Interesting World of NFT Art

NFT Art

In this episode of the Startup Hustle, the Matts are back for Part 2 of the NFT series to give us a rundown about NFT Art. Learn the history of digital art, how NFT characters and styles become well-known brands, how people transact in the open marketplace, and how artists can make money with NFTs.

Covered In This Episode

Join Matt and Matt in this second installment of our NFT series as they dive deep into the exciting world of NFT Art. They talk about why certain NFT characters like Bored Apes became a household name, how people buy and sell NFT art and make money from it.

Additionally, they gave their two cents on the pros and cons of buying digital art and the concept of buying something unique from real art like a painting. Whether you’re an artist, an art collector, or a casual fan of art, this episode provides insights into how digital art evolved over the years.

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Highlights

  • First digital art (3:02)
  • How did NFT start? (3:31)
  • NFT collections today (4:34)
  • Evolution of NFT Art (5:51)
  • Digital Generation (7:40)
  • Wear my Vans Go (9:37)
  • The art world follows a progression (11:09)
  • Some of it doesn’t support the artist (14:23)
  • How does NFT art make money? (14:43)
  • NFT Marketplace (16:34)
  • They’re looking for scarcity and brand recognition (17:05)
  • Value of the original art (17:28)
  • it’s all a status symbol (20:22)
  • You’re just buying a magical token (27:11)
  • NFT stats (29:38)
  • Problems with NFT Marketplaces (33:17)
  • Form of nostalgia (39:56)
  • Creating scarcity (42:45)
  • Authenticating accounts with blue check marks (47:21)

Key Quotes

When you buy an NFT, like a Bored Ape or whatever, and you buy it for a million dollars, it’s not actually stored on the blockchain. What you’re buying is an Ethereum token that basically has a website address, like a URL, to a file that’s hosted somewhere else. So, literally, you’re buying a token.

– Matt Watson

There are all these scams and crap out there because it’s an open marketplace. You have other marketplaces that look rare and some of them that only do highly coveted known stuff; it’s not an open marketplace. You and I can’t just go and list something.

– Matt Watson

Many people are into the artist, their work, and their creation; You can go out and buy a lot of stuff, but it isn’t going back to supporting the artist. A lot of time, it’s just stolen.

– Matt DeCoursey
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Be sure to listen to the entire NFT Series on Startup Hustle.

Rough Transcript

Following is an auto-generated text transcript of this episode.

00:00.00

Matt DeCoursey

And we’re back for another episode of the Startup Hustle. Matt DeCoursey here with Matt Watson. Hi, Matt! Oh, I’m just, you know. I’m sitting here I’m just painting away just trying to make smart.

00:06.58

Matt Watson

How’s it going, man?

00:11.14

Matt Watson

You and me both, man. I’m trying to take my kids’ art and sell it online I think I’m going to be a billionaire.

00:18.24

Matt DeCoursey

But so I created this small painting and I’ve been shoving it into my computer but it doesn’t seem to want to upload any kind of support. You can give me that.

00:28.69

Matt Watson

Um, use your scanner to end Scan it, you know? maybe yeah maybe I should take old family photos and scan them too I could sell them online. It’s an art to me.

00:33.50

Matt DeCoursey

I hadn’t thought about that.

00:40.99

Matt DeCoursey

I don’t know if that classifies as art if you call it art I think it’s art now and that’s what we’re going to talk about today. We’re going to talk about the Nft art scenes in part 2 of our series about nfts and you know we just.

00:48.25

Matt Watson

Yeah, I think it’s art man.

00:59.47

Matt DeCoursey

You might if you want to start at the beginning go to our episode titled wtf is an Nft where we gave a lot of background with that and before we get into all of the interesting and amazing things going on in the world of NFT. today’s episode of Startup Hustle is brought to you by Canva. Where you go to collaborate and create an amazing graphic design for free whether it’s a presentation to share an idea a video to launch your business or a social post to start a conversation with Canva you can design anything discover the magic of visual communication and how Canva helps you create a lasting impact today go to canva. Com. There’s a link in the show notes for that Canva’s a really great tool I use it all the time to create a ton of stuff man everything for social media posts I actually created the presentation for Canva to sponsor startup hustle using Canva. So anyway.

01:51.77

Matt Watson

It is It is the reason you’re the best graphic artist I know. True, true.

01:53.56

Matt DeCoursey

That wasn’t art I, yeah I know, but you don’t know that many so I’m not going to get too excited about that. So so all right? So we talk about Nfts and you know I don’t want to get too deep into the mechanics of what that is non-fungible tokens. Like I said at the beginning of the show if you want a real and more technical background about what an NFT actually is I don’t want to get too deep in the weeds for that. But you know something I didn’t realize until seeing the notes here. Do you realize that the first actual digital art was created in the 60s?

02:27.37

Matt Watson

Um, I mean yeah I guess as soon as computers exist it would have made sense.

02:31.77

Matt DeCoursey

Yeah, yeah, so you know now I mean we’re in the middle of this of what is probably going to be looked back at as a gold rush of NFT. Ownership so non-fungible tokens and this really started in the spring. It’s this is really fired off and got moving in the spring of 2021 when an artist named Beele sold a piece called every day is it’s the first five thousand days and that got that sold for 60 Nine point three million dollars and really put the spotlight on digital art and you know since then you’ve seen the rise of a lot of very interesting projects that are ah even they’re more than just art right? So meaning like. Ah, it’s not just buying an image. It’s not just buying the digital rights and ownership to you know, 2 actual paintings or art or something like that. It’s actually a lot of these things have a lot of NFTs have tangible quote stuff. Attached to them. They have metaverse implications some of them even turned into like a board. Ape Yacht Club recently turned into apecoin and a lot of stuff like that. But you know today we’re going to be more specific about the actual art space. So you know you look at I mean some of this stuff selling for the hell of a lot of money Matt.

03:56.39

Matt Watson

It’s crazy I mean the ones that everybody’s heard of are gonna be the board apes the very first you know big collection that really came out was Crypto punk. So that’s kind of 1 the original ones do and some of the other ones that are common today are like ah azuki and like. Ah, a few different ones or whatever that are super popular but most people have heard of board apes seems to be the one that gets all the kind of media attention lately. Um, the old school people that have been around crypto for a while all know about Crypto Punks because that was really kind of the original deal but you know you’ve gotten into this a lot over the last few months as we started to talk about doing this series and um I still haven’t jumped into it I haven’t bought one now I stole a board ape and it and I’m using it as my avatar on Twitter so prove or don’t prove I own one because.

04:35.70

Matt DeCoursey

And so well well, they’re.

04:46.26

Matt Watson

My avatar on Twitter is one but…

04:47.16

Matt DeCoursey

Well, one? Well, one of the ways I can prove that you don’t own it on Twitter is that Twitter actually likes you lets you connect an Nft to your profile picture, and then they’re in a different shape. So if you go to if you want to go check out my Twitter profile at Decoursei Mat and you will see my grandpa ape.

