GMGM. Thanks for joining us here this morning. We're gonna start the show here in just a few minutes. We'll give it a view for folks to fill to ran. Get our speakers up on stage while we wait. Here are some tunes.
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Good morning and welcome to the Lucky Lead. Today is Wednesday, May 31st. It's a sunny and hot day here in Chicago.
The NFT market is not hot. It's fairly stagnant. But there were some winners yesterday and some major news out of a luxury car brand. That's going to be our top story to start here for today. I see some friendly faces out there, him and Big Capital. Thanks for joining us. As a reminder for any new listeners out there.
there. We run the show every weekday Monday to Friday at 10 a.m. Eastern. It's a 30 minute show covering all the major news and crypto, web 3 and NFTs. This show is meant for those interested in discovering the space, those actively buying and selling in the crypto and NFT markets, and those here just doing research. I'm your host Tyler D. I'm joined
Today by my amazing cohost and we've got a full house. We've got Emily loves crypto a web 3 security expert and co founder of the foolproof app Logan Hitchcock editor and chief over at Lucky Trader Reppin the Lucky Trader account has been covering the space in depth for years. We've got ghost content star over at L.T. Quiet Whale.
Dipping his toes in AI and rocking that banger Opep and PFP. And then today we've also got CT. She is a writer and producer for Web 3 companies and also our resident Bitcoin NFT whisperer. And there's been some hot Bitcoin NFT action lately. CT GM welcome to the show.
Hey, what's up? Can you guys hear me? Yeah, we can. You never know this. You never know what this space. Um, now I'm doing well just walking the dog and excited to talk, uh, NFTs and Bitcoin. I'm excited as well. All right, folks. What is on the docket for today? We're going to start with Mercedes new web three program and in a T launch, a new
Bitcoin NFT protocol, some Opepid action, some Azuki action, some Ringda action, maybe tied to the other side alliances, plus all the news before we jump in though ghost, any housekeeping items today. Yeah, as always, Tyler does a great recap of the NFT market every morning in the morning, minute newsletters. So we've got that pins at top. Make sure you get that
subscribe. He's waking up at 5 a.m. to get all the news out there. So support him and give that a subscribe. Ghost, thank you for that. All right. Well, let's jump right in our top story for today. It's Mercedes to launch an entire NFT ecosystem and their first project. So Mercedes is not going to let Porsche have all the Web three
fun. Not only are they launching their own project, they have launched a new Web 3 program called Mercedes Benz NXT or next. Next vision is to bring Mercedes 130 year history of building desirable physical collectibles to the digital realm. And first up will be their machine
met in partnership with fingerprints Dow and artist harm vand in doorbell. That's a mouthful. So what is machines? So here are the key details ahead of the upcoming met. It's going to be 1000,000, gerniv art NFTs inspired by the concept of motion, velocity and perception. It's coming June
The price will be a Dutch auction with a rebate. We'll touch on some price expectations here later. The who, again, is that Mercedes next team along with a fingerprint's dowel and harm bandendorple. Then this will be on the fingerprint dowels.
So for me, perhaps the most interesting aspect of this meant is the artist. So if you haven't heard that name before, Harm Van and Doorpley's a well-known artist, he's had tremendous success in the NFT Janet of Art scene, primarily known for his mutant Garden Cedar project.
Anyone was back, if anyone was here in 2021 during the epic, "Generna of Art" run, that mutant garden cedar was a high profile project. It reached a floor of 20th back in September, 21. Of course, that was peak, bull run. It still holds a 4.4, e4 here to this day.
And so for machine harm has for the first time created and trained a neural network to identify and select generated outputs in line with his own preferences. It's also going to be his first project in 3D. So that's a quick overview of the project and the artist. I think so.
why it matters. So clearly Mercedes is making a major commitment to Web 3 and entities with with this launch of next and it seems like they're in it for the long haul. I'm going to read this quote from their website, enabled by the emergence of blockchain technologies. We believe digital art and collectibles will play an increasingly significant role in our
outline experience, the formation of Mercedes-Benz next marks a long-term commitment to building a dedicated presence within the Web3 community and the blockchain-based digital objects. As I looked through their website and thought about how they've done or prepared themselves for this launch, I think they've done a lot of things right.
