Welcome to the a 16z podcast some Zoran in
today's episode. We're talking about the Creator
economy and how nft s but not just in of teas are making it possible for artists musicians video Gamers game developers and writers to create entirely new markets
to make money from their work
and engage with their fans and part of that picture is social tokens which share a crypto foundation with an FCS but unlike in ftes or typically fungible. Meaning each token has the same value. You can listen to our explainer episode all about nft. He's
Goodbye, sonal or C are curated nft cannon on a 16 z.com for much more info and FTS. But in this episode we have a hallway style chat featuring a 16z general partner and crypto industrial Chris Dixon talking with Kevin Chu who founded Kabam and is the founder of rally and open network on ethereum where creators can launch social tokens and Jesse Walden the founder of Media chain a music rights protocol that was acquired by Spotify. He's now the founder of crypto Venture fund variant.
They'll talk about how
Missions artists and writers can think about in ftes and social tokens and how these different types of assets can interact to create models that haven't existed before but Chris starts off the discussion by talking about the emergence of crypto tokens and to look at how video
games and Gamers were
early to the idea of community engagement and digital assets and how that model is beginning to spread outward. We've all three of us and our friends have talked about this stuff for years. I think we're starting this year to see what you can kind of call a player mainstream.
Of crypto tokens things happening. And so that of course is lot of people have heard about or you know, originally I think it starts with entities so non fungible tokens, but Kevin you're working on is sort of the fungible token counterpart to that which are tokens that would be associated with communities on the internet. I kind of think of it as analogous to how modern video gaming Works where you have a game like Fortnight in the most Progressive games, the game themselves are free, but you have in game currency in case of
It's probably box and then you use that currency for various things including providing digital Goods like in the case of poor Knight skins and emotes and things which you know in the web world the PO Box would correspond to social tokens and the virtual Goods 2nf T's right? And so I think well, I believe sort of happening now is that video games which are the most advanced in thinking about how to engage people in Social software in a way that both goes viral and spreads on the internet, but also makes them
Unnie those ideas that have been developed over the last 10 years in the gaming world are now propagating out to the rest of the internet in the open internet and that of course is going to have some similarities including a lot of design overlap. I think but also differences in the sense that these crypto blockchain Concepts exist on the open internet and not with in silos. That's where I feel like we are and I think the first bit of the kind of sunlight has broken through and the entities and people are starting to see it but there's a whole bunch more hopefully coming when your future Kevin. Maybe you can
Do you think that might evolve with next year to
the gaming world is a little bit unique because we created these online communities that had a deeply integrated set of social interactions and communication tools. And so, you know before there were social media. There are these games that these nerds like me kind of hung out and we developed our friends and communities and play these games and we cared about what our mounts look like. We cared about what our skin look like and how we appear to the rest of the community.
That we have developed relationships with and you know today you don't need a game for that. You don't need World of Warcraft or EverQuest or something like that anymore. Now, you have Twitter you got Facebook. You've got Snapchat you got Tick Tock the game is not just in the game anymore. It's happening across all of social media is happening across forums and credits and I mean it's happening everywhere and if we could build at the blockchain layer, how do we then take that and propagated all across the internet and not just have these things being games.
Yeah, I mean, Jesse ever
Background music so like the video game industry I think is something on the order of a hundred fifty billion dollars with a be year in revenue and I believe the music industry is something more like 20 and for the most part right? It's not really grown with the internet and why isn't a musician with a community on YouTube or twitch or some other place just kind of an MMO instead of shooting other cartoon characters, you're listening to music and talking to people, you know, and why can't they take
Image of all the same monetization and engagement technologies that the gaming world has developed it. Certainly there's no lack of passion for music, you know, but people are just as passionate and those environments arguably more so than in games. Yeah while the sort of recorded music industry hasn't grown all that much in the internet age. One thing that's interesting is like the live music industry has grown people are definitely engaged with musicians and you know having but it's what they're doing is that's the virtual they're monetizing the compliment right? So they're using the
As the free part and the offline is the premium right to analogize to like productivity software and premium models, but there's no reason they couldn't have a scarce resource on the digital side as well. Right? Exactly. And I think that's what's been missing to date is that you know music became free with that then of mp3s and piracy and then Spotify sort of one by making accessibility super convenient, but with that you also serve demolish the value in the sort of scarce creative work that artists are producing and I think n of T is have reintroduced.
