#YAPLive: NFTs for Artists & Creators with Maria Brito, Jerome Bethea (JB the Wizard), Cesar Maximo, and QuHarrison Terry
#YAPLive: NFTs for Artists & Creators with Maria Brito, Jerome Bethea (JB the Wizard), Cesar Maximo, and QuHarrison Terry
Part two of the NFT Live Clubhouse series goes deep on NFTs for creators. In this episode, Hala, Maria, JB the Wizard, Cesar, and QuHarrison talk about the innovation NFTs brought to the art world, how artists are benefiting from NFTs financially and beyond, minting, whitelisting, gas fees, three elements you need for a successful roadmap, predictions for the future of NFTs, and so much more.
– Innovation NFTs brought to the world/art world
– Financial innovation and new business model of NFTS
– What is minting and what are drops?
– Understanding the “gas fee”
– Three elements you need for successful NFT roadmaps
– NFTs and advances in copyright law
– Things artists should consider when minting NFTs
– NFT creators as artists and community builders
– Utility of NFTs
– Round Robin
– Right and wrong reasons for getting involved in NFTs
– Predictions for the future of NFTs
– And other topics…
Maria Brito is a highly successful entrepreneur, writer, and innovator in the art world. In 2020, Maria was named as one of the visionaries who shaped the Art World by ARTNEWS. Maria also writes the popular weekly newsletter, “The Grove,” and teaches courses about creativity.
Jerome Bethea (JB the Wizard) is an NFT Consultant to NFT Founders. He is the CEO and founder of Futuring™ With The Wizard, where he coaches Top Tier Salespeople.
Cesar Maximo is the Co-Founder of NFTimes, a group dedicated to decentralized projects. He has been active in crypto since 2018. Co-Founder of the Cake eXperiment.
QuHarrison Terry is the Co-Host of CNBC’s No Retreat: Business Bootcamp. He is also the author of The NFT Handbook. And he advises and assists Mark Cuban’s portfolio companies with their marketing strategies and growth objectives.
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#YAPLive: NFT Basics and Beyond with Ben Yu, John Kraski, Brian Esposito, and Ashley France: https://www.youngandprofiting.com/yaplive-nft-basics-and-beyond-with-ben-yu-john-kraski-brian-esposito-and-ashley-france/
YAP Episode #161: Harnessing Creativity to Improve Your Skillset with Maria Brito: https://www.youngandprofiting.com/162-harnessing-creativity-to-improve-your-skillset-with-maria-brito/
Subscribe Maria’s Newsletter “The Groove”: https://www.mariabrito.com/subscribe
Maria’s Website: mariabrito.com
Maria’s Twitter: @MariaBrito_NY
Maria’s Instagram: @MariaBrito_NY
Maria’s LinkedIn: https://www.linkedin.com/in/mariabrito-ny/
JB’s LinkedIn: https://www.linkedin.com/in/jbthewizard/
JB’s Facebook: https://www.facebook.com/FuturingWithTheWizard/
QuHarrison’s LinkedIn: https://www.linkedin.com/in/quharrison-terry-728b3a89/
QuHarrison’s Website: https://quharrison.com/
QuHarrison’s Twitter: @quharrison
QuHarrison’s Instagram: @quharrison
QuHarrison’s Facebook: https://www.facebook.com/quharrison/
NFT Times: https://nftimes.org/
Cesar’s Twitter: https://twitter.com/zap234
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Hala: [00:00:00] Welcome everybody to a live episode of yap young and profiting podcast. I'm your host Peloton. And we are live today on clubhouse in the human behavior club. Younger profiting podcast is a number one self-improvement podcast, where I interview the brightest minds in the world. People like Deepak Chopra, Dave Asprey, Matthew McConaughey.
Hala: Maria was on my podcast as well recently. And today's episode is being recorded for the podcast. It is a three part series. This is part two in this session. We're going to be covering NFTs for artists and content creators. And we've. Expert guest panel to cover things like why NFTs are so revolutionary, the process and steps to mint and NFT and how to launch a successful NFT project.
Hala: So NFTs are officially mainstream. In fact, they've become so mainstream that NFT was even selected as Collins dictionaries 20, 21 word of the year. Still more than 70% of Americans don't even know what an NFT is. And so I bet a lot of my young improv actors out there need to step up their learning. And that's exactly why I'm [00:01:00] holding this series for you all.
Hala: Like I said, this is part two of a three part series. And in each segment I've got experts that I carefully selected for the topic at hand part one was all about the basics. So make sure you go check that out. If you're trying to get some well-rounded learning about the topic. Okay. So like I said, we're recording today's episode.