And here's four things that stuck out to me one they partnered with a well-respected team and fingerprints down to they chosen artists with the history of success and innovation three they they've established an ecosystem mapping for their Web 3 program with a vision and framework and they built a core team that is seemingly
if they're team is rocking PFPs from POX to MFers to Crypto. I think that alone is a pretty solid blueprint for any brand to follow. Clearly, they've got some plans beyond just this next Web 3 program and beyond.
machine, they laid out a framework on their site for the three different types of projects that they're going to develop. One is their core collections. Two is their satellite projects and three is their peripheral projects. I'm not going to get into the full detail. You can check out today's newsletter if you want to dive in for more. But overall, this is looking like a pretty thoughtful one.
and not just a flash in the pan. So I'm becoming more interested in this drop, but I want to open it up to our speakers here. Maybe I'll start with you, go. Are you minting this one? Any reactions to Mercedes first-hand tea drop here? Well, I really like the four points that you
brought up. I'm not minting. If you had to ask me for the one thing in the world that I know the least about, it's probably cars. I'm just not a car enthusiast. Guess me from one place to the other. So that's all I care about. So I probably won't be minting, but I do really like the art. I think the I opinion it's the top there from fingerprints down, but the spinning wheel is#
I like that they're using an established artist and a team that clearly kind of knows Web 3. One thing that I did kind of feel was a bit of a red flag, which I just stumbled on when I was looking through their core team, because I saw that you mentioned that they were rocking those PFPs, and when I clicked on their Twitter handles, I didn't have any mutual
follows with any of them. And that kind of always scares me because whenever I want to vet someone in Web 3, I feel like I follow a lot of the people that I trust and know in the space and like 3,000, 4,000 of them in a small space. And when I don't have any mutuals with any of them, it's kind of a red flag to me. So I'm curious to know how really NFT native those people are.#
Great diligence there ghost and now I'm going to retract that bullet, that statement as perhaps something they've done right. I think it's very hard to have been in this space for much period of time and I think not have.
some overlapping followers. So I agree with you that is a flag. I do think they have made up for that to some degree by partnering with fingerprints down, but still definitely agree with you there. CT, I'd love to get your thoughts. Yeah, a lot of my corporate trash experience was actually in auto
I'm always curious to see what OEMs are doing and if they stick around. I was shocked at Porsche. I wanted to hate it and I was like, "Oh, I guess they're doing something right." Obviously it makes sense that luxury brands are full-speed ahead on this because luxury brands are
trade brands, people are probably going to spend more money, maybe more, I don't know, maybe not more financially invested in the brand, but technically people are. So I'm excited to see where it goes. I did not know about this until this moment. So I'm definitely going to look it up and see what else they're planning on doing.
Yeah, look into it. I might not put you on the spot. I might give you a couple minutes heads up and I'm going to come back to you CT. I'm curious for your perspective, as someone who has history in the automotive industry, if you were their web3 advisor, what would be the playbook of steps that you would tell them to execute a head
of an NFT launch and how is that potentially different from what Mercedes has done here because from my perspective I feel like they've checked a lot of boxes but Logan I want to get your thoughts and then we'll go to Emily. Yeah I was just gonna say I really like what CT just said regarding the the luxury collectibles I think it makes just like so much sense
for a lot of these huge brands, people that are willing to spend. My biggest question is the overlap of the demographic of users. Like, how exactly does Mercedes get people who are into Mercedes to collect these things digitally? And I don't know, I don't know enough about this program just yet either.
Sorry for the ignorance there, but that's the thing that I'm thinking about most. We've heard we just had Luke on right talking about the Trojan horse of getting people from outside into pudgies. This is kind of that, but in reverse, like how do you get those people now that we've got a Web 3 program? How do we get our Web 2 people into it to a certain degree?
So that's what I'm thinking about. It's interesting. I think maybe kind of flipping that. Also, the reality is the people who buy this are likely going to be 90% plus NFT Web 3 natives. Right. I think that's just the reality. That's who's set up. That's still who's here in the space. They might be able to pull
in a few outside folks. I don't know if we ever really gathered the data from Porsche and what kind of outside reach they had. But to me, you have to, it's a way of maybe setting a foundation to plan for the future. So maybe Mercedes thinks, hey, we can reach our user base in two or three years. And at that point in time,
And we want to have a history of successful digital collectible launches that we can point to ahead of that launch. So that's one way to perhaps think about it. Emily, I'd love to get your thoughts. Yeah, so what I think is like interesting specifically about
car brands are kind of car brands in general is how pervasive that branding is that has nothing to do with cars right like if you if you buy a higher on car they give you like the hat and the mug and the keychain and the t-shirt and the blanket and like
the branded jumper cables, right? And then it goes further in that you can go and buy the model of your car or you can buy the toy version of your car. They already have this collector, Hansel, you're so rude. They already have this collector, again,
people into it from the time that their children mentality built into the brands themselves. So I think Web 3 is just like another way to extend that. I would think that it would be kind of misguided to try to make it have anything to do with actual cart ownership unless they're just giving you one away for free.
when you buy a car, but that would make it like essentially worthless. But yeah, I would think it's just a different way to collect the brand that has nothing to do with the car itself. Yeah, I totally agree. And that seems to be the direction they're going in, right? Like this is a generative art collection from a fairly elite and high-profile
performing artists. So like they're not dropping, you know, pictures of cars on the blockchain and slapping the Mercedes logo on it. So I think that they're at least doing a more thoughtful loss than that. CTs and additional thoughts are perhaps an answer to my earlier question. I would just say that like I think also what they maybe
doing. Obviously, Mercedes and lots of other car companies have experimented with blockchain technology. Otherwise, applying it for logistics or looking into trying doing it for service records or what have you. Obviously, not everything is needed to be in a blockchain. But yeah, I kind of think that maybe it's kind of an expansion of that exploration as well.