04:57.93

Matt Watson

Yeah.

05:06.70

Matt DeCoursey

Or whatever I choose to put up at the time because I’ve bought several of these but Matt let me so let me go ahead and give you a little bit of the let me tell you a little bit of what I learned and what I’ve seen when it comes to Nft art now a lot of the stuff that. Quote started as NFT art like Crypto Punks or Bored Apes is beginning to evolve into other things right? meaning. It’s not just an image but some of the other stuff that I run into now look we’re gonna put we’re Goingnna use. We’re gonna do a different episode about NFT music because music is still art.

05:24.45

Matt Watson

Um, like other brands. Yeah.

05:38.97

Matt DeCoursey

But we’re going to talk more specifically about like image-based stuff right? like things like you would hang on a wall Now here’s a fact that I that. Almost nobody knows that listens to this show. Have you heard all 800 plus episodes I actually have a pretty sizable art Collection? You can map and you guys can’t see this listening but here in my home studio, I’ve got quite a bit of original art.

05:56.20

Matt Watson

Um, yeah, you do.

06:04.69

Matt DeCoursey

Ah, mainly from a guy I went to high school with who’s a world-class painter so I have a real appreciation for that, and along the way, I learned a lot about art mainly that well there’s exclusivity around it. But it’s all driven by hype. It really is. It’s like who painted it so I’ve got these really nice paintings on the wall behind me. Realistically are worth 4 or 5 grand a piece in ah a gallery which for paintings is still good, but there’s a shitload of paintings out there that certainly aren’t worth that much now if Nate Trotter and you go to Nate Trotter Dot Com if you want to see more of his stuff. But if you if Nate was people. These would be I wouldn’t even feel comfortable hanging them on my wall because they’d be so valuable so it’s about who painted it who created it what brands they disseminated from or like the exclusivity of some of it so like with.

06:45.92

Matt Watson

M.

06:54.47

Matt Watson

Yep, and digital art is the same way.

06:57.37

Matt DeCoursey

So yeah, so like with board ape they meant these things so in that case, those are so I’ve seen that things that are created through like digital generation. What does that mean Matt that means like you take a baseline of something and you just put different layers and different effects. And some of these things. So here’s the thing some of them will have hundreds of different combinations which means that when you generate them in association with other things. So some of them will be rarer some of the properties might only show up in 1% of the things so in some cases if you get. 3 really rare things on 1 image that might make that image the most exclusive out of 10000? Okay, so ah, go ahead.

07:33.62

Matt Watson

Well and to provide a little more clarity for those who are listening maybe aren’t following us so the way that this usually works is this is kind of the most common way that a lot of NFTs are done right now is they’ll release like 10000 of them right? It’ll be like a picture of an ape or whatever but there’ll be ah, an ape with like. Wearing different hats or different color backgrounds or wearing different shirts or whatever right? like it’s if that’s what you’re talking about. Yeah like you’re yeah yeah.

07:53.94

Matt DeCoursey

Smoking a blunt not smoking a blunt wise Wide Open Eyes Shut eyes are red wearing a purple jacket has green fur have blue for a purple fur you name it for.

08:05.52

Matt Watson

And that and that’s like for the board Ape there was one thereby kind of thought look like Eminem like resembled Eminem or something and they finally convinced Eminem to buy it so now Eminem owns 1 owns that 1

08:11.92

Matt DeCoursey

Yep. Now that that evolved out of just image-based stuff though because that turned into other things and those actual images gave birth to other images so holders of these Nft Tokens would be like if 1 of these paintings. It’s on the wall behind me if I just woke up and I came in here one day. And there were 2 paintings below it and I was like wow where’d these come from and then some voice from wherever was like those are your airdropped art pieces. Matt yeah so that’s 1 thing the art on the wall won’t do behind me but some of this has begun to duplicate.

08:45.63

Matt Watson

Yeah, yeah.

08:51.82

Matt DeCoursey

There are some reasons for that. So now when it comes so so here are some of the things that I’ve seen when it comes to art. So I’ve seen there’s one called ah Gosh I here I dropped it. It’s ah it’s about vans like shoes. So it’s called it’s like follow my vans and see if I can find that rope.

09:05.21

Matt Watson

Okay.

09:11.53

Matt DeCoursey

Ah, where my vans go and this is some artist so there are only 188 total images that this guy’s taken but they’re all from these crazy places like imagine being on the ledge at the empire state building and you’re taking a picture straight down of New York and then this guy’s got his shoes in it. So.

09:12.80

Matt Watson

Okay.

09:31.35

Matt DeCoursey

The minimum price that you’re going to buy 1 of those 4 and it’s created by drifter shoots is 52 Ethereum. Matt that’s what about at the time of this recording about 15000 grand yeah yeah

09:40.28

Matt Watson

50 grand; that’s crazy man.

09:47.48

Matt DeCoursey

Yeah, so these are all 1 of a kind and that’s a famous photographer. Okay, so that’s yeah yep, he’s famous. So ah so Ansel Adams who’s probably the first truly famous photographer.

09:49.29

Matt Watson

I Mean most of them are just pictures of like a skyline or buildings or whatever with the dude’s legs in the picture.

10:06.30

Matt DeCoursey

Some of the yeah some of the plates that were used for his original images are worth millions because of the exclusivity and the rarity of him So I’ve seen that um you have actual like images that are of like handpainted art which would be like taking the paintings that are on the wall behind me.

10:20.55

Matt Watson

Yeah, yes.

10:23.63

Matt DeCoursey

You digitize them and know and in some of these cases. You might not see a variance. They might just say so within the art world. Typically it follows a progression. You’ll have ah like an original painting which is one of 1 and then they create prints that are based on different size quality and sometimes numbered and signed by the artist and they just have this hierarchy that goes down and you know so you take so, in theory, an image or a painting that might be worth 20 grand as the original might actually be worth 250 grand the artist.

10:41.41

Matt Watson

Um, yeah.

10:57.13

Matt DeCoursey

Because people can’t always acquire the original one. They don’t want to pay 20 grand for it. They don’t feel. It’s worth it so they buy prints and other things so within of tr some of the other stuff I ran into is I mean I’ve seen everything from pictures some of it’s like literally dude it. It will blow your mind like doodles like there. It’s a doodles thing. It’s just basically squiggly lines and it would be like Watson took a marker and Drew a j-shaped Nike Swoosh or something like that and then somehow that was valuable.

11:15.87

Matt Watson

There’s There’s one that says lines the squiggly lines. Yes.

11:30.12

Matt DeCoursey

Um, I’ve also seen a lot So I’m currently I dove into this So I’m currently waiting for a lucky duck to hatch. Um, so I mented a lucky duck which is ah will be a one of will be okay so this is an image of a claymation duck.

