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Particle: Fractionalizing Banksy with NFTs
Particle: Fractionalizing Banksy with NFTs

Particle: Fractionalizing Banksy with NFTs

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Particle Collection, Loic Gouzer, Harold Eytan, Kevin Rose, Shingo Lavine
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31 Clips
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Jan 4, 2022
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Episode Summary
Episode Transcript
0:02
Art collecting is also a way to express yourself. You can tell a lot about someone and when you go into their house and you see the art that they have hanging up on their walls? Sure. And to be able to open up the possibility of expressing yourself in that way. So people Express themselves through fashion or their music Taste, and to be able to actually offer this possibility to express yourself through ownership of Fine Art, and obviously fine art. And it's in itself is let's say the summit of Humanity's.
0:30
Aeneas being able to condense different ideas and different concepts visually to be able to offer that to a wider Community. Is I think something that was really resonated with the whole founding team. And I think it's something that a lot of people will subscribe to as someone that's in the nft space and as a venture capitalist, I get pitched, just a ton of different ideas for new.
1:00
Coming in a few projects. One of the things that I am often pitched or people talk a lot about is trying to figure out how to bring traditional art to the empty space, specifically stuff that's already been created in this kind of Trad art world and turning into n of T. So there's a few different suggestions on how this might be pulled off. One, is you take a high res, scan of a piece of traditional art, you then destroy that traditional art, meaning, like,
1:29
Burn it or dispose of it in some way and then you turn into an entity that in my mind is just a horrible idea. Like you should not be burning. These beautiful works of art, right? Like we're not going to take the Mona Lisa turn into an empty and then burn the original. That's just ridiculous. So how does one fractionalize a piece of traditional art? It doesn't seem like it's possible. I mean, I could take a piece of traditional Arts. Can it turn into n of t? Or several and of tease, you could then buy them?
2:00
Then what if I sell the other piece of art to someone else? Like you don't actually own it. There's no connection. There seems odd. Well, this is where this episode gets. Pretty awesome. This is a fun episode because we're having the folks from particle on and what they are doing is pretty unique. They've created a non-profit, they go out and buy and win traditional art pieces. So in this example, which is their first piece of launching is a Banksy that they went out and bought and paid around 12 million or so. For it. They take that.
2:29
Transferred into a non-profit and put it in an entity so that it can never be sold. So it can never be lost or sold off to a third party. They then take it and fractionalize, every little piece of it into individual in FTS. So they do a 10 by 10 grid and they create 10,000 in FTS. You own one. Little piece of that artwork as an N of T. And then it also shows you as a whole, the entire Bank C. So if you own one of these nft is one of
3:00
Ten thousands of this Banksy. You're now going to be able to display this on your wall. Say you have a little piece of that and when they to around with the actual Banksy and see it in real life, potentially when they set it up in a permanent Gallery, you will use your ownership in ft to kind of check in and be able to go in. And look at that bank. See, and they have pretty big Ambitions around doing this for a whole slew of different artists at the very, very high end of the market. Now, this is so cool because for the longest,
3:29
Time. It's always been about billionaires coming in and buying up really expensive pieces of artwork and the average retail consumer or investor just didn't really have access to go and hold these pieces of Art. And while you're not actually holding the art, it is a way to lock up the art and have a direct connection to that piece of art and have some ownership vien nft. So, there's a lot to unpack here and there's a lot of little Nuance here. So,
3:59
Get into all of it in this episode, including a choice of a new Block Chain. Relatively new Block Chain called Avalanche to power this entire thing. So this is a fun one. I think you're going to enjoy it. I'm excited for this project and to see where it goes. It reminds me of when we talk about this in the episode that Constitution down that was formed where you I'm sure you probably saw the news. Thousands of people got together to raise a ton of money to buy one of the copies of the Constitution. Ultimately that ended up failing they didn't actually win the auction because someone
4:29
Outbid them, but this more or less of the same idea where a bunch of people coming together to own in of teas that are then going to be held in a non-profit. The actual physical be held in nonprofit that you can view. I think this might work, so I'm pretty excited. Pretty bullish. We'll see what happens when they launched here in a few days, but want to give you a sneak peek and have you here from the founding team. So, let's chat with. So guys, so great to have you on the show.
5:00
Today, this is the particle team. I think the he's are the best thing to do to get going. Would just be go down and do a quick little brief introduction for each of you and your roles within the organization. It should go. Do you want to start
5:13
sure? I got involved the particle Winfield called me up and we just sort of gotten off. Integrating you eat those and Voyager and I was what I was the founder of ethos and we found Voyager really early on and you we desperate a great success story and
5:29
And when filled called me up, he said, you know, I have this crazy idea to sort of factual eyes and let people own art in a revolutionary new way. Are you interested? I was like hell, yeah, that sounds awesome. And so I came onto particle and I'm working on the blockchain stuff and that's strategy and Community for for particle and it's been, it's been a blast.
5:51
Yeah, I'm definitely excited to jump in and talk about your blockchain. Why you chose the chain you did and all that. But yeah, let's go through the rest of the crew here. So Harold, you're the
5:59
Yo, yeah, that's right. Okay, and how did you get involved in this, with this whole crew? So I was brought in by Philip. Whose might who's my brother, essentially, I think, from Mostly, from my operator background. So, I started my career at Rocket internet. Their playbook is really taking Ventures from idea to launch in 90 days. And this is a project that had a lot of moving parts that needed that needed kind of coordination. And, and so yeah, it was brought on by the founding team to run the project as CEO and obviously like
6:29
Any beginning of any project, it's bit of a jack of all trades, but like, like shingo said, it's been, it's been a blast so far and that things have been moving well. And, you know, we've we've come a long way since since Phillips, phone call to shingo, awesome, and Louis, QR also a co-founder and you your head of acquisition, right? You are, you're in charge of acquiring all these
6:49
pieces. Yes, and yeah, to continue to what shingo and how it was saying. Aye, I come from the art world and I was working at Christie's and
6:59
After I left Chris, he's I was always trying to figure out the way, how we could bring a wider Community into the art experience into the outer ownership and I actually approached Philippe it on a we're talking about, who is fine. I grew up with and who has a lot of experience with with blockchain and with crypto in general. And I asked him. Is there a way that we can use current technology blockchain and changes in narrative ownership understanding to to create something.
7:29
With such as particle. And so that's that's how it all it all started. We started to discuss through to think about it, and then he brought in quickly shingle and an Adam Levine and or scar who's not on this call, but Oscars, one of the founders of Uber X CTU who Burr. And then ultimately, his brother Harold was now running the show.
7:52
Awesome. I'd love to start with the Genesis idea. And you know, I when I think about our
7:59
Traditional art and collectibles. They had been approached over the years, you know, like any alternative asset investment. There's always groups they come and say, hey, we've got this Vault full of watches and it's a great asset, and we only hold these types of Brands. And yeah, it's seen that on the art side as well wear. These little investment groups come together and they say, hey, this is how we could perform against the S&P. This is why you should have this as an alternative investment vehicle and it always been these kind of tucked away and private and high net worth individual thing.