Hala: All future episodes will be right here on clubhouse in the human behavior club. This is the number one club on clubhouse. It is the most followed club. Make sure you give the club a follow by tapping that greenhouse at the top of your screen and make sure you do that. So you don't miss any of the meetings.
Hala: And to finally introduce our panel Maria burrito. She's an author curator, the creative entrepreneurs. She also has a new book called how creativity rules the world. It was actually one of my favorite books. I've read this year. It was released earlier this month and she also recently joined me on yap for episode number 1 61.
Hala: If you like what Maria contributes to this conversation, definitely go check out her one-on-one episode. We also have JB the wizard in the building. He's an NFT consultant and the CEO and founder of futuring with the wizard. We have [00:02:00] CSR maximal entrepreneur and co-founder of NFT times a group dedicated to decentralized projects.
Hala: And we also have Q Harrison, Terry he's an entrepreneur co-host of CNBC's know retreat, a four time recipient of LinkedIn's top voices in technology and author of the NFT handbook, a detailed guide on how to create, sell, and buy NFTs. Let's get. One of the key qualities of an NFT or a non fungible token is that it protects, improves the rightful ownership and authenticity of a digital asset.
Hala: This means for the first time ever, we have the ability to truly own something on the internet. So let's start off talking about the innovations that NFTs have presented to the world. And to me, I think it's primarily a financial innovation and traditionally the business of art has been concerned with the sale of unique physical objects.
Hala: And their authenticity is verified by galleries, scholars, auction houses, and a paper trail. So I'd love to kick it off with Maria because you come from this traditional world, you are an artist curator, you did so much sales of [00:03:00] traditional art. So I'd love to hear your thoughts on the innovation that NFTs brought to the.
Maria Brito: Yes. Hi, thank you, Hala. And everybody who is here, I appreciate you. And being around at this time. So yes, it is one of the greatest innovations in the world of art and obviously in the world off creativity and is a very important advance and how artists are taking control over their careers and over their financial stability in this day and age.
Maria Brito: So it is definitely a very different proposition. I have worked for 13 years with contemporary artists who make Dangelo. Works of art, painting, sculptures, Brins drawings, collages, et cetera, and NFTs are really not that [00:04:00] new. They started. And that 2014, when a couple of artists were thinking about if they could back up a digital art with the encryption, which is basically the NFD and everybody thought it was going to be a very difficult thing to do.
Maria Brito: So this whole thing of NFTs has been brewing for already six years or more. And it's, it only was when people was able to sell he's every days, the first 5,000 days work at Christie's and 2020 1, 4 60 $9 million when people sort of like got NFTs on the radars. And what I mean is the mainstream, because a lot of artists have been working on this space for a long, long time.
Maria Brito: And what is interesting about the NFTs is that you can use an NFD basically for anything, because you can back up a piece of real estate, if [00:05:00] you want to, or you can back up a tweet which has already been done and was already auctioned. A tweet was backed up with an NFD, but what it makes this whole thing interesting for artists is that.
Maria Brito: There are a lot of different communities that are transacting and they are operating in the world of digital art backed up by NFTs for a long, long time. That is giving artists access to people who are into acquiring digital art and backing it up with the encryption. And so this is obviously like you said something that is creating a whole world that did not exist before.
Maria Brito: And that I encourage people to explore and understand because this is here to stay and it'll have many, many ramifications and implications and the future.
Hala: Thanks, Maria. I think that was such a great response. Does anybody want to chip in, in terms of the [00:06:00] innovation that NFTs brought into the world, or to talk about the financial, a new business model that NFTs brought to the table?
JB the Wizard: Jamie. Yeah for, so for artists specifically, the way I would simplify what the opportunity that an artist has now is marketing period. So we have stories of very wonderful artists who are not known and remain unknown. And then we have stories of other artists who are not as good quote, unquote. However, we can say that however they are doing, let's say better financially or however that is.
JB the Wizard: So this is like the story of the marketer right now, NFTs. And the fact that it is more, let's just say trending, if you like enables you to be who you are. But also write this, let's call it economic wave of what's working right now. It's still requires you to get everything quote, unquote, together to get [00:07:00] it into alignment, to make sure that what I do a lot with is that it's on brand and in alignment.
JB the Wizard: But right now the market is very much in your favor as an artist. So if you're any kind of creator, the bottom line is figure out some way to utilize this wave so that you can write it.
