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purposes. Only. Please work directly with an investment, professional everyone. Kevin Rose here. Welcome to consensus. This is your by
Weekly crypto /. N of T. Variety show. I am thrilled to be joined with, Faye has fans. It's been a moment. Good to have you back.
Yeah. Thanks for having me. It's been a while.
Yeah, I mean, we had here in the states. We had the Thanksgiving holiday. I was lucky enough to bounce out to Mexico for a week, which was crazy. But I feel like I missed so much, man. Anytime. I'm off the computer for more than like 24 hours, the entire world changes again. And in the world of crypto,
it's hard to be of nobodies.
Leaves in the crypto world. I feel exactly the same way. It's super hard to just shut off for a couple of days and you feel like you you lost a couple of years, you know.
Yeah, I that's what makes vacation hard because it is such an exciting space. It doesn't feel like work for me when I'm playing it in learning and, you know, trying out all these new things, but thankfully, you've been keeping up with. I've got a few stories, but you've got some really interesting stuff that I had heard about but haven't had the time to jump into. I'm excited to chat about all this stuff. But yeah, let's jump in. I
I've got I think I've got the first story here, which is a big one for me, something I've been working on for quite some time, launching a new nft for proof. So the for the mft podcast called proof going to launch its own utility and ft called the proof Collective. And so this is a pretty exciting project that I've wanted to put together after really, taking my time to consider. What could we do in terms of not just jumping on and doing another pfp project or something that's obvious. But what can we do? That's interesting.
The helps us build community that kind of plays to what the podcast and show is all about. So we came up with this idea of launching a utility and ft and by utility, an N of T. That is something that as you hold it it unlocks access to various things. Essentially. Once we do this sale, which is going to happen on 1211 at 9 a.m. Pacific time, and I'll give you the website and everything here in a moment, but
And also there's I should say this video on the website you should watch as well. But once that sale happens and if you're able to purchase one of these and hold it, then you will have access to a whole variety of different things that quite frankly is just going to evolve over time. So my thinking here and honestly, I was inspired quite a bit by the work that Gary vaynerchuk it done. You saw his V friends launch, right?
Mhm. Absolutely.
Yes. So the one thing that was nice about Gary's V friends, launches that he said these are
Intent of teasy unlock access to different things and it could be events and they all had their own little utility to them. This isn't that? And that there's not, I don't have a bunch of different entities. They're all the same in Ft. So if you hold one, you get the same access as everyone else 1000 in total.
It's like a membership card,
right? Yeah, I would think of it as a membership for the really kind of Hardcore, nft collectors. So if you fall in that camp, if you're someone that
Really goes deep in the NFC space. Then this is the type of membership that I wanted to create so you can think of it as a series of benefits that we know we're going to do right off the bat which is obviously the most obvious is a private. Members-only Discord. And so this Discord is going to be a place where these thousand members come together. We we discussed new and upcoming artists new projects to talk about the artists that I'm most excited about. We post the podcast early there. So a lot of people would like to see the
so days before they come out to the rest of the world. So we'll be posting them there. Also the cool thing about this fund raised in a sense because it kind of is you know, obviously there were some selling enough to use. I'm getting eith back is it's going to enable me to really go deep and unlock. What proof is capable of. So, what I mean by that is that we have known video to date. So I want to build out a studio and do video and so have video for every episode. And there's always been this idea of like you listen to a proof episode in the thing, that's always been.
Is frustrating to me, is there's so much visual content here. It's all visual. It's and of teas, right? So why don't we have a full-on video production, where we can show off all the emptiness, you're not digging through the show notes, and having to go and view them that way. It was kind of a follow along with the show notes type model. So this will make that a lot easier and then just really figuring out what kind of different collaborations we can do. That are interesting for that community. So, you know, I think of this as like probably we know three or four things.
We put on the website that we want to do today, you know, early access to the podcast video, the members Discord, but then there's probably another dozen plus that will roll out over the next three years. So when you hold the end of T, the membership benefits are good starting next year for three years. So it'll give you full access to all of the wild and crazy ideas that we try over those three years. Does that make sense?
Absolutely. Absolutely. I had to be honest. I like the fact that it's limited.
To 1,000 people and not like this, crazy number of 10,000 and so on, because I feel like you, you will hit that sweet spot off having an interesting community that is participating. But at the same time, it's not overwhelming. And people will not get lost. But a thousand people is like this fine. Number that I think will be really interesting to see what kind of conversations pop up or kind of exchanges and so on, but at the same time, it is probably an exclusive enough Club to say, yeah. I want to be part of this.
I want to participate. I want to learn from from the community as well. And and obviously, participate in the collaborations in any kind of way.
Yeah, I think that the reason I was toying around with okay. How many people do you open this up to? And I initially was thinking a couple thousand. So we have just to give people an idea behind the scenes. What's going on with about 250,000 people month that download the episodes across modern finance and proof. And by the way and video will be coming to Modern Finance as well because we'll have the
Two DS of both podcast, we'll get the video treatment, which is killer. The number was I'm thinking in person stuff because we're well, I guess this breaks down into ways. Like I've been a part of big massive discords where it's several. It's thousands of people and you the conversation just gets lost because there's so many people have trying to talk about a handful of variety of different topics all the same time and just you really can't go deep because it's flowing so fast, obviously not all the thousand people are going to be on the same.
I'm time, how can we make that manageable? And so I was thinking about that side of it. And then also honestly a lot of this stuff is in person as well or will be in person. So, if we're doing a meet-up in Germany, or in the UK, or in New York, or LA, or whatever it may be, I want that number to be 100-ish people or less so that we can do something where everyone gets a chance to connect. Make new friends, hang out. I'm obviously going to be going to all the different various nft conferences and throwing events there as well. So
Use your nft to enter type events, a bringing artists there. So you can meet them. Doing private Gallery, tours, things of that nature. So really just for the hardcore collectors and then working with artists to do live streams and and introducing them to the community and just how can I Bridge a lot of that and provide that back to the smaller group and I think 1000 is the right number. Now. The one thing that is tricky is I don't know what to price it at. So, you know
I've been thinking about what's the right way. I kind of how much do we sell these for? And I believe, the best way to do. This is a Dutch auction where the price starts high, and then it falls down, and it gets down to. So, I'm starting off at 5, either obviously, quite high, but then it's going to fall every 15 or so minutes and it's based on blocks. So it's not exactly 15 minutes, but it's all written at a smart contract, but it's right around every 15 minutes. It'll drop down another point. Five eith until
It lands at Point 5 eat, so I don't know exactly where it will sell out. But yeah, I thinking I'm thinking point five, ET will be the floor. So I half of Youth and we'll just see, we'll see and there's a good chance. It might get down there to have these and people are able to pick him up at that. That would be, that would be killer. But I think I'll, you know, obviously capture value all along the way and that allows me to then use those proceeds and roll them back into the corporation and build out this awesome.
