120
Why are you addressing? Why are you addressing those people? What are you helping them for in

31:54.120 --> 32:02.840
their lives and start there? It's hard to have any ideas. I just want to make 10,000 generative

32:02.840 --> 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

32:15.640 --> 32:24.440
I'm in favor of it, but it has happened. You have to start always thinking about the questions

32:24.440 --> 32:30.840
in community that people start there, not when you're working. If you start a project and then ask

32:30.840 --> 32:41.320
yourself why does someone want it? Well, weird model. Okay, next question.

32:43.640 --> 32:50.280
PFP identity can be tied to the cultural object framework perhaps. Yeah, so this is something

32:50.280 --> 32:55.240
I tweeted about. The cultural object framework is something that I just completely made up.

32:55.240 --> 33:01.880
But I still think it's something that everyone knows a bunch of cultural objects. Those cultural

33:01.880 --> 33:07.240
objects might be make you or the Mona Lisa or Donald Trump or Donald Trump is a cultural object

33:07.240 --> 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

33:14.120 --> 33:19.000
cultural objects. There's a bunch of national ones. Italians have different ones in America

33:19.000 --> 33:23.560
and then you have local ones in your community, local high schools, local cultural objects.

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Nobody else cares about it. And at any point in time, people have maybe a few thousand cultural

33:36.040 --> 33:41.400
objects they remember. I think it's just a limitation from the number. You just sit down

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and find the right amount. Every cultural object you can think of. I know you're good. I think

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people come to themselves. The ones that have made it as global cultural objects. They're

33:55.000 --> 34:00.680
everyone in planet Earth and Earth. By my side, I'm the goal. I'm the goal is super valuable

34:01.240 --> 34:08.120
not because you know, physical water is super valuable. It's super valuable because several

34:08.120 --> 34:16.680
billion people will recognize that bottle and say, oh, that's very specific. Very specific

34:18.920 --> 34:22.520
physical water. So this has

34:26.360 --> 34:33.400
a background and I think some PFP projects are currently in the competition and become global

34:33.400 --> 34:41.240
cultural objects. How many will make it? No more than a handful. Why? Because how many global

34:41.240 --> 34:49.480
cultural objects are there? 200, 500 to 1000 and not 50 health. So how many of those are going

34:49.480 --> 34:58.680
to be PFPs? Not a lot. But somewhat, somewhat. And part of my logic of why I think was super

34:58.680 --> 35:11.640
early in PFPs is you don't see national or local, like the normal example I get is France.

35:11.640 --> 35:18.840
France is a big country. It's a piece of an economy. It has something million people.

35:20.680 --> 35:24.680
It is extremely proud of its language and culture. We have a whole

35:24.680 --> 35:31.240
institute set up to protect its language. And as far as I can tell, I have yet to see

35:32.200 --> 35:38.680
a meaningful PFP collection where the names of the traits are in French.

35:40.520 --> 35:43.000
By the way, I'm not sure if you should do this as a visual idea because

35:44.120 --> 35:48.200
probably the reason it hasn't happened is on of French people now still working with NFTs.

35:48.200 --> 35:55.480
Some other will be. And it seems totally obvious that the average French person who on average speaks

35:55.480 --> 36:06.440
French will want the PFP in his or her native language. And how many PFP collections in French

36:06.440 --> 36:17.080
of 10,000 France support? Well, quite a few. Or maybe fewer collections, but larger numbers of

36:17.080 --> 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

36:28.360 --> 36:36.360
collections, all of which are competing on a global basis, all of which are super

36:36.360 --> 36:43.800
rudimentary, like the numbers are tiny. When you think about all large communities,

36:43.800 --> 36:49.560
well, Facebook has three and a half billion people. Oh, the Bored Apes have

36:49.560 --> 36:54.840
linked to a lot of NFTs, depending on if you count the crotos in or not in other side.

36:55.400 --> 36:58.280
The board apes either have 30,000 or 40,000.

37:00.760 --> 37:08.040
30 or 40,000 is not a large number either as a brand or as a social media company.

37:08.040 --> 37:17.480
And so we're still super, super early, super, super niche. And I think thinking through

37:18.280 --> 37:22.840
the cultural object framework, so thinking factfully that there will be outcomes of

37:22.840 --> 37:29.400
a national at a global level, the national level of community level, will actually help maybe

37:30.360 --> 37:34.920
help you find gaps in the marketplace. In fact, the gaps in the marketplace are literally

37:34.920 --> 37:40.440
everything. Everything's happening. But you have to ask yourself, do you understand this group

37:40.440 --> 37:44.920
well enough and are they online enough and are they crypto enough now that you can fill that?

