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NFT Art Renaissance is Still Alive☀️☕️ GM W3B3 Morning Show Ep255
Recorded: Aug. 29, 2023 Duration: 2:05:33Space Recording
Full Transcription
Check, yo, one, two, three, four, five, six, nine.
Manny Lakes.
First one in the castle.
Holy jeebus.
What's up, Jess?
Oh, I didn't know I was a speaker already.
Yeah, you think you earned it?
Should we maybe put you back down there for a little bit?
No, I definitely earned it.
Yeah?
All right.
Proud of you.
Yeah.
Hey, fam.
Head on down there to that little speech bubble and give it some love.
NiftyQ already down there.
Vert already down there.
Tossing in some comments for the culture.
Appreciate it.
I'm going to go ahead and retweet, repost.
Excuse me.
Repost the room.
Get it moving.
Get it going.
Get some energy.
Am I over here talking to myself?
Of course I am. But yeah, you got a big drop on base today, Jess. Got a base drop happening.
I do.
That's the joke now. It's a base drop.
It's a base drop and it's 24 hours. So I don't know what that even means. It's the last drop
of the summer. It's 0.009. So pick up a few.
Double zeros.
Yeah. And I think I'm going to like reward people that picked one up.
So you think you think there might be a saucy little reward somewhere?
There might be some tie tie in with 707. Yeah.
So I feel like what you've just done is advertised an unregistered security.
And we are getting in touch with the SEC right now to make sure that you are held accountable
for that. Because we don't fuck around like that up here on this stage. No ma'am. No sir.
No ma'am. No sir ma'am.
Whatever your pronouns are. No to you this morning and your unregistered securities.
That's what the SEC said to Tom Bilyeu anyway. All right. We'll cover off on that.
That's old news.
That's old news. That was yesterday's breaking news. We don't talk about that anymore.
Holy heck. GM Nifty Q. It's officially Nifty Q now. In case for all of those out there who
were doubters. For all of those out there who were unsure in the past of exactly the proper
pronunciation. A lot of people actually. A hefty percentage. Well we all knew that. We
weren't going to tell you because we felt bad. Like we weren't. Somebody called me YQ and
that was the. Because you were NFT YQ right. And then you just dropped the NFT because that's
just like a. Yeah. Whatever the grammatical term is for the pre area of the word. It's
just a qualifier that everybody has. Right. We're all NFT something here. So you're just
YQ. But no. Now officially Nifty Q. How are you doing this morning sir? I'm doing good
man. You know I said that SEC versus NFT is old news because apparently we had a pretty
big ruling that the Grayscale Trust is actually not turned down. I don't know if you saw that.
Oh of course. We've already been retweeting it. I already sold my rent money. My ETH today
this morning. Because because God candle right. There's a there's a God candle. No ETH and
BTC seeing some life today because of this ruling. This is some news that we will talk
about. And I I'm always. I don't know if it's conspiratorial. I don't I don't think this
is conspiratorial. I just think that the SEC and the government like they understand like
PR and all this stuff. I feel like they always plan a lot of this. I feel like they purposefully
came out strong yesterday with a show of strength because they probably knew that they had a weaker
hand. Maybe in the back half of this week. You're giving them a lot of credit. Yeah.
I think they're pretty heavily incompetent and don't know what they're doing. But I could
go the route that they are playing chess and not checkers. 5D chess baby. That's that.
Anyway. Yes. We there will be some SEC talk today. This is GM Web 3. It's the greatest
morning show anybody could have ever imagined. Frankly, I'm gifted your humble Web 3 shirt,
but already joined by some of our favorite co-hosts and contributors up here on stage with
us. Look at that. I'm trying to get you up here, Mo, by the way. I've accepted your your
bid. See if it actually lets you up this time. But we're so happy to be joined by you, friends.
Look at look at these awesome people already hopping in here first thing in the morning as we're
waking up, as we're caffeinating, as we're getting the energy going. I'm still like 90 percent. I'm not
going to lie. I'm not 100 percent yet. I was sick all last week, so I feel pretty good. But, you
know, we're still getting back into the swing of things here. I keep pushing myself too hard at the
gym. I probably shouldn't have gone. I did a like I did an intense heated vinyasa yoga class yesterday
and then straight into a full body lift workout. And I think I pushed myself too hard. So there's
there's some too much info for you. But that's not what's important. What's important today is
what's happening in Web 3, because that's what we do here. We cover off on all the latest, greatest,
darkest, most interesting key updates and information from all around the Web 3 space. We do our best to
cover it all. There's a lot going on. So what we really appreciate is when y'all get involved and you
help us curate what's most relevant and exciting. What are the things that you think we should be
talking about? Your help is always appreciated. And you can do that to two ways. Well, you could
do it a couple of different ways. Sometimes people send us DMS in the background. Sometimes I find those
while we're live. Sometimes I don't see them for like a day or two. So I guess you could do that.
But you could also hop in the comments down there, share some tweets or headlines, topics,
and you can always hop up here on stage as well. Don't be shy. There's room up here on stage if you
want to come up and participate. We don't have any participation trophies yet. We're still working
on putting those together as well. But you can indeed come up here and hang out with us and we would
love to have your input. So there you go. There's a couple different ways that you are invited to
participate in the show today. And the last one that I will say again, and maybe the most important
way that you can participate is just by sharing out the room. Sharing is caring. Frankly, everybody
knows that. So it's kind of obvious. I shouldn't have to say that sharing is caring. But I will remind
everybody. Sharing is caring and it doesn't cost a thing. And it makes a big old heckin' difference.
So we appreciate those of you that do participate in that way as well. Jess, go ahead.
Well, that was a really long monologue. I was just going to ask you, you did vinyasa yoga or
vinyasa flow, whatever. Was this a heat situation or was it like a hot room?
Yeah, I did include that it was heated. You just didn't pay attention fully. It was too long of a
monologue, I guess. Thanks for noting that as well. No, I know. But was it, I know I heard
that it was vinyasa, but was it hot yoga? Heated vinyasa. Yes. That's a gimmick, everyone. I just
want to let you know, as a person who just rolled up their yoga mat after her practice. Hot yoga
is a gimmick. It doesn't need to be hot in there. I mean, it does make you sweat a little bit more.
I don't know that sweating is a gimmick per se. Get a new Asana.
All right. We also apparently have your yoga alpha for the day. So, I mean, it's going to
be a big day, fam. It's going to be a big, big day. I have helicopters going over. It's
so relaxing out here in New York when you do your yoga. Yeah. No, you always bring the relaxation
in the room with your ambient New York noise. Mo Runda, GMDU, how are you doing?
GM. I'm good. I slept in this morning. I feel pretty good. I'm also at probably about 90%
like you. Amazing. We will just be 90%. That's 180% if you add all that up. So, actually,
we're doing pretty great. So, that's how you math. Ladies and degenerates, we're going to
kick it off right now with some tunes. We're going to tune up the room. We're going to get
some energy going. I got something exciting, at least for me. I already know Jess is going
to hate it. But you know what? To get the energy going in the room today, we are going
to kick it off with one of my favorite bands growing up that I still listen to all the time,
especially when I'm in the gym. It's a little bit of punk rock. It's a little bit of Americana
just to really get some energy going in here. And that's what we're going to do here for
the next two minutes while Nifty Q and myself get to work in the background pinning all of
the awesome stuff up in the Xbox, starting to get our conversation, our talking points together
here. So, this is the offspring, Americana. We'll be back in just two minutes. Let's heck and go.
We'll be right back.
We'll be right back.
Let's kick it off.
Let's kick it off.
Come on.
I will go.
You'll be right back.
We'll be right back.
We'll be right back.
We'll be right back.
We'll be right back.
And yeah, we're getting some stuff pinned up top.
Obviously, the breaking news this morning to weed out the gate with is positive.
We try and weed off with positive news.
And hey, we got some out of the gate today, which is pretty hecking awesome.
Grayscale winning their lawsuit against the SEC with regards to getting their Bitcoin ETF approved.
I believe that's the gist of it.
Let me pull this up and just make sure that we're getting the details accurate here.
Federal appeals court has ordered the SEC to vacate its rejection of the trust issuer's bid to convert the Grayscale Bitcoin trust into an exchange traded fund.
So apparently, Grayscale trying to convert their trust into an ETF.
They were initially rejected by the SEC.
However, this federal appeals court has rejected their rejection.
That's that's what I'm taking away from this.
And now the SEC basically has to go back to the drawing board and give give another answer.
That's that's the gist of that.
And so we are seeing a lot of positive momentum coming out of the gate this morning.
Some green candles, both ETH and BTC at least.
The two the two big boys are jumping.
They're getting a lot of green coming in early here.
Bitcoin actually jumping back up over twenty seven thousand to twenty seven three hundred right now.
So, yeah, any thoughts on this?
I mean, I don't know that we have a lot more details at the moment.
It's a legal victory potentially opening the door for a spot Bitcoin ETF in the US, which, you know, advocates have long argued that allowing this type of product would enable a greater swath of the general public to invest in Bitcoin without having to go through the trouble of buying it directly or dealing with potential issues like their custody providers collapsing.
I mean, that's that's the gist of it.
This is why everybody, by the way, is super bullish on on all of these BTC and ETF applications, just in case like it hasn't been something that you've spent a lot of time thinking about or maybe something that you're curious about, but don't fully understand.
And these ETFs exchange traded funds are basically vehicles for institutions to put a lot of their money into through like sort of traditional investment channels without having to go through like crypto wallets or crypto exchanges like Coinbase.
So what it unlocks a whole shit ton of liquidity potentially because there's all these different funds around the world under management by companies like BlackRock and Vanguard and VanEck and all of those like Charles Schwab and all those types of types of people.
They like to add these ETFs and these specific types of investment vehicles into all of their investment products for their clients.
So at that point, if and when we get BTC and ETFs approved in the United States, all of these institutions, all of that institutional money, literally trillions and trillions of dollars, would now have easy direct access for their clients to put them into crypto and do it legally and safely.
So, yeah. Any thoughts on that? I mean, again, like we don't have to spend too much time on this, but it seems like it's good news.
And I guess why are we seeing these green candles out of the gate? Because a lot of people seeing this as more positive momentum towards BTC and ETFs actually getting approved.
There's not a lot of days that I want to use leverage like ever typically like that's that's the quickest way to get wrecked.
But like a day like this is a day that I wish I dabbled in that field and I've done it before.
Binance specifically had like 2x, 5x leverage, but it would be really cool to just be able to time a news event.
I mean, that had to be the easiest thing you could have done today is just time the trust or the ETF news and just put on 5x leverage.
You're probably doing OK.
Yeah, just advanced gambling.
Right.
Yeah, I mean, you hit on some of that, too.
Like we're going to LARP his financial analyst today, folks.
So just strap in.
Gambling pro max.
When you say Bitcoin ETF, definitely like throw Ethereum ETF in there as well.
Like that's not something you're thinking about.
Like a Bitcoin ETF getting approved means Ethereum ETF getting approved at some point.
So that's positive for ETH as well.
Yeah, and the market is reacting very positively to the news.
They're all like they want to get there is before it pumps, you know?
Yeah, I've I've been thinking again.
I don't know if it's conspiratorial.
Maybe it is.
I feel like so much of the things that we talk about when you're speculating and shit like kind of crosses the line into conspiracy sometimes.
So I'm not trying to be conspiratorial up here.
But I've been feeling like recently a lot of this what's been happening with the like negative sentiment externally and FUD.
Like a lot of it, I feel like is the Black Rocks and the big guys all trying to weigh down the market so that they can be buying in.
And I bet we're going to find out that they've been secretly accumulating more Bitcoin and Ethereum behind the scenes.