Set of tools. So it's going to be it's going to be fun. I want to build some collectors tools to just like there's all these tools that you can do that people really don't see that we have in certain dowels that I'm a part of where I'll just give you an example. Like you put in a whole series of different whale wallets. These are like wallets of big collectors that they go out there and buy projects and their or lest tastemakers are people that are just influential in the space and one of the things that I have always found. So interesting is, how do
Find that that next artist before anyone else. And one of the ways that that I've done this in the past. I've used these tools that go out and they watch well, addresses and they see what are the whales buying? What are these people that are influential buying and is that something I might have interested in as well just building out and some of them are pretty poor in terms of interface. I think I can work with a couple. There's one company in particular. I've talked to already ended a meeting with where we could build out.
Or custom solution that integrates into our private Discord. So, in real time, you can watch as these are being purchased and we have a great list. And so that's just like one example of probably a half dozen tools. I think we could build. That would just be really awesome and nice for serious collectors for people that are really into this.
Absolutely. And man, a couple of thoughts here. It's when we talked before the summer about feed enza's, I remember us talking about if it ends up being priced at 45 eith, and me saying it is quite expensive and then
Enza went on to to go to this crazy run. So for the people being on the fence, even 45, eith think about kind of the long-term value that this nft could give you and obviously without knowing what Kevin has planned here. Just from seeing what type of guests you're able to get for the proof podcast and the modern Finance podcast. I just believe that the value of the nft will come even through your network and you being able to get these people maybe four exclusive.
GQ A's and stuff, and full disclaimer. This is not something that Kevin is promising. I'm just saying, this is an idea that could come down the road. So I think this could be really an interesting kind of experiment. That is definitely worth participating in, but that's just my two cents and I'm not being paid for this. I'm not getting a free nft.
I was going to say, we didn't discuss this ahead of time. I will say thank you for saying that the couple pieces of additional data to add on top of that. I would say is one of the reasons, you know, to be fully
Transparent like I've had a conversations with attorneys around this and you do this, when you're putting together, your terms of sale and you do this, when you're putting together, your privacy policies and all this stuff. And the reason I want to have, you always anyone that setting up a new legal entity should do this, but the reason why I involved my attorneys and we had very long conversations about this was a couple things one. I want to make sure that this is a safe environment for everyone. So, one of the things that we put we're putting into the terms of service when it launches is.
Even if you hold this utility and of T, if you are in there in our Discord and you're just causing a ruckus and you're, you know, dropping in, you know, foul things or you're just like chilling stuff we can ban you and then no matter what. So, we have the final say on whether we can punt people out of this functionality. So the way that the terms of serves are going to kind of terms of sale. My most likely be structured is going to be like, you're buying this for the nft and that's it. There's no guaranteed additional value on top of that.
And then the other thing too is as in the world of entities. There's just I worry about people spending their life savings on things and getting burned and thinking of something as an investment. And so, you know, of course, I'm going to put it in a ton of effort to create this awesome club for everyone, but my attorneys will be the first to say, like, don't it's not you can't go out there and promise the world and say, hey, this should be an investment cause it's not an investment. It's like access to a club. And yes, they'll be benefits from being a club.
Brr, but it's a very fine line. You people have to be careful out there because these shouldn't look at this, as a way to make money in some sense. It's like, it's don't get me wrong. We're all like in this to find great artists and invest in a tease and I'm not saying that, but it's just, it's careful. I have to be careful how I phrase it because it's this is very much about the club. And then I, it's my job to go out and make it really cool and deliver awesome projects on top of this and awesome extensions of what the club can do.
Do in the future. So I just have to be careful that I want to caution people. If you're thinking about doing this and the price is like out of your range and it is something where you're like gosh. I just really can't afford this, don't pull the trigger. You'll still be getting all the episodes ad-free. That's the cool thing about. This is the people that are able to back this and get into it are going to be providing the capital so that we're never going to do ads in the podcast and it's always gonna be surprised quality. You'll get all the videos.
All that stuff. So it's they're providing value for the rest of the folks. Which I think is just quite awesome. Yeah, but I'm excited though. It's going to be fun, man. I got to say this. We have a lot of plans for it, which is going to be a whole slew of different ways that you can take it. So for people that want to check out the video that explains more and the website, we're going to be dropping this. It's proof in ft x y z. You head on over there. You can subscribe to the newsletter there, which is our standard web, three mice.
Interweb, through newsletter that covers modern Finance improve and I'll be putting in, you know, send out reminders via that newsletter. When the drop is going to happen, all that good stuff. So that is the address and that's the announcement. But yeah, it's I think it could be fun. This was comes early this year. Yeah. I was thinking you do. I wait till after Christmas, or when do I do this? And I think I'll drop it before the holidays, and then start building and then launch it Jan for early, January, to get the Discord going and all that. So people can just chill in the benefit start happening in
For the three years going forward. So it'll be good. Cool. Cool. Well got that out of the way, very excited for that. What's what's the next
story? So I've been playing around with this crazy thing and we might make a bit of a crazy jump here. But have you heard of the
Wolf Game? Yes. I got a text from Gary Vee being like this is going to be huge. You need to check it out and I was in Cabo traveling and I pulled it up and I broke all my rules and I got my laptop out and I
He's doing all the things and my wife and friends. Like what do you are you on Twitter? It's so he was, he pulled me in but what's the, what's the deal?