Just you know the concept of scarcity to the digital realm and sort of given fans a new way to patronize creators Express their support route Financial value to things that they want to see in the world. And from there. There's all kinds of interesting things you can do with them and communities can build around them that start to get more into social tokens and the like someone analogy I think is useful when thinking about social tokens and music is, you know artists have fan clubs, right? And if you bought a membership into a fan club you got it may be access to the artist meet and greet, you know backstage or something.
That but you know, we haven't had a digital equivalent of that today and I think social tokens might be it right you're becoming a member of an artist or Creator sort of community by owning their token and that probably gets you access to all kinds of new cool experiences in crypto World a lot of people talk about how early they bought Bitcoin right? It's sort of a signal of like how G or how deep you are in the space and I think that same behavior definitely exists and certainly would like Indie music fans like being early to a band or whatever now you can prove it and
Profit from it which is cool. So Kevin, what does this mean in practice? Okay, you just kind of walk through what the user interaction is, like boom. Okay will encounter this and what will their experience being?
Yeah. I think there's a few different dimension. So one is how easy is it for the average fan not the crypto audience, but the fan to figure out how to earn or buy or trade these either an end of tea or a social token and there's a lot of different approaches. They're just very crypto native, you know type of approaches where everything has to be on
Is going to be held in a noncustodial wallet excetera to be considered real, you know, on the other side of it. What we're trying to experiment with is how do we make that on-ramp experience for the average fan pretty simple vertically integrate as many different things as possible have the first time crypto experience for the average fan be something that they would expect from another internet service some other approaches like words or and others have expressed is kind of putting up a big enough barrier so that the fans will have to figure it out. So there's all sorts of different approaches and there's no
No, right or wrong answer and different positions or celebrities will figure out what's best for their fan community and do that. The second dimension is once you own this thing, how do you actually use it? So it's great if I have it in a few in my wallet. Okay, maybe I can show people the link to my metal mask wallet and people can look at the inner peace that I haven't there. But how do I actually show this thing to the rest of the community that cares about it? And so there's a lot of work in terms of just status and reputation and be able to show off different things, but I think even more importantly is how do
Actually potentially used these n FTS there is no doubt in my mind that five years from now, maybe even sooner you're backstage pass will literally be in nft. Somebody will stop you at the Velvet robe. They'll scan your QR code that shows that you're indeed own the end of T. And you guys show it in your
colon and NFC will it just be like in a digital equivalent of a backstage pass or will it I mean, I found one of the interesting things about then of teases that they can be multi-purpose like it could be both a beautiful picture and a backstage pass.
Pass and an investment opportunity, right? Is that right?
Or there's nothing that says that and of T can only have one use case, right? Certainly you're talking about a financial or economic dimension of the nft having value of whatever the community or the fan, you know gives it or what the next highest fan would pay for it, but then you can use it as a backstage pass after the event right? It's all like the end of T disappears. I mean you can certainly configure in that way if you're a musician and say hey once you use the nft it burns you can certainly do that. But in this particular case
A backstage pass. We're probably makes more sense is that you still own it as a fan in a year from now five years from now. It's proof that I went to this event. And I was a fan from five years ago when the band was still undiscovered or whatever. It was. So the F key could be a collectible. A lot of what's happened in the gaming realm for example is creating sets and creating different ways that you can compose different items together. So in the MMO world, one of the primary mechanics that have evolved it taking you got to get
This leather strap. You got to get this gem you got to get this Catalyst and you got to go get this ticket and if you put all of them together and it gives you this new thing, right and so what happens if you own a track from the musician what happens if you then combine that with one of the backstage passes that show you been to an event and then you combine that with something else that shows that you bought a vinyl or a study. So we're going to see all sorts of different ways. You can create an F Keys you can use them you get them as a Creator say hey, if you go collect a bunch of these other things you can forge a new type of
That you only get by being a true fan of
mine. Yeah, I think like the key thing that Chris and Kevin you're both touching on is that these assets are programmable, right and you can sort of compose them into all kinds of new use cases and they're also portable and that's because you know, you owned them in the same way you own Bitcoin. It's yours. You can choose to park it somewhere like coinbase or you can take it with you to another platform and so because they're both programmable and portable you can take your assets and bring them.
Into all kinds of new experiences that developers build that give them different utility. Right? Like it can be a fan club backstage access pass but a third-party developer can add some additional functionality to an NFC or social token that makes it useful in another context for a different purpose. Well, yeah, I think when people start to really get a tangible feel for it will make a big difference. So right now if you're buying a piece of art on Foundation or something or you're buying a basketball Moment On Top Shot you basically can
In that context right but because they're blockchain objects that are portable third parties will start creating experiences around them. I think oh very soon see companies to get funded that but you do games and social experiences and other things with all of these assets and kind of the broader thing right as you're inverting the polarity where what the earlier web was built around applications. The next the web 3 will be built around these user-controlled objects that are primary and then the applications come secondary and serve them.