8:29
Has to do to own a fraction of a collection. But there was never a way to have a liquid market for that. There was never a way to really display it and be proud of it. So, what was the kind of idea here? And how is this different than one of those more old-school, traditional are collecting
8:46
organizations. I think by definition almost by definition, art has been the, the real of the, the Bastion of a very few people.
8:59
The enjoyment of Art and collecting art is is is really the enjoyment of art is really goes through owning owning it. And one. One example that I always use is that Ken Griffin was a very big collector owns this. Andy Warhol, Marlon, which he bought for like probably two hundred fifty thousand two hundred fifty million dollars and he gave it on loan at the ICA in Chicago Institute of Contemporary Art in Chicago and
9:29
when people go and see the work, they just tons of people in front of this work and they enjoy it. They have a they have a real moment with it, but I can guarantee you that when Ken Griffin goes there and he's doing the same work at the fact that he owns it he enjoys it way. More. The enjoyment is close to 100% And that enjoyment is almost fulfilled by by ownership. So so by definition
10:00
Great masterpieces are are limited to a very few people who have the means and like any other form of enjoyment of forms of art. A lot of them have been democratized. We think about music as a main example, but Artie was it was not was not the case. And what we're trying to do is particle and and leveraging the, the blockchain and and then ften FTS. We're trying to bring in
10:29
through the community, the community to have the possibility to really have the full enjoyment of art, which goes through, of course, being able to access it. To see it to experience it in life, but also to be part owner of it, so we're really, you're really trying to expand that spectrum of enjoyment and collecting. And then also, of course, once you're part of this community, you're part of this, our world, you're part of this Market, you part of the discussion. Something that
10:59
Never possible before.
11:02
And I think to add to that, as well as that art is, is also art collecting is also a way to express yourself. You can tell a lot about someone if you, when you go into their house and you see the art that they have hanging up on their walls and to, to be able to open to open up the possibility of expressing yourself in that way. So people Express themselves through fashion or the music Taste and to be able to to actually offer this this this possibility to express yourself through ownership of fine.
11:32
And obviously fine art and it's in itself is is a the let's say the summit of of Humanity's genius, being able to condense different ideas and different concepts through visually to be able to offer that to two people to a wider Community, is I think something that was really resonated with the whole founding team. And I think it's something that a lot of people will subscribe to you have it's funny that you all started with or at least this is what I've read in the press and correct me if I'm wrong, but the first piece that you plan to offer
12:02
Her up and we'll explain and get into the mechanics of how this is going to happen. But the first piece that I read about was a Banksy. And and for me Banksy has been someone that I've been personally wanting to collect for quite some time. There was a handful of different ways to get involved because he's done different types of pieces. There's everything from people, kind of like tearing down walls of, you
12:26
know, where his heart has been
12:27
put on and like trying to like house them somehow to some of the fake.
12:32
That he made and selling those off individually, and just a whole slew and it was always Out Of Reach for me, you know, this, I was looking at this, probably a decade ago, and it was something where I was like, I just can't, I can't pull the
12:45
trigger on that because
12:46
it's, and now, I mean, obviously prices have probably out of no 20 x or something since then, but it's just even more Out Of Reach for most people. So, let's get into the actual I idea here then. So, you know, I and I completely agree with you by the way, on this idea.
13:02
Love that there's when you do own something, there's like this extra piece of kind of Pride and and love for that object in an odd, but super geeky way. I actually own a copy, a sealed copy of Windows 1.0, the very first operating system put out by Microsoft and I lent it out to the Computer History Museum in the Bay Area. And they've had it for over a decade now. And when I go there every few years I and I see it like in its own, like little case, they're on display, and it's on
13:32
Loan from me. I, you're right. I look at it. I love it even more and like, there's my my, you know, really cool rare, Windows 1.0. And I also love the fact that people are getting enjoyment out of it as well. So that's, that's a pretty cool piece to it. I know, it's not the same as a Banksy or, or more
13:49
traditional hard, but it
13:50
is more of that kind of vibe in that feeling. But yet, let's speak to what the idea was then. So, how did you plan to y, n, ft is? And how are they applicable?
14:02
All I've heard of so many people trying to apply enough to serve traditional art, but I really liked your approach. So let's get into that.
14:09
I think that nft is opening a whole wide set of possibilities. Not only in terms of Creations. As we've seen, we've seen some artists. I've actually been involved with some artists who threw this at this technology. Have been able to express themselves and completely new different ways. And of course, distribute themselves that though,
14:32
It's intermediate and ways, but it it also did a hole in Ft. Conversation is also a conversation about about what it means in terms of ownership and and what I need means in terms of what were you, what you can do? And it definitely opens Avenues, right? Left and center. And one of the Avenues that it open up was the Avenue that we are. We are taking and I think we're the first two to I would say explore this. This realm of possibility. That is brought by DF.
15:02
D technology, and what we call the particle ization process. It allows also say that blockchain to me has always philosophically represented, a democratizing force. And I think that's what many people. That's, that's what many people are, sort of driven to just sort of instinctively and at that it got feeling about blockchain technology for many people. Is this idea that we can create something new, we can create something better. We can be a part of something bigger, and
15:32
That's why when I first sort of started thinking about this idea, it really resonated with me as sort of a blockchain enthusiasts and up in a blockchain fanatic. And and and I think that we can we can enable people to own art in a way that has been just inaccessible even to ourselves as the founding team, but it's the Art Market is extremely opaque and difficult to penetrate and has been dictated by sort of an elite few people who have
16:02
reaped many of the benefits and sort dictated and shaped the course of the Art Market and the course of our history. And, and I think that that democratization along with a penetrating, into this sort of opaque Market is really at the heart of what we're trying to do here.
16:20
So let's talk about what you're trying to do. Because I we need to get into the nuts and bolts to explain to the audience. What is it? You're actually setting out to do. I mean you've if you go to your website, which is particle collection.com,
16:32
You see an actual Banksy. So, my understanding is you went out. You purchase this at auction and you own this. Now. What are you going to do with
16:42
it? Yes, it look. Core part of this is the particle Foundation, which is a non-profit and this whole idea sort of sprang out of a, how do we achieve digitization without destruction? How do we, how do we bring art into the digital realm without destroyed? Because the approach that other people have taken with with
17:02
Fine. Art is to physically destroy the peace in order to give rise to the end of T. So that there's only serve one, one thing and that gives the nft its legitimacy, but we thought that that was really antithetical and it prevents a lot of the enjoyment of P. So it prevents a lot of people from being able to interact with the physical piece, to feel the weight of that of the, of the physical presence. Well, it's just depressing. Yeah, it's sad. And so, but we think we figured out a way where we can sort of legally.