So the short story is wolf game is essentially a mixture of nft s and D Phi and Game Theory. So you have this option of minting a wolf or a sheep. Although the version I'm using because the wolf came originally is built on a theorem. Now if you're in gas costs are crazy, so I'm always looking at
The copycats on different networks. So what has happened is that the Sheep game has launched, and the ship game is the wolf game, but an avalanche and as you know, Avalanches fees are super low compared to to etherium and I've played around with the sheet gain and you can reach it on sheep game xyz.com. I'm not affiliated with them. I just played the game a bit. So the story is this you at the beginning you have these different tiers zero to 10,000 sheeps that you can.
Mint costs to FX and this is through already between 10,000 and 20,000 sheep costs 20,000 a wool, which I will explain further in a second. So when you mint, you have 90% of minting a sheep, you have 10% of minting a wolf, you can stay lean, 10% chance of meeting a wolf. Exactly. Yes, exo-k. So when you're meeting
90% chance of getting a sheep. 10% chance of getting woof, okay, I'm like,
yeah.
But there's also a chance that your sheep gets stolen by a wolf once you meant it. So there is this element of Game Theory as well. Go do you go into the secondary market and buy a ship from there because you can do that on nft? Trade.com., I think for the Sheep game, you can buy the Sheep's cheap and the Wolves there directly, and you can stake those then on cheap game XYZ. So it's this element of do. I minted on the website? Or do I go to the secondary Market? There was a small price discrepancy.
Between the two platforms. So once you have a sheep or a wolf, you can stake that one and you stake, it put it into the barn. And in that Barn, the Sheep is producing wool. And that is a token. It's called a wool or dollar a wool and the a will you can exchange, for example, FX and in the beginning it was really crazy. So minting a sheep cost between I want to say 800 to a thousand US Dollars equivalent of Amex tokens or in these. In this case these a
Old. And the Wolf was costing between 35 and 40 FX tokens. So quite a lot. So between four and five thousand US dollars depending on when you check the price.
So, we what when question is, why would I want a wolf over a
sheep? That's the interesting part. So the wolf is getting. When you have the sheep in the barn. You can Shear the sheep for the wool, right? So you can get wool out of the sheep. 20% of all the bull that gets sheared from the Sheep.
Beep is a tax paid to the Wolves. This is because the wolves are then not attacking the barn. That's how the the game explains it. So if you have staked a wolf, you always get automatically 20% of all the a will being sheared from this from this sheep that are the state. So it's interesting. So it's one on one side. It's this thing. Thinking process of to eye steak sheep, like mostly sheep to ice. Take a wolf and what has happened what does happen if I ants take it? Because I want to sell the
Now, if you run stake, it, there's a 50% chance that your sheep gets stolen by a. And if you onstage a wolf, nothing happened, so the wolf is pretty safe. The wolf only gets the, the wool and you can change that again for FX.
However, wait one question if I answer take a sheep and it gets stolen by a wolf who gets that sheep. They are different is destroyed. Or is it sent randomly, toe?
Whoa, It's sent to a wolf. It sent to a different wolf.
Ending on the level of alpha, the wolf has. So there is, I think between 5 and 8, there is a level. So the higher the level, the higher, the chance that the wolf gets a sheep. So, for example, I have a wolf level 5. I have gotten two sheep in the meantime, but because I was in this game for the last 10 days and a lot of people undertake some of the sheep because obviously, the a will price is also going up and down. So, it's this interesting part of will, a will ever use case and
Has happened on wolf game from my understanding is that wolf came just not died down, but it's slowed down a bit because again, the gas costs are crazy. But cheap game has run through the roof and people are now building like the the developers beat up behind. Sheep game, are actually building out the roadmap with mini games with ideas of buying virtual land and selling and breeding, sheep and wolves down the road. So it's really an interesting game and trust me if you try to explain this to your wife or your significant other, they
Will laugh at you. It will be quite an interesting conversation. If you tell them that you just made 800 bucks selling a wool on the Internet or virtual world, but it's worth the conversation to be fair. The prices have come down a bit. So it's it might be an interesting experiment for you. If you've never played this game because now the entry price is quite cheap. I think it's a bit less than FX, so between 100 and 120 bucks to buy a sheep on the secondary Market. It also means that you can buy sheep.
Or mint a sheep and sheep game quite easily and cheaply through the minting process. But again, there is a risk that you might have your sheep stolen, but there's also a chance that you might get a
wolf crazy. So I see here that
there's another so many. Yeah, there are so many different elements coming in. So on one side the idea is do you keep the a will because you're betting on a wool going up because the developers are building a road map and then you can maybe buy something with that a rule or are you selling it?
Trying to make back your initial investment or what are you doing? When the prices up or versus? What are you doing when the prices down? So it's this different element. There are different rules as well. So you have to State your sheep, for example, for two days before you can unstick them. So that's a but we're through that phase already. So the beginning phase is already through. I think it's about 10 days old now or maybe even two weeks already. So this crazy beginning is through. Now the question is, will the developers really built on this? But I just think because these copies come up and these variations of these games.
Come up and you and I are both fans of just playing around with something and understanding the Dynamics behind it. So I think this is an interesting entry point, but full Financial disclaimer, you might lose your money or your crypto. When playing this game just to understand the game, Dynamic behind it. And how a community reacts because you can jump into the Discord. You will see the conversations happening. You will see what the developers are posting and that gives you a feel of how they are treating. This whole game and this amount of money that is currently in this ecosystem.
Mmm, it's crazy. I'm looking through the white paper right now. These little animated pictures, her epic. I love that. So it moved very quickly over to Avalanche. Right? Is that because the evm compatibility?
I would say. Yes, that and obviously the cheaper feasts because I think people have just lost interest because at the beginning, the idea was that you would Shear your sheep quite quickly in order to make back the money by selling a rule and doing this, a couple of times per day will actually
Cost you a lot of gas costs on Mac, thought it costs you a couple of cents and you're through. So it is worth, trying it on Phantom or on Avalanche. There's actually a copy on Phantom as well. But I think they got hacked so be careful there, but I think the Sheep game x y z. So the one on Avalanche is still running.