So I don't know we're answering that was a tough question I mean I'm not trying to I'm not trying to give out like web three consulting tips for free. You know what I'm saying fair if they want if they want to call me I'm in Got it well I Appreciate you being holding those cards to your best there CT Ghost I want to get your thoughts
Now, I want to open up this question as well before we move on. We got to talk a little bit of price targets here. This is a bit of a speculative market show. Will the Mercedes-Benz Drop Flip Porsche by floor price or market cap? So, Porsche is at 1.1784 right now. That's a 2,363 supply. So, from Mercedes to Flip it by
market cap it needs to breach 2.76. Not a small task. I am curious if anyone has thoughts on it that will flip. I've got my thoughts but ghost some additional thoughts. Yeah, I mean I think that Porsche had a bit more momentum. I feel like I saw that more organically in my timeline. This is the first time I'm kind of hearing a
of the Mercedes drop from you. So I don't know that I think it'll flip it. So I have a little bit more confidence in Porsche there. I also wanted to say in regards to my previous comment, I realized that I was looking at their profiles on the AI Authority Twitter account, which obviously doesn't have any mutuals with them. So I looked at my
actually account and I've got like between 10 and 50 with some of them so a little bit more authentic. I like to have like a hundred or so with people but I definitely is not zero and that was a red flag to me when I saw zero and I was like oh my god but makes more sense now so retracting that statement there. I appreciate the retract my boy still stands it is still
a very valid, though I do appreciate your diligence in checking likely something I should have done as well there. It's interesting to me that you're saying Porsche had momentum. So certainly I think Porsche was more talked about, but we were all laughing about it and calling it a price
Scouts, you know before they cut the supply and we were also all shocked that it did well. I mean that's how I remember the the porcement playing out. And I don't know I think the quality of the projects here from Mercedes looks better. But I mean flipping 2.768 that
to get the market cat flip feels tough in this environment. It's going to have to be some pretty damn good, generative wagon wheel and inspired art. So, harm has a lofty task ahead of him, but I think the X factor here is fingerprints down. Fingerprints down will have some incentive
themselves to make sure that this launch goes well so that could be a bit of an increase in by pressure. Well, I think we spent enough time on Mercedes. I want to get into our next topic and talk some Bitcoin action. But before we do that, let's read the news. Today's top headlines.
Powered by Lucky Trader. Trade volume was even at 12,000/8 on Tuesday as the NFT market mostly chopped. Yuga announced new details for other side legends of the MARA featuring alliances, which will pool from other Yuga PFPs along with third party PFPs. Opepon released three from
BASTUZ saw 60-Eat and sweeps overnight and two high-end sales of 14 and 11.69 for the additions of 4 and 5 as the release three floor jumped almost 100% to 6.5 EAT. On-chain monkeys delayed their OCR dimensions bit-coinment until June 15th
OpenC Pro debuted its Probot Twitter handle, OX Probot to monitor notable sweeps. OSF was announced as the next super rare rare pass artist with his release coming on June 6th. Looks rare tease at season 1 coming soon with speculation tied to looks new token rewards along with those the RAP
for the board a King the crown was live yesterday as well. The mainland debuted a new meme related game. I'm curious if any of our co-hosts played that one as well. In Web 3 and crypto news, crypto fell on Tuesday after the Fed hinted last night at more interest rate hikes to come Bitcoin down three
23% at 27,120, 8,000, 2.3% in 1870. Hong Kong's Web 3 industry leaders formed two new associations, the Hong Kong License to Virtual Assets Association in a Web 3 Harbor as China seemingly debuts its investment in Web 3. L'Aligi-Galazos added new challenges to be completed for rare
see in Ronaldo moments, Nance announced 30% layoffs due to the brutal crypto market and scaling up too quickly. Then some breaking news this morning, Binance, the world's largest crypto exchange reportedly laying off 20% of its employees. So that was some pretty big news out of Binance. I'm curious when I open it up to our speaker.