We're talking about
flow and be a top shots just absolutely exploding and then we have open sea and Zora and a few others on a theory. Mm. And then there's emerging some of these layer 2 and f t, you know, sort of like purpose-built layer choose for NF T's and a few other things and I wonder about this portability and kind of what you guys see as how portability of evolves over the next year or two as this fragmentation at the layer 1 and layer two things fragment more and more so
for social tokens and ink
Going to be a lot more interoperability because they're fungible tokens. They're sort of easier to Port around and it's okay that they ascended fragment Across. The Universe of there is blockchains and of T is I struggle a little bit more to reason about because one thing that makes an mft valuable is the fact that it's Unique its scarce and therefore its provenance is an important attribute that people look at and so I do wonder if there'll be more of a sort of power law winner to the place where you want to originate and then ft it may not be the case.
Is that all nft is originated on this canonical but couldn't you have trustless Bridges across blockchains that preserve Providence? Yeah, and I think that's ultimately the solution so I believe in a world where literally every piece of media enters its existence as an mft like every photo you take on your iPhone, you know, every game asset is created as an mft and it probably doesn't make sense to put all of those very very long tail media assets on something like a theorem which is
Expensive because it has a lot of security like you probably put that on a side chain, but then I think as these assets take on social value and start to command more market value. They might migrate to the chain that offers the highest security right like so if you have a multimillion-dollar LeBron, like you might not want that riding on some side chain, you might want that on Flow itself and similarly, you know, a photo that starts as inconsequential but becomes very important will may be migrated to a theorem for security it gets
A I think of it as you have different blockchains with different trade-offs, right? So like right now a theorem is clearly the non Bitcoin programmable blockchains is clearly the highest security quadrant, right but you pay for you pay $10. If not much more to do stuff right on per transaction for gasps. He's so you could imagine world where the actual game activity is happening on Rally or flow or something else. But then as it appreciates, you put it in the quote Vault on a theory of right and I also say like I think a lot of times we'll frame
Is either or like a theory and versus flow? If you look at every Computing resource in history, so internet bandwidth, you know PC CPU power just go through and what like demand outstrips Supply by 10x. And right now you could imagine a world where tomorrow you snap your fingers etherium has sharding proof of stake all the good stuff optimism launches, you know, all the other layer 2 launches and then application developers would Compass new clever stuff and then very quickly be back up.
To map $10 Gatsby's 5 Delicacies, right? I mean look, you just pay all the above you pay inherent overhead for botching right the game theoretic consensus mechanism just makes it slower than traditional centralized system. I think the specifics is you erase. Yes you like. You know, how do you preserve provenance cross chain is really interesting. I think you're going to see these a lot of entrepreneurial opportunity for abstraction layer. So like a stripe for minting n FTS seems like a no-brainer idea like stripe for entities, whatever you want to preventing and read write and it abstract.
Way the underlying blockchain, you know taking care of your metadata properly. There's a whole bunch. We need more entrepreneurs because there's so many great low-hanging fruit ideas. But maybe we could talk about interesting intersections between entities and social token. So an author minted a blog post as an mft on mirror and they also crowd funded the creation of that blog post was sort of like a long-form piece and they said look like if you want to see me write this investigative piece back me to do it and the way that that crowdfunding happened was
Through crypto and what the crowd funders got was not just a piece out there on the internet but also ownership in the piece itself. Meaning they were able to get fractional ownership of the mft. And that was in the form of a fundable token called the essay token. And what's really cool is that sa token then became a social token for this author and that you know, he started using it for gated access to a Discord and he started wearing on all kinds of other utility where if you have this token you could talk to him about
This next piece for example, so that's one interesting example where the social token is sort of a derivative of the nft. And then as we talked about already, there's all this sort of like additional utility programmed on to it. And I wonder if you seen people doing stuff that maybe the other way around or different
configurations. Yeah, you know, I think it's really funny. I think we start with fungible tokens Bitcoin that their Amex cetera and then we create and FTS as a new building block and then of course then we take the non fungible token and we fractionalize it and make the fractions.