It's weird of the, the URL is, sheep game xyz.com. Normally, it's sheep game dot x, y, z, once a cheap camera XYZ. If you liked, because that's strange to me that they would maybe ask because some maybe somebody else.
Bones that nothing is
there? That could be cool.
That's a great point about playing and this is definitely something that is hit my radar multiple times now. And if you're right with the gas phase just being so much. It's not worth it at this point. But if you can go and mess around and learn here for just a couple hundred dollars. It's a great time and a great amount of money to put in just to have fun. Very cool. Thanks for the explainer because this was something that I didn't understand all the different Dynamics. Here. Has there been any other use cases for this? A
All other than just in game at this point or you said it's the roadmap has some interesting projects that are coming or what's the thinking on? Why you would just hold this wall?
Yeah currently it is mostly speculation. So people are speculating on part 2 or level 2 of this game coming up and a will getting an actual use case. For now. What you can do is trade it on. I think it's Trader, Joe xyz.com. So the main amm on Avalanche, you can just trade it back.
To FX or a stable coin if you don't want to keep a wool, but if you believe in the game and what their that, what they have planned and essentially there is this idea that you will be able to buy land as well in this game so that they will extend the game Dynamics a bit. So that could be a gamble on saying, okay. Maybe I will keep my a will to be able to buy something for it down the road.
I would say idea, you're thinking there's a kind of a some type of game or metaverse type play here where
yes, yes.
World land. So generally my strategy with these things is just trying to, at least turn some parts Into Cash, just to be to recoup your investment. At least after that, you're safe, and you can play around and maybe even bet on them really delivering an interesting part, two of this game, but you never know with these things. At the crypto world is so fast. It could be that the developers are just saying tomorrow that this game is not interesting anymore. And we're building. I don't know what the define.
I'm now, but I do think these developers at least what I've seen on the Discord group that they are at least a bit invested in this game. So I do think it might be worth playing around.
Yeah, it's this is a great question though. That we have. I think with all these projects that are popping up and something that is worth paying attention to is, does the roadmap actually happen or not? And is there an of developer interest in community interest to sustain a project long-term? And we've seen this loot is another great example.
People wear a gosh, how hot was that for a few weeks and there was all these plans and ideas about how to extend the functionality and what you could do and the adventure game you could create with it. I haven't seen a ton. I know that there is projects are being worked on still there. But it's one of those things that it takes a while. It's not like you can just launch something like this and then extend the universe and create virtual land have all that done in weeks. This is going to be multi-year long projects if the Developers
Stay committed. And that's a big. If there could be. I have a feeling. We're going to see some really fun mechanics. Like this one here, where you're like, wow, this sounds like fun. I want to play this reminds me of playing Farmville back in the day or something and you come in and say, I want to do this. I want to play this, but a lot of these are going to go to zero because developers will give up the move on to the next thing. Communities will give up the move on to the next thing. So it's just important to keep that in mind. And yeah, just you have to go deep. You have to get in the discords. You have to talk to the engineers. You have to
Really make sure people are committed to building out this thing over the long-term, a versus it. Just being a fun thing for a couple weeks, which is fine. If you have a couple hundred dollars in, you look at it as entertainment and you're like, gosh there's a chance here. I could recoup my money and have some fun and learn at the same time, then in that's the way you're playing it, that that's also okay, but it's it'll be interesting to see when we revisit this. Let's just say three years from now and talk about what's happened in this space. How many of them went to zero or lost interest in how
Adam actually made it out the other side. Actually delivered on those really impressive road maps that we.
Yeah, absolutely
cool. Once you have to definitely and we saw a huge lot of news around Square changing their name to block. I we don't have to cover the cover. This one in great detail, but this seems to be the trend that's happening right now with Facebook and meta and square of it has decided they are going to really create an overarching brand just called block and that will be the leave the square brand to the sellers business. And
This name is going to tie like all their different entities. So, you know, obviously square has Square. They have the cash app. They have title and they have that TBD entity. They're going to be creating all under one name and I love the name block. I think it's great. It's crazy. Also, obviously a big news that Jack has left Twitter. No longer CEO of Twitter and is now focused solely on block, and I think that's a fantastic move for the company and was obviously just needed like this.
Split someone's attention like that between two, massive businesses didn't make a lot of sense in my mind. So I'm glad that he's focused on block and excited to see what they what they end up doing. But kind of some crazy news
there. Do you think that now the that Jack has stepped down from Twitter that the let's say the Twitter blockchain connection or the Twitter Bitcoin connection is weakened in any way
I do. Absolutely because it's a good quote. I shouldn't say that. I will say that I know.
See Jack he's fully in when it comes to bitcoin and digital currency and blockchain Tack. So I don't know the new CEO. I've never met him. So I would love to actually that's a great guest to have on the show. If we can get them on Modern Finance to talk about just what the plans are from a blockchain standpoint. And are they still committed to that side of the business? Because you know, Jack had already put some pretty fuzzy but some potential ways that he could take.
Twitter and enable a lot of blockchain on the back end to power different components of it. And I don't know if there's new CEO is just going to say, actually that's not the way I want to take the business because obviously Jack's out now. So it's going to be up to this new CEO to say, I'm fully committed to these previous plans or not. So I have yet to hear that. But yeah, I so, who knows? I think it's interesting when I think about these old web to companies and just the transition that they're going to have.
Make the web three and how do they enable that and was talking to this about this recently on the bank list podcast, but there's this idea that kind of the best way to do this in some sense is really give more control to the builders and the community and let them extend your product. If you're a web to business versus trying to define the entire roadmap yourself. So I think a great example of that is what's happened on Discord. Discord, for example, there's a bunch of different.
Ways with Bots that you can extend it, for example, with the proof of T, like the way that you're going to enter the private Discord is not because I wrote some code or dis code Discord wrote some code. There's third-party apps that when you connect it asks you to you know, connect your web three wallet, it looks inside of the wallet sees that you own the actual and of T and then grants you access and if you trade the nft to someone else, it monitors that as well and boots you out of the community, so it's one of those
Things where they are extending Discord by enabling and allowing third parties to come in and write custom code, that extends it. And I would love to see a lot more of that at the Twitter level. I mean, there's a ton of things. I mean, I think about going on someone's profile and seeing a showcase the different entities that they hold and that could be done all not by Twitter writing that code. But by just opening up the profile and saying, guess what, third-party developers can put whatever they want these different modules and enabling people.