Did any of those headlines catch your attention any additional reactions? Maybe predictions for how this other side alliance mechanism might work. Go some start with you. Yeah, I love to see the the Opep in a bad edition again some sweeps there and a reminder to the audience that the holder
There's gonna be like a snapshot for that meme that I just pinned to the top there which I absolutely love the the Pepe meme there which is gonna be a really fun one there I'm surprised also that you didn't bring up any of the the drama last night with the charity Rug project from that the one-eyed person who who then apparently didn't exist
and Andrew Wang and a bunch of other people got it. But I wanted to bring it up because it goes back to my point about mutual follows because I think that like so many people are getting scammed these days and just being diligent with who you're trusting and it just blows my mind how many people are just sending money to random people these days and I don't know what we're doing here. Yeah, that there's been quite a
a bit of drama. It was a fairly dark, we're in a fairly dark stretch. I try not to cover the drama too much on this show. I do think Bordeleon had a great tweet yesterday, kind of summarizing the current state of Web 3. He said that the people left are, that you're hearing from, are the best of the best or the worst of the worst. And I think that is
is fairly spot on. I'm curious for your thoughts on release three specifically, do we think it's going to pass or at least four? It certainly has caught a lot more volume than the visualized value drop pass. And then maybe part two, do you think it's going to dip once that
that Opep and meme from bats comes out.
that is in addition. I think that captored a little bit and we've seen that with with drop two a little bit so far, but it seems like there's just a ton more demand for Opepins than there are revealed supply right now. So who knows what's going to happen. I'm also curious to hear from CT on one of the other points. I saw her playing the meme game yesterday. So curious to hear what her experience was with that.#
CT let us know how the meme game was. Oh yeah, I saw them tweet that and I was like oh, I guess I will see what this is all about and it was kind of funny. You were just trying to catch coins as a player, but if you caught any any other coin other than the meme coin like there were eight coins from the sky and if you caught one of those you get negative points and then at the end
And it was like, you got Rick rolled and it was just kind of like a fun little game, but I was like, oh, like that didn't expect that. So, you know, I have no exposure to the Mima ecosystem. So I was like, you know, trying to get in there, but it was all lie, unfortunately. It was a little bit of a Rick roll at the end. Sorry for for
oilers there. But I'm more serious now. We've talked a bit on the show about the meme token. And I think a lot of folks have high expectations. I'm curious if the market is still going to be ripe for the meme token launch. Certainly crypto looks a little shaky right now. And meme coin, shit coin, season.
and feels like it is kind of moving, never moving beyond it. I mean, the majors, Pepe, Turbo have been pretty much down only since we hit that, at least local top. I mean, we've seen captains and potatoes continue to grind up. I think they were at 3.1 and 9.5.
So still catching a lot of market demand, but I don't know. I'm not sure if it's going to be a great time for a token launch, and if maybe they'll continue to delay that. But Ghost, I know that you were in this ecosystem. You have any insights from kind of having ear to the ground or what are folks thinking?
I agree with you that it's not as frothy of a time for meme coins. One thing I do think that meme land has working for is that they have some built-in utility plan for the coin. I think already, they have stake land, which they've been teasing, which should lock up some percentage of the tokens. They've got holders.com and GMGM and
I mean, nine gag is already a huge account or a huge website. It's been around forever and it'll be interesting to see how they incorporate there. But for the sake of my bags, I hope that there is still some appetite for that meme going here. I hope that for you as well. Logan, I want to get your thoughts. I think the other major headline come
Today is likely this announcement out of on one force only force however we want to say it. They've been leaking or kind of slow dripping some new higher announcements. You know, they're building a kind of a more powerhouse team. The market has certainly responded. I think I checked last night.
morning, it was at 1.7 aeth, which is, what, probably 300% here in the last few weeks. So I'm curious if you have any thoughts into what the announcement might look like today, what folks should expect. Man, I really, I don't have any great thoughts as to what it's going to look like.
They tease that big poster with all those different dates and everything and it's just been kind of a slow drip of Notable team member additions, which is great to see and everybody certainly seems to get excited about that when You know respected notable individuals from other companies that we know and respect and trust come to
I think it's one of those areas where I don't know that they can really let anybody down with this announcement. They haven't spoken this up like that there's a token or there's some firm thing coming. That level of, we've talked about the abstraction versus specificity thing, that level of abstraction and
of complexity, I think shrouds, whatever may come and just leads to excitement regardless. So yeah, we'll see. Eager to post it when it comes across, but no firm guesses. Unfortunately, it wouldn't surprise me if it was just another announcement regarding another notable team member.