Thunderbolt funny world look I think we come up with some of these weirdnesses especially here in the United States because of the regulatory gray areas. And so I think if you can sort of wave a magic wand and say hey like there's clear boundaries and let's just say we could talk about all the things that we want to talk about from a utility and so forth without triggering in the other things. I think a lot of people would start with fungible tokens. It's just a lot easier to think about how do you create a community around something that's more fungible and to be
Easily exchanged and I'm totally agree Kevin. I think
it depends on the community. I think there's a lot of people I think we all come from technical financial backgrounds. I just find people like that just kind of have a natural affinity for fungible tokens. I think a lot of the world isn't like that. I think a lot of the nft appeal is just that like, it's a picture it's a movie it's accessible and it's interesting and it touches on culture and not just kind of numbers. Yeah.
I totally agree with you. I was selling not suggesting that fungible tokens are greater in any way than on fungible tokens.
I'm specifically talking about once you take a non fungible token and you fractionalize it into a fungible mechanism. I think once you start playing with that like once you start going into
that my Kerrigan is like crypto punks like that's a great way to organize it to me, right? And so it's 10,000 pounds. They look different but it gives it this character and this right. I mean, I think for a lot of people that kind of metaphor is a better way to organize 10,000 people than 10,000, you know indistinguishable boring. It's YouTube versus Excel or something
what I think
Krypto function represents those that each one of those are unique and different right into characteristics and traits of them really matter. Those crypto punks were not fungible in my mind. Right each of them are a unique piece of art
for sure. They're not punctual but they create a community of 10,000 people that feel an affinity for one another you're either in the punk Community or not. Right? So yeah, I was pushing back on your point that it's because of regulatory constraints and things that people tilt towards entities. I think there's a bunch of reasons. I think one of the really interesting to goes on with social tokens right is
Is that there are multiple uses so you could want a token for your favorite band to get backstage access you could want it to be able to buy in at ease and make donations participate in the kind of economic life of the community or completely different motive. You can want it because you see yourself as a modern-day A&R person who is going to predict the next band and make money off. Right and it's the fact that the very same token has those multiple purposes is very important right because
Then you have the possibility for people to in our folks the people that find these early bands come in. They've kind of bid up the price that in turn in your model right funds the actual position to make music, right which in turn feeds the fandom, right? So the investment kind of activity and the fan activity and the Creator activity have this really nice kind of triangular feedback loop and it's the very fact that they're the same thing as
Opposed to kind of you know, the old school model where you have sort of the investor comes in give money to the musician buys up copyrights then sells a different thing to the fans write the fact that the same kind of dessert I'm saying that's where Jimmy that's a very big difference from the old world and a very powerful difference. Yeah,
we've always talked about the internet as kind of just disintermediating sort of mechanism and I think crypto does it even more at the economic layer of things and I think what we're starting to see it will stay on musicians for a little while would like starting with Chance. The Rapper is probably like the most
prominent example of an artist that just wants to own all of his own rights in more Mars are realizing that they get their power from their fans and that the more that they're just wholly focused on serving their fans the more successful they become and that's weird like layer of Rights ownership and labels and Publishers that then distort that versus just how do you get your fans to support you to create the music that you love
when the fans have skin in the game the fans become evangelists and instead of doing all these
Old school things of like advertisements and other sorts of things promotions and all the things that would do in the old days to promote various kinds of Creations. Now the fans become the promoters, right? That's right because they have skin in the game. That's one of the remarkable things about cryptos. No tokens over trillion dollars in value lots of successful companies, you know exchanges and such and no one ever spends money on paid marketing because it's all just done through kind of skin in the game peer-to-peer marketing, right? So now musicians can tap into that musicians creators can tap into that energy, right? Yeah.
It means that fans become part of the creative process to degree right? Not only do they have a willingness to pay for the creative work, but they're also essentially, you know investors in the work itself and artists or creators that lean into that will find a whole new way to create stuff right because they can do it as a community and not just Community that's communicating with one another but a community that's actually pulling Resources with one another to achieve things together. Right? So sort of blurs the line between Creator and audience. So I think that's a big opportunity that
That we haven't seen a whole lot of yet, but it's coming.