Anyway, there's there's another conspiracy for you.
But also, hey, it's important for us to mention this on every episode.
But this is not financial advice.
The information was found publicly on the Internet.
Opinions shared on this episode are solely of the Web3 team.
And all info is public domain.
Please, DYOR, always do your own research, fam.
We are not financial advisors, even if we LARPAs them sometimes on some days when we talk about all this type of stuff.
We are not.
And are we working on getting getting our licenses, if that's what you even need to be a financial advisor?
Sure.
Sure.
Yeah, we're working on it.
We'll get there someday.
GM, Jeff Jag.
How are you doing?
Hey, no, I'm going to buy Bitcoin ETF.
I mean, I already have some Bitcoin, but if they make an ETF, I'll buy it.
Because, like, I don't know.
Why not?
My name is Jeff.
See?
You guys?
Yeah.
See?
Great.
Wow.
Great point.
Wow.
Thanks for that input.
Well, we're happy to have you here with us, Jeff.
And we're happy to have all of y'all.
By the way, share out the room if you haven't.
Go ahead and do that for us.
Let's get some more homies in here talking about all the fun things.
All right.
Any last thoughts on this SEC grayscale situation before we keep it trucking right along into
some other updates?
I actually can't see people's hands being raised here on the desktop app.
So if I'm stepping in front of anybody, just go ahead and shut me down.
But it's incredible how, I guess, complex the U.S. is right now with the way people are
thinking about crypto and Web3.
Like, we just saw the Tom Bilyeu news with the NFT securities case.
And there was dissenting opinions there.
One by Hester Pierce.
So when that news first broke, I was like, wow.
Like, yeah, I thought Hester Pierce was, you know, more for, you know, NFTs.
But of course, she's not the only one that makes a vote on those.
So she was part of the dissenting opinion.
I think we can get into that.
But it's a dissenting opinion against Tom Bilyeu.
No, no, no, no, no.
She was a dissenting.
She was not in the majority.
She was in the minority on the folks who brought the charge against Tom Bilyeu.
So there was, I believe, two people.
I don't know the exact total number of people who voted, but she was in the dissenting opinion.
And they actually, like, you know, like everything, they're writing out thought pieces and things
that go along with this.
So, you know, circling back to the original point, like how fractured we are in the U.S.
or at least the people that are in charge of making the rules on what is going on here.
Because you'll see SEC come out and say something, and then you'll have a judge shoot that down.
And then you'll have someone else in some other jurisdiction say, oh, no, it actually is,
you know, within the SEC's ruling to, you know, deny a Bitcoin ETF.
So it's just incredibly fractured.
And that's what comes to mind when I'm thinking about this stuff.
Indeed, we are bipolar at best, schizophrenic at worst in this country.
But yeah, you know, it's also part of this, I guess, crazy, interesting democratic experiment
and the, you know, the checks of power and like how shit works.
You know, I guess sometimes it's good, sometimes it's bad.
You hope that it ends up in the right place.
Sometimes it's just too much fucking democracy, bureaucracy.
I mean, I like have this question, have this like debate and I'll throw this question at
you, GIF.
Like, what is like the solution there?
Or like, what is the good?
How can I say this?
Like, I think almost the fracturedness of the way that people think about this stuff,
at least the people that are making the rules actually benefits a lot of us in crypto.
Because if they had some type of ruling, like we see with Tom Bilyeu, like I listened to
his space for an hour and I really, you know, hated a lot of the points that he was making.
Talking about like legislating the entire space and there's going to be all this stuff coming
down.
It's like, dude, that fucking sucks.
I think he's a mole.
I'm not going to lie.
I kind of told you this yesterday.
I think he's a Trojan horse, the SEC and a complete mole.
And I think that he never had the spine.
Yeah.
Yeah.
Let's we can definitely dive in.
Like my question, I guess, was around like the end game for this stuff.
Like what is a good ending place for for all of this?
Like this sentiment around how we're going to get legislated.
And I think the more that the people at the top are fractured, the more benefit I think
it is for us in the near term, short term timeline, because what happens is like it's essentially
a gray area for you to continue to work in.
Right.
So that's, you know, and that's gray scale is taking advantage of that gray area.
Apparently Mo Runda, please jump in.
Save us.
The article on Tom Bilyeu's impact theory just came out on Milk Road literally while we were
talking about it just now.
And it's making me sweat a little bit.
I'm not going to lie.
I don't know if you want to read it, but yeah.
Yeah.
Let's why not?
Because we can't ever, you know, we can't ever lead off with too much positive news in
the space.
We've got to get back to the reality of all the not great stuff.
Is it on themilkroad.com under newsletter?
It might be.
I just get it straight to my inbox.
This is not sponsored by Milk Road, by the way.
No, it's not.
But we do.
We do love Milk Road.
I haven't received it yet.
So it might be sending out right now.
So I'll probably get it in the next couple of minutes if it just hasn't finished sending
the entire mailing list.
I'm not awake enough to read out loud.
So you might have to wait for it.
Yeah.
Well, all right.
Let's go ahead and just get into the meat of it.
And this was, you know, a big headline yesterday.
But of course, this is breaking news.
So it's still developing.
So it's worth kind of still discussing it as as it develops, as the story develops.
Essentially, yesterday it was announced that the SEC and basically settled a lawsuit against
Impact Theory and Tom Bilyeu.
And it's not favorable for NFTs.
And it's actually pretty, pretty shitty.
I'm looking to find the details.
I know that we had some of those details pulled up yesterday about what the actual settlement
looks like.
But it's basically like, you know, they have to pay $6 million.
They likely have to like destroy a bunch of the assets, do a bunch of other, take a bunch
of other steps.
It's very, very unfavorable for NFTs and sort of the precedent that sets for NFTs.
I was not in that space yesterday, Q.
So I don't know if you want to fill in any more details around like what you learned about
how he's talking about this.
But my initial take on it was that it was really, really bad for all of NFTs because
it did set a very bad precedent, even just the way that they're positioning it with like
investor language and all this different stuff in the settlement.
But yeah, I'm going to try and find that and pull that up right now.
Yeah, all the news yesterday around Tom was interesting because we have a connection.
Or at least I have a connection with Tom having met him in 2021.
And, you know, Ronan actually, like when he was in L.A., I think went to his house and
like met his wife and all this stuff.
So like we had been on multiple calls.
Like we had him on the show.
Like we were connected to this guy in what ways you can be connected.
Uh, and at the time, are you saying it's your fault?
Are you, is this your, are you coming out to admit that?
Because it was on Nancy Live.
Yes.
That all of this happened.
Wow.
Sheesh.
At the time I thought that he had the right ideals.
Like we always kind of like, if you've been in the space again, you, you know, the situation
with folks that, you know, have high profiles that come into this industry.
We're not gatekeepers by any means.
And I think if you do a great job of explaining, uh, like our take on that, like we're not
trying to say, Hey, don't come in here, uh, or, or follow our rules.
It's just, you, you kind of have a side eye until you kind of figure out who people are.
Uh, and, and I thought Tom was going to be a great leader for, for the industry and listening
to that space last night was incredibly frustrating.
Uh, and I, I don't, I don't think Tom wants to be a leader in web three.
Like, I think he might say that, uh, and, and I don't know how far he wants to go down
that he almost seems a little bit jaded by the individuals who bought his founder ski
and where we're like flaming him in discord.
And to me, that that's a tough one and we can dive in.
But if you take down 30 mil, like partly that is the, the heavy crown that sits on your head.
You know what I mean?
Like you took down 30 mil, you can't now complain about certain things, but yeah, go ahead.
Well, that's, that's the problem that I saw with him is that he came in very eager to
position himself as a leader and he did position himself as a leader.
And then when he took down all that money and he started to have to like actually deal
with delivering on any of that or the, uh, yeah, the, the, the struggle with being a leader
in the space, I think he, he just caved, like he folded and, um, and he didn't know how to
handle it and he didn't handle his leadership responsibility particularly well.
And, and the biggest issue really is that he didn't come in with enough research and
foresight to set up his, his business properly.
And now he's created a scenario that's bad for the whole space because again, he's, he's
become the sort of poster child for the secs, uh, attack on NFTs.
Now, like he's become the Trojan horse.
He's become the precedent setting situation.
Yeah.
And he's a guy who has, like you said, I don't know if he has a billion dollars.
Like you said that yesterday, he sold quest, he sold quest for like a billion dollars.
Well, yeah, most people don't have a billion dollars and he settled for 6 million is basically
washing his hands of us.
And I understand like yesterday you were on NFT.
I've kind of gone pretty hard at the guy and I don't think like he's in the greatest
spot when the sec is knocking on his door, but most individuals don't have $6 million to
fight this stuff.
And it seems to me, see, he's super jaded.
There were multiple, uh, mentions on how people like financialized his NFT or like wanted to
talk more about and cared more about the financial portion of the NFT than the actual utility.
And so it seems to me, he just got, uh, he's got enough money to wash his hands of this and
he's going to, going to do so.
And he's going to leave a lot of us in his wake.
And yeah.
And well, you, and you use the word fight.
He's not the problem to me, or, you know, there's a lot of issues with the situation,
but like he, he didn't fight it.
He, he just sort of like acquiesced.
So he didn't use that money to fight.
He, he does have money and resources.
He's not willing to put more time, energy resources into fighting.
So again, although he positioned himself and fashioned himself as a leader in the space,
he has completely, to your point, washed his hands and does not want the responsibility
of actually being a leader in the movement.
Uh, and so that's, that's the issue is he's not fighting it.
And this is, by the way, uh, I think it's important to note here because we talk about
this a lot.
Whenever like Yuga comes up in the news about their, their court cases and shit like this,
we often say like, Hey, even if you don't like apes, even if for some reason you're not
a fan of Yuga, like if you are a believer in the space and want this space to thrive, if
you believe in NFTs and web three and the future, you should be rooting for them to be winning
in court because they are one of the only, uh, they're one of the only, uh, what do you
want to call it?
Like they're literally one of the only groups of people.
Yeah.
The company works, but they're, they're one of the only groups of people, one of the only
companies that has enough resources to actually be battling the sec or whoever it is that they
actually are leaders in the space, want to be leaders out front, taking on these tremendous,
the tremendous burden of trying to fight for positive precedents that don't exist yet for
the space and out there setting good precedents for NFTs, for blockchain, for crypto, et cetera.
There's really just not that many people that have the resources that are also willing because
here we go.
So we, we, if you bought into bill use sales pitch at the beginning, you would have said
this guy has the resources and he wants to be a leader to actually use that power to help
empower this space and this movement to, to really be a leader.
And now you've seen the actually, no, he just wanted the accolades and the money.
But when it came down to it, he was not willing to actually put up a fight to, you know, take
on that extra level of risk to really put himself out there as a leader when it, when shit turned
around and got hard, uh, like he just completely caved. So here, here's the details of this
element. Real quick, real good.
No, that in and of itself doesn't, I think there's multiple pieces to this is all I'm,
all I'll get to is like that in and of itself isn't a problem. Like if you come under SEC's,
you know, barrel, then it's not, it's not that far out of the realm of a possibility that you're
just saying, Hey, I like, what do I need to pay? Like I get that it's, but there's multiple pieces
to this, which rubbed me the wrong way. Well, well, so here, so I think it's nuanced to your
point because, okay, I, I can one empathize that he's in a tough position. I'm not saying
that Tom did not have a good reason to settle with the SEC or that he was in a tough situation
where he had a lot, uh, at risk or on the line. That's not what I'm saying. I can empathize that
he was in a tough position. And so he had to like, try and figure something out. Okay. There's
that. So you have that nuanced piece of it. He's human. We are human. We can understand the SEC's
coming for you. You got to figure something out. So you've put yourself into a situation
and that's okay. Now let's, let's pivot from the part. Like, okay, we understand why you're like
that you were in a tough position. So you had to settle and that's not easy, not fun. We get that.