me either, but I feel like this is what this is the major announcement that everything's been leading up to. This is this breadcrumb, this trail breadcrumb. So if it's not something big, I do think we'll see a retrace. But of course, who knows, we will see later today. All right, we've got about five minutes left. I want to spend a few minutes, at least on some
some Bitcoin NFT news. So yesterday we got a new protocol, BRC 721e, basically the team at Ordinals Market partnered with the Bitcoin Malady's team to develop this new BRC 721e mechanism to effectively move an ETH project or ETH NFT onto
Bitcoin. So here's how it works. Ethan T holders burn their tokens via this BRC 721e the tokens are then inscribed on the Satoshi's on Bitcoin. Upon inscription, they will appear on the ordinals marketplace with metadata. You know, some of the key features touted by the team ability to migrate any ERC 721 to
Bitcoin instant appearance on marketplaces and inscriptions as low as 100 bytes. And I'm not technical expert here, but I think the lower byte count equates to lower fees. And the protocols are already been used for Bitcoin. The ladies this morning, 971 Bitcoin, ladies and already been burned and transferred. Though we've seen a little bit
negative feedback on this new mechanism primarily related to the storage of the metadata. So the metadata is not initially stored on chain in this process. And if you've been listening to some of the Bitcoin and FT Maxis kind of speak lately, that on chain data storage is one of the primary benefits that Bitcoin and FT
team axes will tout. So kind of what's happening with the BRC 721E as I understand it, it's more similar to the IPFS storage on ETH. So I think the team has addressed this criticism a bit stating that they designed the protocol to adapt over time. So we'll see how this
It's a time saver, perhaps easier way to bridge to Bitcoin, but it goes against some of the Bitcoin and to ethos. By one of here from CT, she had a lovely newsletter this morning, kind of walking through how they get started on Bitcoin
for someone who's curious, um, CTA, I'm curious for your reactions to BRC 721, Ian and maybe any other onboarding tips to share with our listeners here, maybe from your newsletter. Yeah, thanks for the T.I. I would just say, yeah, link in my bio is at the quick start guide, but basically like what the cool
is about all these different protocols. It's kind of funny that their name, naming convention is the same as Ethereum. It's really funny. Basically, they're just trying to add more use cases, reduce fees while inscribing on Bitcoin. Right now, ordinals just inscribe everything in order. One after another, it's pretty unsophisticated, but it's simple.
So BRC 721 basically allows them to be more flexible and introduces collections. So right now, like, you know, on a serial, you can have metadata collections and trying to find ways to do similar things for ordinals. And yeah, like you said, 721E kind of like you burn your your ETH NFT and turn it into an ordinal, which is pretty
funny. And then there's also the 1155, which I came across yesterday. And so for that, it's basically to reduce gas when describing multiple images at once. And so it's kind of interesting like the innovation that we're seeing to try and like, you know, make it more, I don't know,
adaptable or acceptable for lots of different people who want to use ordinals. And yeah, I think it's pretty interesting. I mean, it's kind of technical, so it's kind of like a snooze fest, but long story short, it's like, we're trying to make it more flexible and more like a theorem in some ways. - I think that resonates with me.
And also I'm your comment about how technical it is. I mean, it feels like you need a how to guide on how to do anything on Bitcoin right now. Maybe that's just me. I'm still a new but I'm starting to get my feet wet. I just got back. I'm experts wallet yesterday. Go ahead. It's really not that better promise. Honestly, like once you get into
to it, it's kind of spoofed the D.F. Smart contracts. And so yeah, it'll feel familiar. God, well, that's good to hear. And certainly I'll bookmark your newsletter on starter kit. Emily, I'd love to get your thoughts on the BRC 721.
and perhaps also is it, you know, against the Bitcoin and to eat those? So I would definitely put this nearing the category of devs congratulating themselves. Like sometimes it's
So, I'm not sure if people just build stuff for the sake of building stuff to try to be, I don't know, again, something I put in the category of like up-a-spall statistic where it's like, "We're the first to blah, blah, blah, blah." Like, it's something completely irrelevant. And I think that that's something that people do without much guidance.
answer research into what the market actually wants. And I think that it is really important to ordinals specifically that they remain on chain. And you know, it comes to a higher quality by quality, I mean like literally pixels when it comes
to look at higher quality art piece, I think the expense of writing it to the blockchain is part of the expense and part of the value of the actual NFT itself, right? Or it's like if I want to go buy a piece of jewelry, if I buy a piece of jewelry that's made out of cheap
materials, it's a cheap piece of jewelry, but if I buy one out of expensive materials, you know, you have that like base layer of value and then plus you have something like the designer, right? So like I think that comes to, when it comes to preserving the actual like core value of the item, you know, putting it on
chain is the norm is part of the value prop and there is no limit you might take it entire block but like there is no real limit I guess and to the size or the limit is the limit is enormous really so like I think that's an important nuance that's kind of getting skipped here it's just like how do we turn it into east and like why are we doing that we have east
So, yeah, it feels very, you know, I put out my product manager hat and I ask why and I can't come up with an answer. I think that's a great take and I'm with you. I think it's been one of my biggest gripes with the content, the actual NFTs we've seen on Bitcoin so far.
is it feels like people are just trying to run back, you know, the Eve playbook. I go, let's try to be the first to have a pixelated animal cartoon set 10k on Bitcoin. And I don't, I don't see why that is something we need. You know, a project like 12 fold 300 supply.
I, you know, high end, generative art set, that makes more sense to have on Bitcoin to me, you know, I think what some of the other brands are doing, I think that the lower collection sizes make more sense, but I kind of agree with you. I don't really know why we need the infrastructure to do some of these things.
at this point, building infrastructure, of course, is good. More so to speaking to the types of NFTs they're trying to launch using some of this tech right now. So, I don't know, we will see, CT didn't really point to any specific NFT
projects launching on Bitcoin that she was following, which is fair. I don't think there are a ton out there right now. If you Google any of those that I just sent you, not Google, if you search on Twitter, any of those that are in there, you'll find some weird projects.