People to extend it and new and unique ways that they weren't thinking about. I think that's how we get a lot of web. Three kind of shoehorned into web to Tech if that makes sense.
Yeah, absolutely. And I mean, it would be a Pity if Twitter would turn its back to blockchain Tech in general and just keep it as a separate social media business because the, I like you said, there are so many potential overlaps with this technology that I think it would be just, yeah, a PDF, they wouldn't do it to be
honest. It's interesting in that I
Wonder if we aren't at a MySpace Point here. I'm not, I don't think we're to Myspace point, but you remember when Myspace is social network, was just so hot and it was like the it was a big deal. Many people may not remember this, but prior to Facebook. It was like the hottest social network that was out there and then Facebook came along. It was just so radically different and provided a Newsfeed and some really things that just Myspace couldn't pivot into because of the way that they were already set up and the framework they had built. I wonder you know, I see
Scored as eating a lot of Twitter's lunge for quick conversation. A lot of crypto Twitter and especially in Ft. Twitter has moved to private discords, not to say that we still don't use Twitter for a lot of other things. And I certainly consider it a very important utility in my daily toolkit of things that I use. You actually have a really interesting story coming up about a kind of in Ft. Specific Twitter that I thought was really cool. And this is an example in my mind of a new platform.
On that says Hey, listen, there's issues with Twitter. They're not willing to extend it. We're going to go and build a purpose-built platform just for in a tea enthusiastic and that could start to eat away at some of the Twitter market share. If Twitter doesn't evolve to be something that's more, that you can extend an interesting and new ways. Do you want to talk about that story?
Yeah. Sure. So essentially what I read about was the minako planet yacht and at first it sounds
Like a pfp project, 10,000. Yah, 10 ft. Is that have different elements? They look really colorful really cool and you can buy some the floors. I think at 0.2 eith right now, but essentially what this nft will enable you down. The road is a platform called wanaku. NF T dot IO and it is currently on better. You can actually sign up or login with your wallet or your email. And essentially it does look like a Twitter feet, but the
Difference is that there is a Mana token and you will get that token based on how engaging the content that you provide is. So instead of a retweet just a pure number, you will be paid in more numbers or in Mona tokens and their will. I would say there will be really interesting Dynamics in seeing how people will either publish just content that's popular, or will they still publish their opinion in the hopes that it will go viral? And then you will
Make kind of Mona tokens down the road with the very important twist that the focus is on n ftes and crypto in general. So there will be n. Ft galleries. There will be a leader board. You will be able to see exactly what you just mentioned for Twitter. If Twitter would open up the profiles that I can see. All of your nft is in a gallery. Once I visit
your profile
and that will already be baked into minako nft. And the interesting part is also, there are some interesting people backing this, some cryptographic.
Influences. Some interesting investors as well, and that caught my eye. So, I am actually part of the minako planet yard. So, I bought so many of these there and I'm currently playing around with the platform and I still think I don't think it is completely done yet and it says it's a better right now, but I still think it has the potential, like you said, to eat into Twitter's share of it.
So I'm curious a couple things. So is it is a Monaco or minako? How did you come up with that pronunciation?
That's a good one in Europe the the city state or the state. It's called minako or Monaco actually, but it's it depends on whether you speak French or you don't speak French. It's amazing to meet. So that's the that's my bujji European way of saying when I cook, I love
it. Yeah, so I think this is a really the only thing I worry about is where is the incentive mechanic in earning these tokens. And if it is just for people to post content that goes viral.
Then we like we've seen with steam it, which is one of the very first kind of Reddit style places where you could post content. And the more it was like, maybe or maybe it's a bing just that it's just click pretty content and it kills the community because it's not for the altruistic kind of community like best goals there, but it's really just for how can I get as much extract as much revenue or tokens out of this by making it click baby, so
That I worry about but I love the idea. And it's a beautiful sight. People should check it out. So it's Monica or minako. If not, I owe. This reminds me of GM. Have you seen GM at all? No, so if you go to GM dot x, y z, this is another similar idea where you can go in and join these different communities and participate in almost like a Reddit style for each of these communities.
I think the Monaco is more. It's more kind of Twitter style, right, or am I wrong? And then I
would say yes for now, for sure. Yeah.
Yes. The GM one is, is interesting in that they have these private communities that you can enter, but only by like we're doing with the proof in of T by holding in an f t. So the one I saw that was the Bonsai Community which, you know, iPad, the Zen Zen ft folks on with their bonsai trees.
And this was interesting in that someone went and you can see it right now. If you go to GM, x, y z, / C, / Bonsai, be ons AI. So if you go there, you'll see that to join this private Community. The requirements that is that you must hottel, at least one Bonsai in Ft. So it checks your wallet. And says, does this person hold a bonsai in ft? And if they do allow them into the type of this private Community. All about the Bonsai project.
So it's really cool to see this happening in that. Then the the idea I believe long-term is that you'll actually learn tokens inside of this community by being a good participant inside of the private community. So as you help further the bond, / Bonsai group, then there could be a bonds or whatever your side token, or whatever it may be. And you earn credit inside of that, inside of that little commute, something that
Honestly, I think red has been promising for quite some time is ways to extend their subreddits. But this this company is actually delivering on and I think that's the one benefit of being a super Nimble. Early startup is you can just pivot and try new things in a matter of days, not years. So this is another really cool example. I think we're just in the early Innings of everything but on the kind of social network side of like, how do we connect people with common interests and common in ftes and common tokens? It's going to
Be, I think the field is wide open. So I'm excited to see how the stuff plays
out. Absolutely
cool. So that gives me another one. I have to check out though. So I'm going to try them a knocko. And can I have my wallet this afternoon and see what I can do? This is really cool. I like the design of minako. It's beautiful. Yeah,
cool amazing pool design. You
said you owned one of their Yachts? Yeah. So what is that? Exactly?