Okay, cool. Why are you in that situation? Well, you're in that situation because you
barreled into a new space, put yourself in there as a leader without actually establishing your
business properly. And he's the one that positioned his NFTs as an investment contract. He's the one
that sold them that way. That was on him. That was a bad move. He fucked up. So he put himself
into a bad situation by not doing the research, not getting the, the, the legal, uh, advice early on
to actually set this up properly. And then he, he marketed it a certain way and sold it to people
as part of his web to business impact theory as some kind of, uh, security, basically an investment
contract saying that, you know, this will have whatever kind of returns. He marketed it that way.
So it's like, that's, that's the shitty part of it. He, uh, there, but then the other shitty part of
it is that, okay, you you've now created a bad situation. You probably have to settle. We
understand all of that. It was, it was his fault for setting himself up bad in the first place and
marketing it improperly, not as just a digital collectible with utility, but as some kind of
investment contract. So you're in a hard place. Now you have two choices. You can either
fight it to get more positive, uh, like, like a, a better situation. So it doesn't just become like
a very one-sided sec victory where you're setting a horrible precedent for everybody,
or you can just bend over and wash your hands of it and just say, okay, take whatever you need.
I'll just pay it off. I don't care. I don't want to fight for the space. I don't give a shit,
do whatever you want. I don't care about my collectors. I don't care about any of this.
And that's to me where it seems like it got, instead of at least putting up some kind of
fight to get more favorable precedent, uh, or a more favorable ruling, uh, he didn't want to
undergo the additional months or years and however expensive that would be, which again,
I can understand that, but that's, that's what it is. And so here's the details though.
It could have been a slam dunk. It could, all I'm saying is it could have been a slam dunk and he
had no choice. Yeah. Here's some of the details. Well, will you do? I mean, like when you have the
resources that he has, there's always a choice whether or not to actually like battle it out
and go to court or not. And, and yeah, maybe I'm wrong. Maybe I'm wrong about a lot of this,
please. If somebody has more details, fill us in. Uh, but here's some of the details. Uh,
here's this part of the settlement company agreed to publish the sec's order on its company website
and social media channels, as well as destroy all of the founders keys and NFTs that had within its
control, uh, plus pay the six plus million dollars, $6.1 million. Um, yeah. So there,
there's some of the details right now. Yeah. Just filling in some extra things from the spaces that
he held. So he had, he had like an hour space. Uh, there was like multiple people up on stage
that he actually had, uh, also like guests and people from the audience come up and ask him
questions again, like not fighting. It is a, is definitely, you know, within the realm where I
can understand how he's positioning himself right now is essentially the guy that basically turned
himself in, uh, basically rolled over and he's essentially asking the rest of us to do that as
well. Like if you listen to that space, he's basically saying that the way that this industry
and he very matter of factly, right? Like he knows now because he was in talks with the sec,
like the way that this space is going to operate is that the legislators need to come in before any
other like building starts to happen. Like that, that's how the guy feels. And obviously it is
because he went through this experience and was probably sitting in a couple of rooms with the
sec, but that idea that he is now saying to, to folks like, Hey guys, like this is just the way
it is now. Like, that's what gets me. And that's what is the added ingredient into all this. That makes
me uneasy about the whole thing. Not because he didn't fight the sec on this stuff. I get that,
you know, that that's a tough experience to be in, but his, like his easiness to say, Hey,
this is how the industry is now, guys, everything's going to be regulated. Everything's going to be
legislated. And it makes me think he didn't come into the industry with the right intention,
right? Like, I don't think he did within the first, you know, within the first time,
just to, just to be devil's advocate. Cause I guess I'm in that mood today, but, um,
it could also be, he just feels if he's going to get beaten, that means everyone else is too.
It could be an ego thing. Yeah. But, but that's not true because one, again, he's not taking the
ownership to admit that he actually fucked up like really badly, way worse than most people
in his position would have. Like, like imagine if he just admitted like, Hey, despite all of my
resources and my advantages coming into the space, my ability to almost immediately, you know, take on
this role as a, as a leader in the space because of my production studio, my background, my resources
and take down $30 million, despite all of my ability to do all of this, I really fucked up and
like totally misled people and, and positioned the project incorrectly and didn't get the legal
advice that I needed. What if he just said that instead of saying, well, well now actually the
whole space, uh, has to be legislated because I, because, because of this situation that we're now
in. Some of the language he's used, and I've said it, I think quite a few times in this room when
people have come in here to pitch their projects, the language that he's used is, is common in the NFT
space. Unfortunately, you know, like over promising, you know, saying that things are going to be
valuable, all that stuff. I mean, it's, it's scary. That's why I said, I'm not going to lie.
I'm sweating because there's a lot of projects out there that could get nailed that have used
like worse language. Well, there's, there's a lot of projects now that will get nailed a lot more
easily than they would have because of this type of, see, this, this is my argument about this. This
is that it sets a precedent that makes it easier for SEC to steamroll a bunch of NFT projects.
And, and, and to your point, Nifty Q is like, he's kind of laying out the red carpet for the SEC.
He's like, he's like here, here, like everybody acquiesce roll over for them. They're just going
to come in and do whatever the fuck they want to the space. There's no point in fighting. No,
nobody should fight. So, so other contexts. And I give, you could probably read this off
that Hester Pierce post is, is up in the Xbox and, uh, commissioner Pierce, as well as, uh,
Mark, a U day or I'm, I'm butchering his name, Uyeda, uh, were the two that basically went against
their, their, you know, compatriots here. And, and they actually laid out why, right. And
in the actual post and in their letter there, like this, that this thing is incredibly nuanced.
Like they, they lay out nine questions that probably don't even have answers. Even if we wanted
to figure out, uh, the answer, we don't have them right now. And that's my issue again, coming back
to the main point with, with Tom and the way he's positioning himself is saying that, oh, this space
needs to be legislated. The legislators don't understand this industry. What type of, how long
do we have to wait for these legislators to actually roll out some rulings for NFT founders? And then how
bad are those, those legislations going to be for the industry? You can look at the bit license in
2014, 2015 and how that stifled innovation in New York city. I mean, this, that it's, it's
literally the goal is so weird, man. What's it's, it's, I think it's the goal of the SEC and
the government in general who don't like the space we're trying to slow down and stop adoption
is to basically just stymie the growth in general. Right. So like to your point, if, if everybody
in the space was to take Tom's, uh, recommendation here that they all just stop building until
they figure out legislation, legislative clarity, it's like, okay, so we just stopped building
for the next several years. Like, because that could take how long? So, so basically you're
effectively just stopping the entire space and killing the entire space and all the innovation.
Yes. And Jeff has his hand raised for a while. Jeff does. Jeff hop in, please hop in whenever
go ahead. We're, we're just, we're just on one. So please hop in. Hey, no, um, I, uh, I, I, I don't
want to speak about Tom or his project or any of the specifics. Cause I, I don't think there's
really a point to, you know, questioning what one guy thinks about one thing, but where I want
to come from this is more broad strokes. So, um, the way, like, I want to take the opposite
point of view. Cause one of the things you said earlier was, um, this is bad for NFTs and
I, well, I agree with that because I don't think I'm here. I'm not here for NFTs. I'm here
for digital art ownership. And if, if NFTs are going to be, um, financial instruments for
non-registered security, then I want them to fail publicly and badly so that digital
ownership of artwork can rise. The problem is they, they believe that those two assets
are the same thing. And those, it'll take years and years before legislators even understand
that. But there's like, okay. NFTs are a piece of paper. NFTs can be a book. NFTs can be an
essay. NFTs can be a short story. NFTs can be a poem. NFTs can be the constitution. There's,
there's like to talk about them as being like the thing that the public thinks they are.
I think we need to accept that. We're not going to change what the public thinks.
They're a scam. They are literally they're like, if you're asking for money in exchange for some
promise, that is against the rules. It's not good for consumers. And if you want people buying
digital art, you don't want people buying securities. You see, you see where I'm going
with this. I think it's terrible that there were people taking advantage of other people
and I don't fall in that category and I don't want to be lumped in with them.
All right. It's, it's an interesting point. Well taken. I feel like kind of what NiftyQ is saying
is that it is all being lumped in together though. Yeah. Like right now, I mean, like,
like Q was saying, they don't tell the difference. So, so I'm out here, you know, trying to make a
name for myself as my, my art being innovative, but at no point along the way, did I promise
any value? That's because I'm not a dumb ass. Right. Right. And I guess, I guess my, my argument
is that you should get in trouble. Yeah. I agree. I agree. That wording is the key by the way,
like Tom, like there are some projects that openly did that. I don't, I, I don't have them
on paper right in front of me, but there are probably projects that probably were along the
same lines. There's a ton of PFPs and there's a ton of different NFT projects that didn't do
that. That didn't say the things that he got himself hemmed up for. Yeah. And so all of the
people that didn't, uh, may be better positioned, but may also likely be hurt by this situation.
I think that's, that's my greater concern. Cause I, I agree with you, Jeff, that like,
if you are improperly selling, uh, NFTs as some kind of security contract, like that is wrong.
Like, I, I'm, I don't think we're arguing that point. Right. Um, yeah, exactly. I just,
I just think that like, as a whole, if we took this from a point of like, is this good or bad
for us? It's only. Sorry. I was trying to let somebody up and I accidentally muted everybody.
Sorry, Jeff. Go ahead. Oh, sorry. No. Yeah. I was going to say it's, uh, it's only bad for us
if we're doing what he's doing. It's good for us if we're not. So name, whatever you want to call it.
I, yeah, I hope, I hope that you're right. I'm not using the word NFTs anymore.
Interesting. And you know, that, that kind of like moves the convo forward a little bit,
you know, into a topic that we've often talked about, which is just like the,
the accepted broadly accepted nomenclature semantics around like how the space is going
to be branded and adopted more broadly. I think a lot of people will just think it's,
it'll be digital collectibles. Um, anyway, obviously this is a, a, a breaking moving target,
uh, breaking news, complicated situation. I appreciate Nifty Q, uh, you sharing some more
of the details around the descent up here. I, I think that Tom really fucked up and instead
of him kind of just being like, I fucked up, he's, he's turning himself into basically a,
a patsy and a mole for the sec, which I think is just really shitty. Um, and to your point,
it kind of speaks to his, his, his more honest intention. I don't know, man. It's, I, I'm not,
I'm not happy with the whole, with the whole situation, obviously. Um, but you know,
he, so just to color this a little bit, I have been talking cause as you know, I have a project
hopefully coming out depending on how this all goes. Yeah. And by the way, Mo, I still haven't
gotten my milk road email. I'm, I'm looking out for it cause I wanted to get into their details,
but for some reason I haven't gotten it yet. I can send you some screenshots too, but so the
people I've been talking to, there are a whole lot of new rules coming out, um, even outside of
the United States. So, I mean, he, I don't know, I don't know if he's right, but he might actually
know some stuff that isn't public knowledge yet as well. That's fair. Um, I, I don't know what that
outside of the U S regular, like regulation will look like primarily it's been, you know,
super laid back. Like the sec has been the bully with the, the big stick, right? So the short order
effect in my opinion is folks are just going to say, fuck us investors or, or fuck us collectors.