Hala: I love that advice. It's so true. All right. So let's get into the benefits of NFTs beyond financial for artists and collectors.
Hala: I think, uh, Maria, I'd love to actually get from you more insight in terms of the financial innovation that NFTs bring to the table and the new business model that enabled.
Maria Brito: Yes. Well, definitely. I think that let's just take a step back on one thing almost. I think 90% of NFTs are paid with crypto. And so one thing has to do with the other, and that is very important to highlight, even though certain platforms allow people to pay, [00:08:00] you know, with credit cards and whatnot, and why this is important because it all also is connected to the fluctuations of crypto.
Maria Brito: And I mean, if you're mean the, the cryptocurrency that is mostly used for this, right? And so you have to kind of think about who were the people who had been benefiting from this type of movements and cryptocurrencies is, you know, gen Z and certain millennials who. Adopted this as a part of a lifestyle that decentralized model, et cetera, et cetera.
Maria Brito: Right. And so that's one of the aspects that people have to think how these things have been off the benefit of people who had investments in crypto early on. The second thing is that. For the most part in the traditional world, artists who, and look, there are many, many ways of being an artist. And as I have worked with more than 450 artists, but I've also known thousands of them.
Maria Brito: [00:09:00] So you don't necessarily have to have a gallery representing you, but a lot of the artists want to have a traditional path because it ensures that there are tangible works and up in the best collections in the world in museums, they have museum shows. They have a legacy, they get books printed by, you know, CA I mean, catalog sprinted a box sprinted by.
Maria Brito: Big publishing houses, et cetera. So that is important for a certain artists. And the traditional gallery model is that the artists made 50% and the gallery makes 50%. There is something also how loud that I want to highlight. I debunk in my book a lot, the myth of the starving artist, because I don't like that myth, uh, artists throughout history have made money.
Maria Brito: It's just that it's easier for people to stay stuck in the idea of and dying in poverty without really kind of like understanding that Vango was bipolar and schizophrenic and kill himself. So I think artists have always made money, but it is not an easy thing. Just [00:10:00] like there are, you know, dentists who never make money.
Maria Brito: And, you know, we don't talk about the myth of the starving dentist. So just so that I go back to the traditional. Whatever an artist makes any source or a galleries, a 50 50 proposition, right? In many other instances, galleries also reimburse artists. The production costs, if it is a brand or if it's a, you know, the canvas or if it is something that is set incredibly difficult project with a lot of materials.
Maria Brito: So that also could be factored in, but with an NFT. The artist is covering the main thing, which is how you create them. And it's everything else is digital. So it's not necessarily a huge cost if you think about it, but there is a cost in blood. And if you don't sell the NFD, you're never going to make that money back.
Maria Brito: However, what is the beauty of this? If you'd like JB was saying, if you build some sort of a following and you have a platform and you have built community in places like [00:11:00] discord, et cetera, and people come and they buy and they bet and whatnot, you can make a lot of money. And not only that you can also program royalties all of the NFD so that every time that NFD is transacted, you're going to make a percentage of it in the tangible world.
Maria Brito: You're not going to make a percentage of it because the laws are not set to protect art like that. So if I buy an artist for a thousand dollars today, and it happens to turn into a million dollar sensation in two years, and I go to Christie's and I sell it, the artist is not that I get any of that because that money will go to me and I will have to base fees to crease these two.
Maria Brito: Right. And so how is this revolutionary is that this thing has never existed before where you can actually KIPP milking that NFT. Until the rest of your life, if you want to, because every time somebody traits it, you're going to make a percentage of it. [00:12:00] So this is absolutely it's. It is very unique. It's very revolutionary.
Maria Brito: And the other thing is you're going to be able to follow where the NFG is, hopefully, right? Because every time it changes hands, you will know where is it and who has it. And so if you consider the, this can also be applicable to tangible works of art and that you are going to sell a work of art that is accompanied by an NFD.
Maria Brito: It changes the whole game of how things are going to be in the future. That is very, it's something that is being discussed right now in law firms is being discussed in galleries. Artists are talking about this because it's going to land a lot of transparency. To the art world, which is not transparent at all.
Maria Brito: And it's also going to bring all sorts of different combinations in the future of how artists are going to keep making money or not from tangible artworks to, [00:13:00] so the implications are, they have ramifications that go into very different realms that before we were not really even considering if that
Hala: makes sense.