If you go to Open Sea and you enter minako Planet yacht, I think that's the
Show collection, it's not verified. Yet you have. If you have to be a bit
careful, link on the minako website is not the right to the yacht's there. So you get the right
link and the the yachts. And it's actually a mixture between like speed boats and Yachts, and these catamarans and like these different types of boats. They have different logos. They have different like add-ons, like a jet ski, or a helicopter, or even an ape, or I think even a punk or something. So, there are these different kind of. I think there are algorithmic
Klee generated and they do look cool. They have cool names, like Prometheus eyes, and Artemis, and all of these things and it's also funny too. Once you're in the community you just saying. Yeah, I just bought a yacht, you know, and you can brag a bit. So it's funny, you know, and that's why I got into because I kind of like the art it's playful and I really like the idea behind this this social fly social five platform that they're calling
it. It's very cool. Yeah. I like the idea that little yacht stood and who knows?
Where this can go. This is like with anything where it starts off as a little 2D yacht and then all of a sudden someone makes 3D models of it and then all of a sudden someone's I'm going to make a yacht metaverse where we sail around in our boats and then someone's like, how do we design the different deck levels? And these things just spiral out of control in a very good way. So it's fun. This is a, you have another guest we should have on the show. How is it to talk about this whole project to be curious to see what they have planned for
this? Speaking of metaphors? If I met there was this crazy new store.
Ori that last week's metaverse land sales, just crossed 100 million u.s. Dollars. So different platforms such as sandbox decentraland and so on. So people are buying virtual real estate. What's your opinion on that? And do you see or are you looking at this right now? Is this the next hot thing in? The meadow verse? Yeah, I mean, I'd certainly
something that I've been paying attention to for a while. So I probably first started buying sandbox real estate back. Maybe, I don't know.
Months ago or something. So I kind of have a feeling that Facebook is really going to screw this up. Who knows? I might be wrong, but I don't think that their version of the quote-unquote metaverse is going to be the one that that ultimately is like, just the default for everyone. I think like cryptocurrency. It's going to be a multi metaverse world where it'll be about, just the ability to move and Traverse through different meta versus for different use cases. And moving your
Or items between metal versus so, that'll be the awesome part about it. Is if I have a certain object, a t-shirt, a pair of shoes, some are taught what to put on the wall. I can take that in and out of various different metal versus and use it, depending on which one I want to play and what that use cases. I've seen some purpose-built meta versus just for displaying in ftes, which is fine. You have your own little gallery and you can in turn walk around and that's all it does. I yeah, I do. I do like the idea of meta versus and
Mm, cautiously sitting on the sidelines and there hasn't been any breakouts. Like when you take a look at what is going on in terms of active users, it still minuscule, right? There's there hasn't been any one big like aha moment for me on the metaverse side where one has just completely crushed it. Now sandbox is I think in my opinion has a decent shot in terms of they've done some great Partnerships. They have a fantastic.
Sign, I really love. There's a bunch of different ones. I have games associated with them. So, it's early days. I'm a part of a dow. That is a spin-out flamingo, called neon Dow, and all we do at neon taoism invest in the metaverse, and that can be a whole slew of different things. That could be scarce items. It can be digital land. So, it's a little bit. It's a way for me to get exposure to the metaverse by, but with a little bit more hands-off. So the Dow will invest on, you know, my
Half and not, I don't have to keep up with everything that's going on in that world because I think it's just digital art. And if he's in that sense and that there's going to be in web 3 in general. There's going to be so many Deep Pockets and Roads to go down that it's impossible to be an expert in every single one. And so I want to cover more of the metaverse on the proof show, but I don't know that I'm going to be a meta verse expert. It's getting so big now. There's so many competitive.
It's and new projects that are launching that you kind of have to have it, be your full-time job. So there would be a world where we have someone come on on the show. That's an analyst that just does nothing but cover metaverse and we use someone like that to help us get up to speed on the stuff. But you know what I'm saying here? Like it's just it's becoming a big thing and it will be hard, but yes, to answer your question. I do, I do hold and by digital and I think that it was so inexpensive when I was buying. It was like, why not like why
Just go off and have that. Be a small piece of the overall portfolio.
Absolutely. I mean, and the thing is with metaverse. It's, it's a big word but nobody really knows where it's going. So it's still like people are still building on top of it and building. So there's there's game elements there's nft and elements and so on. So it will be really interesting to see what the metaverse will be in two, three years down the road.
Yeah. That's right. That's my take on it. Is that we've got there.
Always been this expectation of V are being the metaverse in the, the metaverse is defined clearly in one way. And I just feel like that is such an own Playbook that, it's, I have to imagine that there's something else appears. That is even more interesting that becomes a better version of what our expectations are for the metaverse to be. Like when I was watching the Zuckerberg presentation on the changed, the name to Metta and he was showing like the future metaverse will be like this.
An honestly, as part of the presentation, there were two virtual people sitting down playing chess. And I remember thinking to myself, what a boring example, what the metaverse can be like, how many times have we've already
seen that, right? I've been playing chess
online against friends since the like late 90s. Like it's that's been a thing like you could do on AOL and stuff like that. It's like, what was it 3D? But was it 3D exactly. It's just, I don't know that, that to me is just shows a lack of
Oh, imagination of what can be done. And so I'm hopeful that we'll have these Frameworks that will allow us to experiment and I think sandbox and others will just be the shells that like Discord and like others. I can just be extended and interesting ways and the innovators will come in and build really creative new things. And we'll say Ah, that's the use case. It's really catching on because right now running around in a virtual world bumping into other avatars.
And flying doesn't cut it. That's just not that compelling. Don't get me wrong. I've been to a few of these virtual shows like to walk through a gallery and see, a bunch of people Gathering. It's fun. I was doing that in Second Life. Ten years ago or longer. So it's not that. I think we need to keep experimenting before we find something that hundreds of millions of people want to do. Yeah, so we shall see we shall see. So yeah now I'll jump into the next story real quick. We've got, you know one thing I just wanted to bring
Bring people's attention to his next week. A fun podcast coming out with Michael Rogers. Who's the engineering manager protocol labs? For those of you that don't know, protocol labs are the creators of file coin and they're also the kind of overarching company behind ipfs as well. So, when you think about all of the nft storage that's happening, you know, it's typically ipfs. We had that big scare that occurred when hen went down on the tezo side and people were saying like, how or my in if he's going to be preserved and
Thankfully there were on i p of s and people stepped in to replicate in pain that content to ensure that it stayed around forever. Even if the exchange wasn't there but one of the things that I've found confusing and again unless you're into this like full-time or really go deep technically is what is the difference between ipfs and file coin and filed coin? It's the incentive layer that sits on top of ipfs, but it's not clear to me. Why? And when I would want to use it and then what are the requirements for running?