11:41.20

Matt Watson

Oh my god.

11:49.40

Matt DeCoursey

So so what are the artists and and people doing with this their goal with lucky ducks is they want. It’s ah it’s a well-knownlamation artist who wants to basically get the capital together to create an animated clamation series. And in order to do that needs more people needs more more more focus needs all of that and they literally said. Okay, this is what we’re doing with the money and we’re going to hire more people we’re going to. We’re going to pitch this so here’s the thing. So if those lucky ducks. That becomes like okay Matt what do your kids watch on tv there’s like blipy and Ryan the toy kid and all of that stuff. So now. Let’s just say lucky ducks becomes a big thing there might there might be some real value to that. Especially if you had 1 of the characters that ended up being important now who knows is that going to happen or is it nuts.

12:27.23

Matt Watson

Yeah.

12:39.34

Matt Watson

Well, that’s.

12:42.83

Matt DeCoursey

So those are literally just pictures of and I watched a video on it and they like had all these different attributes so they’re switching them around and like they just kind of make them all look different.

12:49.58

Matt Watson

Well and that that’s one things you so you’re seeing for for You’re definitely seeing in this. You see artists that create different Nft collections that end up being popular like the board aped yacht club that eventually turn into a much bigger thing or brand right? um. And I think like doodle you mentioned doodles earlier like that’s another one I think there’s really cool. That’s not the squiggly line one the squiggly line one must be called something else but the doodles actually I think are really cool little ones that are like a very unique style of of characters and um. You know if that turns into like a kids Tv show one day like you know, like the the point is they’re like building brands behind like these this art that becomes common and people are familiar with it. So then they’re able to take that and then make something else out of it kind of like how angry birds ended up being a movie and you know all that kind of stuff right? like Mickey Mouse is everywhere. Like the same sort of thing.

13:41.56

Matt DeCoursey

So so with that there’s a lot of people that you know a lot of people are end to artists their work their creations and stuff like that and then but you can go out and buy a lot of stuff but it’s not that money isn’t going back and supporting the artist. It’s a lot of times. It’s a lot of times. It’s just stolen.

13:47.43

Matt Watson

Yeah.

13:56.27

Matt Watson

It’s not yeah so yes, and no right? So the way that people make money with fts is when they’re minted. So if I’m the artist and I create a collection of 10000 or whatever and I charge you know one ethereum to have a minted or whatever then I’m gonna make 1 ethereum. From the minting of them right? That’s it. But and then if later it gets sold for a bunch of money I don’t necessarily get that now you can program into the smart contracts so they get like a small percentage of it like they may get 5 % or something. So if that dudes the the dude with the shoes I saw one that was. I swear it said 2000 ethereum so is like ah however, much that is was that one point two million dollars or something I don’t know was a lot of money what twelve month twelve whatever is a lot of money. So if he gets 5 % every time that gets sold like hey he’s he’s doing all right? but from what I’ve heard from people that are kind of.

14:37.92

Matt DeCoursey

Totally worth it right.

14:44.50

Matt DeCoursey

Yeah, yeah.

14:50.40

Matt Watson

In this business I said usually the the artists are are making the money off off the minting because just think if you made $75 off everyone. That’s minted you meant 10000 of them that’s 750 grand now you can pray and hope that the collection becomes worth more later. And you get some of the fees in the secondary market later on open c and stuff like that but 750 grand off some jpegs off the first minting like hey that’s pretty damn good.

15:14.50

Matt DeCoursey

Yeah, and and so as I mentioned earlier with the hope is for a lot of people is that well so a lot of the nftt art. So one of the things is as I’ve been begin to explore this whole space and I’m not gonna I’m not gonna. Ah, shoot it any other way than how I saw it so I was not an nft expert I know some people that certainly are and you know what? what was Travis Wright’s podcast again. Yeah so Travis yeah Travis is ah Kansas city.

15:41.70

Matt Watson

Nifty. It’s called the Nifty show I think.

15:46.36

Matt DeCoursey

Ah, resident and the host of the bad crypto podcast and someone that advised me about a year and a half ago to start buying Nftts which is advice I really wish I had taken? Um, but you know you’ll see you know what? I found here was exactly like Matt described which first off was creator friendly marketplace it is not difficult. So create an nft and list it for sale at a place like opensee. Okay I mean dude, you could literally go there right now and upload and upload a Jpeg or a p or a png g and and you could put it up for sale. Okay, that doesn’t mean anyone. It does.

16:09.14

Matt Watson

Doesn’t mean anybody knows it exists or they give a shit but it’s easy to get in the market.

16:18.50

Matt Watson

Yep. And then you got to market it and build some hype around it though.

16:24.65

Matt DeCoursey

Yeah, it doesn’t mean anyone’s going to be interested in it. So what? a lot of people hope with here is with Nft art is they’re looking for scarcity. So that’s 1 thing they’re looking for brand recognition so you get an artist like people who’s already like world famous and that’s the thing you own like a 1 of 1 and. Now the downside of that is Matt you could drag and drop that image right out of any browser and put it up wherever you wanted now that doesn’t mean you’re the owner of it.

16:46.81

Matt Watson

Now, let’s talk about that for a minute so on our as part of our Nft series here I also interviewed a guy who basically runs like an Nft like sort of hedge fund almost and it’s a great episode. So check it out and. The the thing you know he and the thing the way he explained this to me that thought was enlightening for other people is think about the Mona Lisa for an example, right? like I would never I wouldn’t pay millions of dollars for the Mona Lisa and a worth nothing to me but people think it’s worth millions of dollars right and it’s in an art gallery somewhere I can go take a picture of the Mona Lisa and I could go to Walmart and probably print print it out for like a few bucks right? and I have a picture of the Mona Lisa is that the same thing or is it different. It’s not the same thing. It’s not the original right? and when you talk about Jpeg’s his art. It’s the same thing like yeah I can make I my Twitter. Avatar is a board ape but I don’t own the original board ape I have a copy of it just like I went to the Mona Lisa and I took a a picture of the Mona Lisa and printed it’s the same thing right I can’t I don’t own the original and I can’t prove that I own the original nobody wants to buy my copy. My copy ain’t worth shit. They want to buy the original. Right? And so I so I mean if you think about it that way like with the Mona Lisa it’s the same sort of thing like people want to own the original and say that they own the original now. What I don’t understand about digital art is what the hell you do with it. So it’s like why would I buy this thing. What do I do with it I can’t hang it my house.

18:11.24

Matt DeCoursey

Right? right? Well I but I can give you a little bit of insight on that because you know you’re going to start Twitter led the charge. So if you’re a subscribe to Twitter blue which is like two bucks a month. It’s kind of like gives you access to all the beta stuff. So I you can actually connect your nfts to your Twitter profile like your avatar. So right now if you go to at Decoursei Matt you’ll see I’ve been I’ve been doing that for the last month on my Twitter profile.