I should say, like, I can't believe we're even getting caught up in that nomenclature, but they're
basically going to say, we're not allowing any of these NFT sales, uh, to us jurisdiction. And that'll be
what happens from all this, in my opinion. Yeah. The U S is going to get screwed and fall behind
probably. All right. I'm trying to collect myself and, uh, yeah, I don't really want to spend too
much more time on this, but it is a big, interesting breaking news point that we'll probably have, uh,
ramifications for the whole space. Because again, like, especially if you're in the U S, um, this is
probably going to affect you, uh, in some way. Um, I, the other thing get from this is $30 million
that he raised apparently was not spent, not a single dime, bro. This is yo. That's what he's
saying. He's saying it's in a wallet. We're going to repay everybody. And people up on stage asking,
wait, I thought like we paid into this, like you said, because you're going to build the next Disney.
Why didn't any of the $30 million be used? Uh, this is the fucking thing that I can't fucking,
I can't understand. There's, there's been so many of these situations now, like recur took down over
$70 fucking million and they didn't even hire like a social media manager. Like, what did you do with
the money? Why, why did everybody give you their money? You just made a bunch of fucking promises and
then had zero intention on fulfilling on anything. And then just decide when things get hard that you
fucking abandon the space. So many people that were, that have been propped up in the space and
given so much money actually have zero fucking interest in, in being part of the space or building
anything sustainable or interesting for, for their collectors. Dude, you took over 30 mil and you did
nothing with it except basically set up the whole NFT, uh, the whole NFT space to be just steamrolled
by the sec. Like that's what we paid Tom bill you for to basically tell us that we should all just
like lie down and, uh, and just not give a shit what the sec is going to do. Go ahead,
quantum variant. Welcome to the stage. I know you're really upset. Did you, I listened to that,
um, to his space yesterday back again. Cause I kind of came in late. Um, I mean, I, I, the one thing
is, did he not use the money because he was kind of in question of whether what he was doing was
already going to be suspect or, and did he use his own money? Right. Cause the man's a, you know,
a hundred, at least hundreds of millions of dollars, right. He sold quest, you know, bars
for a billion dollars. So he has the money. Um, and, but he does have that, of this new project,
you know, the guys in or something like that. He has other projects that he's building. Like this
was supposed to be the 10 pole project, right? This is supposed to be the card that gets you into the
game, um, and into the, you know, the whole ecosystem. Um, but he lost that bad. Why would you
support that? Can I, can I ask you honestly, if, if you're out there, let us know in the comments,
are you, are you going to support any projects that Tom bill, you is going to watch into the
space, given, given how he's conducted himself in the space, why would, why would you believe
this guy or want to support anything that he's doing? Because I think he's an executor and I
think he's a hard worker. And I think similar to why I think the same questions came up with Kevin
Rose and with Gary V like, why would you support them? Like, I think Kevin Rose, especially CCO and
all the, all the, the, the moon birds FUD has actually built something. And a lot of people
left because of those things. And I think they were foolish to leave the moon bird community
because of those reasons. I think Tom bill, you will build something. He has a massive,
you know, presence on, on YouTube. You know, he's a, you know, he, he, he is a builder and he's
young. So you, so you're more bullish. You come out of this more bullish on Tom bill, you in web
three. I'm not, I'm definitely not asking for a refund of my pass. So, uh, well, I think a lot
of people will. Yeah. Um, but you know what, at this point I feel like, you know, what's, how much
am I actually risking? Not that much. Right. And what am I going to get back? The 0.1 ETH that I spent
on it. Um, how much is that worth now? Like not that much. So I think it's a, it's a, he's a better
builder than 90% of the people in the NFT space. At least he has a proven track record. Um, and so I
would go with those people over, you know, I don't know if I like what he's going to be doing, but I'm
going to watch them and be part of the, you know, the ecosystem and see, you know, if it benefits me in
the future, but, uh, yeah, I don't hold them against it. You know, he's up against the freaking
federal government. Nobody wants to be in that position. Um, and yeah, he caved. Uh, I think he
had to, and maybe it was sometimes the best option is to, you know, just step back, you know, say you
did wrong and move forward. Now they can't come after him again. You know what I mean? But, but he's
not, but so like, I, I agree with all that. And thank you for coming up and sharing a more balanced,
even keeled, uh, take on it. I really appreciate that. And you as a collector, it's great to hear,
you know, that you're, you're not necessarily so down or feeling too down about it. Um,
I don't know that he's actually doing what you just said though, in terms of how he's positioning
to the space from what I'm hearing from like Nifty Q and this, it doesn't sound like he's just saying
like, Hey guys, I really fucked up X, Y, Z. He's basically trying to excuse it and telling everybody
that they should follow his, his lead. Um, I think we just don't have enough information
to be guessing. That's fair. That's fair. Yeah. And, and I do also want to keep the convo
moving along, um, as well. We do have some more friends hopping up here though. Um, but
I, I, I do appreciate the, the, the thought there. Quantum Baron. His overall, yeah. I mean,
his overall take there on, on the spaces with that, this space is going to be more legislated
and people need to fall in line. Like that, those, that came from his mouth on the spaces
and I, it just kind of rubs me the wrong way. Cause at the heart of what these legislators
are telling you is that they're doing it for security, right? So, so they're doing it for,
to make sure that the US investor, yeah, we, we know what's best for where you can place
your money. That's the little heart of, of why they're legislating this stuff.
I mean, like even, and it rubs me the wrong way. Like even with that and everything, it's
like, like, this is just like, I don't know, like, uh, situations like this, uh, don't really
rub me in general at this point after like being cognizant of like all the shit that's
been happening since like 2017 to like 2018, where people literally had the same attitude
of, uh, Oh, what can the SEC do? Um, like we can't give a shit about the SEC. And then
ended up getting like blatantly curb stomped for, um, not following bullshit rules at that
and everything, or, um, regulations at that, like it's garbage. And, um, there needs to
be, um, people, um, lobbying against that, which is, um, like great that like so many people
are doing that, but like, yeah, like I, I can totally understand the quandary that happens
when you have like the literal operational security risk of dealing with, um, the SEC, um,
combined, uh, with, uh, sort of like the, uh, um, like, you know, it's like a contrast
with the, um, like ethos, like, like some of the ethos, um, of like crypto, um, communities
and stuff like that, including the NFT space, um, that have like sort of like a surface in
general. So like, I mean, like it just, it just really feels like, um, an Aristotelian
mess. Yeah. The American dream is alive and well, not in America. Yeah. Oh man. All
right. Appreciate those thoughts. Jess, get in here. Well, I'm feeling rubbed a certain
way. Um, I would say like to quantum variance point, like I agree with a lot of saying, like
I wouldn't just be like, um, Oh, you know, like screw this guy. I was reading through the
comments, people talking about it being a grift, whatever. I actually don't think that about
him. I do genuinely think he's crazy, but I don't know that he needed to be called a
security and like, you know, all this crap that's going on with him, because I just think
maybe perhaps this was low hanging fruit for them. And it makes me think that he doesn't
have friends in high places because they went after this guy to make a statement. Right.
But it's like, was he really even doing anything bad? Like, and I say this as a person who's
not really like into him, was he, he, like, yes, just he, he, he fucked. Yeah. Yes. Because
like, okay. So a couple of things you're, you're right that he, he's a target for a specific
reason. And Nifty Q I think calls this like the Goldilocks zone. Like he, he doesn't necessarily
have the right friends in the high places or necessarily have enough. Like he has millions
of millions of dollars, but he maybe doesn't have enough millions of dollars that he wants
to get into a long entrenched legal battle with the sec. And so he, he became a target
because he is big enough and high profile enough and took down enough money that he is worth
the sec going after. And it's going to make a big news story, but he's probably not going
to put up a much of a fight. So there's reasons why he, he became the target, but he did fuck
up Jess. He, he's the one that sold his, his NFTs as a security contract. Like he fucked
up a bit. So many people do that. That's why a lot of people do. And now they're, now it's
going to be much easier for the sec to steamroll all of them based on this precedent. Yes. And
all those people that did that have fucked up also. Um, and that's why people like us and,
and any, uh, reasonably educated room that's trying to provide any sort of guidance or advice
have been saying for the last several years, make sure that you are not using investor
language in your NFT offering. Make sure that you are not positioning anything other than
a, well, this apparently you don't hide your kids, hide your wife situation. So for all
of you out there still talking about this being a decentralization, it's not like the better
of a group of kids. Uh, also as just to end the round out this conversation, D Y O R, check
out the Howie test. It's important. Can I, I just want to add a positive note to it. Um,
please financial. So he sold this as a financial contract, right. And got caught and now there's
legislation, but we also should understand that that is the next big step in this, in
the NFT and crypto world is financial assets coming to chain, right? It's been a lot of talk
in the financial world is like, why aren't stocks on chain? Why aren't assets on change?
Right. We talk about houses and deeds for cars, like all these things can be on chain. Um, and
so lack of regulatory, exactly. So maybe this is the, you know, maybe this is the pivotal
moment for a stupid NFT collection. Like, let's all be honest, like it's not really that
innovative, but a stupid NFT collection to kind of take an L and take the knee. And then
they have to now deal with it, right? You've made your decision. And now other companies
are going to be like, all right, now we know what, what our limit is and how we're going
to push in. And they bring financial assets here. You know, what if you could, you know,
I think it's a, you know, I know I'm always bullish.
No, no, no, no. Look, quantum, quantum, I appreciate you bringing in a positive spin on
it. And, and if I am trying my best to give like the benefit of the doubt or like look for
the silver lining in this, right? I can agree with the idea that this can be some sort of
positive catalyst in terms of moving the regulatory conversation forward potentially. So, okay,
let's, let's assume that that's true. And maybe this does begin some kind of watershed moment
where more legislation around NFTs and financial assets on chain starts to move forward and we get
more clarity. Sure. And maybe he deserves some sort of credit for fucking up badly enough to get
himself into the history books as being part of that conversation. Sure. I will, I will try and give
all of the credit. And, and again, I am not misunderstanding the severity of the situation
that he put himself into, uh, when he took all of that money and, and illegally positioned his NFT as
a security contract. I am not negating any of that and not understanding why he decided to settle.
However, what I'm still not excited about. And, and to me, the biggest problem is that what we
should want as web three native people or people who really want this space to thrive as some kind
of new paradigm, as some kind of new system that revolutionizes a lot of the broken systems that we
currently operate under our hope in my humble opinion should be that the leaders taking on the
tremendously important task of legislating the future of this technology should actually believe
in the ethoses and in, in, in these new paradigms as some kind of radically new technology that has not
existed, that can change the way that we think and do business and operate, not just roll over and say
the SEC knows what's best. Suck the teat. Also, that is my concern. Also, we could create communities
that have value beyond flipping. Sure. I agree. But I think I, yes, yes, I completely agree, Giff. And,
and, and I think that is the ultimate goal. But I think we, we, we should be realistic in the sense
that there's going to be a lot of losers in this, in this fight. Um, some are going to walk away
because they don't want to fight and some are going to battle like Coinbase and like Yuga and
they're going to fight tooth and nail, right? It's going to be, there's going to be all sides of it.
You know, he's not, I'm going to, I'm going to say something really controversial. This is, this is,
this is actually hard for me to say this. This is, this is a really fucking hard for me to say it.
No, no, it actually is because I am not a fan of people like writer rips and poly as, as, as
positioning them as the leaders of the face of this space. And yet this is the difficult thing
for me to say here. I would actually prefer somebody like that. Somebody like a poly or maybe
like a beanie maxi, one of these more controversial figureheads to be the people that are in these
positions of fighting, because I feel like despite whatever, you know, crazy fucked up things that
they might be up to, that they actually would put up more of a fight than somebody like a Tom
bill. Uh, yeah. And, and I don't know. So that's six, five, two, nine or like DC. Oh, I would. Okay.
Yes. That's a way better example. But, but what I'm saying is like, I would rather somebody who's,
who's controversial and obnoxious, uh, that will actually put up a fight than somebody who's just
going to roll over and be a patsy for the existing sort of status quo and say the sec should, should
rule everything and tell us how we, how we do everything because the sec knows and understands
the technology and the potential and really cares about the future, like of what we're doing here.