Yeah. Well, I think blauser started experimenting with this where you sort of sold the first track on his next album as something that would give you creative Direction on that track as well as original ownership of that track the best thing about working with creatives, whether it's a musician or visual artist or gaming streamer or Entertainer is that these are naturally creative people that once they get their heads wrapped around how or tool or a crypto system works. I think we're just
In the very very tip of the iceberg in terms of the use cases because the technical challenges there will get solved. The friction will get removed more and more will be a lot of different approaches to this. But I think the most exciting thing is giving these tools into the hands of creatives that then try all these new ways to create that alignment and Community with their fans and disintermediate the folks that haven't been aligned with serving that Community. I think the coolest thing that's happening is that were creating kind of an integrated way that
at creators can very simply create all different types of entities in denominator in their social token, and we just think that those are such natural parents, right? So today with just social tokens. We see artists do things like you have to hold X number of our tokens to get access to the Trove of Music That's here or to get access to am a event or virtual concert that we're putting on our virtual hangout that we see some of our artists are doing and when F Keys come out and just be much more simple.
Say okay, you're hold X number of tokens are part of the fan club, but to get access to this event because the nft that represents that event access and and so there's a lot more granular things. You can do. We're starting to see artists experiment with things like creating physical representations and then digital representations and a linking the two things together through their nrt's and social tokens. We're working with an artist that sell stickers and other physical merchandise and they're creating and FTS of those designs and
Owning the nft they are now starting to say well if you owned the nft you could trade that nft and for the physical or sort of see more experimentations with how does the physical and the digital sort of coexist in the beauty of all this is that when you denominated in the social token, there's so many other different economic activities that can happen
talked a lot about music and some video games. What about other like Jesse? You mentioned writing? Yeah. The writing one is interesting because it sort of illustrates how this expands in all directions and eventually
Touch all creative services. So if you think about how big Ideas come into the world very often they come into the world through blog posts or writing right? I think about like Elon Musk secret master plan for Tesla, right? Like that's sort of a canonical blog post and certainly someone might want to own that blog post as sort of a representation of all the value that tells us creating the world and it's an investment in Tesla success. That's separate from Tesla stock price potentially right owning that blog post is sort of like owning a kind of signed copy of the blog post. So to speak it's the crew.
The graph will be guaranteed one may be kind of analogous. You know, if I don't know Thomas Edison had a if they have it but like his original notebook that type of artifact. Right? Right. Exactly. So the idea here is like owning you on must secret master plan as an N of T could be valuable jack's first tweet as an N of T is valuable. It represents the sort of inception of these huge networks can imagine in the future that the next you on musk or the next Jack brings their big idea into the world as a blog post that isn't nft and you know supporters of them as
Errors are you know people want to see that idea happen in the world crowd fund to buy that nft from the author and potentially that crowdfunding is actually used to finance the creation of that big idea. So, you know, what starts out looking like, oh people are just buying essays could actually disrupt the way that new creative things enter the world that are financed. I guess what we don't know is like well the economics work, I guess one counter-argument be this such an exceptional blog post be worth law, but the average stuff won't be
I guess the counter-argument is the average person doesn't usually need that much money. It's sort of the some stack effect. I think of it as well as like, you know, if you take a writer with a million Twitter followers who was getting paid x amount per year and they go and sub stack and they get a thousand people are really excited. They can make 10 x per year. Even if it's not all some famous artifact. Like if it's enough to fund the writing that could just be enough to transform that industry and the creative activities there. Yeah, and I think I mean maybe an analogy is, you know, startup funding right like startups don't raise many millions of
As in their first round, they raised a little bit just enough to hire the team and get going right sort of staged and ft sales. Yeah. Yeah, exactly. Like I think you just need I think to your point. You just need a little bit to get going right and to raise money to make them creative work you want to see and then from there if you can build a bigger audience around that you can sort of move up the ladder and raise subsequent rounds of funding and hopefully as you perform better in the market you're able to double down and reinvest to keep doing that then Kevin your model that would be both entities and also a writer can just sell there.
Coins as well or
we think of tokens and nft is all operating together in a singular economy. This is just something that certainly comes from the video game industry where you would expect that you go into a video game as we just using the Fortnight example of you know, get the vbox the device to allow you to buy all sorts of different things from the game and when we talk about things like backstage passes or that essay or something else those things are best as in nft. But then what do you do to transact with a 10 ft? What if you
The artist let's say if your first creative work sells for $10,000. Let's say at that point you create your social token. And you did nominate your NF T's in your social token. Well now you have a way for people to say, okay great that creatives first work. You know, let's say it was worth $10,000 their second work the Audience by do that 20,000. Their third work was 30,000. The social tokens should then capture what the market thinks about the sort of total value of what that economic output will look like
Like over time and so I think there's really interesting economic forces between how you create your nft s and what does that represent? And what is your social tokens represent and how they all work together in a singular so our economy that you as the creative you control you own a hundred percent and I think that's a really powerful way to both give like all forms of fans and community members and crypto members kind of a way to participate in these economies. You may want to you know, buy that nft because you're a true
And you just love it. You may want to buy that in Ft. Because you're an AR and you want to speculate on you know, what these things could potentially be worth in the future or you could just participate in the social token in all sorts of different ways. I think we're going to be on the Forefront of experimenting with how these things are intertwined and all put into the control of the
hands of a creative. I think I think the role of the large Tech platforms will be in this world.