May file coin node. And then what is this idea of Penning of content? Like, you can pin ipfs in a t so if you hold in Ft is that are on ipfs. You can actually pay using a service called pinata to pin your in ftes and ensure that they're available. Even if the other people that are hosting it, go down. So that you're in, at the images will always be maintained and stored on the blockchain and available for display. I had a ton of questions. So, you know, I just didn't understand why we
Hold file, coin, as a coin. And so, I interviewed I was able to sit down with them. Michael Rogers, who yet this engineering manager and we went really deep on on all these questions. So, if you, if you were kind of confused or curious as to what happens behind the scenes with your entities and with data storage and where it's going with web three, where are we going to be storing our data? This I think this is good, good interview. So it'll be out on Tuesday this coming week. So I just wanted to get pulled that to people's attention because it'll be a good one to good, kind of foundation.
Little information and knowledge that we all should
have. Yeah, there's going to be an exciting one. I actually had a similar scare. When one of those fractional nft sides or fractional, art sites went down as well. And I had the fractional nft on there and just the site didn't work, but they provided this ipfs link. So it was my first kind of entry into working with the ipfs kind of protocol. So it was quite interesting to understand where ipfs or how it is working. But then again I have exactly the same question as
I would like how is it differentiated from file coin and so on. So definitely going to be an interesting one going to listen.
Yeah, it's one of those things where I think about the different as putting my kind of modern Finance hat on for a second and think about the different ways to invest in web 3, we know these different sectors are appearing. In terms of how you get the metaverse side. We talked about, we've got the energy side that we know of got decentralized, finance, and we got layer, 1 stuff, layer to scaling Solutions. These are all different sectors that you can invest in, obviously infrastructure.
And the kind of support of in storage of and retrieval of information and files is going to be an important piece. In a decentralized fashion is going to be an important piece of web three. I hold file, coin largely because I was an investor way back in the day. When before it launched. I was wondering just where it's going and because I think that's an important piece to figure out as an investor when I think about my overall web, three portfolio of things that I want to hold, like the different baskets that I want to.
Speed in. That's one of them is is file storage. So, you know, are we've I've also had on the show in the past. I think that is a competitive to file clients of this. By no means is an ad just for file coin, but you should go check out the episode we did on our finance with our. We've another really interesting way to host files for the long term that is unique and that actually is compatible plays well with ipfs. Yeah. This but this is something I pay attention to and want to track as we enter more and more into a kind of decentralized world. And they were one of the main
Main questions I had for him to is how do we make ipfs performant? Because, you know, one of the things if you've ever been on hand or some of these places that rely exclusively on serving up files VIP FS. The first thing you notice is that it's just super slow and like how could you ever imagine file retrieval and display to be taking like s in a modern world? And unfortunately due to the decentralized nature of things retrieval can be slow to pull together these pieces and serve it out, but he was explaining
Michael goes and really kind of detail about what they're doing to address that and, you know, how they're going to be cashing, some of the stuff, and what they're going to why this is going to get very performative, very fast. And we talked about Native browser support, which browser, obviously, Brave supports it out of the bat, the gate, but how. And when will it come to other browsers and just a really fun conversation. So it'll be good one. All right, cool. Awesome. So we got time for One More Story. You still have enough time. I know you got kids and other things. You got to get back to her Notions and kids kid.
Hey, kiddo. Yeah. Yeah, but let's
drop one more. I like to drop some Alpha on this one. There's an interesting one and it is a bit dgeni. So bear with me, right? As you know, I'm into the Phantom ecosystem. I'm playing around with different sides, different, protocols, and so on, there is this thing called tomb. So t, 0, and B dot finance and they've built an interesting kind of concept of saying, the Phantom token is great. It's fast. It's cheap, we can play around with it. Great.
But in order for it to stay fast and cheap, we need validators. And in order for you to become a validated, you need to stake a certain amount of phantom tokens. Now, in an Ideal World, a lot of phantom tokens will be staked, but that would then mean that we don't have any Phantom tokens to operate on this Opera Network or the Opera chain or however you want to call it. So what tomb that Finance has developed is the tomb tokens OT OMB token that is pegged to Phantom. So 12.
I'm token is technically the same price of a phantom token and this already is an interesting concept. I think is it's worth experimenting and Diving a bit deeper because there are two more tokens. There is T shares in order for that like it. It's the governance token of tuned up finance and their Arty bonds as well. So bonds are being sold or being bought up in order to for Tom. So T OMB to keep the peg of phantom. So depending
On how the price difference is. T bonds will be issued or will be bought up. So it's a very interesting concept. But what is really interesting is that on Phantom in the Phantom ecosystem you have these different yield aggregators. So Reaper, the farm is one Grim dot finance and you can see already the pattern here very Paulo weenie type of names. So on Reaper the farm, you have a farm that you can wear. You can stake, Phantom and tomb tokens now,
Batum token has the same price as a phantom. So there will not be any impermanent loss in the best case. Of course, if it loses its Peg. It's a different story. But currently there is about 1,000 or 1,200 % AP y, on the FTM to pool on Reaper to farm. So, if you want to play around with this, without the kind of fear of having impermanent laws, this might be an interesting one to play around with again, cheap gas costs, so it's very
Cheap to play around with it. You can even put on 50 bucks. 25 25 in Phantom and tomb tokens, you can play around with it, understand the Dynamics. And yeah, make some make some nice yields on top of it.
So explain to me were the yields are coming from here. What is the this process look? Like? I have to go and buy Phantom tokens first. Is that
correct? Correct. So you by Phantom tokens first and you can usually do that on a centralized exchange of your choosing now.