No cares about where you put your money. Yeah. We want to protect you. Like
again, like this is, it's okay. So what are you, what are you going to do then? Are you going to
go up against the government? Let's see. I'm going to do absolutely nothing. I'm going to sit
here and try and fucking tell my POV on it. And who knows, maybe one person will give a shit and,
and maybe this will touch them in some kind of interesting way or rub off. Uh, and in the words
of Jeff, maybe I've rubbed off on one person. Uh, the, the, the, the, the idea that this is
actually a revolutionary new technology that could radically change a lot of the broken systems that
we have and not just be more of the same shit that, uh, we already have.
Next steps. Um, with that though, like say you, um, like inspired, like at least one person
and, uh, everything. Um, so it's like to actually, uh, do something. I'm like, I'm just like imagining
a contact list of maybe, um, 25, um, 30 people in the space and everything. Like, I'm just like
wondering like, what can people do that don't already have an automatic, uh, platform, um, like in terms of
like next steps, I guess, uh, to start getting out there and, Oh man, we're talking about activism.
I mean, yeah. Okay. Like, well, yeah, it's that, that is, that is a really great, great question.
I, I don't know that I am the greatest activist. Yeah. Yeah. But, but what I will say just briefly
on that is, is there, there are web three lobbying, like, like lobby three, there are candidates right
now. I think that the upcoming election cycle is going to be very important. We talk a lot about
paying attention and caring about, uh, you know, who, who's actually pro pro crypto slash pro
innovation slash pro business and not just talking that, that, that talk. Um, you can also support
again, like people like punk six, five, two, nine, or people that are actual leaders in the space
in various different ways. Um, but yeah, beyond that, go ahead.
If you're actually interested in this follow two bit idiot, go to the search bar, type in
two bit idiot and follow Ryan Selkis. He is the number one person to be following when
you're talking about crypto regulation and he's not focused on NFT regulation. I think
you should probably follow Hester Pierce and, and see how she's been talking about crypto
and a little bit of NFTs as well. Like read through that dissenting opinion because there
are people honestly. Yeah. Yeah. Read through it. Like it's just getting educated. And I think
you're right. Like it's, what is the next step? But I think getting behind somebody
like, uh, Ryan Selkis is probably the next step unless you want to go out and do that.
Sorry. Sorry for interrupting Q. Is it too like the number or too spelled out?
Spelled out. Spelled out. Two bit idiot. Ryan Selkis. Yeah, there you go. There's a couple
of brief action items. I don't want to spend a lot more time on this, uh, though, but it's
a great question. I appreciate that. Uh, let's go Jess and then Amiko's here. Let's
go. Uh, yeah, I was going to say, I think that, um, for the faint of heart, is that how
they say it? Um, some of you guys are going to have to like man, woman person up because
you're going to have to start voting for parties or people that support this and they might not
be aligned with your sensibilities with other shit. So you're going to have to make a choice.
Talk, talk to the candidates that you are in favor of and tell them your opinion on this is
the way to go. Sure. That's it. That's a great, that's a great recommendation. But I'm just saying
in certain places, spaces and States where that's not a possibility, people are going to have to make
some tough decisions on what they want to vote on. I mean, we're already screwed with a lot of stuff,
but you know, I think it comes down to voting. Yeah. It's, I think it does too. And, and I think
Jess, it's, it's a great point because I'm, I'm already prepared, preparing myself to probably, uh,
my voting, uh, is probably going to look radically different than it has been over past election
cycles because I'm basically a single issue voter right now for this next coming election cycle
where like, I, I'm literally just going to look for websites that are cataloging and like grading
candidates based on like how pro crypto they are and, and voting for them. And it's like, you know
what, you could, you could probably be a shitty person on a lot of other levels, but unfortunately
for me, this is such an important topic that like for at least this election cycle and maybe the next
one, like I, I don't frankly care if you voted against some other thing right now. I, I just want,
I want innovation in the U S to thrive. I, I want this technology and, and I want, I want our country
to be part of the future of finance and the internet. That's that to me is like, honestly,
super important and more important than a lot of other things. So that, that's just me being honest
that like, I'm probably going to vote for some shitty people in the next election, uh, that I
don't agree with a lot of their thing, their other stances on. Um, but you, but you like, you can't,
it's, it's almost impossible to find a candidate that you're going to agree with everything on
anyway. Um, Amiko, go ahead. Hi, can you guys hear me? I'm in my car. Good morning. Yes. It
sounds, sounds like you're in, uh, yeah, it does sound like you're in a tailpipe, but we can hear
you. Okay. So I'll, I'll raise my voice. So, uh, good morning, GM GM. I want to say that, um,
I will vote for you gifted on the blockchain. Um, like we are, I guess the, I guess some kind of
OGs, you know, like I don't want to vote for anybody. I don't know. Right. And I want to vote
for one of my gang gang people because, uh, this is where it's at. It is the biggest technology of my
life. Um, you know, uh, like my generation started with video games. I mean, you know,
I had a poke, I had a, what is it called? Pac-Man little mini watch, um, that I used to go to
school with and used to play Pac-Man in the class. But I just want to say, you know, I'm the biggest,
I came on stage guys to say that I'm the biggest loser in the web three because it's been two years.
I want to mint. And eventually this year I will mint. And I hope that I will have a nice party,
like, like this morning's party in the web three. And I hope you guys will come because I want to give
out stuff. You know, if you have no money, it's okay. There'll be stuff for everybody. And, uh,
that's my shout out of this morning and a special one for Cake Nair. They're my, my, my, my cake
there's out there and everybody else that's in here. Much love and Kiku from Tokyo. So guys, I love you.
And, uh, you know, it's no big secret, you know, that it's not really decentralized. I mean,
we're trying to buy ETH and stuff. I have to put like my, my passport, my Canada here,
I have to put a passport, the address, you're this, you're that. I mean, really decentralized
people, but yeah. So eventually I think the future will be, you know, voting on the blockchain. That
will be very clear. And, you know, everything that's coming and massive job adoption surely
will come and then the whole market will go up. So that's my two cents of, uh, this morning.
So I love it. Love it. Thank you. As always make it for bringing in some thoughts and some
positivity here. Um, and, and yeah, don't, and my gal is here, Jessica and Mo. Oh my gosh. I love
these girls. All right. I will just, I will just say nobody vote for me. Uh, I'm, I'm not running
for anything, but even if I did, don't do not vote for me, but, but, but, but appreciate that
anyway. Um, I did finally get my milk road newsletter, Mo. Um, I don't know that we need
to rehash all this cause I don't know that there's a lot of, I don't know. I don't know that there's a
TLBR. I don't know that there's a lot of new info here other than like part of the issue again
was that they marketed themselves as the next Disney and promised to deliver quote unquote
tremendous value and, uh, told investors to view the NFT as an investment into the business.
So again, it's like, that's the, that's the specifics of how they marketed it and why they
fucked up. That's the positive thing to take away from all this. Don't be an idiot and talk
about your project, like an investment vehicle and you probably won't get, get wrecked. Like
that's the precedent here. We used to argue in 2017 because we had a huge fucking disclaimer
on top of our website, ICO alert. People wanted to find ICOs. They came to ICO alert. We were
like the most trafficked thing in crypto at the time. It would be like open C of that time.
And there was a huge fucking disclaimer and Mike always fought for it. And we were always
like, this is a terrible experience. Well, it turns out that it probably, that's probably
the best thing is to have a huge disclaimer at the top of the website.
You were behind ICO alerts. That's insane. That's why, that's why you're not in a prison
right now.
Yeah, exactly.
No, no, no, that's true.
Oh yeah. Those are, those are fun times.
That's true. Yeah. Nifty Q's is an OG and was part of ICO alert and our, and our buddy
Mike Finch, who's a, you know, an advisor on the web through network was basically the,
the I guess CEO or founder of it. Um, so yeah, it's pretty cool that you're, you're familiar
with them. Supreme hint. Um, but no, I think Jeff Jags like half kidding, but I think actually
though, like you, you may or may not have faced a lot of legal issues and or been in jail
if it hadn't been for some of that, you know, more clear, uh, language that was being used.
Right. So I think that while that's kind of, you know, it sounds hyperbolic, it's like, no
language matters. How you position shit when you're taking people's money, how you market
something really fucking matters. Um, so anyway, how many people do know what really heck sauce
tastes like? I want to know. Yeah. That's somehow related here. Great, great point. Yeah. We,
we, we, we, we, we, we sold, we sold heck sauce, our, our, our DB's hot sauce as an investment,
uh, vehicle for sure. Um, anyway, no, we didn't. What's your heck sauce? Do I get two?
You can stake the, the only way to stake your heck sauce is by putting it onto some fucking
steak and eggs, ladies and degenerates. What the fuck is going on? Wait, I also have top
two Tom Bilyeu t-shirts from VCon. If anyone is interested, I'm good. I'll pass the irony.
Yeah. We're, we're it ironically, Moe. Now it's cool. I know.
Or something. Yeah. All right. Ladies and degenerates, share out the room. If you haven't
already, this is GM web through the greatest morning show that was ever invented on any timeline
and any universe. We're joined here by some of our favorite co-hosts and contributors up here on
stage. It's hashtag tech Tuesday. Uh, we kind of talked about tech, but we more so talked just about
this Tom Bilyeu, SEC news. Uh, I did want to talk a little bit about how this tech is being used to
create the new creator creative class. Um, and how exciting it is that art, you know, Disney,
the new, this is the new Disney, uh, Jeff Jag, you know, you, you kind of got into the fact that
you're really just here for the art. Uh, that's a, that's really why we're here at the end of the
day too, or what got me into the space and what I ultimately care about as well. And so I do want to
shine some light more on some of the awesome artists and how this technology is already being used
to radically change the lives of many creators around the world. Uh, yes, it's, it's, it's not,
uh, it's not necessarily the most equitable distribution. Sometimes, uh, there's, there's
a lot of problems that we can point to. Of course, of course, nothing's perfect. I get all that.
And yet it is exciting that indeed many more creators are experiencing new opportunities that
they've never had before because of this technology. And so I do want to talk a little
bit about that here in the remaining minutes. Uh, if you haven't followed web three and been part of
this awesome network that we're building together, please join us. We're doing our best
out here to provide absolutely free, high quality editorial entertainment and educational content
consistently regularly. Nifty Q myself and a bunch of these awesome people up here on stage
who should also follow are showing up almost every day consistently to try and do our best
to cover the space and provide that content. Again, this is not token gated. We're not asking
for much. So those likes, those follows, any sort of engagement really goes a long way
and, uh, shows us that, you know, that it matters that we should, that we should keep showing up
because we don't have anything else. So anyway, uh, support it. Follow web three,
follow myself gifted, your humble web through Sherpa, AKA Mr. Ledman, AKA the Goku of Ethereum.
Shout out on Rogers and, uh, Jess, you've had your hand raised. Please jump in and give us the,
the TLDR.
That was a lot. You like that? Yeah. I love, uh, change. Great success. Absolutely. Those who know me
well, I love change. Um, I, first of all, I love Jeff shouting. That's why you're not in prison.
That's my favorite takeaway.
Facts, facts, facts, facts. And I couldn't imagine like a person like Jeff's doing like
the builders of Titania and like his watercolors, like behind bars because he offered something as
a security. Like that is not what we want to do as artists. And I think like, um, if, since this is
tech Tuesday and then you change this up here, art Renaissance is still alive. Sure. You know,
it's a, a, a cryptonessance and epitonessance, like whatever you want to call it. I think
cryptonessance. We, we call it, we call it the, we call it the degenessance here, but yeah,
cryptonessance is nice. Wait, what's going on? Okay. Um, Amika, what?