18:34.31

Matt Watson

Yeah.

18:40.94

Matt Watson

But mine’s already a board a my Twitter handles a board a yeah so what you’re saying is as a status symbol. That’s what it is.

18:45.35

Matt DeCoursey

Right? But but here’s the thing but I can go to your Twitter profile and thanks for finally following me by the way. Um, yeah, it is but I but I’m at your but I immediately know that your Twitter profile you need a header bro.

19:00.25

Matt Watson

So I’m I’m a broken. Yes, so what you’re saying is you went to my Twitter my Twitter account and you can tell I’m a broke ass dude because I got the copy of the board ape where if I had the little hexagon around there I would be a rich as dude.

19:02.81

Matt DeCoursey

Um, and you um, you want me to use can can I use canva to make you a Twitter header.

19:12.69

Matt DeCoursey

But let me tell you why? Yeah, that’s how yeah cause you’re so so on my Twitter profile you can you can click you can literally click my my image and it will tell you so first off, mine’s an octagon not a circle.

19:18.89

Matt Watson

And that’s a difference.

19:27.12

Matt Watson

Um, yeah, okay octagon.

19:32.18

Matt DeCoursey

And I had to I had to connect the digital token. So Twitter’s verifying that I’m at least the wallet that that’s in my wallet. So in this particular case you would be able to click it and now I can it can say it’s out of the grandpa ape collection. It says there’s 10000 it gives you some other information about them. It tells you.

19:49.33

Matt Watson

So he’s pretty cool.

19:51.20

Matt DeCoursey

That my my god he’s wearing a stunt jacket. He has dark brown fur he has 3 d glasses on. He’s okay, he’s bored and unshaven smoking a cigar.

19:59.10

Matt Watson

So basically what we’re saying is like I have a fake louisitton purse you have like a coach purse. You can’t afford to Louis Vitton either but then the guy who actually has the board ape has got like the Louis Vitton purse like is that what we’re saying basically it’s like all status symbols right.

20:02.93

Matt DeCoursey

Yes.

20:10.71

Matt DeCoursey

Yeah, I’m saying that you why I’m I’m wondering why your rolex is tick. The second hand is ticking and not sweeping.

20:18.85

Matt Watson

Yeah, it’s to me. It’s like they become like status symbols of saying like I own a board Ape or whatever. Yeah, well.

20:26.40

Matt DeCoursey

Yep, and dude that’s all artists. That’s all artists because the the original the original paintings that I own are at or at a level of quality that could be sold for ten twenty a hundred times more. Ah, with that. It’s the artist’s notoriety that drives that multiple. It’s kind of like startups. You know it’s like there are a variety of factors and you know and I want to talk about some of that a little bit more but hang on Matt give me one second because there’s something I need to remind you of.

20:47.67

Matt Watson

Well.

20:58.50

Matt DeCoursey

And that today’s episode of startup puzzlele is brought to you by canva with canva you can design your ideas with ease. You can get inspired. They have half a million free templates and they have a whole rich content library that helps you and your team achieve your goals sign up and start designing for free at canva dot com there’s a link for that in the show notes like so you could. Go create anything you wanted at canva including a new Twitter header for Matt’s for Matt’s Twitter account and you could do that in minutes and and have it ready the thing I like about canva dude is like everything it’s it’s.

21:19.11

Matt Watson

Um, yes, please.

21:30.53

Matt DeCoursey

It’s templated but it doesn’t need to be so you got a whole lot of templates you can work with but 1 of the goofy things about creating images just for the internet is that every place you use them seems to want a different size. So like the size you need the layout. You need the design you need for your Twitter header is going to be different than your Linkedin header which is going to be different your Facebook header and then you’re like come on. But anyway they make that really easy. And yeah, you can sign up for free. So.

22:00.23

Matt Watson

Canva is awesome man. Um I definitely have ah have used it a bunch of times so I don’t know man I I was gonna ask you, You’re an art collector. So I am not an art collector I my question for you though? What is a.

22:13.31

Matt DeCoursey

Well yeah, you are you actually have some art you have some because I yeah right.

22:17.78

Matt Watson

But a little bit not as much as you So my question for you is what is the most amount of money and you don’t have to answer this question if you want what is the most amount of money you’ve ever spent on a single piece of art like real world art and if you don’t want to answer the question That’s cool.

22:30.53

Matt DeCoursey

Well no and I don’t mind answering it because here’s the thing as’s I buying it wholesale right? So like the is the question so 2 grand for a painting. Yeah and and and and and I mean 1500 to two grand. But then I’ve done.

22:35.66

Matt Watson

Yeah. Okay, so I’m not an art.

22:48.58

Matt Watson

Yeah, yeah.

22:48.94

Matt DeCoursey

Up 40 times. So but with that I have a whole collection of it and now what are those paintings worth like I said I’m buying them without the gallery involved. So when you go to buy a painting out of gallery. The gallery takes half the money. So.

22:57.71

Matt Watson

Yeah, yeah, yeah, huge markup. Yeah.

23:04.15

Matt DeCoursey

Yeah, so with that if you know the artists and you can get directly to the artists. You can basically buy it for half so all that stuff now now what’s it worth ah due just like my dad used to tell me because I’d come when I was a small child I’d be like I have this Mark Mcguire rookie card is worth ten bucks and he said do you have someone to give you $10 for it. I said no he said well what about the baseball card store I said well they’ll get me 5 okay, then that’s only worth five bucks and he’s right.

23:22.73

Matt Watson

Yep, yep, yeah, that’s that’s worth 5 So I I have bought a few different pieces of art in my house and most of them were probably about the same kind of price range that you just mentioned I do have one crown jewel that I bought.

23:35.52

Matt DeCoursey

No.

23:41.38

Matt Watson

From a local artist named Jeff Hanson who has since passed away but I absolutely have always loved his art and I was a totally huge fan. It’s Kansas City guide you know who I’m talking about and so honestly I paid I don’t remember exactly what much was it was like 10 to $15000 for this piece of art. It’s by it was like the biggest.

23:49.98

Matt DeCoursey

Yeah now.

24:01.17

Matt Watson

Art splurge I’ve ever done to me that was a crazy crazy deal. But I was a huge fan of his art always wanted a piece of his art and he just had the most amazing piece that like the second I saw it on his website I’m like oh my god I have to have this thing. It is amazing. So I bought it and it’s in my front room and it’s one of my favorite things I walk by it every day. And every time I see it I’m like oh my god this thing’s beautiful, but I don’t get but I don’t get that with digital art because the same thing like I could save a Jpeg of anything and put it on a eighty inch tv in the other room.

24:22.10

Matt DeCoursey

Yeah, and well that’s how I feel about that’s how I feel about the art item.

24:37.60

Matt Watson

And look at that those pictures and I didn’t pay for any of them right? I don’t know like it’s the same thing I make a copy of the Mona Lisa picture and I could digitally put it in my room in there right? but I don’t own it. So it’s it’s just interesting to me like the the whole digital art thing. But.