I mean, just because there's a first BRC, whatever the hell doesn't mean they're gonna have me in value, you know? I just think it's cool that people are trying stuff on ordinals that's pretty much my point of view. No, I'm with you there and it's worth paying attention to and we've seen the opportunities already come up with OXBT. I do think with on-chain monkeys,
is trying to do with the mentions could be a good launch. And I started listening to some of those founders talk about that project. So I think there's some excitement, Billy, and they just delayed till June 15th, of course. Actually, it looks like, well, I think we've got good things with us.
Good things. Welcome to the show. You know, I'd love to get your thoughts here on high level Bitcoin and a team movement, maybe reactions to the new BR
RSC 721E or anything you want to share of what went into the delay of the OCR dimensions launch.
Agen Wernthaler, yeah, thanks for having me. Yeah, I mean, I think I'd start just by talking about Bitcoin. You know, the Ornals Protocol is something that basically three people built over the last year. They launched it so that the public could use it. I think it was
It's been a pretty fast moving year, so it's hard to remember exact dates. But suffice to say, before the beginning of this year, nobody was using this protocol to create what essentially NFTs on Bitcoin. And this is the first time in history that you can
create NFTs on layer 1 Bitcoin. There have been layer 2 solutions and since pretty much the beginning of Bitcoin very early on there was the desire to create NFTs on Bitcoin. In fact, the Vitalik Booterin actually worked with several people in the Bitcoin
community to try and create something called colored coins. It was supposed to have this functionality and have stuff like smart contract functionality, but it never happened. There was a lot of difficulty with doing this stuff on
Bitcoin wasn't built to enable this stuff. So Vitalik moved on and created Ethereum. People largely gave up on the idea of Layer 1 and a tease on Bitcoin. But this protocol enabled it. So a brand new use case, or I should say, I
I guess a whole field of use cases was opened up when this protocol started being used in January. We inscribed our Genesis collection on February 8th. So we're in description of 2020-19 and we did it in a single inscription. So it's similar to how we deployed our
Genesis Collection on Ethereum. This is very different from how everybody else, not everybody, but most people are inscribed. We were the first to do this, and the protocol is actually being upgraded as we speak so that we can distribute the collection to our members. I'll stop there.
No, I appreciate the history. So maybe share a little bit more insight into why the team wanted to launch on Bitcoin and maybe how you see the NFT ecosystems as being different and maybe perhaps their use cases on Bitcoin.
versus Ethereum. >> Yeah, it's very different. So Bitcoin, there's not a lot of space available on Bitcoin. There's four megabytes per block. It's around 200 gigabytes per year that you can store on this network. And that is not a lot of data. And so, you know, before this,
Ornals protocol, people are just storing regular, fungible transaction data. And it's just like any other sort of supply and demand thing where the more people want to use the network, they want to store their data there, whether it's a fungible transaction or a non-fungible asset that they're trying to put on there.
You know, there's it's basically an auction and so as more people want to use the network the price goes up and so Bitcoin is very much It's very different in in this way because it's it's not going to be you know cheap to use like it's not going to be like Ethereum or Salana and so
So, you know, we suck like, I want to say Danny, our CEO, he's been in Bitcoin since pretty much the beginning. He founded an exchange in 2013, founded a legendary meetup where Charlie Lee, Bobby Lee, Vitalik, Census was, or Winces Cesaro, a number of crypto luminaries came through
his meet up. So he's been in here for a really long time. He started building in Bitcoin and for him, actually one of our members asked him at Bitcoin Miami why he did what he did with Genesis and he said it just made sense. And I think that's kind of the answer you'll get in a nutshell from a lot of people because
Bitcoin is king. It always has been. It's not that Ethereum or Salona are some of these other chains don't have their use cases. But if you want to store something incredibly high value and incredibly high value, you want to store it on Bitcoin. It's the most secure, most decentralized, computing system that's ever existed.
Yeah, I've heard that that logic used a lot lately. So are you in the camp? Do you feel like the Bitcoin NFT ecosystem will flip Ethereum and market cap size here in the in the next few years? Is it going to
be Bitcoin entities that lead the next run up, I'm curious for your thoughts. Yeah, I do. I actually do. I think there's a number of factors here, but the system itself is incredibly high value based on the idea that it is
most essentialized, most secure computing system that's ever existed. The Michael Saler video that went around like two, three weeks ago, he kind of nailed it in that. If you want to put the most important things, he used a trust, his trust. He has a trust that's worth billions
dollars, there's no other place on earth that he'd want to store that data. And you can go down the line with different use cases. We sat down with Michael Saylor in Miami and he talked about, you know, wrapping traditional stock spawns. He's thinking of enterprise and defense
applications. This is not just for digital art. It goes well beyond what I think the majority of the market that even knows about this right now is thinking about. Right now it's very much repeating a lot of what we saw on Ethereum. We saw the BRC20 launch.