17:32
Throw it where we're putting it into a non-profit where it's never going to be Soulful, and then we can use that to then give helped, give rise to this to the digital form of and we call the sort of like a digital Fork. So you can think of it. Like the physical piece is held by this nonprofit where it can be enjoyed and held preserved. And the in the digital piece is being particle. Eyes through the nft process.
17:55
Gotcha. So what you're saying in this is where I was always hung up with previous project ideas that were out there.
18:02
There is, let's just pretend you guys don't exist. There's a Banksy out there. Someone else owns and they create an entity of it or multiple and ft is of it. Whatever. Maybe there is nothing from preventing that person from going out and selling that banksia, moving it around and giving it to someone else. And then, like, what is my nft? Exactly? It's nothing. It's just a scan of something, right? So it's not really tied to that work of art. So what you're saying is we create this like nonprofit that
18:32
Is the rules
18:34
can't be changed,
18:35
meaning that it will forever be held by this entity and then you're going to, then turn it into individual. In this case 10,000 in FTS that are, are they visual slices meaning, when I own something. Do I get to see a visual slice of that actual piece of artwork? Yeah, that you took a question where we haven't. We haven't released actually exactly what it's going to look like, but we can tell you it.
19:02
Usually the, the the token is going to be illustrated by a sort of collector's card, which will obviously shows you the the painting itself, but in order to illustrate your piece of ownership in the in that painting, so what that if you imagine a plot of land that's you know, overlap a grid on it. So 100 by 100, you get 10,000 unique pieces. So you'll have you'll have Illustrated on the collector's card, the coordinates of your plot of land on the painting as well as as well as a serial number and a
19:32
Information like cataloging of the actual work. So when I when I want to as I'm kind of thinking five ten years out from now, I've got a piece of this Banksy and I've got, you know, there's going to be an I've seen these decks as a venture investor. I've seen probably I don't know man, 15 different decks on on on digital displays that are coming, right. It's like everyone's building digital displays for an FPS. So let's assume we have this beautiful beautiful display that can hang in our our home. I'll be able to kind of put this up on my wall.
20:02
And then we'll it animate to show me like the coordinates of my particular. It's almost like a plot of land on this canvas, right? Yeah. That's right. Exactly. It's the collector's card. If you want to call it that itself is animated and it highlights, certain certain certain part. You see the whole painting itself, but it also it also highlights certain certain a certain sections of it. And you're free to obviously display that in your home as is it clean looking because I get my biggest concern would be when you say collector's card. I think of like a bunch of stuff.
20:32
Rounding the actual graphics and does it. Does it look like the when I would, if I were to walk by it in a hallway, and look at this Bank, see what I get to see a clean version of it. Or what? What do I see as part of the the animation or what's provided to the actual collector?
20:47
I think that's a great question. It part of what we wanted to do here is we want to strike a balance where we wanted people to both be able to relate to their individual plot. But also we wanted people to relate to the piece as a whole and so and if you both aspects, there are
21:02
But we're both, we want people to feel that they have some exclusive piece of it. But also that they did that fundamentally that you that you're owning part of AB AC and I think that both aspects are really important of it. So we go back, we go back and forth between the main, the main painting, the main image and, and more detailed version. So it's really a car that is an animation that Moore's back into the car and back into the, into the work. It's
21:28
Kevin, if you, if you were to think about when you go to a museum, right? You have the
21:32
The piece itself. And then on the right, you have the dimensions name of the artist named the work, the date, so it'd be a similar experience to that. Now, in addition, to all of this, you'll also have like a QR code to, to that links, you back to the title, deed page of that specific particle. And on that title deed page, you'll have all additional additional information on the rights attached to the end of T, different documents that can that that we may have available. Like in the case of this patient.
22:02
Banksy the certificate of authenticity, that's provided by pest control. So at depending on the work of art added to the collection, you will have different documents that we can that, you know that we can provide. In addition to the Token itself.
22:13
We're going back and forth between a listening experience between the experience of what it is to look at this work and the experience of what it is to own this work. So that's all that's right. That's the experience of the of this collector's card. I would say but the Kevin to go back to what you were saying and
22:32
Put this earlier you put the finger on the true mission of this of particle. And and that's where it somehow Evolution. We you know this whole idea there's other tokenization projects out there, but with the idea of you know, that are being built with the idea of like fraternizing, the work and reselling it and all the stuff are our mission here is. He's actually completely novel that the idea that we are through this whole process. We acquired a work.
23:02
And it's then gifted to this Foundation to create a permanent collection forever. This is this is this is actually something that the community is going to be part of a van and Dave are the description create a collection that is going to work, you know, whoever lies with some of the best private Collections and perhaps some of the best public school election is in the world. And the whole idea. Is that by of course, buying those particles by, and
23:32
If you trade them by exchanging them, you're literally powering the museum, you're allowing this Foundation, the particle Foundation to exist. You're allowing it to inquire more works. And basically the community is going to overtime. Of course. This is nice, is the first painting, but we want to buy more paintings and greater paintings. And only the best of the best. That is out. There. You the community is going to be allowed for this process. The chance to have a collection that it considers.
24:02
Its own not a collection that is like someone else's collection or public collection that they inherited or the day, you know, it's, that's where it's going to be a really, I would say revolutionary from a pointer point of view of building a collection. The community is going to literally power the, the creation of this of this collection and compete. For some of the best works in the world of come on, the market against some of the biggest collectors in the
24:30
world. And, you know, this Foundation is really
24:32
A, it's one of the cornerstones of this of this whole project because, you know, like we were saying we're trying to achieve digitization without destruction. It's really that you can't replace the experience of seeing of seeing a masterpiece in person. I mean, I got to see the the bank see itself in person for the first time when we, when we showcased it at the ICA, in Miami At Art Basel last week. And I mean, there's, there's no comparing seeing the work in person, right? I think that's the
25:02
the, the main, the main thing here is that the for the particle Foundation is going to be touring this collection internationally and the the the particle owners are going to have a voice, obviously, in where the next Gallery will pop up and and enable people to be able to unlock that Ultimate Experience, which is what the one that Louis was mentioning, which is coming physically seeing the painting in person and owning an owning it. Yeah, that's so cool.
25:32
There's, there's no way the when I think about existing in of T fractionalization. I'm not talking about physical to Auntie, but let's just say there's you know, that x copy that is fractionalized. That's an existing in Ft. There's always a way for the community to say, I want to buy this out. I want to get this out of here. Right? And I want to go and they can trigger a buyout event. They can pay a premium to whatever they asking is. And then the community has to kind of counter back and there's this Dynamic of does this.
26:02
Us in Ft, become unlocked, and put into someone's wallet, I think that makes a ton of sense on the digital side of things, but because you're putting a fraction of this artwork into the nonprofit. Correct me if I'm wrong, but there's never a way that anyone can trigger a buyout here, right? It's like, it's always going to be. You can sell your
26:23
particle, but you can't ever try
26:27
and take one out of the actual nonprofit. No, that's that's that's absolutely correct.