Okay. All right. You're breaking up. Go ahead, Jess. Yeah. Like I, I think that like,
with all of the, the, the new, newish things, I guess they're not new. It's just people are
doing these new things. I know we're talking about soul down. We're talking about, you know,
people are kind of, um, hanging out in the bear market and finally picking up pieces that they
want. Like, I think moving towards that place, I think is always going to excite us as artists,
but also taking more control and using these technologies to kind of, uh, move our brands
in the direction we want them to move in. I think ultimately is like where I'm at is like
thinking less about the financial piece and more about the, like building a legacy on blockchain.
Like, I think that's going to be a big thing moving forward for artists such as herself.
And I know like the past few years of people doing get rich quick projects, drops, additions,
whatever the hell that craziness was good, good for all of us who made some bags, good for all of us
who, you know, feel good about what we contributed and what we, you know, got back and the communities
we felt that's great. But like, now I'm just kind of peeping on like, what is going to happen
to, yeah, like to keep it alive. But I think like, we need to change our perspective in terms of like,
instead of looking backwards, like none of that is going to help us. I mean, of course, informing,
you know, where we're going to go. Sure. But like looking back, that happened, or we could do that
again. It's like, we're not going to be doing any of that again. None of that again. It's all going to
be, what we're doing is going to be built on the new technology that's being developed right now,
or that we haven't even, uh, gotten into yet, or, you know, discovered yet, or tried out yet. I know
these aren't really like, you know, articulate ways of sharing, but I'm still like, I'm looking
down, I'm seeing so many like friends in the space that I haven't seen for so long. And I'm
looking at wine bags too, because I'm still perplexed by music in the space. And I want to
see things like that kind of develop as, as artists and collectors and people putting this work out into
the space. So that's, I don't know what you're going to talk about next, but I just wanted to talk
about like, definitely here for the technology on tech Tuesday. Love it. And I was going to talk
about the fact that your build on base, open C on chain summer drop is live. So that's pinned up top.
Check that out. Just has a thing. And this has been in our private chat. Uh, I'm learning a lot
tech technology wise, the past two days, because I have no idea what's going on on chain summer.
I thought it was something else. Now it's something else. And I was sending messages to
everybody last night, like, what the hell is base? How do I build on it? But my drop page is live,
like, what's happening. So I'm going to go and try to buy my own drop right now and report back.
But, um, but this is what I'm talking about. Like, I, even though I'm a nifty kit maxi, I want to,
I want to see what's going on on the layer twos and like the best way to do it is just to kind of
like jump in, I guess, and make mistakes. So I think I'm making mistakes right now, guys, but I'm
not even worried about it. It's like learning a new language. The best way to do it is to just
move to that country for a little while. Well, I'm only moving. I'm only, my residence
is for 24 hours on this drop. So I mean, well, you know, one really awesome thing that you bring
up here that I think is relevant to the conversation around art technology and, uh, this digital
Renaissance that we speak of is that just, you have been a fearless pioneer, uh, learning as you go.
And truly, I think the best way to learn is to just go out and start doing and experimenting and
making and playing and obviously asking questions and all of that stuff too. But you're, you're just
doing like, you, you don't, you don't fully understand exactly how this new base, uh, layer
two works. And yet you are, you are partnering with big platforms to launch a collection there
and keep experimenting.
I want to just insert this one thing because I know Miko has some stuff to say, but I think
like dropping expectation, I know this might sound woo woo, but I think that there, because
we've all gone through these hype cycles and we've worked so hard at planning out like our
social media posts and things like that, but kind of like the, the kind of collapsing of
X, let's say with a lot of the ways that we've been able to communicate information to each
other. I think just not expecting anything like we had expectations for in the past. And I'm not
talking about this in a limiting belief, like, Oh, whatever. I don't care. Not like that.
No, it frees you up.
Yeah. So you could just be like, okay, well, what happened with this? And like, what are the cool
things I can move towards or like partner with or who I can partner with in the future? Because
I have no idea what this is. I didn't know what a lot of those partnerships were. And, but I had
expectations when I was doing those. Right. Cause like we're constantly with our calculations
and like, how many posts should we do? And that wasn't wrong that, you know, we should still do
those things, but I'm just looking at it as like, I just don't want to have these, I don't want to
have the pressure of expectation on myself. Yeah. And I'm a fervent believer that the secret to
happiness is low expectations. So I can align with that. Uh, and, and I'm just proud of you again,
that you, you just keep experimenting and putting yourself out there and trying new shit. And I think
that that's what artists do. They reinvent, they experiment, they try new shit. And, uh, and
yeah, you shouldn't be afraid to fail either. Um, and, and you're growing and you're learning
more about the tech just by doing so it's fucking awesome. Uh, so you're, you're, you're shining
example here, Jess, of, of a lot of great things. Uh, and Mika, go ahead.
Yes. Princess Samurai. I give that, um, Jessica is for me, like, I look up to her so much
in every way. Nifty Q, why are you laughing? Um, uh, Jessica, I really always look up to
her. Like when I went to her exhibit, like she had this place in New York. I miss my
plane after. Like, I think, you know, it's never been about like, it's fun, the technology
and everything. Right. But as you know, Jessica does, she does many things, poetry, modeling,
everything. Like it's like for the, for the artists, I think it's always been like, we're
using this as a tool, right? Like I'm not going to stop making movies or writing music
because I'm stuck and I, I didn't get, uh, an ape for 200 bucks, you know, like, or, um,
I am having trouble, uh, you know, with my, you know, I lost my stuff in, in another, I
don't know, museum on, on digital thing. Like, yeah, I, I didn't really cry, but it stressed
me out, you know, cause you know, like you, you take hours to do something and then boof,
it's gone, you know, like, where is it? But you know, that's on me. And I think if
it can help anybody from the beginning, it's always been like, Hey, everybody have
their way. Right. And you catch this here. Well, you know, this is something you apply
in life. You apply, like we are here at this time in this moment, try to be in the
present, think and dream of the future, but everything happens for a reason. So, and
I'm super happy. I've partied with everybody and I bought a few things from
people. And, and I think that's what it's all about. Like eventually everything
evolves like anything else, but you know, we, we keep the positive out of it.
Yeah.
Heck yeah. Keep the positivity. Love it. I want to play a video here, getting back to
some of the breaking news around this grayscale situation here in just a moment,
but keeping us on topic around the digital Renaissance art plus technology, how it's
unlocking new value and wealth for a lot of creators at global scale in ways that
have never existed, especially for digital artists in the past, but even, even
traditional artists that have never had the means to capture a lot of their value
from, you know, back from the gallery system, back from, you know, the distribution
systems in the past.
Um, I, I will say that, you know, what's really awesome is that you are getting more
and more sophisticated tools, uh, democratized and more readily available at super cheap prices.
Like we just had Nifty kit on last week, talking about 8.1 Nifty kit version, 8.1 and all of
the new tools for literally just a couple of dollars. Now you can create an entire generative
art, like custom tailored generative art pipeline using their art generator for just like, I
think he said it's like $3 Jess to use it.
It's free and it's free. Like basically free. You now have something that just two years ago
would have cost you like $10,000 plus worth of dev time and, and expertise. Like maybe even
more than that to develop your own custom pipeline really quickly that like, I don't, I don't think
in the room anymore, but Jeff knows, remember when, um, and, and I look at Jeff and Joe as the
pioneers of this, like when they were deploying these contracts, like it was expensive, like
look at how far we've come where now we can deploy these. No, I remember like Jeff's laughing,
but I remember us like, you know, scheming and talking and talking about like, okay, we're going
to save up so I could deploy this contract. It's like, we had to save up to deploy contracts
to sell you, you guys are, you know, our art. And we were happy to do it, but you know,
it felt, it was a little bit like, Oh, you know, like to have to spend money to make money
essentially.
Yeah. And, and so that point that the tech is becoming massively more accessible to more and
more artists and how exciting that is to unlock a lot more creative potential again at global
scale. Um, the thing that seems to be really working recently. And, and I, I mean, look,
I say this all the time. It's, it's the marriage of art and technology where you're really going
to pop off, but we've started to see gamification and fine art using this tech in new ways. Um,
the boys of summer recently dropped basically with like this really interesting, uh, sort of life
experiment. It's a baseball game, but it's more of just like a giant metaphor of the game of life
within like a PFP dynamic PFP and then the monument game. These are just some recent examples. Uh,
and then there's obviously a general art of security is great. No of, of art of fine art.
People are paying thousands and thousands and thousands of dollars to collect these as fine
art NFTs, not expecting, uh, anything other than the utility of some kind of enhanced engagement,
gamification and meaning through the thought that's being put into the way that these, uh,
that these digital assets are developed. What's the meaning within the greater collection. But this,
this gamification of fine art, I think is really, really interesting place for artists to play right
now because they're, they're finding unique, creative new ways to implement this technology
and the scale, the social aspect of it and bring it all together within actually like quality,
high effort pieces of art. And, uh, that infuses a lot more meaning into it as well.
But anyway, I just think that that's all.
Keep the head. Sorry. Do you know, Arnaud, somebody's name, Arnaud, a French guy. He's the
richest man, like one of the richest families.
Yeah. He doesn't, well, doesn't he own the Louis Vuitton or whatever?
Yeah.
Exactly. Louis Vuitton or that. And his sons, I don't know if it's his son, but he also earned,
he also owns Tiffany's. And I think that that's why maybe, you know, they bought the, uh, crypto
punks. I mean, if I was a Tiffany collector and then that comes on, oh, new technology, this
and that, I would, you know, there's another guy from, uh, from Switzerland, you know, uh, he's
a fashion designer, Philip Klein. And I think, you know, he, he threw some parties in the
metaverse and all that. And I think he, he bought MoMA, MoMA, MoMA, like what's it called
that? Um, the software there.
Oh, MoMA, the, yeah.
Yeah.
Virtual world company.
So people are investing, like, I am seeing, like, yeah.
Well, all right. I love that, those points. And yeah, I think the Arnaud family or whatever,
the, the Louis Vuitton conglomerate, I'm pretty sure that's the richest family in the world,
actually. Like, yeah, they're massive money. And yeah, I would say actually, you know, you
do bring up a interesting point, princess samurai, just around the fact that fashion, uh, especially
continues to invest in the space. I actually think that that's, that's very bullish because
there's a lot of money in designer fashion, high-end fashion, uh, fashion collectibles, limited
edition. And the fact that they're, they're all finding use cases and reasons to keep,
uh, investing in the space, I do think is particularly bullish, but I want to take a
moment here just to play this breaking news, uh, piece again, following up on, uh, the
grayscale win in this lawsuit against the SEC. Here is a recent video, uh, published by Watcher
Guru from Bloomberg. I just want to play this real quick and, uh, give it a listen. So here
we go. Or not. Sorry. I thought it was loaded and I fucked up. Let me try it one more time
here. Reloading. Thanks for the patient. It's massive. This has been a years long pursuit
for grayscale. Remember it has been fighting the SEC's decision and now it has, uh, the
courts in their favor. If you look at the grayscale Bitcoin trust, this is the main entity
that would face a conversion. This is one of the longest standing, largest trust holding
Bitcoin in which retail and institutional investors have been able to gain exposure for many, many
years. Now you are looking that discount to net asset value really narrowing here very
at this very moment. It stands at about 24% under its net asset value, but, uh, that is
expected to narrow as they get closer to the ETF conversion, which has really become a main
thesis for investing in this fund. And beyond that is, as you're saying, there is a whole
host of other ETF filings in the pipeline. And this is voting well for those firms.