Depending on the centralized exchange, you will get an arc 20 Phantom token out of it. But what you will need is the Phantom, like the Opera token, you can use any bridge for example, that is quite quickly, but some centralized exchanges are also offering withdrawals on the Phantom Network about one, or two weeks ago. The network was quite congested or at least the withdrawals on, for example, on finance, were as stopped to because a lot of people started moving their money into Phantom, so you
Get a phantom token on the Oprah network. Then you go on for example, spooky swap, and you can change their 50% of your Phantom tokens into the T OMB token and then you have Phantom T OMB and then you go on Tom finance and you do liquidity providing. So you provide the liquidity in form from, in off of to Phantom and tomb tokens into the pool, and those LP tokens those. You can stake on to Reaper that farm or Grim do
Finance, for example, it's between the thousand and thousand three hundred percent right now and the yield it depends. So if you use re-perform, you will get the yield in the respective token and it just Auto compounds because it's a yield generator. And on Grimm Finance, you will get a specific token for that as well. So it's a, again, a marketing incentive. It also depends on the pool value as well. So if the pool value goes up, the apis will go down. So it might be a short-term thing.
For now, it keeps really nice yields. And I think it's worth a try
crazy. I'm looking at some of the audits here on Grimm Finance. They have a link to their audits. Is this the only thing that scares me about this stuff is I'm not a full-on Degen like all in. I've got played with a few things, but I worry about these smart contracts. Like all it takes is a hack and then all of a sudden let's just say you lose a few thousand dollars and that's a decent amount of your investment in into all of crypto.
Now you're talking about years to recoup that you that the money via some other yield mechanism. So now you're chasing those losses and some sense. I'm just such a like down the Fairway. Let's keep it simple. Where can I find my seven or eight percent and just be happy with
it. Right? And I agree. Listen, I agree and I totally see your point and don't forget that the TV l. So the total value locked off. Grim Finance is 103 million. U.s. Dollars compared that to to UNI swap or pancakes. What with a bill
And chances are that these platforms could get hacked, like, the, this risk exists. So, I would never don't risk your rent money. Please, don't or your kids money. I don't know, like food money or something. I have a small stash of play around money. And that's how I approach it. So there is a big basket like the big portfolio and that you wouldn't touch or you will keep on a hardware wallet, and whatever, but there is also a small wallet to really play around with these things and maybe get some juicy yields out of it. You know, there's also this fun and risk
And of course, but don't go full DJ n if you don't know what you're doing absolute, like, full disclaimer there to make sure that that, you know, what you're doing here, because the risk is definitely there. And again, I've tried to just play around with small money on these
plan. What was the platform? You were telling me about the gets 20% on the stable coin on Tara. What was that?
Anchor anchor? I think it's anchor app or something. That is a more safe one to be honest, and there will be 0 but surance option as well, but
It's so funny because when you told me about the anchor, he was on this show. We were talking about it and you're like, oh, you can get 20% of your stable client. I'm like, you're crazy in my mind. I'm like, there's no way I do that. It sounds too good to be true. And there's got to be risk that, and, of course you were early on that and it hasn't been hacked knock on wood and still producing 20
percent. I believe, right? Or close to it. And it's 19.5 right now. Yeah, but it's, it will keep their pretty easily. And
Listen, when I first read about this, I was exactly at exactly the same opinion as you. I was like, there is no way in hell that this will work. But at the end if you really read into it and understand the Dynamics, you can see that this is possible and it's actually like a lot of people are farming that way, and I think it's one of the safer ways. But again, this platform could also be hacked. That's why I think Insurance options will be really interesting in the defy, space down the road. So, we should definitely plan a special episode on insurance.
Inception like a solutions for the defy or nft space.
Yeah. I've looked at we should do a special dedicated episode, you know, to Define insurance. I because I really need to understand. I've looked into a few of them and every time I look into them, it's going to eat up so much my yield that I'm like, does it even make it worth it? Let's just say you want to provide Insurance on something like an anchor. You're getting 20%. You might give away half of that to some insurance application.
Yeah, not half. I mean, in anchors, case as far as
I know there was one or deep. It depends on what you're insuring against there. Is, for example, anxious case, you can either ensure against a to UST losing its pack. You can insure against smart contract risk via, for example, Nexus mutual and all these different elements. So, depending on what type of insurance you're trying to take, it will be either expensive or a bit cheaper. What I do know, is that from the tarot ecosystem? There is a big team working on an insurance solution for anchor.
As well called, I think ozone. So this will come up pretty soon ish. As far as I know, but I do think that as soon as if the insurance fee is higher than 5 to 10%, It might not be worth it, to be honest, but it really depends on your strategy and how much money you have in the market. If you have all of your savings in on anchor, maybe it's worth it. But if you just want to keep, I don't know, a couple of thousand on there to have it quickly if you want to enter when the price dips of something else, then it
I
not be worth it, to be honest. Cool. Let's do that. Lets do a special dedicated episode to Insurance. Maybe have another expert join us and do a little round table discussion. Go through all the different options because I feel like we've been talking so much about these high-risk, but really interesting and to your point, just fun to play with protocols and people should understand what they can ensure it. Because, you know, my gut in this is like with all things Financial, you know, we're all kind of like you earn 20% on $100 for a couple months now like,
Maybe I should move that to 1,000 or 10,000 or, you know, you start thinking about bigger and bigger numbers, and I think that's just human nature. You're getting these great returns. You're like, why don't I have more, especially when the stock market or something goes sideways or other? Cryptic, go sideways, you like. Why don't I have more in this stable coin, the 20% like the sounds awesome, but I need to. Yeah, I need to know what the insurance options are out there and then how safe are those? Because in some sense, there could be a run on the bank, but hack does happen to they actually have enough assets.
Back end to cover that if there is a hack. So it's another thing to and I know there's a lot of transparency there on the blockchain, but it'd be good to dive into. How do we verify that?
Yeah. Definitely. Let's do that. That would be an interesting one.
Awesome fair is working people find you online
at Fresh way on Twitter. And other than that blue Alpine,
research.com for the German speakers. Sweet. Thank you again for doing the show. A lot of fun to catch up and let's do it again in a few
weeks. Absolutely. Thanks for having me.
A good one talk
soon.