Hala: Yeah. 100% makes sense. And I feel like that's what makes NFTs so revolutionary in my opinion, is the royalties and the fact that for the first time ever, they can have secondary sales of artwork and that was not possible before you'd sell it once. And that was it. And if there was any return and you blew up three years later, you saw no return on that for yourself.
Hala: So this is super amazing for artists. JBS saw your, uh, Mike flash. What did you like to add? And so, Hey, if you want to add.
JB the Wizard: Uh, I'd like to, first of all, say the myth of the starving dentist is my favorite. That was amazing what Maria was saying. I absolutely loved that. We don't hear that as often. Right. So I love the idea of getting rid of that concept.
JB the Wizard: And one side that was just remarkable. The only thing that I would say, especially for speaking to [00:14:00] artists, is that in your mind, Everything that you create now is an asset because of this royalty, that it continues to be sold and sold and sold, and you get percentages from each sale or trade. So it continued to pay.
JB the Wizard: It continues to pay even as the value increases, like what Maria was saying. So just as an artist that thought in your mind is a lot of times we think about real estate as something that continues to pay. If you were to, let's say, acquire a property and then, you know, you have rents in there and then they keep paying you.
JB the Wizard: But I want the artist to understand that whatever's already in your alignment, whatever you want to paint, draw, create, you know, take a photo of whatever that now is an asset with passive income for you. And that's a remarkable concept.
Hala: It's so true. I would love to start to talk about the other benefits that NFTs provide beyond just financial, new business models for artists.
Hala: What other benefits do you NFTs provide and why don't we start with CSR? I'd love to [00:15:00] hear thoughts on the other benefits of NFTs beyond finance.
Cesar Maximo: Sure. Hello, thank you for having me. So since NFT has created a new concept of digital property, it opens the doors to a lot of options. One of them is ill locked.
Cesar Maximo: It allows the artists to sell their art all around the world, therefore dramatically increasing their social impact of their art, of their brand of their ad match. You want an MLA that if the past, perhaps your art was, uh, limited to a specific country or a specific network or to a specific place right now, you have the opportunity to go all the way to India, Pakistan, United States, Venezuela, you name it right everywhere who has Wi-Fi can receive or get your art if you do things the right way.
Cesar Maximo: So it makes much easier for everyone in the art community to create a professional career, to create a professional image or to increase the [00:16:00] impact of your brand. Right. That's one of the benefits and yeah, since this creates a new concept of digital property, it also allows the same artist to sell more than once the same art piece.
Cesar Maximo: Right? I mean, before, if you do one statue, for example, which is still great, and we're going to continue doing those, but you only have one statue, you can sell only one, thanks to these new technologies. You can sell the same masterpiece 10,000 times. Right. And if the market's up to it, well, you're going to get paid 10,000 times for the same piece.
Cesar Maximo: So I think that's also great. And that's also a very good opportunity to increase the impact of artists all around the world. It's one of the main benefits for me.
Hala: I love that. That's those are some great thoughts. These are thank you, cutie. I'd love to hear from you Q Harris. And what are your thoughts in terms of the benefits beyond just new business model?
Q Harrison Terry: When it comes to [00:17:00] NFTs. I mean, like, I think like it's a format for expression, right? So we talk a lot about creators. We talk a lot about business models and it's good. Like if you're like a decision maker at like song fortune 500 company and you're like, oh, okay, what's the strategy. But in the same way that like the MP3 unlock the ability for like Grimes or Billie Eilish to like create music in their bedrooms and then all ultimately go and become like super mega pop stars.
Q Harrison Terry: And I know I'm like simplifying that a bit, but like their creative process started in garage band, which is software that I think we all can agree that simplifies like the music making process and getting to that MP3, that is a shareable format that allows people to experience one's one's creations, I think with NFTs, like we've touched on it here in this, this, this conversation, like, you know, digital scarcity is like a really big.
Q Harrison Terry: Sorry, we haven't even scratched the surface as to like what that fully means, because you know, [00:18:00] there's so many things that are created on, you know, your phone, your laptop, your computer, like your desktop computer that are just are digitally native. And when you have a format such as the NFT, that allows for that to be a unique, one of one creation, it's not just about business models.
Q Harrison Terry: It's really about, you know, creator expression. And we know that like when you allow creative people to do creative things, you end up with quite phenomenal creations. And that's where we're at in the, in the worldwide web of NFTs and web three. So it's still very early. Anyone that's like still on the fence, that's not defined that super confusing.