26:32
And and and the the the rights to the to the physical painting in terms of deciding, whether to sell it or not. Those are donated to the foundation that self, right? And is there anything in place that prevents the foundation from changing those rules in the future? Like, is this a trust? Like, how do you, how do you take out the human component? All together? Meaning like what if they're, you had a rogue CEO and place? There's like I'm going to go and sell this because I want to like what what's to prevent?
27:02
That from happening. Yeah, I mean, you know, the foundation is complete. It's a completely separate entity to particle itself. And it will be governed by a board of directors that we're still building out right now. We were, we have, we have the beginnings of it. But essentially, the foundation's bylaws are going to restrict a situation like that ever happening. And then will there ever be like you mentioned it touring which I think is awesome. Will there ever be like a final home for it? Meaning like a place when it's not on tour members?
27:32
And I could imagine a world where but I have a particle Banksy on my phone. I walk up. I it proves my ownership with my phone. I can you know, scan it in at the front door and I am allowed in to see these works. Is that in the in the
27:45
works? I think that from the moment at the beginning for sure. This is the first painting we want to of course acquire more want to build this collection. And I think in the first stage, for sure, it's gonna The Works are going to travel. The whole idea here. Is that as many
28:02
Particle owners in the world can actually see the work, the work because not everybody lives in New York and not everybody has the Museum's. The moment, the met and so forth. So you want to be able to like send this this work around the world but that you know, for ID at some point when the collection is going to become more substantial. It's probably gonna have more, maybe not a final resting place, but its own its own space, its own museum. And and then who
28:32
Those are perhaps he that's going to be its main location. But we like or like many collections of many artworks in in major public collections. They constantly travel, it is a Picasso show in Toronto than the Met is going to land. This is pictures are probably there is going to be a place where the majority of the works are there. They might go for a little tour and exhibition perhaps in Asia come back, or maybe we just one work. The Banksy is is sent to a Banksy.
29:02
Retrospective somewhere. It's always going to be the flux. But I imagine that at some point. The Parker Foundation is exist in the full brick and mortar Incarnation. And of course, they will be. It's doppelganger in the metaverse. That's all right. And so that everybody can access it at all time.
29:21
Now, is there any portion of this? That is a for-profit entity. Like, is this it? Why are you all? I mean, I understand like if it's for the love of the art, that's amazing because it's all sounds great.
29:32
But is there it, like, how do you all make money to make sure that these artworks because it's not cheap to have these things travel and to set up these new exhibitions and I met obviously, there's royalties associated with the resale of individual pieces. So does that go back to the nonprofit? Like what's the game plan here, on the financial
29:51
side? So the part from the nation is a non-profit. Non-for-profit particle itself. Is really, of course. It's a business, but of course the
30:02
The sale of the token, a spender, the royalties on the on the on the secondary sales. The main mission is that they go indeed. They power the museum. They allow the museum to exist for the future and and beyond that we we know we will, of course we are. We're business, s another one, but the first priority is that the museum is capable of existing.
30:27
The royalties that come back from for many secondary transactions. They'll go in parts.
30:32
A foundation to fund that the foundation is also funded by charitable donations. So the Avalanche Foundation actually kick started it with a five hundred thousand dollar Grant and we'll keep capitalizing the foundation in that way as well as with the portion of the royalties from secondary sales and the rest will go
30:49
to two particle itself to to,
30:52
to build the plat continue building the platform and and developing the ecosystem to be able to add more paintings and a different functionality and and utility for the the particle.
31:02
We're all. But what I think is really cool about the structure to is that the particle ization process to some extent. Also gives a lot of longevity to the nonprofit where a lot of nonprofit especially art organizations have to sort of figure out how to capitalize. I'm sure with the particle Foundation. The nft process. It has this, this capitalization structure through the end of keys to the royalty sales. And so, right, as long as people continue to have interest and continue to enjoy the art piece. It's sort of guarantees.
31:32
Of the of the foundation the same time
31:34
given that the blockchain is, is so transparent. Obviously. We're have you landed in terms of, you know, some people, I would say for royalties. They choose five percent seven and a half ten percent. And then from there. What is the split look like nonprofit to profit to for-profit? Meaning like, how do you split up those royalties?
31:53
The idea is that right. Now, we want 10% of the of the revenue and secondary sales to go towards the museum, the museum.
32:02
The foundation. The foundation is the main priority and of course as the foundation develops and and, and and we understand the needs and the financial need of the foundation. Those dogs will be, will be adapted in function of what the foundation need. But again, at the core at the cord and in front, in fact, the base of everything is that is that the museum exists and exists forever. And as a good that's a good job at this playing and touring the work and
32:32
This experience
32:33
right? Yeah, that falls over. You lose a lot of confidence there obviously, so that's a huge piece to keep. Keep. It's probably financially of funded and
32:41
backed. It's the court has no of our project and it's everything is geared towards of course protecting the yard, but protecting the making sure that the foundation that protects the art is protected.
32:54
Yeah, and you know what, just to add to that to the the foundation itself and kind of pop up experiences that were going to that weird. They were
33:02
Doing our are more than just hanging up the, the works, or the painting on a wall right now. We're on Saturday, actually on the 18th of December. Now, we're opening up our New York City pop-up. And the idea is really to to make this an engaging and interactive experience synonymous with kind of what particle is doing. Generally which is being more in enabling a more inclusive participation in the in the Art Market. So the whole experience of viewing the painting itself is going to be completely redefined by the
33:32
So just just, this is all just to tell you and to illustrate the kind of the focus that we are putting on on the foundation and the and the importance of that Foundation being properly capitalized. It is likely week said, it's an integral part of the equation. Okay, so you have all these particles, they're out there, you get people, which obviously, they're going to sell it like crazy. Now, you have a fully liquid live market, right? So there's nothing. It's out of your hands. At that point. Is that correct? Like people can buy and sell on, although the gun.
34:02
Avalanche though. So how do you were your NFC? Is actually going to be listed. Yeah, it is, it is, as you know, the what people do with their, with their particles once they've once, they've bought them at the primary. It's totally up to them where they can where they can exchange them. Should they want to? We're building our own particle Marketplace, which we're launching in the first week of February. But otherwise, we have a preferred partner. Avalanche enabled Marketplace kalau and any and really any other any Marketplace that integrates with the Avalanche chain.
34:32
We'll be able to transact on, and, and I think the the weight of the, of the chain now means that, I think more more of, the more established marketplaces will start what most likely starting. Including. Yeah, Avalanche enough T's into into them. So when I look at this Bank see there's there's it's a really cool for those people that are listening to audio obviously protester kind of like with mask over the face with the hand back. What would normally be a multi of cocktail or something? Similar is you flowers?