24:51.11

Matt DeCoursey

Yeah I agree and and yeah, here’s the thing is there’s There’s a lot of flaws in it for like mainly what you just mentioned now at the same time it all it also fixes a hell of a lot of flaws that have gone on overall in the collectibles and ah authenticity market.

24:57.96

Matt Watson

Well.

25:07.52

Matt Watson

Yes, you have a trail of it.

25:10.35

Matt DeCoursey

So you know that’s the thing that’s been that’s the thing that’s been a real challenge is so and I talked about this and and the and the wtf is an nfftt episode but you know over the last you know 15 years There’s been this developing story. So Leonardo da vinci had a painting that was called salvatare mundi. Which was which was reportedly painted around 1500 and it’s kind of like it’s a painting of Jesus and he’s just like straight on it’s kind of funny. It kind of looks like the same face as the Mona Lisa on a lot on a lot of them. But this painting was missing forever and then it supposedly surfaced somewhere in New Orleans someone bought it in terrible condition for a couple grand had ah had a world now. Ah world renowned ah restoration artist work on it who along the way said oh my god this is a da vinci now that said. When that went out and got sold it sold for over ah like 80 to one hundred million bucks and then later someone bought it for 400000000. The problem is is forever in the history and future of this painting will the owner the trail of ownership will always be questioned and so a lot of people don’t think that it is what it is.

26:08.18

Matt Watson

Yeah, yeah.

26:16.95

Matt Watson

Right.

26:22.50

Matt DeCoursey

Um, a lot of people think that it could be but there’s no real way to prove it now I personally think that when someone paid four hundred and fifty million dollars for it. You proved everything you needed to prove right? So but with Blockchain and of tr you can prove it.

26:37.45

Matt Watson

So.

26:38.13

Matt DeCoursey

Like you literally it would be ah it would be impossible to to erase the trail assuming that it was on a blockchain that was owned by more than a few people. Oh no.

26:42.12

Matt Watson

Now. Okay, are you ready for me to drop the bombshell that you don’t want to hear when you buy an Nft like a board ape or whatever and you buy it for a million dollars it’s not actually stored on the blockchain what you’re buying. An ethereum token that basically has a website address basically like a yeah url to a file that’s hosted somewhere else. So like literally you’re just you’re you’re buying a token a thing like just a magical token right? It’s like a unique identifier that just points to the file. That’s actually saved somewhere else. And a lot of times that file could be on like Google cloud or Dropbox or whatever it could be anywhere and actually if somebody could go to Google cloud and just delete that file or change the file then it’s just gone which is crazy huh. So what? most of the projects do though is they’re using what’s called the interplanetary file system.

27:31.90

Matt DeCoursey

He.

27:39.58

Matt Watson

Um, or they are saving it in a different blockchain. So like ethereum is not the place you would want to store like this one hundred k you know Jpeg like this giant Jpeg file like you couldn’t store it in ethereum that wouldn’t make any sense but you can store it on the interplanetary file system which the file can never be deleted. So like if you if you put the file there. The file is there in perpetuity on that blockchain now if that Blockchain disappears someday then I guess we’re all screwed but that I mean that’s the reality of it too actually is the files are stored somewhere else but the good thing you you might you might want to save a.

28:08.86

Matt DeCoursey

So do I need to I do I need to move my grandpa Ape over to guarantee that it’s it’s in my digital wallet.

28:16.63

Matt Watson

Backup of it I guess I don’t know but somebody but somebody could go my point is like if there’s 10000 of those in like Google drive somewhere somebody could go like rename the files and magically your your grandpa ape is like a different one isn’t that crazy.

28:30.79

Matt DeCoursey

Oh man. Yeah I’m I’m here I’m I’m furiously trying to sell all my Nft art now.

28:35.52

Matt Watson

So that’s why people are using. That’s why people use these other file systems so that they’re like more immutable so nobody can like delete the files but some of them. But by the way by the way.

28:44.61

Matt DeCoursey

Yeah, yeah I mean that’s and that’s crazy. So yeah I mean so no yeah.

28:53.12

Matt Watson

Remember you did the the rubber duck party thing. That’s how that worked that’s why it it showed like a weird like ah opening soon like you know like you’re gonna get a random duck thing. So if anybody buys in these Nfts and you see these images of like oh you’re gonna you know? Unveil what you really got. That’s what it does. It’s actually changing the photo behind the scenes as I just described.

29:14.91

Matt DeCoursey

So let’s let’s talk a little bit about so this is an interesting thing I got I got a list of some historical transactions that have occurred. Um. You know with ah so first off 50% of all Nft sales. This isn’t just our for less than $200 a transaction right? So for the most part they’re pretty and this is back from the other episode. So.

29:34.76

Matt Watson

It makes sense.

29:42.90

Matt DeCoursey

Um, I think this number’s low. So I’m questioning this but according to statista 23% of people that collect and nftts are millennials I would think that would be like 83 so I’m questioning that there was twenty forty One billion dollars worth of transactions.

29:49.99

Matt Watson

Yeah I think so too.

29:57.80

Matt DeCoursey

Ah, via crypto that occurred in Nft marketplaces now some of the things that some of the most expensive and Nft so there was one that sold called the merge which sold for ninety one point eight million dollars and that’s a single artwork composed of a collection of masses. That the that users created by anonymous digital artists named Pac P Ak so that ended up being fractionalized into 312000 different pieces that are owned by approximately twenty nine thousand buyers. That’s kind of an interesting concept in that case they took a single thing and they chopped it up 300000 times so you became a fractional owner of a very well-known piece of art. Another one called the first five thousand days which I mentioned earlier was sold. It was ah the artist is known by as as people.

30:31.87

Matt Watson

Yeah, yeah.

30:48.91

Matt DeCoursey

Sixty Nine million bucks ah be had another 1 Bee’s killing it by the way so he had another one called human one that sold for Twenty Nine Point Nine Eight million and then you get into things like Matt was mentioned earlier like we cryptopunks which okay this is what I find to be so fascinating if you have ever seen a picture of a cryptopunk. It reminds me of something that.

30:49.15

Matt Watson

Yep.

31:08.40

Matt DeCoursey

I drew on an Apple two e in like 1985 that just pixel and in there I mean it’s is like it’s it’s almost kind of like throwing a metal finger up at art like it’s not I mean.

31:12.29

Matt Watson

And it’s very pixelated.

31:25.27

Matt DeCoursey

if I mad I if I drew that for you during a meeting and handed it to you. You would probably put your coffee cup on top of it because that’s what how much it would have seen but you had 1 there was called the covid alien which sold for Eleven point seven five million there was another one for seven point. 5 I mean there’s been other ones so Snoop Dogg bought one called x copy for 7000000? Ah, people had another one that was an animated video featuring former Us president Donald Trump laying on a field. Why bystanders ignored him. He got six point six million for that.