37:48.040 --> 37:53.000
I do think the archetype of PFP is going to be replaced since temporary. I assume this means

37:53.000 --> 38:03.320
the 2D profile picture. But we'll definitely have 3D avatars. You might have other things.

38:03.320 --> 38:08.840
The 3D avatars are probably the end state right because they'll work 3D in the browser,

38:08.840 --> 38:11.960
they'll work in virtual reality, they'll work in augmented reality.

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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

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natural view. So I certainly expect a lot more 3D avatars and NFT collections.

38:36.600 --> 38:41.080
How does that interact with 3D spaces? I don't know, I mentioned this earlier.

38:41.080 --> 38:47.560
Are you going to have one PFP for Twitter and a different one for running around OM?

38:47.560 --> 38:54.680
Are you going to have the same one, and if you're going to have the same one, is it

38:56.840 --> 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

39:05.000 --> 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

39:11.160 --> 39:16.120
I think it's true early to know this. Of course there's one of those questions where the answer is

39:16.120 --> 39:19.880
yes, all of the above, right? There can be people open different things. But

39:22.600 --> 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

39:31.240 --> 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

39:39.000 --> 39:48.280
to run and there's a lot of technical issues to solve to make them work well. Facebook

39:48.280 --> 39:53.640
has spent tens of millions of dollars and they're still working on having their 3D avatars,

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have the legs in VR, you know, why is it hard to have legs? I can do them in an afternoon

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alone. Have legs in VR and not make the user nauseate. The legs have to actually work in a

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naturalist way that people don't get nauseated. So a lot of work that needs to be done by do

40:12.360 --> 40:24.920
think that's probably the end state. Does a PFP with no utility have a chance in the future? Yes.

40:27.400 --> 40:34.840
I think it is an open question how much and as we've ever housed,

40:34.840 --> 40:41.960
both models work, but how much the model is going to be? I want to own this NFT

40:42.840 --> 40:48.840
because there's a team of people at the company behind that are a bunch of cool stuff for me.

40:48.840 --> 40:54.120
They're organizing parties, they're making a special house for me to stay in when I'm in

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San Francisco, they're air dropping me a t-shirt, I mean all of this stuff is one model. And then there's

41:03.560 --> 41:12.680
one of the other PFP's that are pure culture. Crypto-punks are a bunch of pure culture. The CDB is

41:12.680 --> 41:20.600
pure culture. There is no centralized security team, there is no one organizing on behalf of the

41:20.600 --> 41:34.360
project. It's just a cultural part. I think cultural ones are harder to do because you've got to

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figure, you've got to really get the meaning of a certain culture. They're harder to do,

41:40.680 --> 41:47.160
but if you do them, if you do them, I think that easier to be successful. If you get it right,

41:47.160 --> 41:52.600
the pathway to success is easier, you have to do fewer things. The ones that are utility-based,

41:54.600 --> 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,

42:02.920 --> 42:09.720
that expectations are set that you're doing something for the holders on an ongoing basis.

42:09.720 --> 42:21.000
I'm going to say, I'm going to say what's bad, big companies operate effectively forever,

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like Nike isn't saying, well, gosh, I'm really exhausted thinking up of new shoes, so next

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year we're not going to make it. It's a normal corporate thing, but if you end up in that model,

42:31.480 --> 42:39.000
that is the model. You have to keep coming up with new things every year for the developing

42:39.000 --> 42:46.120
existing things, and managing to stay tuned with the values and interests of your group,

42:46.120 --> 42:53.800
and continue the bunch of other groups. So, the utility model, it does imply a lot of work,

42:53.800 --> 43:00.360
if it works. A culture model, all of the hard works on a fund end, if you make something that's

43:00.360 --> 43:06.040
cultural irrelevant. If you make something that's cultural irrelevant, and they're an initial pickup,

43:06.040 --> 43:12.680
it might be self-sustaining with much less work on the project. So, there's no free lunch in

43:12.680 --> 43:21.800
life. This is another no free lunch type, conclusion, that both models I think do.

43:25.320 --> 43:32.680
All right, what is your most optimistic and pessimistic outlook on PFPs three to five years from now?

43:32.680 --> 43:40.120
Also, what are your thoughts on PFPS for professional groups? Like, what knowledge of surgeons or trade

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unit? Well, let's start with the second question. I think they're a great professional group for

43:49.800 --> 43:57.960
definitely making them, and they're definitely used. I don't think that's tomorrow. It's maybe

43:57.960 --> 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

44:07.640 --> 44:17.000
is also like the follow-up, which is, everyone is going to have many NFTs with them.