35:02
Right, I'd imagine gosh to own that little bunch of flowers as little nft. That that probably commands a slight premium. Are you thinking of it that way, our dig do you think they'll be certain kind of coordinates that are more desirable than others. I
35:19
think you need. They could be some, some people that like some some some collectors that's Focus specifically on a certain part of the painting. What? We're really trying to do here is to like
35:32
It to the people have people relate to the painting itself. And, and the, which part, for a lot of people might not actually be relevant. Having a part is, perhaps the most relevant for a lot of people. When even when, when, when you think of two people, I you see that a lot two or three people buying a painting together. They don't really say, well, that's your part and that's my partner at your part. But of course, and they don't really care. But of course, some people may be drawn toward a certain.
36:02
In part by the the main, the main idea here is that you you you have a part of the painting and and, and part of the, you look at the bigger picture and you owning a little part of the picture. You own a part of the whole story.
36:18
Yeah. I mean, you know, just just like, I would expect it. Of course, some people with value, certain certain parts of the painting, over others, I guess. I guess in nft speak, you could consider the
36:32
In the case of the bank, see the whites, the white parts of the painting which do have it's not a it's not a jpeg white background, right? They do have differences on the white, the white parts of the of the canvas etcetera, but I you could consider those I guess the floor, right? Right. And and then you have people that just want to participate in the project and, and want to own a piece of the Banksy. So they buy the floor and then some people absolutely want to, you know, it's like, we're are attributes kind of like, basically is what you're saying. Yeah. Yeah, exactly. Kind of kind of, kind of like that. But yeah.
37:02
Nigger game. We're not trying to like create a, this is, we're not trying to gamify the
37:06
painting, right? You're not going to Define that in the blockchain to where you'd see like this is the flower attribute. Like it's I know what know you're going to have coordinates and a serial number to your token. But then again, even if you even if people people with gamify that to write you number 69 is going to go for more than number 40? Sure, just because of the nature of crypto. Yeah, exactly. Shingo. I'm curious why Avalanche like it, you know, I'm not a hater. An avalanche by any means,
37:32
I think it's a really beautiful technology. It's fast. It's there's a lot of interesting pieces to it. But in some sense, it is so relatively new, and there's less capital on that Block Chain than say, if you were just to say I'm going to sit builders on ethereum. Why'd you go with
37:50
Avalanche? Yeah. It's a great question. And we talked to a lot of different blockchains. We had a lot of different, blockchains sort of courting us and asking in there, trying to convince us to go on their chains, and it was really a cost.
38:02
His decision for us to go into Avalanche, but for many reasons, firstly, we were, we're considering the user experience and the user experience for many sort of experienced people on aetherium is sort of, it's been okay. Before a lot of newcomers. It's often very overwhelming and especially with the current fees and with the congestion. It's, it is a problem and I'm a huge, a dairy, avantime, a huge ethereum supporter and I've been long time in Syria, but when we're looking at it, just for the user experience perspective.
38:32
That was of, that was a major issue for us. And we wanted to have something and the a village team was really committed to solving that. The second reason that we chose Avalanche was because of the the team's commitment and commitment to our vision. They you they want really wanted because they believed in what we were doing and the average teen really were fully bought it in on trying to make the make this Vision possible. The division as Luke has been saying is really around the museum around creating the greatest collection in the world.
39:02
And and letting people participate at the highest levels of the Art Market, like that's never happened before. And they were really committed to, it's helping us, help us do that. And so those are really the two biggest considerations for us. Why we why we chose goal going Avalanche. And I think the reception from their Community has been incredible. The community's really, you know, bought in and you have lunch is 100% behind behind walk. Tried to do when I see new
39:27
projects launching that are trying to onboard new, what I would consider just kind of
39:32
A retail consumers. Part of the, the big hurdle is convincing people. How to install metal mask. How did I get there? E that of coinbase and move it over and do all these different things. Right? And it's a big, pretty heavy lift for non-technical user, to get comfortable with one piece. Let alone the 15. You need to get
39:51
to the final stage of things and then housing and
39:53
holding your private keys and all that, when you launch and you go live, what is the on-ramp going to look like for someone? That's
40:02
Coming in for the first time that may not be familiar with crypto.
40:05
Yeah, then we're definitely still working on meet improving that experience. I think it's really, I think it's actually, it's something that I've thought about really from day one me being at the Block Chain space. Because my background, I started ethos which at the idea behind ethos was to make crypto accessible. This was back in your 2015, 2016. When it was could do was even more accessible than it than it is today. And there are so few sort of easy to use Solutions and then was also really the
40:32
Voyager. We put ethos and Voyager together. Voyager was trying to build this really easy on ramp and voyagers also a partner and an investor in particle because because voyagers been fantastic on-ramp for a lot of new people and voyagers on-boarded, millions of new customers, new people onto onto the into the blockchain ecosystem. But right now we're going to be using a metal mask onboarding process and and we're partnering with who it's Voyager and Avalanche and we're trying to make that that experience as seamless as possible.
41:02
Possible. But it's going to be something that we're definitely going to be continuing to look to improve for future drops and just it just for the user experience. I mean, you could
41:11
just write your own wallet, right? Like it the to Showcase. And if you really want to go that far
41:18
yet. It's something that we're considering. But it's, it's a, it's a didn't more difficult problem. And I think it's actually one of the most difficult problems to solve in the blockchain space. There's a lot of people focusing, a lot of the technical problems, but a lot of the, the
41:32
Shawl. And the user experience problems. In my view are some of the biggest hurdles for for many people. Even today. It's we've made huge strides in the last 15 years, in ui/ux, but it's, it's still difficult for for the average everyday person to get into crypto. And, and there's still a lot of people who lose their crypto lose their keys or lose lose access or get hacked. And we, and it's definitely something that we're considering because especially since we're trying to bring in new people and I think for many people this will
42:02
Be their first nft and and we want to be sort of respectful and conscious of of that of that nature. Yeah, one thing they will add just on also an avalanche and that was really from my point of view because I'm really clearly. You can see it not the technical guy here, but over there was really important for me. Was that Avalanche is very eco-friendly and and that is something that I am very on. When I don't work on an art, I'm very involved with conservation projects and all that stuff. So I just emotionally
42:32
Spiritually and I just could not, I could only work with that form. That is a blockchain that is eco-friendly and that was at least for part of this Vision process. For me was very important, right?
42:46
Yeah, that makes a lot of sense when you think of how this is, is written. And it's and it's put into Avalanche. Is there the equivalent, are you just following the same Arc 721 standard to write these out? Because I know you
43:01
Avalanches. It's a theorem compatible chain. I ask because if there's a world where we just saw this recently on tasos, where one of the very popular marketplaces hen went down, and because everything was out there and open, other marketplaces could pop up and take over the inventory and create liquidity for people. If, for some reason, you were all to go down, is this something where other marketplaces that are on
43:28
Avalanche, will be able to display and sell your, in a thesis.
