Episode 1- Let's Talk Web3 And NFTs

Transcript

Find below the transcription of the video from Amit Vyas and Andrew Thomas.

Andrew

Hey Amit

Amit

Andrew, how are you?

Andrew

I am good. I am buzzed and I am excited about our first episode of the Web 3.0 Digest. 

Amit

Excellent.

Andrew

So yeah, well I guess it's the second episode, but the first episode was a teaser, right? It was a bit of a hey, what's this about? So I think everyone knows what it's about because obviously they've either watched or listened to the first one, but you know, what's got you buzzing at the moment in the Web 3.0 space, what's caught your eye?

Amit

There is so much. I think, I mean right now I think we're looking at Web 3.0, what's caught my eye is there's lots of red, red arrows pointing downwards is really what's interesting. But I think that's all part and parcel of this, right. What's quite cool is that I think there's a lot of kind of web 3.0 haters and it reminds me of the early days of social media when people like that's not going to catch on. Why would I waste my time posting pictures of myself and stuff?

Andrew

Exactly, glasses.

Amit

Exactly, it's not going to catch on and that's, that's what people are saying in 2007 and for whatever reason and I think it's, again, people don't like change. Um, my friends now are a certain age and they definitely got to that kind of granddad stage where they just don't like changes. And so when you start saying, hey, why don't you kind of transfer some of your assets into crypto. But like why would I do that? It's all a bubble. It's all fake. It's all for money laundering and so they're now sitting quite smug at the moment, you know basically because Bitcoin's down to 27,000. Ether is down to ?? just over. Massive obviously drops at the same time. Obviously, their equities have died to death but that doesn't matter you know? Bitcoin and Ether is down. 

Andrew

It seems like everything is down. 

Amit

Yeah, and I think that's it. What's interesting is that some of the communities on Discord, every channel seems to have like a crypto talk, every sale that seems to have a crypto talk channel and people are calm, it's like these guys are saying I've lost half a million dollars in the last two weeks and like that's fine. Yeah. You know like it'll pick up this isn't a short-term thing, we understand how this will work so long term and it's a little blip, and it's fine and actually, I'm going to see if I can stock up on some more Yeah, there's a whole bunch of people hoovering out at the moment. And I think that's it, even eight points out of eight?? for example, is at 20%, I don't know if you saw, so it went down to 

Andrew

$9 or something?

Amit

No, it went down to about five really

Andrew

Oh wow, really?

Amit

Yeah and back up to up to six but again there was a whole load of people saying I can't wait for it to go down to go down to $5 or $6

Andrew

Right, so I can start hoovering it up

Amit

Until it's up 20%, so I think there's going to be, you know I think we will be talking about In the markets, things like this happened over a 20-30 year period. Those big drops actually look like tiny little blips. 

Andrew

I think it's interesting because you know that a lot of people that don't understand it believe that it's just day trade bouncing off, making cash, crash and burn. And I think there is that obviously there's a huge element of day trade but there's also a huge element of day trading stocks. I mean you know the way that stocks have fluctuated over the last three years with Covid and tech stocks down and look at Zoom for example, where that is on the floor right as far as where it was. So I think that it's quick for people to jump in. I mean I think how this is interesting as well is how this is affected like that NFT space, right? Because everything is, a lot of it is driven by Ethereum as well right? 

Amit

Yeah. Look I think I started looking at it the last couple of days, thinking okay well what's the impact it'll have on the NFT prices. And actually, it seemed relatively unchanged if you look at it even a week ago, less than a week ago, at $2,800. Right? So you're talking about 30% in the last 6 days maybe. And I think what's interesting is people haven't suddenly said well hold on you know my value of this NFT you know entity has suddenly declined so I'm going to increase the price in Etherium by 30% - that's not, that doesn't seem to be happening. So I think there's some really good opportunities there as well. Again, if I think if people aren't really panicking and if they're making sort of objective decisions from an investment perspective and also, I mean, there's some communities out there which, which really people want to be a part of and it's probably, you know, as good a time as any to start looking at those, right?

Andrew

Totally, yeah. 

Amit

I mean suddenly something, you know, that was going to cost you, I don't know, $30,000 to be part of $20,000.

Andrew

Yeah. It's Black Friday at the moment for some of those NFT deals. 

Amit

Yeah and I think the other challenges - I mean there's people who, you know, we've met plenty of people like this where all of our money is tied into crypto. Like they don't have cash. 

Andrew

Nothing, no. 

Amit

We met guys who don't have bank accounts right, and all of their money is in digital wallets

Andrew

I was thinking about that. How do you get that out? I mean, obviously, you got decentralized that you need swap and pancake swap and things like that. But that's interesting for people that are panicking right now.