Q Harrison Terry: Sometimes I say like, From a very abstract thinking perspective. Just think of the NFT, not necessarily as the smart contractor, even the royalty co even, even the royalties might be a little bit too. Like, it might be like too much to take on all at once. Just think of it as like, you know, if I made a PDF or if I made an MP3 or if I made a, a [00:19:00] Microsoft word document, even like these are documents that we all create and interact with almost daily, I can just put dot NFT and now it's a unique one-to-one digital file.
Q Harrison Terry: And when that happens, like, you know, that's a digital file that I created. That's very unique and it's it no longer becomes fungible. And in that world, like, you know, life is very, very fascinating.
Hala: Let's go on to the minting process, actually, QT, you are the author of the NFTE handbook and you're also the co-founder of the world's first digital art marketplace.
Hala: So I thought you'd be a great person to explain what mentoring is and what drops are because when it comes to this NFT world, I think the thing that people that really scares people the most is the language barrier. People don't know what all these terms mean. Minting white listing dropping it's it's like kind of confusing to learn all these new terms.
Hala: So what does minting and what does it mean to mint your NFT?
Q Harrison Terry: Yeah, the way I like to think about them, the term [00:20:00] meant is there's like two ways to get an inept. You can bring it to life, which is effectively mending. So that means you're the first owner of set in Etsy. Like you literally are the person that created that, not in a sense, right?
Q Harrison Terry: Like you brought it to life. Or the second way of getting it is, uh, is the secondary market. In which case you're buying it from someone that's already meant that the NFT, there's probably a price premium associated with that because they took on the risk of minting, the NFT in, in procuring it for yourself.
Q Harrison Terry: The white list terminology is also fascinating because like, what could happen is let's say I created an NFT project and I said, Hey. A thousand of these NFTs, what I'm going to do is I'm going to white last a hundred or a 10% of the NFTs for people that helped me make it. And, or like people that have supported and helped me market and just get the word out.
Q Harrison Terry: In that case, you have a white list, which is effectively me saying anyone that [00:21:00] was in that group, those hundred people, I'm going to save them a spot and just basically white list their wallet, or put their wallet on this list. And there'll be able to mint that the NFT either for a smaller fee or there'll be able to get in line ahead of everybody else.
Q Harrison Terry: So they'll get access a day before to public drop is that if the public NFC is available and they'll be able to claim their NFT. So the terms can be a little tricky, but it's not as complicated as it might sound.
Hala: And I know that there's another term called gas fees that people often talk about. So what's a gas.
Q Harrison Terry: So gas is actually a great, it's a great, the best analogy I can get into without like blowing your head up about Ethereum. And like, just like how blockchains work is. Uh, we all have probably caught an Uber, anyone that's in this room or a Lyft, and there's this, uh, thing called surge pricing, essentially.
Q Harrison Terry: When, if you're, you're leaving the club and it's late night, it's like three in the morning. [00:22:00] And like, everybody wants an Uber or you're at the airport and the flight just came in and everybody's calling Uber. You're going to pay surge price. So $20, Uber could be 60 to $100 easily, especially if you end up in.
Q Harrison Terry: Gas. It's kind of similar, not exactly the same, but it's a great, this is a great mental model to think about it. The more people that are on the Ethereum network, the higher the gas fee could be. And what you're doing with gas, it's basically paying for your transaction to be processed on the blockchain.
Q Harrison Terry: Um, the people that process the transactions are kinda like Uber drivers. They're not, but they're minors effectively. And they like basically collect the gas in exchange for writing your information or processing your transaction to the public blockchain. So that's one way to think about it. Again, I would recommend reading the NFT handbook.
Q Harrison Terry: I covered this in a little bit more detail, and it's a little bit easier to follow than what I can give you on clubhouse. But beyond that, I mean, it's been interesting because gas looks very cheap, like two, three weeks ago, and [00:23:00] now like, you know, everything's going crazy.
Hala: I love that analogy. That's the best, you know, definition or explanation of gas V's that I've ever heard.
Hala: So, so great job there. JV. I know that you're an NFT consultant, and I could only imagine that you're heavily involved in designing roadmaps and Ft. Roadmaps are called and your opinion, what is the top elements that you need and an NFT roadmap.
JB the Wizard: So a roadmap tells people where you're going and why they should come with you.
JB the Wizard: I'm going to say that again, our roadmap is telling people where you're going and why they should come with you. So my focus is really how to communicate this information. And if it's in alignment with your brand, otherwise it's not going to work or you'll get burned out, or you will fulfill on your roadmap, meaning you won't do the things that you're telling your community you're going to do, [00:24:00] which is kind of, I'm going to get it to the terms there, but that's what's happening.