44:19.800 --> 44:24.680
Everyone, the first population, I mean, people with an internet connection, and

44:24.680 --> 44:32.120
as far as following the computer and access to at least a little bit of mud groups, two, three billion

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people, definitely. And, I mean, everyone probably don't mean every single grandmother in the world,

44:39.720 --> 44:46.520
right? I mean, actually, everyone, but everyone in the world is internet active, of course,

44:46.520 --> 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,

44:57.640 --> 45:04.360
is not going to be very expensive, because the median person doesn't have a lot of money to buy

45:04.360 --> 45:10.440
an expense letter, but the same reason the median person isn't buying the levitton person,

45:10.440 --> 45:15.720
for the same part, the median person globally is not owned, and we're saying these men's.

45:17.800 --> 45:26.040
But, the median person still has a person, and they might have a car, or a motorcycle, or a bicycle,

45:26.040 --> 45:37.960
or have some means of transportation. So, I would expect the distribution of the prices of NFTs,

45:37.960 --> 45:44.440
and PFPs, to reflect the distribution of income and wealth, and wealth.

45:46.680 --> 45:50.120
If this sounds totally obvious, they haven't been in the other way.

45:51.880 --> 45:57.880
In which case, there's going to be a gigantic number of people.

45:57.880 --> 46:08.200
I don't know which I get. Most of them are called failure and economic terms. Maybe even

46:08.200 --> 46:15.400
most of them are called failure and engagement and utility terms, because you don't need to do

46:15.400 --> 46:21.800
very much to launch a PFP collection. The permissional system can be done itself. Of course,

46:21.800 --> 46:27.480
a lot of people will do a lazy effort, and very much work into it, and then be surprised

46:27.480 --> 46:38.280
not to work. But there will also be some valuable quote-unquote in the enterprise collections.

46:38.280 --> 46:43.480
There will also be collections that are much much larger than today, and so the average

46:43.480 --> 46:48.520
price of a PSP might be much lower than some of these kinds of collections, but the total value of

46:48.520 --> 46:57.880
the collection can be seen. And more importantly is, people are using, people are using them to

46:58.680 --> 47:06.680
organize social activity online, organize community activities, make their social and community

47:06.680 --> 47:11.960
equipment interoperable with other social and community groupings and applications. That's

47:11.960 --> 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

47:18.600 --> 47:25.960
personalistic outcome? It's the same personalistic outcome for everything in the end of the

47:25.960 --> 47:36.360
incompatible space. That being in the United States, in the European Union, the effectively

47:36.360 --> 47:45.640
losing freedom to have our own goals, that we can have the freedom to transact in crypto

47:46.680 --> 47:55.800
directly on the chain. That we are forced to go to centralized providers, that you cannot hold

47:55.800 --> 48:07.560
an NFT unless you're holding it in a centralized custodian like one base. You are pulled into a

48:07.560 --> 48:12.040
permission system. Once you're pulled into a permission system, an iteration is going to die,

48:12.040 --> 48:17.560
interesting ideas are going to die, there's going to be someone keeping, and it's going to get very,

48:17.560 --> 48:24.840
very boring, you know. To me, this is the number one important thing, not just for the

48:24.840 --> 48:30.120
success of the crypto space and the key space. My views are this is very important for human

48:30.120 --> 48:37.160
freedom in general, because the ability to transact conditionlessly off-chain is coming to an end.

48:38.840 --> 48:46.120
There will be a continued pressure of cash, and if we lose the ability to run applications

48:46.920 --> 48:54.200
non-custodially permissionlessly online, which a good chunk of the regulatory system would like

48:54.200 --> 49:03.000
that to happen. It means our whole economic activity as individuals, as organizations, as

49:03.000 --> 49:09.880
societies, can be switched on and off by a specific individual and a specific individual

49:09.880 --> 49:16.200
or central bank, president or administrator, and none of that is helping to decide.

49:16.200 --> 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,

49:25.080 --> 49:30.520
there are criminals in the world, there are people who should have law enforcement chase around,

49:32.120 --> 49:38.760
but because I'm not naive, I also think that if we centralize

49:38.760 --> 49:46.520
these hard-like hours in a handful of governmental positions, some of those criminal minds

49:48.040 --> 49:53.800
will work very hard so they get an episode, and when they get an episode, they'll be closed on stop.