32:01.47

Matt Watson

It’s crazy.

32:01.58

Matt DeCoursey

And I mean it just goes on and on and on so where people so people are making these transactions in NftMarketplaces that are really on fire right now and some of the the most the well the most well-known is openc which is kind of like Stubhub that’s but secondary. It’s all secondary. It’s not primary meaning.

32:13.13

Matt Watson

Yes. Yes.

32:21.13

Matt DeCoursey

When we say primary primary would be like if you go buy your your concert ticket at the box office or directly from Ticketmaster it becomes secondary if you choose to resell it or buy it from someone else that’s reselling, but that’s where artists are benefiting from it because a lot of them are.

32:30.93

Matt Watson

All right.

32:38.26

Matt DeCoursey

Are minting or pushing these collections through these marketplaces so they get a piece of secondary transactions as well. So open see rareable and there’s another one called Foundation So I see I’ve seen open C and rareable at a lot I think there’s another one is it gemini.

32:51.50

Matt Watson

Or something I think it’s called like looks rare. But so one of the biggest problems one of the biggest problems with all these marketplaces. There’s 2 problems the first one.

32:54.88

Matt DeCoursey

Yes, yes, yes.

33:01.91

Matt Watson

Is opensee would tell you I think it’s like 80 or ninety percent of everything it gets listed on. There is basically a scam a fake a rip off or whatever right? So you can take the board apes. Yeah, no, no, that’s their statistics like they would tell you that.

33:08.70

Matt DeCoursey

Well yeah, they tell you to be cautious I don’t want I don’t want to? yeah I don’t want to say that that’s our opinion on it. They’ve been. Yeah, yeah, yeah, they yeah yeah.

33:20.15

Matt Watson

So I mean just like they have moderators on Tiktok and all those other things to weed out like crap. We’re not supposed to see you know they have a bunch of moderators that have to go through all the shit they get to put on there every day and figure out. Oh nope it’s just somebody uploading a copy of the board yacht you know yacht club again. Or it’s the same. It’s the bored apes but they flip the images and turn them upside down but it’s the same thing like people do that shit all day long. So there’s all this scam just like crap out there because it’s an open marketplace. You have other marketplaces like looks rare and some of them that only do highly coveted known.

33:42.24

Matt DeCoursey

Yep.

33:56.29

Matt Watson

Stuff. It’s not an open marketplace you and I can’t just go list something on there now like people could or something but like not just like 2 schmos like us.

34:04.81

Matt DeCoursey

I want to reveal something I am actually people and I’m also banksy I’m Banksy as well. It’s been me I know why I’m just randomly gone to places that.

34:09.10

Matt Watson

Um, ah that explains a lot that explains a lot.

34:18.52

Matt DeCoursey

Then just have really well-known graffiti art. So let’s talk about that for a second you know banksy. Do you know banks is right.

34:22.85

Matt Watson

I Don’t know a lot about him I mean I I think I mostly learned about him probably like a lot of people when he shredded his art after he sold it.

34:28.69

Matt DeCoursey

And yes, oh I Love that So banksy is like shows up in town. So He’s anonymous. Although a lot of people believe that they know who he is and I believe they proved it but I’m and I’m gonna let people research that on their own. So but you know banks each does these really crazy and Like. Kind of statement based graffiti in town like literally like painting on ah on a brick wall and because he’s so well-known and because they got what they were so well Hyped. You know what happens is people when bankste shows up in the town people show up and they’ll like cut the wall out of a building.

35:04.99

Matt Watson

Oh I’ll and keep it. Yeah.

35:07.57

Matt DeCoursey

Right? to then? go try to sell it for like a ton of money now the problem is is if you’re banksy. You don’t get anything out of that like someone else is so you know this kind of stuff I think is good for the art community. Um, hey man if you can get it get it right now at the same time Nat’s right there’s ah I see a lot. So.

35:12.83

Matt Watson

Right? yeah.

35:27.35

Matt DeCoursey

My Twitter profile is a grandpa Ape that is not a board Ape right? It’s not the same company. It’s not the same people and honestly can’t can it? No no, no, it’s different. Well it is different but it’s but it’s close right now. Personally I think it’s actually a better picture.

35:31.14

Matt Watson

Yeah, and that’s not that’s not a scam um and an earlier I I meant no regards that that was a scam. It’s a different thing. Yeah I think they’re really cool. Yeah.

35:45.83

Matt DeCoursey

Then the board apes but it’s not a board ape. Yeah, it’s not a board ape so you know I was and where did I come across that I was just doing research for this series and I wanted to see what’s up and I’m not about to drop 5 or 6 digits on a board or Mutin Ape although

36:00.10

Matt Watson

Now.

36:03.50

Matt DeCoursey

That might not have been the worst decision given the ape coin launch that came out from that because ah, you could have bought a $20200000 Board Ape like the cheapest 1 they had and you would have ended up getting about one hundred ninety to one hundred grand of apeco after it. So some of this stuff. It’s going to It’s going to be interesting where the sustainability exists in the art community and because the thing is is once you release something if you well they don’t water down their own stuff or at least good artists don’t because there’s got to be a little trust in the community.

36:19.93

Matt Watson

That’s it.

36:35.49

Matt DeCoursey

I mean board ape as a brand now I mean they they actually just took in four hundred and fifty million dollars of investment at a $4000000000 valuation so someone’s doing something right? a ton of a man a bunch of them who by the way got paid.

36:35.94

Matt Watson

Yeah.

36:41.86

Matt Watson

From like andreess and horowitz or somebody right? It was somebody big. It was crazy Well to.

36:50.77

Matt DeCoursey

Yeah, who by the way also took ownership of a hell of a lot of Ape coin.

36:52.85

Matt Watson

So do you do you think that digital art is art like you’re an art collector. What how do you feel about it.

36:57.96

Matt DeCoursey

Yes I do I think it’s art because if you want to leave it at that basic of ah of a question. Yeah because I mean I think you can call a lot of things art. Do I understand the trade of nftr. Yeah I get a lot of it, especially the things like so I’m a 1 of 1 guy. Like I like all of the I own about I own roughly 40 original paintings all 1 of 1 very much one of one I can prove 1 of one I own. Ah about. Oh 8 to 10 different high level sports collectibles like I own a Royals Jersey that you know one of the royals players was wearing when he put us into the world series that we won and that was this high of.

37:34.33

Matt Watson

Um, yeah.

37:44.75

Matt DeCoursey

I couldn’t actually buy a world series Jersey so I bought that it was auctioned off from the club. You asked me earlier how much I’d spent on I actually spent almost 3 grand on that Jersey but it’s the only 1 of one and I’m a huge royals fan. It’s like 1 of my prized possessions that I just love to like.