Amit

Yeah. We've met people who are like 'I don't carry cash. I don't trust banks. All my money's in there in crypto. But I mean, what's happening is also some of those guys are, you know, still need to remain liquid somewhere. And so again, there's definitely somewhere, again, just opportunities.

Andrew

Well I mean bear in mind, I think globally now anyway, there's opportunities to buy things in crypto, so be it property or be it cars. I mean you're able to buy things in crypto so I don't know if you can buy groceries in crypto, I'm not sure, and if you get bread and milk possibly. If you can't, you've just come up with a genius idea. I had one which is kind of a mix of traditional and new. It was quite interesting... So Instagram is now updating the application where you can flex your NFTs. So basically you yan have an NFT Gallery as it were. So next to the kind of your Reels in there you can hold yours and connect your wallet and have your NFTs in there. I thought it was quite interesting, you know just I mean just looking at a space that you don't naturally associate with this new Web 3.0, you know a platform, it's not something you ever hear, you don't hear people talking about Instagram in Discord or Twitter. It's so I thought it was interesting how they've made that move on that. I just wondered what you thought about that if you've heard about it?

Amit

Yeah. I think what would be more interesting is how many people take them up on it. Yeah because do you really want Mark Zuckerberg now to know what's going on in your wallet as opposed to your house through the Oculus, You know, all your likes, dislikes that kind of stuff. All the other platforms. So it'll be really interesting I think what's, so, I mean obviously part of the show is we'll talk about different NFT projects and stuff like that. We minted an NFT - I didn't even get a chance to speak to you about it but we, Nexa minted a gallery NFT from an organization called Gallery which allows you then to display your NFT on a cool place like a website. And I still see more people trusting that environment than it's been going on to Instagram and saying, hey, let me connect my wallet with Facebook and now I can show my NFTs on Instagram. 

Andrew

I was wondering if it was, if they are leaning more into the kind of artists, so not necessarily people that are flexing. I'm wondering if it's content creators and artists because there's a lot, we've had two or three artists interestingly speak to us and say "I'm an artist. I'm working with an NFT Artist digitizing my art and I've currently got it xyz on my website" or whatever. I think it would be interesting to see if there's an uptake in that space, you know, from again, if you're an artist and you've got a community already s much as you might be building out your Opensea and obviously now you've got an opportunity and now look this is just the first step. I mean you've got to believe that they're working on something similar to Instagram Shop, shopping on Instagram. I wonder if he wants to try and turn this into a bit of a marketplace, possibly where I can kind of purchase directly from there as well, right?

Amit

Yeah, that's interesting. I think I mean Facebook has to make a move into the space. Instagram is the only platform where it makes sense for them to do that. 

Andrew

Yeah, exactly.

Amit

So it will be really interesting in terms of what we do in that next step. Definitely want to keep an eye on. 

Andrew

One last thing - I think we've got about a minute or so, and it's of interest to you and I - Snoop Dogg pulling all Death Row records out of Spotify. Now he's looking at just all of Death Row being on NFTs, which I thought was pretty nuts. Super passionate about the fact that he wants all artists to get paid. You know him being an artist as well, but his fellow artists and I thought that was interesting, the kind of show that you know, I went to a really good session in South by SouthWest where there was a woman who basically, you know, sold an NFT I think for $38,000. Um you know and obviously royalties on the back of that and that was the most amount of money she'd made over a two year period with a record deal on streaming. You know just one NFT sound. I think it was interesting that she was talking about that space for not only traditional artists but also audio art as well right? 

Amit

Yeah, interesting. I think we saw that first hand at South By, right? The launch of the Dollyverse, your favorite.

Andrew

Yeah. Snoop and Dolly Parton. Interestingly enough just a real quick one at the end here I did have a CD guy come to me in Austin, you know the dudes that hang on the street corners?

Amit

I'm too scared to talk to them. 

Andrew

He's like yo man do you want to buy my CD? I was like CD? I haven't got a cd player and he said no no don't worry man. I was like” are you streaming? And he goes 'yeah, yeah, like I'm streaming, here's my Spotify and stuff.' And I was like oh, they're moving with the times. He said 'got any cash man?' I was like I don't carry cash. And he goes 'don't worry man, here's my cash app address, here's my QR Code for that.' Yeah, he was ready. It had good sales. Anyway, I think that brings us to the end of it, Amit. 

Amit

Cool. 

Andrew

So you know the idea is guys that we burn out these 15-minute sessions for you just to kind of listen in the car or watch 15 minutes in the background, so we'll keep this updated guys. But yeah obviously subscribe you should do on the podcast. This is the Web Three Digest. Thanks Amit. 

Amit

Thanks, Andrew. 

Andrew

Cheers.