49:55.240 --> 50:00.360
So a sophisticated understanding of this, a sophisticated understanding of

50:00.360 --> 50:09.320
bad people and criminality, isn't just we need to catch all the bad guys, it is also

50:09.960 --> 50:19.240
let's not create a gigantic crisis that a bad guy can grab, because someday, in the history of time,

50:19.240 --> 50:22.440
in some countries, someone's going to manage the world and it's inevitable.

50:22.440 --> 50:39.080
A sold-bound NFC's PFP wouldn't be an identity model, if I sold out PFP, someone means a PFP

50:39.960 --> 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

50:50.360 --> 50:59.080
I think tying a PFP wall is basically done. We are at the beginning of the beginning of wall

50:59.080 --> 51:06.120
technology, everyone's going to want to change wallets many times like this, and the only way

51:07.080 --> 51:13.160
to both enable that and have a sold-bound is to effectively centralize that if you have some

51:13.160 --> 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

51:20.040 --> 51:24.440
another wallet, or I've lost access to this wallet, it's a point of centralization, I don't like it.

51:25.240 --> 51:33.640
What the sold-bound NFT is actually trying to solve is proof of humanity, civil resistance,

51:33.640 --> 51:44.920
the ability to say this person is the same person that this wallet and that wallet are still one

51:44.920 --> 51:55.560
person. It is one of the great unsolved problems in crypto and more generally in decentralized

51:55.560 --> 52:03.640
identity, people have been trying to solve this for a long time. It may be solvable, but 100% sure.

52:04.120 --> 52:10.840
It may not be solvable, but 100% sure. But I'm pretty sure it is not solvable by saying

52:12.200 --> 52:17.880
something as simplistic as you can't move your PFP from this wall,

52:17.880 --> 52:26.600
it doesn't solve anything, unless you actually verify the types of things you'd have to do for this

52:26.600 --> 52:36.200
to be a useful outcome. You'll have to KYC the person before him, otherwise someone could go

52:36.200 --> 52:42.120
to get a sold-bound token for six lives, and I have to follow it. The claim to be six lives

52:42.120 --> 52:49.320
in our battery system. We have to KYC, and then you need a process permanently to authorize

52:49.320 --> 52:55.960
movements to new walls. By the time you've done that, you might as well just run a database.

52:57.640 --> 53:04.120
I mean, this is not better than a database. This is actually very complicated and

53:04.120 --> 53:14.040
painful to implement a commission database. So to the degree that there's going to be a useful form

53:14.040 --> 53:21.000
of decentralized identity, a useful form of civil resistance, it's not easy to do. It's very

53:21.000 --> 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

53:26.360 --> 53:31.560
solvable in this simplistic way. It's not solvable in this industry. It's been solvable and tokens

53:31.560 --> 53:35.960
as they're currently described to me are not fit for the purposes I'm going to describe. All they

53:35.960 --> 53:39.800
actually do is make life annoying for everyone with no actual practical purpose.

53:44.440 --> 53:52.600
Okay, let's see. Do you think a physical-backed token recently tested by, as you might be

53:52.600 --> 53:57.000
rather than used case for corporate company? I am skeptical about the confusion and

53:57.000 --> 54:02.120
the reasons to you think they have this issue. So, as you can announce something yesterday,

54:02.120 --> 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

54:08.040 --> 54:16.120
device, all of the being. It can be embedded in a physical product and generate it to you.

54:17.000 --> 54:23.880
And so that when you have a hybrid, physical, digital token combo,

54:23.880 --> 54:32.280
there's actually a linkage through the physical device. The physical device is a blockchain.

54:37.080 --> 54:45.480
I'm glad people are experimenting with this. Things are very useful and fruitful area for people

54:45.480 --> 55:01.160
to experiment. I'm not only 100% convinced how useful this is. A big part of the reason that

55:01.160 --> 55:07.480
tokens are interesting is their instincts around the world,

55:07.480 --> 55:13.880
the possibility of mobility, etc. If there's a physical object,

55:15.880 --> 55:18.680
well, obviously, you can't move that physical object from them or,

55:18.680 --> 55:24.360
so, basically, they're back in the world and shifting a new PS and a challenge to be

55:24.360 --> 55:28.440
sure and to be verified because what it is, when it wasn't managed, obviously,

55:29.160 --> 55:35.240
those are not solved by a better linkage between the token and the physical object.