37:52.20

Matt Watson

Um, okay, yeah, yeah.

38:00.67

Matt DeCoursey

Have around me because I like things that are going with wedding I mean honestly I’m actually I’m I’m in discussion right now to purchase a guitar from ah from a rock star. You know it’s like some of that. So but that’s a 1 of 1 thing too. So like I get it on the one of one stuff I don’t I think that.

38:09.81

Matt Watson

Um, okay.

38:20.60

Matt DeCoursey

Overall I think that there’s this is getting watered down in a hurry I mean there are so many? Yeah so I think that? yeah.

38:23.26

Matt Watson

It to me. It’s a lot of speculation I mean I I can see I can see investing in like crypto punks or or board apes or something thinking like okay 20 years from now are these still going to be worth a lot of money. Will they continue to be worth more money. Maybe I mean probably right there that yeah.

38:35.42

Matt DeCoursey

Maybe but those are blue chips those are like blue chip things right? at this point right.

38:43.14

Matt Watson

And but people are so are what they’re chasing is like what will be the next that like the grandpa ape that you have or the rubber duck party or whatever like is a rubber duck party gonna be like a blue chip collectible. Probably not right like but people speculate on that and and what you have is a lot of people that.

38:58.73

Matt DeCoursey

Nope.

39:02.23

Matt Watson

Do what you call flipping them right? like you bought the rubber duck party and maybe you got like the most coolest rubber duck and then you can you bought it for a hundred bucks maybe you can sell it for five hundred bucks three weeks from now right? and it’s like hey I made some money cool I flipped it. But. And I think there might be people like more like me like I would I would consider maybe investing in a blue chip one like okay maybe I’ll buy a crypto punk like and I’ll put a few dollars in it and like I’m never gonna think about it again for like 10 years like that’s the only way I could do it because there’s no way I could convince myself honestly to go buy a rubber duck like I just couldn’t do it.

39:33.92

Matt DeCoursey

So you talk so you talk about I think that at certain points I think things like Board Ape I don’t know if I don’t know where the pricing is going to be or stay I think that one’s there that that so I think a lot of this stuff’s going to get looked back at in ah in ah as a form of nostalgia.

39:35.74

Matt Watson

Can do.

39:51.42

Matt Watson

Yes.

39:53.49

Matt DeCoursey

You know like some of the things was like you look at like so with baseball cards like the 1952 Mickey Manel rookie card now Mickey Manel was not the best baseball player in the history of baseball but there was a level of scarcity and marketability that just happened to all come together there like there weren’t so many of them that.

39:57.51

Matt Watson

Um, yeah.

40:10.58

Matt DeCoursey

You know that it was still very rare. It’s also like a New York and a Yankees thing so you take the the most popular franchise and you take 1 of the most popular players and went with it. So now when I was a kid you could have bought one of those for like 5 grand which seems extreme now that that might be like a million dollar baseball card.

40:16.69

Matt Watson

Who.

40:27.84

Matt DeCoursey

Now on the flip side of that a lot of people that were my age went through like the 80 s where there was no scarcity so baseball cards for the longest time they just printed like you would. You could go to Sam’s Club and they would have an entire palette filled with boxes of cards and the little wax packs with the gum in it right now those the. There’s no value to almost all of that because there’s a million Mark Maguire rookie cards that are all exactly the same so the collectibles industry has changed through this now you know another thing that’s like this should this could and will probably disrupt is.

40:52.54

Matt Watson

Yeah, yeah, yeah.

41:04.14

Matt DeCoursey

So there’s a huge business around authentication baseball cards autographs like all of that and this that so if you bought that the people for $70000000 you don’t have any need to authenticate that it’s authenticated. It’s.

41:06.32

Matt Watson

Um, yes, yeah.

41:20.77

Matt Watson

Long as you got your private key. You can prove. You’re the owner. That’s it.

41:23.89

Matt DeCoursey

Built in. Yeah and that’s what people are into so I you know and then to kind of answer your question I thought about this lately because I was like would I just buy a board ape I mean I’d be honest with you I wish I had because I would ah if I would if you would have not if I would have known that a $200000 board ape was gonna. Come back and and dish out $100000 worth of ape coin which I could have immediately sold on coinbase. Um, that would have been 1 thing now here’s the thing is I even watched it I said okay, well if that’s the case and everyone’s cash that in those should probably be worth a lot less now they aren’t so.

42:01.11

Matt Watson

Not yet. Yeah.

42:02.94

Matt DeCoursey

Could have made some money there you know I mean I have a friend that’s but owns a whole bunch of mutinatepes. So when the mutant apes came you could buy those things for $300 and they didn’t even sell up quickly which is wild if you think about it like because and you know sometimes that’s kind of stuff does kind of slowly creep up.

42:15.85

Matt Watson

Yep.

42:21.25

Matt Watson

Well it with with any kind of market right? It takes buyers and sellers and let’s be honest, if there’s only a maximum of 10000 people that have a Mutin Ape and none of them want to sell none of them want to sell right? but you got people that want to buy the price is going to go up.

42:22.90

Matt DeCoursey

You know it’s the stuff that yeah.

42:38.36

Matt DeCoursey

Yeah, yeah, well then another thing that’s the kind of the hidden element of this is all of this so much of this exists on the ethereum blockchain. So if you if I if I buy Matt coin or I buy a Jpeg of of Watson.

42:40.81

Matt Watson

Scarcity.

42:47.13

Matt Watson

Yes.

42:56.17

Matt DeCoursey

For 1 ethereum and today ethereum’s at $3000 that yeah when ethereum’s worth $5000. It’s still originally purchased for 1 ethereum so there’s ah, there’s a fluctuating value because that’s also what you’re going to exchange it back for. So there’s a whole dynamic that comes into that I mean overall man I mean hat’s off to the artists community because if if youall are ready to buy it and pay for it. You know you’re a willing buyer. No one’s twisting your arm and no no one’s forcing anybody to buy a board ape.

43:18.56

Matt Watson

Yes.

43:27.80

Matt Watson

Well I would say that there are there are probably way more artists that have made way more money selling nfts than there are artists that made money selling like real paintings and stuff in real life I bet you like just because it’s so hard to sell real paintings like.

43:38.57

Matt DeCoursey

Yeah, well, that’s good that? Yeah yeah.

43:45.40

Matt Watson

Like the amount of work it takes to make those paintings on your wall behind you that nobody can see it takes many hours right? And so yeah, you would buy them for a couple thousand dollars four thousand dollars and honestly the artist probably doesn’t make that much profit off of them because the amount of work they put into them right? But now of a sudden if they can make these Nft collections. And they blow up and you know sell for hundreds of thousands of dollars like that’s going to far surpass what most of these people would have done in these paintings I would think but.