43:32
All pretty eat. Yeah, absolutely. And what we're running on is we're running on the average see chain, which is the, which is the IBM, compatible chain, CSO Evolution did, it's actually quite interesting. Their technology. I won't have to get too far into it because probably not what people are interested in, but, but Avalanche basically has a consensus protocol that could run on different types of virtual machines. So, they actually have a, like, a, you T XO based 144 like Bitcoin by transactions. And then they have the C chain, is the main one that a lot of people use for the
44:01
etherium kind of compatible one. And that's the one that has the bridge to the ethereum
44:05
network and staying. So if someone really wanted to, they could write a way to tie it up and Brigitte over to ethereum main chain, right?
44:15
Yes. Only wanted to wanted to do that day, they could, and that's that's actually more or less, how a lot of bridges work today is where you sort of, lock, something up on one side, write and read. Mince it on the other side and then you can sort of burn it on one side to unlock the other side. So, but the answer your primary question. Yes.
44:32
Basically going to be using the same ethereum standard. So for many people who are familiar with the authority of the ecosystem. The experience is going to be pretty much exactly the same. In fact, the only thing that really you have to change. Is it Madam asked? It's going to prompt you to change switch over to the Avalanche Network and then and then the experience from there is more or less a. And if our Marketplace goes down, kalau still, there, or there are other marketplaces popular pineapple a so you can that can serve participate in that
44:57
fantastic. So when does this all go live? Well, you see, I have you already fresh line.
45:01
The 10,000. Are they sitting there in a wallet somewhere? Like what's the current state of affairs? Yeah, we so we opened up our whitelist application process on Monday. But that's just a way for you to connect, your metal mask wallet, assign it to your email, and then apply for as many particles as you want to purchase. And we do that to make sure that this is as Fair process as possible. You know, we know that there's a lot of interest in this project. So we want to make sure that the we can we can distribute these particles.
45:31
In as far away as possible into the community. So this this whitelist application process open on Monday, we've had phenomenal amount of interest and it's gonna it's open until January 10th and that week of January 10th is when we do an allocation process where we we just distribute the the white list for certain for a certain amount of particles to the different wallets, and then those wallet owners can come in Connect connect themselves to the to the particle collection website, and then actually mint. The
46:01
Chuckles allocated to them, the application process. Obviously for the particles are, it's completely random. So you can't pick which particle you're going to get and they're all priced in the same way. And then, you know, a lot of people are asking how oh, how can I, how can I actually make sure that I get approved. That my, that my whitelist application is approved. And in what we do we do we do kind of periodic giveaways of whitelist spots and we had a wait list and a people on the wait list had you know, priority over Priority Access to the white list, but really the main way is to really participate in our on our own.
46:31
Socials right. Under India in the discussion around art, around ownership around Banksy around, Love Is in the Air, specifically are mods and everyone on the on the discourse and on Twitter, read everything and and kind of that participation is not going unnoticed and is what we want to write, what we want to reward. Because the whole idea is to get people more people involved in in in our discourse, right? Yeah, of course. And so I obviously gather all those links from you and put all those in the show notes so that people know where to jump in, on discordant Twitter and everywhere else, too.
47:01
To participate, one question around your purchase price versus your what you are selling these for. How do you think about that? Like and we don't have to or you could get into the details here if you've already figured that out. But like, let's just say you acquire a piece of artwork for 20 million dollars, it cutting it into 10,000 pieces. Are you matching the purchase price or you doing a slightly higher price? Like how do you determine what the actual individual pieces will?
47:31
For
47:33
yeah, we're the idea is really to pass on the the ownership in its in its digital form to the to the community. So more or less at the price that the the work is required for
47:45
workouts at Sotheby's for every month. We said that earlier, but we bought it to twelve point, nine million dollars and, and we were particular using it for a bit more because that will allow us to like, run the whole process. And I stop at the idea is to stay close to the
48:01
This price, we're not, we're not here to try to take a big cut on the, on the, on the, on the particular decision process. And so that's important and and and just to come back on what how was saying and to helicopter back a bit. I again, I'm not. I'm the art guy. I used to run Christie's for. I don't know how many years and I now I go on this chord and I just see this the level of Engagement. We have like more than 30,000 people that I just like Wow engaged on a daily.
48:31
Basis. And this is something that, you know, I find completely incredible because when, when I was, of course, working a preseason interacting with the highest only only the top collectors in the world, only the top actors in the world. I always wondered. I always thought there was a huge appetite for art in general and a huge curiosity, but I could never it was hard to, to feel of course, every time I took a taxi, or an Uber, or even in some way was always try to engage.
49:01
Age people on Art and I was always surprised that they were actually. Everything is happy to talk about art. And and it's incredible to see that to see that thumb on this chord, but I think it's for what's really incredible is that I my whole life. I've sold pretty much as some of the most expensive paintings in the world, including demos. That expensive painting, the world have been getting the prep, finding the works from private collectors and selling them to the top collectors in the world. And now suddenly I can can
49:31
Use my is my expertise, and my experience and in a way in a way decentralized for the community and I find this pretty incredible like with the chance that we had to buy this Banks. He was similar, that is a similar type of advice that I would have given to my one of my top collector. This Painting came at auction. I know Banksy from my been involved with is Market from the first day. Basically, when I was a junior back, then it's television in London, Dino Dino his Market. I know his
50:01
is Art in like the back of my hand and I knew when I saw this work, love is in the air. It was the best iteration of the series, and, and this is the type of advice that I would have given to the best collector or to my best collector of said, you have to buy this work. This is an absolute Masterpiece. I I know what I'm talking about here. And what was incredible is that it was really not exhilarating, but it was really an incredible to suddenly realize even before we had announced particle that I was actually this time doing this for the
50:31
Unity and I think by looking forward, it's going to be really incredible to see those incredible Christie's and Sotheby's and Phillips auction twice or three times a year with some of the most incredible trophies of the world coming on the market. And and and, and knowing that on behalf of the community. We're going to be able to compete to get those to get those work. And sometimes snatch the not snatch them out of the hands of the strongest collectors, because who knows maybe
51:01
Maybe the community is going to be one of the top main actors in the in the Masterpiece acquisition game. Basically. Yeah. Well, I just want to say, I don't know if people really appreciate the like how much expertise do it. Really does have in the week is is really I don't think it's an exaggeration to say that he's the sort of, number one, our guy in the world. And, and I think that's, that's what's so powerful about these particles is that with the both represents of your digital plot, but we also want them to be like, your, your ticket.
51:31
Did a literal sets where it's your ticket into the museum and to see these pieces into the collection, but also your ticket to participate at the Art Market at the highest level, the very, very highest level and were then we're not going to be compromising on quality. You're going to be able to really own some of the some of the best pieces in the world that it's just totally inaccessible to to the everyday person and Lewis has this tremendous expertise in participating in that world and he advises some of the all its many of the biggest.