I will also say that in addition to the grayscale Bitcoin trust, finding some love on the heels
of this decision, you are also seeing Bitcoin itself up above 27,000. It's a four, almost
5% jump in the market right now, because the idea here is that by a potential conversion here
for the grayscale Bitcoin trust into an ETF, it could draw massive adoption from financial
advisors, retail investors. Think about how much.
All right. I'm going to stop that right there because our coverage is way better than that.
Anyway, we've already said all of that stuff in, in much more, uh, finer detail. Uh, so
anyway, that's a clip from, from Bloomberg basically stating all the things that we've already been
talking about here. And, uh, yeah, I don't have anything else to add to that other than this
is, you know, starting to proliferate and get a lot more coverage more broadly. And, and
yes, it does seem like there's a lot of bullish sentiment and people expecting that what this
is, this ruling has done is basically paving the way for BTC, uh, ETFs and thus also Ethereum
ETFs. That's exciting. Nifty Q, how are you feeling about your bet on the, uh, the Bialfam
on the BlackRock, uh, Bitcoin ETF?
I still feel good about it.
You still think BlackRock is going to get denied?
Yep.
Really?
So the, the judge overturning the Graysdale trust denial doesn't mean that the SEC needs
to actually approve that specific ETF. So while I, I don't mean to throw water on onto this
party that we're having, but I still feel good about the approval. I think it will eventually
get approved just not before February, 2024.
Was, was that the cutoff on our bet?
That's the final date that they can push before making a final decision.
Uh, so they're going to push, push, push. And then I guarantee they'll, they'll probably
come to that February date and, you know, either approve or deny.
Got it. Go ahead, Jess.
Oh, I didn't realize you were going to get to me so fast. Um, I was going to say, I sent you a text,
but, um, if you'll have me, I can come on NFT live today. I don't know what you're talking about.
So that might influence your wanting me on.
That's up. That's up to Q. I'll, I'll leave it in his hands. I'm, I'm happy for you to hop on for a couple of days.
Always welcome. Yeah.
I was, I was really hoping Q would shoot you down though. I was hoping he'd be like, eh.
Well, what do you, what do you, how's the commercial for NFT live? What are you talking about today?
We're going to be talking more about all the news and anything else that's been breaking during the show.
And so X payments is, was, it was just breaking while we were live, but we can talk about it.
That's where it's a live show. You know, we can, yeah, we, we can definitely spend it.
Like, you don't have to come on for the whole show. I think it would be cool to have you just come on for
like, you know, 10 minutes and we can cover base and, uh, and, and your drop. And then, uh, you know,
we can get into all the other things that you probably don't want to hang out for.
I don't know about that's literally the whole show. Uh, by the way, if you didn't know,
we do this show GM web through here on the spaces X four days a week, Monday through Thursday. And
then usually almost every single day, we also hop straight out here over to YouTube and that's
where we do NFT live, our tent pole live YouTube show. So we're going to be doing that here in
just a couple of minutes, which is what Jess is apparently going to join us for, which is awesome.
Uh, yeah. If you can hop on for a couple of minutes, make sure to bring your black hoodie and
backwards black baseball cap, and then you will fit in just nice and perfect, uh, quantum
variant. Go ahead. So, um, Mr. Live Mint and Mrs. Uh, like always building on base. I say,
Jessica opportunity to, to walk people through how, because you have to do it, how to get base
and then Mr. Live Mint can mint one. I, I think that's a good show. I mean, it's exciting.
I like, I like that you're assuming that I have any Ethereum in my wallet right now.
Listen, it's 0.0. What is it? 0.009?
0.009.
Come on.
0.00. I gave you two zeros, guys.
They're like glasses.
Think of them like nouns glasses and a nine.
Yeah. I'm going to be, I'm going to be embarrassed when I'm like scrounging to find 0.009. I did
just, part of it's because I just bought a majestic box yesterday. Um, I did get into rec league.
There's a quick announcement and update for you. Uh, the rec league majestic boxes have
been down quite a bit from their mint price and we're sitting below 0.05 yesterday. And,
uh, I want, I want to test out this game. So I got an uncommon, one of the green ones,
I picked one up for like 0.045 ETH. So Nifty Q I'm, I'm, I'm in, I'm in the queue. Uh, I
need you being a gamer. I'm, I'm going to, I'm going to give it a, you know, and give it
a shot. Well, shot ski. Uh, I, I want to, I want to try how parallel as well. Uh, you
said you were going to send me a starter pack. I don't, I don't think I've seen that come
through yet, but I see you working your way through the Rook queue, getting into it. You're
getting a lot of engagement. I said I was, I said I was going to send you a a hundred
dollar starter pack. You said something like that. It's interesting. I mean, I don't mean
to call you out like that, you know, in front of the, I might be able to do that. We'll
see. All right. We'll see. Uh, Hey, shout out cake night guard. Always good to see you.
All the friends extinct wine bag, man. He's still in here. It's a great day. We got lots
of awesome people in here. Jen, uh, thanks for hanging out with us on this hashtag tech
Tuesday where we almost didn't get into any tech stuff at all. Sometimes it goes that
way, fam. Sometimes you just gotta go with the flow. You know what I'm saying? But there
are some exciting new things happening and Mo you're still up here. Thank you for hanging
out with us. You posted something up top. Why is this interesting? Why do we care? Thank
you very much. Um, I just feel like with all of this news going on, that's not so positive
for the space. It's just a nice reminder about why we're all here in the first place. So
if you check out the article, it's from bankless. Um, it got, it got a little fire in my belly.
So I I've recommended it. Is this the one David wrote David Hoffman? He's an excellent,
he's gotten really good at writing. Like he's a good writer. He kind of disappeared for a
long time and now he's writing again. I really like his writings and he does a YouTube like
kind of narrates it usually as well. So if you don't read, you can watch him speak it out
of his mouth. Yeah. He reads it. He's like, nobody reads this. So I recorded a video. I
loved it. That's actually great. He does like the audio book version of his blog, the audio
blog. Uh, that's great. Uh, I I'm all, I'm here for the fire in the belly chats. That's
been a big part of what we've been trying to do on the show. I guess today that we inadvertently
fell into that sort of dynamic. Um, I'm looking at this trying to see, all right, I I'm scrolling
kind of the, to the end of this and I'm going to try and paraphrase a little bit of it if
you're hanging out with us. Um, so this is not going to get you, uh, the full details
and I fully plan on going back and trying to read the whole thing. It's not super long.
It looks like it's probably like a, you know, five, six minute read. Um, but here we go.
Let's, let's, let's share an excerpt from what Mo's sharing from David Hoffman up
here. This is down at the bottom. He says, we, for the first time have direct
responsibility over the protocols that dictate our lives. Never before have we
had the tools to accept so much responsibility so easily. So my question to
you reader or listener is similar to the one we started with. Now that you have
full control, who will you become? With the power of private keys at your fingertips
and an army of developers building doors for you to open, what doors will you
choose? When the power of private keys trickles down to all of society, how will
society react? What radical new ideas will individuals create that change the arc
of humanity? What will the humanity be like after the pendulum of responsibility
shifts from the few to the many? These are very deep questions and only time will
tell. And so what I like about that is that in, in my, in my estimation or
understanding of it is that he's summing up what I was trying to communicate earlier
on in this episode, which is that this technology is actually a radical new paradigm or an
opportunity at least to unlock a lot of untapped new potential and opportunity for
people, not just in the United States, but at global scale creators and creatives and this
new creative class, especially who can be empowered by this never before having a lot of
these capabilities that are now opening up to them. And so to have quote unquote leaders,
people who would fashion themselves as leaders of this movement, telling us that the SEC knows
what's best, uh, just doesn't make any sense. That's, that's my take. And we, and we need real,
real leadership in the space. So I like this. This feels like real thought leadership. So thank you,
for sure. Any other thoughts on that? I want to, I wanted to add bank list to the, to the list of
people who are like leaders and talking really, cause I, I've really loved following them and
listening to their conversations, their interviews. They're really, I mean, they're very pro ETH,
you know, so they're not like, they don't really sort of talk about Bitcoin. They kind of a little bit
get into it, but, um, but their point of view and their, uh, level headedness and they're like,
they've been around for a really long time. And so it's just, it's great to, to see people who are
pushing in the right direction and championship, you know, sorry, championing ETH as a, you know,
for what it is and showing its strengths and, and, um, and that, that whole thing. So I'm,
I'm in favor of, uh, of them as being our leaders. Yeah. Well, I, I a thousand percent agree.
Bankless is one of the few that I would look to as legit leaders in the space.
Oh, getting out of yawn there. Uh, Hey, it's great to see some new friends down there that I
don't really recognize. So shout out to not just the, the OGs hanging out with us, but all the new
people, I see Salo, Irina, Mongo, JK, boy, you know, I kind of recognize a few of y'all,
but some of y'all are new max utter melon, you know, some, some relatively new people down there
too, which is great to see y'all hanging out with us on this hashtag tech Tuesday. Uh, hopefully
you're getting something out of it. It's been an interesting conversation. We're going to be
winding this down in a couple minutes and header melon. I just want to say quickly, I checked out
utter melons profile. He's got some cool art or she, he or she, Oh, Hey, love that. Nice
shout out there. Let's go. Let's go. Give it a quick look. Vibe art is my, uh, my art is
my emotion expressed in my contemporary perspective. Oh, very cool. I like it. I want to pin, pin
something on top. Uh, yeah, love that. Feel free to come on up and, uh, tell us, uh, something
about yourself and your art if you want. Um, go ahead, quantum bear. Oh, um, so like
thankless, uh, if you're looking for someone else to follow that, um, really is deep dive
into the kind of tech and does a daily dive, but he's in Australia. So it's almost like
in the future. So when he's posting his daily dive, it's really early for us. Um, he's the
guy that runs the daily Gway says S A S S A I dot ETH. Um, say he's great. He's a really
good follow. If you don't like, if you want to like, you know, bankless is great, but therefore
their content is like a few hours long. Sometimes, um, he does a daily Gway. It's the daily Gway
on, um, YouTube, and he does a 30 minute wrap up of everything that's happening in the
Ethereum network and, uh, ecosystem layer twos, all this stuff. And like, you really
get a recap. Uh, and because he's a, in Australia, you get it really early. So highly recommend
to put him on blast and, uh, give him a follow. Cause, uh, he's a dev. He runs his own note.
Smart guy.
Love it. Strong recommendation there. Feel free to pin them up top if you'd like, but also
quantum variant and Jeff Jacks, since we have, uh, the two of you here who are both, I would,
I would say you're both tech forward, uh, artists. You both have a better understanding
at least than I think a lot of people about the innovative new tech, uh, that creators
have available to them. I would love either of you and, you know, no, no pressure. Like
if you don't have anything off the top of your head, it's totally cool. But you know, in these
last couple of minutes, if either of you have something that you think is particularly
interesting, uh, now and in the, you know, let's say the, the rest of this year slash maybe next
year, just like from a tech side for artists, like what are you most interested in? Is it these
new sort of like generative art tools? Is it some kind of new contract or token? Is there something
specifically on the creative side, uh, that, you know, has you interested in the tech right now?
I mean, it's the same song as I think we've been, I think layer twos are the alpha that
we've slept on. Most people have slept on. I think I've been talking about them for well
over a year and maybe I was a little too early, uh, but I think they're here, they're growing
momentum. I think, you know, uh, platforms like prohibition are like, do not sleep on. If you
haven't minted your heart, you should mint one or you should do like mint one again,
mint another one. How long is that mint open? Cause I haven't done mine yet.
Well, someone said they, they might close it at 10,000. So, um, well, there's just,
it looks like there's been 20,000 already minted. So, and it still says minting.