44:09.69

Matt DeCoursey

Well, yeah, and you know and as we kind of wrap up once again I want to give a big thank you to today’s sponsor that’s canva go to http://canva.com. There’s a link in the show notes canva can you could you could go to canva right now and and make an image and upload it as an mt or you could create concepts or do a whole lot of different stuff. But. Ah, you know, get on the same page with your team as well and you can have seamless real-time collaboration. So my questions is what are you going to design today and you can explore and start designing for free at http://canva.com. So yeah, you know well mount would would you buy so you’d never buy a board. It.

44:44.14

Matt Watson

Um, if I was going to buy when it might be 1 of those I mean what what’s crazy is there’s there’s a huge universe of nftt is like I joked one day I told you I I randomly saw 1 on open sea or whatever I think I found it on Twitter it was like pimps and hose and ft like it was like. Was like so much crazy shit out there like the one of just the the squiggly lines like that one blows my mind. It’s like why would people buy squiggly lines. There’s like Jpeg arts of of like everything you can imagine out there like it’s just crazy. So.

45:06.65

Matt DeCoursey

Yeah, so that.

45:14.22

Matt DeCoursey

The cheapest that you can buy a board ape for right now at the time of this recording is on opensee and it’s three hundred and nineteen thousand dollars or a hundred and three ethereum okay so now here’s the crazy thing is before they issued Apecoin. You could. You could so this has actually gone up significantly despite the fact that the people that own these have probably have already harvested those coins.

45:41.58

Matt Watson

By the way. Do you hear about the people who borrowed board apes got the ape coin and then returned them some. There was some dude that made like a million dollars yeah some guy made like a million dollars doing that he was smart.

45:44.67

Matt DeCoursey

Yeah, yeah, yeah, all in all in 1 smooth transaction hey we got to respect the hustle a little bit. Yeah, and there’s you know we’re gonna get into some of that later in the series. There is a dark side to some of this that.

45:59.86

Matt Watson

Here.

46:01.94

Matt DeCoursey

Has a lot of people questioning what’s going on and how it’s occurring and you know one of the things with the blockchain that that there is a level of anonymity that leads to a lot of things coming out and the the founders or those behind it aren’t what is known as docs.

46:08.88

Matt Watson

Who.

46:17.50

Matt Watson

Right? I mean basically it means that they’ve been identified right? You talk about some of like banksy and figuring out who banks he really is that that would refer to him being docs I don’t remember I don’t know what Docs is like a acronym or or.

46:18.69

Matt DeCoursey

What does docs mean Matt yeah.

46:31.76

Matt DeCoursey

It’s do xx e d I mean that’s how I’ve seen it written but that would be in some cases. It would be like hey here’s the creators here’s the founders. These are real people. This isn’t bullshit. This isn’t a scam. Right? So they’re trying to lend their own credibility for it. So like 1 of the things you’re seeing a lot with the the nftt that’s stuff that comes out is like you know like actual brands getting behind it. But in some cases. It’s honestly even hard to figure that out now we were mentioning. As we kind of wrap up one of the things on opensc you know with their moderators is the blue check Mark so and that’s a big thing like so and and and so that’s them that’s them kind of authenticating it. So like I’m looking at it right now and I see board. Ape Yacht Club Mutinate Yacht Club Az zuki

47:02.22

Matt Watson

Um, yes, staying away from the junk.

47:17.90

Matt DeCoursey

These are some of the these are some of the top ones you know there’s I mean there’s a whole the cryptopunks and these all have blue checks next to them so I don’t know I think this is a really interesting thing. Um, and by the way you get other things too that don’t have the blue check like like for example, Bape. So you’re talking about apes. So Bape is a japanese clothing brand that talks about a bathing ape right? So they just launched their own Nft which was technically an art Nft and and it hasn’t they haven’t hatched yet or been revealed as.

47:41.20

Matt Watson

Is.

47:51.90

Matt DeCoursey

Like to say but those sold out for those sold out the same day they came up right? So right now the cheapest one man I probably should have bought these when they were cheaper I didn’t buy 1 at all. Yeah, yeah, so the other day when I was looking at these when they came out they were at like point 6 point 7

47:59.43

Matt Watson

Over 1 ethereum.

48:08.97

Matt Watson

Yeah.

48:10.57

Matt DeCoursey

So in some of these cases now here’s the thing is they meant it straight from Bape for way less than that so people are turning around and flipping a lot of this stuff and you know I mean I was talking to the Ceo at full scale about this because this reminds me a lot of when we were ticket brokers because you go yeah, it is all it is.

48:22.82

Matt Watson

Yeah, yeah, and it some of it speculation right? It’s speculation a little bit. Yes.

48:29.25

Matt DeCoursey

And this and then some of it’s kind of predictable though like and now I’m a little surprised on this one seeing this floor. Be it at 1.5 ethereum that is actually double of what it was a couple days ago

48:38.41

Matt Watson

I mean I mean back you know, example back to your your ticketing days. It’s like super bowl tickets you’re like yeah we know people are gonna like these but thing on who plays in the game and what you know what city it’s in. It’s gonna be more or less or whatever right? like some of these you can see. Okay, it’s Bape. You know that’s a big brand that’s attached to this like.

48:47.21

Matt DeCoursey

Yes, yep.

48:56.82

Matt Watson

Ah, dar this is probably gonna do pretty good right? But then you have other ones you’re like totally unknown who knows what the hell the shit is like I don’t want to mess with it but some of them they’re more of not not originally yeah, not originally but something like Bape.

49:03.90

Matt DeCoursey

Well I mean yeah, no one knew no one knew what a board Ape was not a year and a half ago yeah I mean theoretically if you bought those when they came out if you had bought those when they were $1000 apiece right? and you bought 10 of them for 10 grand.

49:14.40

Matt Watson

Got a lot of height behind it.

49:22.30

Matt DeCoursey

You you’d have at least two point five million dollars after all the fees of selling them and likely probably a lot more so it’s kind kind of like ah kind of like the dude that wasn’t the first bitcoin transaction like 10000 bitcoins for a pizza.

49:31.56

Matt Watson

Yep.

49:38.81

Matt Watson

It was a few bitcoin. Yeah, ah yes, it was.

49:41.95

Matt DeCoursey

I mean it was like 10000 it was a lot. It was like I mean they were like they were like a nickel a coin at that point something crazy and ah that guy has pretty been speaking of docs he’s been pretty outed all over the internet for for doing that. So anyway man.

49:47.59

Matt Watson

Yeah, yep.

50:01.50

Matt DeCoursey

That’s what I found out about Nft art I mean it’s it’s clearly there’s something to this $41000000000 for transactions in the entire and ah t exchanges. But most of that is technically under the art or collectibles. So yeah.

50:11.97

Matt Watson

Yeah, that’s what gets all the hype right now is the Nft art.

50:17.82

Matt DeCoursey

Stay tuned. We’ll be back next week for another edition of our series about NFT. see you then, Matt.

50:21.29

Matt Watson

All right? See ya.

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