52:01
August and best collections in the world. And that, that's really at the core of the vision articles to create, this, this incredible collection, that's owned by the community. Yeah, and there's him, the name of the game was collecting is at the end of the day, everybody tries to get the best quality and people like me were paid or sought after or anything to help them distinguish. What was the little gem? Of course, on options. Come everything is promoted with the same and, and or its
52:31
The the idea of like never compromising on quality, the top collectors in the world, not of those very known pretty important. People in society and so forth day, what they do is that they really they really organize themselves to just get the best of the best. They want to get a plus as work. They don't want anything less. And that's how you build collections that. No. No, that's how you stand the test of time because only a plus,
53:01
Acetate the step test of time. As soon as you start going into a - has those Works fade away and the role that I have, and I had a Christie's and, and I had for private collectors. And so forth. Was really to like the guarantor, or everybody, I guess, trusted my eye. And to be able to really distinguish and say, hey, that's, that's an A+ work. That's the work. You want to focus on, don't don't don't focus on anything else in the upcoming auction.
53:31
That this work is still going to be part of the discussion in a hundred years.
53:35
Yeah. It's a it's a beautiful thing. It's part of the reason. I really wanted to have you all on. When I first heard about the idea is like I just love this idea of finally allowing an average investor to participate. It's like always been I come from it. When I was a CEO of hooding key for a while in the watch world. I was at all the Christie's and Sotheby's and Phillips watch auctions in Geneva and like you see the same folks sitting around the table and these are all billionaire type folks, like,
54:01
Holding and throwing in their vault and occasionally wearing these works of art in the sense and mechanical timekeeping, but it was, it was a very much Insider baseball instead of group. And we're talking hundreds of people, not, not the masses. And so this is a really unique way of saying you to can can own something here and participate in something.
54:20
Yeah. I did the invented. You said, you mentioned the word invested, but one thing and being close contact, with all those top collectors in the world often, when they see a great,
54:30
A Picasso or great word, of course, they are. Cognizant of the value, not all the stuff. But they're they're buying those works at extremely often very high prices, but they are, of course, they they are not a vegetable what it's worth and what it could be worth on all this stuff. But they're the primary thinking that goes into. It is really the idea of owning it and what it means to have it and what it means to experience and live and for the whole panel of emotion that you get through, Froning a work.
55:01
But of course, when the collector has a hundred million dollars, you could buy a painting. We convened invest in a new new business that probably give him like 10x, but he prefers to buy the painting because the X the enjoyment. He's going to have with the painting is going to be 20 x basically. And this is again what we're trying to really open open the field to this experience. Do this 20x and enhancement of enjoyment of Art.
55:30
And I think that's it's an important point to keep in mind. Have you Luke, have you
55:36
met Banksy in real
55:37
life? So I met with it. I actually know who he is and pretty short to like the 99% and I am that. I that person that I think he is and I've seen him and he's been part of the, you know, I've seen him in context where I know he was in a group of people and that group of people. It was a guy that was Banksy and I knew it was him and he had basically had to be in this group.
56:01
Of people honest a bit vague here, but he had to be in this group of people because that's the moment when the decision was being taken that impacted him. So we'll leave it at that because when I was a junior back then but I never had a conversation with him directly. Basically
56:16
the mystery around that is so fascinating and so much fun to track what people try and guess. So it's it's one that I've kind of like damn the few Google searches on her over the years it to try and figure it out
56:28
myself. I'm 99% sure who
56:30
Who he is, but I cannot confirm it 100%. I think it's I think it's it's it's great and and again to talk about Banksy because we talk about a lot of the nuts and bolts and not particle Foundation, but I think we really chose this this word because I think thanks, his is Ania and traditional World. He's perhaps not taken yet, as seriously as he should be. But I, I've always been convinced almost since day one that I think Bank. She's actually a super
57:01
Super important artist. He someone who, who changed the way we see the world, who is, who is, of course, an outsider, but as someone who's, as the world is evolving and changing, his art becomes more and more relevant and that is always a sign of a good artist. Like it's very difficult to say at the beginning if an artist is going to, if an artwork or an artist is going to stand the test of time because the moment of work is created, as time moves, it either makes it more relevant to less.
57:30
Aunt and and and Banks. He is an artist at as a timer moving. He's becoming more and more relevant. Not only in terms of his imagery. If you think of his imagery he almost invented the meme this is but this is something that is like of course had become all common and we are, we this type of direct imagery and super in fact, impactful and concise dialectic which for didn't really exist before one? Whole, of course, had dabbled into that butt. Nice. He pushed it through another level and
58:00
They Banks. He seems almost like a normal, but that was he invented the way of talking of communicating through his really impactful images. And and so we've, I think he's he's, he's an artist that you want to have in, in every collection. He's going to be foundational for every country, every collection in the world and you had a bit. I often draw the parallel with Jean-Michel Basquiat who was also seen as an outsider because he started out in the street and all the traditional establishment.
58:30
Ain't like says, has somehow rejected him or didn't integrate them in collections such as Moma. And, and then, as time was going, even though the institution was not really open to Basquiat time was only making Basquiat more relevant, more important, and ultimately more expensive artist. And today, museums like Moma who turned down opportunities of getting getting mad and a basket as are now without a Basquiat and desperate to get a major.
59:00
Ask yet, and I think we're going to see the same operate with with banks years. They can be a bit of resisting but that resistance is not going to stand the test of time because time is just making Banksy more valid and Anna, more important and more important artists. And then to focus on this on this work when we saw this work, as we were building particle. And and putting the whole idea together. We saw this, I started work coming and knew exactly what it was. And you know, exactly how important it was.
59:30
In Bank, she's over on. I was, I was like, guys, we have to we have to like put our shit together, basically, pretty quick because I we, we have to start with this work. This works, not only an A+, but it's also very symbolic of what we're trying to do at particle. We are we are trying to you know be a bit, create a bit of a disruption here. But also with with flowers, we're not here to revolutionize and turn the art.
1:00:00
The Art Market on its head, but we are here to to offer an alternative model of for people to be able to engage with art and compete with wizard at auction and and the Order of the of the discussion as a
1:00:15
whole. So, the week I'm curious. I mean, you've spent your entire career working with some of the top collectors in the world and building out their collections. In some sense. You're, you're flipping that and you're saying, I'm going to democratize things a bit here.
1:00:30
Do you have any of those original collectors that are like? Hey, Lois, what you do, man, you're creating some competition for me. Next time. I want to go bid on a bank. See your folks will be bidding against me like as there is the traditional art world. Do you fear in some sense? And I hear you and wanted to come with flowers, but in some sense you're kind of like this is
1:00:52
disruptive.