So now everybody's launching a BRC20 before that. It was just people uploading images as fast as they can. There's a lot of the same sort of hype and speculation, but the great thing about Bitcoin is it's going to get very, very expensive very quickly. And so you're going to filter out a lot of the nonsense.
That's interesting to hear you say that and I don't think a whole lot of folks have been talking about that yet I at least haven't seen that narrative started starting to come out and I think hopefully it'll be it'll be good for market participants right because I think one of my primary gripes is it feels the Bitcoin anti-experience
ecosystem feels very noisy and it's hard to find where there might be value plays where there might be places to look to actually kind of play some bets as someone who's trying to dip their toes in the ecosystem. But as a barrier to entry gets higher, hopefully that will mean it'll be
higher quality projects, which will be existing, being minted, produced, created on Bitcoin. I heard a little bit on the podcast. I think it was Block Talk. I'm forgetting the name where Danny was talking about, talking with Sailor down at Bitcoin Miami.
I think the concept of stocks on Bitcoin was brought up there. I don't totally understand that. I don't want to do real conversation here today. But, you know, kind of along this line of thinking, I think we talked about this last week on the show, where do you feel like we are from a, you know, a
technology perspective infrastructure compared with like the ETH and the ecosystem. Do you feel like we're in 2017 Ethereum world? Do you feel like we're closer to 2020? What's your view on where things are at? Maybe second part, where do you think will be by the end of the year?
Yeah, it's a really good question. I think nobody really knows how fast things are going to go, but they're going to go much faster. So like I said, the protocol became live for people to inscribe. That's the terminology that you use with this protocol. So it's not like, you know, you're not
like deploying a contract, you're actually just inscribing data directly on on-chain. And that just happened in the last five to six months. So we're very much in day zero right now from my perspective, but things are happening super fast. So we just hit the 10
million in description mark, I believe it's like two days ago. And like I remember when we were under 10,000, you know, our inscription is 20, 21, 9. And I remember that like it was yesterday because it was just pretty much what's you know, it was just a few months ago.
And so, you know, we're moving out of very like within the first couple weeks of after we launched our after we inscribed our collection, Galaxy Digital put out a big, big report. I definitely recommend people read it. And I was lucky to meet one of the
writers and Miami and he told me what they were thinking at the time. But basically they put a forecast out there and the median forecast for the market cap for NFTs on Bitcoin by 2025 is going to be $5 billion. That's what they're thinking. That's the median.
And that's like less than a year and a half away. So, you know, I think, you know, and the other thing, we partnered with Asquie Bugatti, I think back in March and we're going to be, you know, helping them launch their Bugatti egg collection that's coming out
Now it's coming out after our Dimensions collection. To see a 200-year-old company, Asprey of London, and a 100-year-old company, Bugatti, partner up and want to be involved in this right away, these are not
not people who do things, you know, willy-nilly. Like they're very much convicted and not only what we've been able to accomplish, but in Bitcoin as a whole. They want to take some of their highest valued members and give them a digital asset on this system.
Yeah, that makes sense. And I think the the aspiri bucati launch on Bitcoin made a lot of sense to me. It's a low supply luxury good. You know, they want to be minted on, you know, the most expensive, the biggest blockchain in the world. So I totally got that.
I actually didn't know that the O CM team was tied in to helping with that launch. So I'm happy that they they they sought out a team with some some technical savvy to help them with that. You know, maybe I'm curious since we're talking, what would you say to
like your your your your ETH NFT holder base as you know that the team is clearly making big plans on Bitcoin sees Bitcoin as the future should should ETH holders feel abandoned or how do you how are you guys thinking about you know managing the balance across the two chains
Yeah, it's a really good question. So when we inscribed our Genesis collection, I think we waited, I think Danny waited like a few days before he announced it in our Alpha Channel and our Discord. And people were just elated. It felt like the bull market, again, right away.
And, you know, right away we told people, you know, basically if you have a genesis on Ethereum, you're going to get that exact same genesis on Bitcoin. So, you know, just like we launched genesis as a free mint, we are providing each of our genesis holders with their genesis on Bitcoin for free. So that's
That was the first thing we did on Bitcoin and that just you know that aligns with our ethos as a team as a company and as a community and The other thing you know we have karma holders right and karma is not currently on Bitcoin But we know how to put karma on Bitcoin and so we're
We're basically doing things methodically. We started with Genesis and we inscribed our dimensions collection. So we announced yesterday that we inscribed our dimensions collection of February as well. People didn't know that. And so we were very fast to do these two collections. And then of course we
We have a reputation of bringing our community along and everything we do.