55:35.240 --> 55:44.920
Now, what if, now, is it possible, do I believe there will be a world that I can scan a

55:44.920 --> 55:54.200
physical object on an LA carton of eggs? And that carton of eggs will tell me that they were

55:54.200 --> 56:06.840
hatched in this farm and the tokens were of organic grain and I can interact where that grain came from.

56:07.640 --> 56:17.240
And they lived through, oh, that's a tricky little, but they were packaged on this day.

56:17.240 --> 56:21.800
They were entrusted with these many other days and now they're in like, it shouldn't

56:21.800 --> 56:29.720
be waiting to become an omelette. Now, we'll have that and doesn't make sense that that type of

56:29.720 --> 56:38.040
tracking information is put on a blockchain so that if I'm an ex-applier, a neural ex-applier,

56:38.040 --> 56:43.400
a neural action, a new supplier, and I'm a lead supplier, we all write some type of standardized format

56:43.400 --> 56:49.240
on the blockchain so people can make applications for this type of user, yeah, but also sounds

56:49.240 --> 56:53.640
different from seeing up. Even things for a very long time, no one's actually done it yet, but

56:53.640 --> 57:00.360
it's conceptually one of those things that make sense for blockchain. Blockchain makes sense

57:00.360 --> 57:04.280
when you have large groups of disparate people that are otherwise part-organized and

57:04.280 --> 57:08.520
food producers and food distributors and food consumers are good examples.

57:13.640 --> 57:18.440
All of this is a physical object with a blockchain piece that can be something that is a

57:18.440 --> 57:23.240
blockchain that can be used in some of the other ways. It's like, this thing represents this

57:23.240 --> 57:30.040
information. All of this sounds really good, and the fact that I'm not 100% sold on

57:32.280 --> 57:40.600
is that the linkage to the token doesn't. You wouldn't, if I gave you my carton of eggs,

57:41.320 --> 57:46.120
allows you to transfer some token, of course this is not the usage case of people,

57:46.120 --> 57:51.880
talking to people talking about it. I give you my attack mate, and it also comes with token,

57:51.880 --> 57:56.760
and the token goes along with it, and that has information. I'm not saying there won't be some

57:56.760 --> 58:05.320
use of blockchain goods or this type of thing, but I am saying that the nature of a physical object

58:05.320 --> 58:18.520
inside you, an NFT, takes away a lot of the actual entity. It drags you into the extremely

58:18.520 --> 58:26.200
non-skillable thing, and I'll give you a practical example. I think the psychological

58:26.200 --> 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

58:37.320 --> 58:42.280
100% are three or four of them, and we've gotten also a physical good, a physical installation,

58:43.000 --> 58:47.880
and they're great, they're amazing, and I have no objection to physical things. I don't so, but

58:50.440 --> 58:55.240
we have some more time going through and thinking about how we're going to store

58:55.240 --> 58:59.640
the physical piece of work, and how we're going to store them, and what's the right model,

58:59.640 --> 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,

59:04.200 --> 59:16.440
and the ball of these things, that are these five NFTs, and the other 2495 combined by a factor of

59:16.440 --> 59:26.200
what, and every time I think about these hybrid physical digital, and there's my mind immediately

59:26.200 --> 59:30.360
goes to what, just to tell you that, well sure, but some things are going to just the physical world

59:30.360 --> 59:35.960
anyway, if you want to buy a fancy watch, and you're going to have it in the physical world,

59:35.960 --> 59:47.480
regardless, it's not a choice, not to have it in the physical world, and there'll be some useful

59:47.480 --> 59:58.680
things, yes, are they going to be, is the problem solved? No, I don't think so, oh my God,

59:58.680 --> 00:06.440
people are in experiments, yes I am, I really like people, okay, I think I'm going to wrap here,

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this has got a long time, or on exactly two hours, so I want to keep it to some reasonable length,

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the next session, on the other side,

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I'm 30 each time, you know, quite a worse thing to suppose, I think that's right,

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there's going to play the interview, Q&A discussion I have with,

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or then, then a 3PM Eastern one, our dual login, and we can ask questions, I'm not going to ask

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questions, do I spend an hour and a half asking questions on Monday, so you'll have a chance for that question,

00:52.760 --> 01:04.120
and then, 4156 to some physical, so we do that as well, and with that, we will then also finalize

01:04.120 --> 01:10.680
anything in the presentation, the UNIC team was making some progress thinking about now,

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then things are going to work out, displaying them, of course people are going to work,

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I'll let them announce them, they're ready, but it seems like progress is being made,

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my guess is another week or two, and we'll have the process down, down time, so thank you, everyone,

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once again, it was a pleasure and we'll see you in a couple of days.