1:00:54
I think the collectors have been speaking to her all day, all quite positive in the sense that they think it is. When you interested in art, you interested in ideas with interesting ideas, you're interested in Innovation. And and an art has always been a field where there are disruptors in terms of artists of institutions of this. It's a it's a world is naturally, I would say open to disruption sometimes a bit of resistance, this been a bit tiny bit of resistance at the beginning with the hole.
1:01:23
Nft crazed I would say. But now the our world is really opening it opening up big time to it. And I think collectors in general they like their day. They like to compete for their works if they're if they arrive at the auction and no one is is there bidding against them? They like, I might be the only idiot interest in this work. So it's just like the more, the more people, the more actors are in the game. The more. It's almost like, it's almost like Bitcoin. You have her and again, tell me if I say something stupid, but it's just the more nodes you have.
1:01:53
The more, the more validators, you have, the more it makes it, it it gives reality to it. So I would say that perhaps it won't even without them understanding. What the blockchain is. They probably see me as an extra node and extra validator and extra actor. And they generally buying, the best art is a competitive game. And and of course on the moment when you're bidding on something, you want to win it, but you don't want to competition to go away. You want the competition to be to be healthy and that's what makes it exciting. So
1:02:23
so I suspect that I suspected people are connectors are but of course, down the line, if suddenly we start snatching every single painting, every single Masterpiece, but that could be annoying. But that I don't think that's going to be the case. We're going to be an active actor, but we're not going to dry up the buy up every single inning. This comes on the markets. Yeah.
1:02:44
I'm curious. One last question for you all on the regulatory side. One of the things that I've always been trying to wrap my head around.
1:02:53
Down in more specifically, on the fractionalization of actual entities themselves. And not, not the physical Tunechi tie. But how do you think about this in terms of collectors coming in and purchasing these in of T? So are these, like, how do you make it? So it doesn't trigger in and make this an investment vehicle for folks. Like what do you have to do? And how do you, how do you classify this?
1:03:20
Well, a big part of the reason that this
1:03:23
whole structure works is the nonprofit and because the painting is being sort of removed and almost and I really like the term legally destroyed because it really invokes the same kind of ideas that other people have done whether they've sort of physically destroyed a piece and turned it into an entity were legally destroying the peace and it's be placed in this nonprofit where it can't be sold. And by definition doesn't get her a profit. And so by purchasing these particles were trying to give you as much of the
1:03:53
Experience as much of the, the ownership as we can in the in the art and digitally. But the art piece itself is physically held by the by the nonprofit. And that's a really crucial part of the part of the structure that we that we sort of figured out. And in each end of T itself, is, is unique. So, you can rep, you can both relate to the painting itself. But also to each individual piece of individual plot itself would end. So that makes each one of these and FTS a collectible and that's really
1:04:23
Ali. The intent is that there that they these are something that people collect and enjoy and hold onto a cherish and, and use ultimately, when we're talking about some of the utility like your ticket into the art world. That's that's, that's the really, the holistic nature of that structure has its really built in substance and form a collectible that we that were intended for people to enjoy, not necessarily invest in Destin.
1:04:51
Yeah, It's Tricky. Are there any
1:04:53
Other Industries or products that exist out there that are kind of analogies to this that you've seen this work before because I'm trying to wrap my head around because it in some sense I get what you're saying in that it's is locked up the nonprofit, you're giving people access to physically view it. They don't have the right to that chunk of the artwork though, right? Because they're not physically owning it in any. In any way. They're just buying the nft. They're not actually owning the art
1:05:22
will do.
1:05:23
Particles, do have a small minority interest in, in the, in the artwork itself. But the I think the best analogy here is to think about something like trading cards and collectibles, it is, and I don't know if it's the best analogy, but people regularly will invest in super rare cards like black lotus from from Magic. The those things are really rare. There's a very limited number of them there. They're sort of like they they're almost like a relic of representation of of the card game as a whole and people can invest in them.
1:05:53
Will people regularly do invest in those and they hold, they hold their value and I think but no one's going to try and argue that the Black Lotus or some kind of trading card is security because if one more to fractionalized that that in turn it into shares and you were buying shares in that then it might be. But we're doing something similar where we're creating this collectible, this sort of like this unique digital experience that at that we want people to collect and we want people to relate to it. And that in that experience is really.
1:06:23
Really part of what we're trying to do here. There's other services where you can go out and purchase a fraction of an art piece and you can purchase it for the intent of of investing. But then, I think those services are far better than particle when it comes to. If you want purely an investment. Well, we're trying to do is weĆ­re really trying to encapsulate. That art experience that experience of when Ken Griffin goes into and into the ICA and sees, his his work on the wall and he enjoys it more than everyone else. We want to replicate that experience for for the everyday.
1:06:53
Right? Because when you invest in these, some of these other art kind of investment vehicles, like there's, it's almost like they just put them in vaults, right? Like you don't ever, there's a it's I mean, it's a pure, it's a pure expectation of profit that I think they sell their, the, the most of them have a few years down the line, and you can expect x amount of profit and that's it. And exactly, yeah, they keep them in, in, in Freeport sand, in a warehouse somewhere. So that's kind of almost the opposite of what we're doing. Yeah. Well, this
1:07:23
is very cool. I'm excited to add in my name already to the the white list. So I'm excited to hopefully be selected and and collect one of these. I love that. That's somebody. I love that. You're not destroying the art because I see, I saw that idea. Floated around. I'm like, this is just a horrible idea. You're taking some really important works of art, you're going to destroy them to turn him into a and of teas like yeah, it's a bit lazy, a better Bridge. It is lazy. There's a better way to bridge this and the idea of you lock him up in a non-profit. It's just yeah, it's a, it's a really, really cool thing.
1:07:53
So awesome. Well, thank you all for being on the show. Any other hints as to what's coming next. I guess. You just kind of want to get this one, underneath your belt, and then move on to the next acquisition.
1:08:04
I'm already obsessed by the, I know where the next one is. I just don't know if we're gonna manage to do it in time. But there's one, one painting that. I'm, I'm, I'm very closely and which is absolute Masterpiece and that I think made the community extremely, extremely proud. I just don't know if we, if we, if we can get it, but
1:08:23
I have a similar to when I was working at Christie's, when I was trying to get works at auction. I have a bit of a master list in my, in my head of like the works that I want to go after so we can reveal anything yet. But it's, it's gonna be good.
1:08:39
Very exciting. Well, thank you all for taking the time to share this on the show, and I'll put all the show in the show notes. I'll put all the links to all the relevant information. So people can learn more
1:08:50
and Kevin. Thank you so much for having us.
1:08:53
Yeah, they can get my news. It was a pleasure to be here.
1:08:56
Yep, great conversation. Thank you. Yeah, absolutely. Great to have you. All
1:09:02
right
1:09:02
that is it for this episode. Thanks so much for tuning in. If you would like to help us out head on over to pre-cut XYZ and click on the reviews button at the very top and leave us a five star review. Thanks so much. Take care.
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