We're lucky in that they understand this and trust us. We're going to continue to deliver value to every single holder. So your answer to them is that they'll be along for the ride in the front seat. Yeah, so the dimensions. Absolutely. So dimensions collection, so the 300
that are getting minted directly to Bitcoin. That's a curated list. So we wanted to welcome the best collectors in the space that weren't in our community yet. We wanted to get them in on that. We also gave it to some of our community members who've been contributing and building with us. But there's also 2,000 that are going to be allocated
to our holders and the way that's going to work is there's going to be a Ethereum-based collection much like our desserts which are kind of like you could think of as like the mutant serums. So you'll be able to pair one of these Ethereum NFTs with your genesis and you'll be able to create that 3D genesis in dimensions.
And so our holders are absolutely going to get access to like everything that we've that we put out. We've got We've got a lot of other stuff like plans and the one thing that we've announced that we haven't been speaking about for a while because we've just been you know heads down with a lot of this all those other things I mentioned is we're going to
be partnering with Alexi Andre, the creator of Friendship bracelets, he's going to be doing a collaborative collection with OcM on Bitcoin. And so our members will get access to that as well. Very cool. Well, that is exciting. And clearly it sounds like you all have kind of a methodical
road map and process that you're going down to execute against this. I'm curious. We were originally expecting OCM dimensions today. You guys pushed it two weeks. Anything that you can share kind of drivers behind the push that holder should be aware of.
Yeah, absolutely. Yeah, it's one of those things where you want to do things incredibly fast, but sometimes you have to kind of accommodate where things are. And so, like I said, we inscribed the collection back in February, and we've been working behind the scenes.
with the Ordinals team, with the wallets, you know, Hero and Experts are the two wallets that we're partnering with, and you know, and the marketplaces as well. And so we've been working on all this stuff to try and get it ready. The protocol is actually not ready as it's done.
to help us distribute or not to help but enable us to distribute dimensions. And so, you know, we're going to be working with them over the next couple of weeks, but we've set a date of June 15th, and that is going to be the final date. So, super excited, you know, to be able to do that in a couple of weeks, but it just, it wasn't possible
to to mint today. Sure. Well, that makes a lot of sense. Well, you know, I appreciate you coming on here kind of surprised at the moment while we were talking Bitcoin and FTs. This has been great. Do you have anything you want to leave our listeners with here before you go? Absolutely. I
I think this is going to be the biggest bull run in crypto history. I'm not somebody who likes to be too bombastic, but what I've seen, what I saw in Bitcoin Miami, I met for four or five days, I met a ton of people I've never met before. These are people who've been in Ethereum
or Ben and Bitcoin or both. And I'm just seeing things that are very different from what I saw in the previous bull runs of 2017, 2021, 22. People are very, very eager to build things of value and to build collaboratively. And so when you see
really bright people with aligned ethos come together, like that's when you get true innovation. And so, you know, I just, and again, this is Bitcoin. Institutions own Bitcoin, they don't necessarily own Ethereum. Like the largest endowments in the United States, Harvard, MIT, Stanford,
You name it, there's several of them, they've owned Bitcoin since like 2018, 2019. And so there is a different type of holder of Bitcoin than on any other chain. And there's never been the ability to buy, to trade Bitcoin for a Bitcoin native asset. So it's just
opens up like a ton of possibilities and I think it's it's going to be the biggest bull run in crypto history and I would not advise people to go out and start you know like degenerating like crazy definitely do your research find people that can help you you know
learn about what's happening. I think this is the part of the cycle where you actually have to understand the technology and I think that's a really good thing because that's going to again you know it's going to filter out a lot of the nonsense but yeah I think this we're setting up for something really really big here and I definitely encourage people to learn as much as they can as fast as they can.
Yeah, you know, I think that's great advice and I think we're in the period where it makes sense to buckle down pay attention and try to learn the tech learn what's going on familiarize yourself with it and be ready but also survive like don't if you've got point to Bitcoin to your name don't just go fire it on man
magic eating right now because you think the numbers are going to go up because if you look at those projects, a lot are down like 50% or more in the last week. That's just what's out there right now. Be very careful, be fruitful with what you've got, but find ways to start getting
and deeper into the ecosystem. I think that's great advice. Well, love to have you back again, maybe closer to June 15th when the launch for dimensions is going to go live. But love love to have you on. And folks, we are 20 minutes over time. But this was a great conversation. So we had to let it
go, but we are going to show. Before we do that, though, what's dropping today? We've got a few drops. We've got the means by 6 529 coming up at 11 a.m. Easter. We've got metamorphosis coming at 2 p.m. We've got exit through the gift shop that's coming there today. And what we already teased is one of the bigger
that only force come back t should be coming at some t certainly a longer list of new dr to close out the m out to me. I do think the main of the day is lik
all month anticipation of this announcement. I am expecting some volatility one way or the other in wake of the news. So check it out. Stay tuned for more folks. That's it. That's our show for today. We'll be back tomorrow at Tinian East. And thanks to our listeners for tuning in next to my co-host. Thanks to good things for coming on up. Everyone is
Enjoy your Wednesday. Let's make it a great day. Bye everybody.