Yeah. I think it's worth, I mean, first of all, I think it's an awesome collection and
with two awesome, you know, uh, creators on it. Um, but I just think, you know, layer twos
are, are where it's at. So bridge to layer twos, bridge to base, bridge to Zora, bridge
to, you know, optimism and arbitrum, like have a little bit, spread it around. Um, it's still
ETH, right? So it's, you're not like changing it to Matic and then Matic goes down. It's still
ETH. So wherever you move it, it still has the same value.
Yo, so let me just say this for everything that quantum variants just said, if, if you
haven't tried out arbitrum prohibition.art on arbitrum or base to mint, yeah, you absolutely
should give it a shot because literally while you were saying those words and I was like,
Hey, I haven't even minted mine. And then between then and when you finished, I was able to mint
a heart plus craft on prohibition.art. Like it was that fast and that quick and that cheap.
It was, it was like, I didn't even have to move anything over cause I just had a couple bucks
sitting there already from minting the previous thing. And it literally was basically free
cost maybe like one or $2 to go mint. And this is a Jordan Lyle snowfro collection. So like shit,
if you got, if you, if, yeah, if that's to mint Jessica's piece on base as well. Yeah. So like
these layer twos are getting incredibly efficient and powerful. So I love that fact. And the fact
that like literally it took me, it took me seconds to just load a prohibition.art, switch to arbitrum
and mint for free or relatively free. And this is literally like the beginning, you know,
like this is the worst it's going to be. We talk about AI and I know like, that's one of the things
we like to talk about. Um, is like, this is the worst it's going to be. This is the slowest and the
most expensive. This is going to be now. Um, it's only going to get way, way, way, way better. And
the amount of transactions, the amount of people that it's already surpassed Ethereum and the amount
of trends, like there is no end. Um, this is where the innovation is going to happen and, uh, pay
attention. I, I think to your point, this is, we're going to see exponential growth on L2s. And
actually I will, I will throw this out there one more time at the beginning of this year in Q1 Nifty
Q, you and I on NFT live, we're looking at the like 2022, I think it was DAP radar year in review
report something like that. And we took turns making predictions about the growth of L2 transaction
volume. And I, cause it grew to like 7%. So like in 2022 total layer two transaction volume on Ethereum
grew to 7% of, of all transactions, which was a big jump from 2021. I predicted that it would get up to
like 20% by, by 2024. So I, I basically predicted like a 1.5 or almost a three X, uh, from, from
7%. Um, I think you said it was like, you predicted around 15%, something like that. I don't fully
remember. I think you said like 13 to 15, like more of like a two X, something like that. But I, I,
that's still the prediction in my, in my book. I think exponential growth from here. All right.
Oh, go ahead. Go ahead. I was just going to say, so are you guys saying Arbitrum is your favorite
L2 right now? Oh, I, I don't know that I have a favorite. I think that, that Ethereum L2s, uh,
have the strongest case. I mean, really like the interesting thing, but thing about L2s is like
most L2s are all Ethereum L2s. Like why do you need an L2 except maybe on Bitcoin now? Like maybe
Bitcoin has like sort of L2s, but most L2s are Ethereum L2s and specifically Arbitrum and
Optimism and, uh, Polygon and base. If I had to call out, I, in my opinion, my humble opinion,
the four layer twos that have in my, yeah, that I think have the most, uh, momentum or interest
that I can tell are, yeah, Arbitrum, Polygon, base, and Optimism. Okay. You had to build,
I'm just going to ask you this out of curiosity. You had to build a marketplace tomorrow on a layer
two. Which one would you choose? Arbitrum one, hands down. I, I, I would argue maybe base,
but like Arbitrum would probably be the second. Yeah. Arbitrum or base is what I would say. Why,
why do you say Arbitrum over base? And then we'll get Jeff Jack in here in a second, but yeah,
why do you say Arbitrum? So I just, they have the market cap. Um, I think they have the,
I think they have the lead on a lot of the technology. I love Optimism, trust me. Um,
but I think they're lagging behind, uh, and not innovating as fast. They're doing this whole
super chain with base and all these other things, which is cool, but I think Arbitrum is leading
right now. And in a lot of tech ways, I think they're going to just be the first, you know,
first mover advantage. All right, there you go. Uh, I, I, I will take your word for that and agree
from what I know. I also though, I think, uh, base is going to surprise people with what they're
going to be able to pull off. Uh, go ahead, Jeff. Um, I, I wanted to say, I agree with the L2
conversation, but I don't want to just add to that. So my, what I wanted to add was, um, ERC
6551, which is the, um, token bound accounts. If you think about it, like the, um, they're
literally just an add on to any kind of NFT that you have now that allows each NFT to have a wallet
locked to it that you can put other things in. So instead of a soul bound account or a soul bound
token, which is a token locked to an account, it's the other way around. It's a, it's an account
locked to a token. And so that's, I feel like that technology is, is like, I mean, it came around
like in may, um, finalized anyway, anyway, as a, as an ERC. And, and so like, and I know we've
talked about on this channel that there's like, the devs are going back and forth and there's still
development on that platform, but there's a lot of things to look forward to in that. And I think
that it's a great technology for artists that are looking to get creative with things. And
I think it's going to be the mode of on-chain gaming, honestly, like if you, I mean, if you
combine that with, uh, with, uh, uh, wallet, uh, obfuscation and you combine it with L2s, the speed
and the cheapness of those, and you combine it with like, I mean, literally, you know, on-chain
gaming has been plagued by this issue of, first of all, the games suck. So that's not, you know,
let's just rule that out. But like on the side, they just can't work with, uh, a blockchain like
Ethereum. Cause it's gas is right. Like what? 62 right now. And so, yeah, you can't have
interactions on chain. If you can't like, it's going to cost you 30 bucks to like update your
contractor, your tokens. And so it's like, you know, they, they figured, they figure a way they got
to figure a way to make this sort of like, um, on L2s so that it's fast and cheap. And then when
you have token bound accounts, you have customizability, you have, um, identities that you can have
little, you know, your characters can have an inventory. Um, we, you know, they talk about using
AIs as, uh, as NPCs for your accounts so they can like tweet as themselves or, you know what I'm
saying? Like your dead fella can go and it can have an AI brain inserted within it. They can also
like, that's an asset within itself that can be separable and sold. Yeah, no, I, I agree.
Essentially it's a master folder, right? To contain everything in. Does it, and also Jeff,
doesn't it actually make, um, soul bound tokens sort of null and void as well?
Well, no, it's a different kind of technology because, um, soul bound tokens, like, so what,
what, what soul bound tokens do to, to the NFT industry is, is make secondary sales impossible.
So if you want to sell the token later, you can't. Yeah. This can actually superpower secondary
sales and give more layers to secondary sales. You can, you can buy a soul bound token with a six,
five, five, one, a six, five, five, one, right? Yeah. If, okay. So
yes, as a workaround, if the soul bound token is in the wallet of a six, five, five, one NFT,
then you can sell the base wallet and, or the base NFT and the wallet will transfer with it.
So you can also do that with just a normal crypto wallet in general as well. If you have a soul
bound token, you can sell the seed phrase and the wallet to that. That doesn't change what a soul
bound token or the tech does. But, but so there you go. I love that, Jeff. Thank you for bringing
that in here at the end. ERC six, five, five, one non fungible token bound accounts. The proposal
that defines a system, which assigns Ethereum accounts to all non fungible tokens. These
token bound accounts allow NFTs to own assets and interact with applications without requiring
changes to existing smart contracts or infrastructure. There you go. Thank you for bringing that in at the
end. Ladies and degenerates, we're wrapping up right now and heading over to YouTube, the link
for NFT live. It's pinned up top. Go give us some love, put a light, put a repost on it. Let us know
any other headlines or things that we should be talking about. Jessica Yatrosky is going to come
and hang out. Frankly, Nifty Q, I am offended that you didn't put her face on that thumbnail yet,
but it's okay. It's up there right now. It doesn't cost you a thing to go put a like on it. Give it
some love. And we really, really appreciate that. So if you'd head on up there, it's pinned up in the
Xbox for you to make it extra easy. And that is where we are heading. I hope you'll come and hang
out with us over there. NFT live is going to kick off in just a moment. This has been another episode
of GM web three. We'll be back tomorrow morning here on the X spaces, uh, for the hump day edition of
GM web three. But right now it's over to YouTube with us. And, uh, yeah, just massive appreciation,
massive love for all of y'all, especially our awesome co-hosts and contributors up here on stage.
If you aren't following them or all the other awesome people in the room, go ahead and do so.
You won't regret it. Some of the coolest people hanging out with us in here on a regular consistent
basis, making the show happen. We're going to go out with a song that I love. We were going out
with some, some classics today. Some of my favorite songs. Uh, this one is by an artist known as Vic
Mensa. And, uh, yeah, we'll see you on YouTube. Come hang out with us over there. Come talk with
Jess. Come learn more about bass and also payments on X and a lot of other things. All right.
Conversation is going to keep rolling over there. NFT live starts shortly. This is liquor locker by
Vic Mensa. I hope you have an amazing day. Let's have a second go.
Yeah, yeah, yeah, yeah. That's what's coming over. Wake up.
Late night calls. Feeling slightly faded. Free alcohol at the club. That shit's overrated.
Call up liquor locker. Bring me apple vodka. Shouty. Yeah, yeah, yeah. You know that I could do you
proper. Pour you a drink. Would you please stop busting with your Samsung? I call your bluff while you
playing. I ain't that nigga to play games on. No, no, no, no. I could do you proper, proper. I could do
your proper, proper. I love your conversation. Usually I'm not the long talker. But this
liquor, liquor, liquor, liquor, liquor, liquor. Got me talking, talking way too much, way too
much, way too much, way too much, way too much. Got me texting calling. It's too dirty in the
morning. Trying to where you are, where you at, where you at. I might put a Uber on you. I might
have to pull up on you. Pick you up. Fuck you up. Give you some of this liquor, liquor, liquor
from the liquor locker. How you, how you, how you talking way too much, way too much, way
too much. Whoa. Don't listen to Kiara. She be talking crazy. She say I'm a savage. Man.
That bitch just be hating. I just think you're worth it. Oh, please don't take it personal.
By the way you talk, I know that I could do you proper. Pour you a drink. Is it me or
is one of us romantic? Don't be so stiff. Move your hips. I ain't that nigga to your dancing.
I hope you know I can do you proper, proper. Like I was a doctor, doctor. This is an emergency.
Hurry up, call the liquor, lock a pole, lock the liquor, liquor, liquor, liquor, liquor.
Got me talking, talking way too much, way too much, way too much, way too much.
Got me texting calling. It's too dirty in the morning. Trying to where you are, where you
are, where you at, where you at. I might put a Uber on you. I might have to pull up on you.
Pick you up, fuck you up. You're your song, artist. Look up on the liquor, lock it.
How you, how you, how you, how you talking. Way too much, way too much, way too much.
Drinking Bombay till we all fucked up. I was drinking Bombay till I had to throw up.
I was booing with a body from the Bay Area. Couldn't make it up the stairs, had to get catered.
Way too much out of the road, I can't sleep now.
Crew's got my eyes low, I can't see now.
All the stars have got me on 10 right now.
If I get her naked, I'ma sit right now.
Gotta hit it pop up, fucking real pop up.
Do you know what last week?
Okay, here's one of our ones.
Can you show me, just go out on another one.
spoons � everywhere, some people loved to go.
In person you tow the rings as soon as something happens to me.
But go out on something yellow, look back there for some people in the street.
Just remember to work?
Never drown with happiness.
There's one combination that way.
What do you do?
Your� complimentary entertainment disciples are just kind of
walking forward to every Bucking mart weiterhin.