Well, I'm pretty passionate about this. I'm trying to build businesses in the past, you know, certainly that have been at the mercy of
Some of these big Tech platforms I look at what epic is doing right now, and I know Jesse you're on Spotify for a while. There's very public emerging battles between big Tech and some days you're traditionally have been more application focused developers. And I love what this dusted our world is that was thinking about building a new company or building a new project and thinking about building that on ethereum was so liberating because I've been building on Apple Google Facebook platforms for
Decade classes that game developer and there's a ton of benefits and value that comes with it. But there's a lot of headache to that comes with building on these other platforms where the policies are changing all the time. The fees are changing. The rules are unclear maybe the platform ends of competing with you in the case of music or some other categories. So it's tough is why I'm so in love with crypto as a builder because building on a theory. Mm. I don't need to worry that a thing. I'm going to try to go public someday. They're going to change the way that the rules work with a fee structure.
Work so that they can meet their numbers for the next quarter or whatever it is. There's not even a company. There's not a CEO that runs it the idea that this thing is a permissionless blockchain that anybody can build on top of it was such a game changer for me as a builder and I think our approach to Rally was to do a lot of hard work so that we can make the same promises and commitments to the creatives that we work with that. Look you're going to build, you know, if we work with you to help you build your business and represent your brand you're a fan audience your community.
Through tokens both fungible and on fungible you own this, you set the rules, you know, we do things at the protocol level to ensure that all people can participate equally and fairly with transparent rules, but we want to make sure that you as the creator of you truly own
this thing. Yeah, what's happening in crypto? Definitely flies in the face of the wave like sort of big Tech platforms work right now and I think another lens to look at it from is just a complete inversion of their business model and that's because like, you know,
Addition big social media platforms. They own all the content that users post on it. And that's because somewhere along the way in terms of service users agreed to upload content to the platforming for the platform to monetize it as they see fit. So to be clear, I'm not talking about traditional copyright like the Creator still retains that but you are transferring some rights to the platform to monetize content that you upload. However, they want to do it and
With NF T's and with social Tokens The Amazing new thing enabled by web 3 and crypto is that creators can just monetize directly when you create an NF T. You're sort of like uploading your work to the box and directly and then developers can build on top of that content. In other words. The blockchain becomes the sort of universal library of media that any developer can build a social feed on top of our content feed on top of but the Creator retains ownership of their work.
Dusk and monetize it without third-party taking a large cut and sew these platforms traditionally they've relied on being able to monetize creators work on their terms and now creators get to set the terms and monetize directly.
And if you start with that Colonel if the Creator's create the content and then developers build interesting metadata in usage around that content is that then becomes the social graph itself, right? So think about how for big Tech platforms that rely on marketing and advertising
using yes, they create a simple platform for users to share and create content and build an audience and following but it's really a lot of the metadata around that content who's following you who's liked what in the past I think what's going to invert now is once you start with the content being on chain who owns that contact who's owned it in the past? What are all the other metadata that's associated with that. If you can see all of that and that exists at the public blockchain layer you then take it away from being this Treasure Trove that
Sizing based company can like uniquely have as their advantage and you open it up to the whole world. Anybody can look at that data. Anybody can look at that social graph and interested in that figure out how to build unique you applications and services
on it. Yeah right now and social media everything sort of in 2D, right like you have an image and it's just a rectangle on your screen and then you have some metadata associated with it. But if I like copy paste that image and put it somewhere else. It loses all its connection to the Creator. It's
history what it's about and now all that metadata can live on chain any developer can access it. So as a result, you know, this image goes from being a two dimensional box to taking on some of a z access where you can like, you know cruise through its entire history online and some put all the contacts on display in new areas where that image is shared through that same channel that information is being serviced value can also flow know. So there's this cool thing you can do with nft is where you can impose
royalties that flow back to the Creator every time the asset changes hands, right? So that's an example of through the same channel that information on who owned this thing in the past will value can also flow through that same channel. Awesome. Thank you both Kevin and just great talk about for having us. Yeah. Thanks.