JB the Wizard: So there are three, I would say three elements of roadmap that are helpful. And the first one is when you're writing this down. So again, if you've got an NFT collection or art that you want to sell as an NFT, and maybe there, you know, or 10 pieces or 10,000 pieces, it doesn't really matter. The roadmap is going to be, Hey guys, when I sell out this NFT, the next thing that's going to happen is I'm going to do a, uh, an art gallery show.
JB the Wizard: Or the next thing that's going to happen is I'm going to send you a special thank you card, or then it's almost like that. So the roadmap is telling people what is going to happen when, so the three components are this. The first one is what is relevant to your ideal demographic, meaning what do they want?
JB the Wizard: So the people who are going to buy your art, your NFT, your pictures, whatever, what is important to them. If you can write that [00:25:00] down in your roadmap, In a way that is interesting to them. This is going to be really helpful to you. The second thing is you want to show them, you want the roadmap to be clear that you have a long-term plan that you're going to be around.
JB the Wizard: Okay. The reason that's important is for the third point. And it's you want to answer the question for them in this roadmap? Why is it financially beneficial for them to put money into you? That's really the key. So you've got a collection. You are going to write down a roadmap, which tells people, Hey, once I saw this collection, here's what I'm going to do.
JB the Wizard: It's not, it's a little bit, you could think of it like Kickstarter. Once they have this money, here's what I'm going to do with it next, but I'd rather think of it. And what will be more helpful to anyone who wants to build a collection? The way to think of it is this is your journey together with your community, right?
JB the Wizard: As opposed to tick things that you're checking off. So those are the three things. So what's relevant to your [00:26:00] ideal demographic. What did they want? Number two, show them that it's clear that you have a longterm plan that you're going to be around. I'll talk about cash grabs later. And then number three, why is it financially beneficial for them to put money into you and invest into you as an artist?
Hala: That was an awesome explanation. And I noticed that you mentioned collections. And so to me, I feel like the most popular NFTs that you hear about are typically in a collection of like 10,000 digital assets. So like board, AP yacht club, crypto punks, they're all this trend of 10,000 digital assets. So I'd love to unpack the idea of a collection because I think that's pretty key.
Hala: You don't have to launch things in a collection, but that's, what's popular right now. So Maria, I'd love to hear why you think NFT collections are so appealing and how people can greet them. I think there's something called generative art. It's basically like code. So I'd love if you have any insight on that and also how they store value.
Hala: So why are collections
Maria Brito: valuable? [00:27:00] Well, it depends. So, you know, that are two different, uh, things to impact here. One is the drop, which you were talking about before the drop of each collection for each individual artist. So like you said before crypto pongs, I have a particular personal favorite, which is world of women and why they do this, right?
Maria Brito: It's like they create variations of one specific theme or how they, you know, the marketing or, or the works that they have already put out in the world and uniques. Right? So it's variations. Each one is unique, but they all have a thread that connects them. Obviously the most important thread is that they all were created by the same artist.
Maria Brito: And so why you drop 10,000 is because, you know, you. Willing or furs, you're willing to promote them. And second, you think that you're ready, we'll have enough demand so they will [00:28:00] sell. And so you drop them in batches. And the beauty is that it's almost to think about having an album full of amazing stickers, let's say, right?
Maria Brito: And so each one of those things is interesting because they belong to ask a collection and they will add value to your own collection. Now you, as the NFD collector, that's a whole other story, right? Because you will have a variety of different. Artists that you have in your wallet or that you actually display on pages like lazy.com for example.
Maria Brito: And so that's a dif a totally different thing because it's like, that is your own curation. If you're an NFD, FSU, natto, and you're buying and you're trading. Then you have to have some pride of what you have acquired, right? And so this is a personal outlook on how you put together these digital assets [00:29:00] and what they mean to you.
Maria Brito: And also if you acquire them because you are backing up particular artists, or because you're betting on an artist and you're seeing the artist is going to have a long term career, and you think that in the future, there's going to be something really, really valuable that represents culture society a moment in time.
Maria Brito: So those, all those considerations are very important and the act of collecting, but they are two very, very different themes because one is the one that is generated by the artist. And the other one is the one that is generated by the people who are the fans, followers and collectors. So is a two is a very different theme here.
Maria Brito: And a it's the same thing with. With Dan Dillard. I mean, an artist, when an artist puts together an exhibition, they create 10 paintings for example, and that is, it makes a whole room vibrate with the particular [00:30:00] ethos and ideas. And in that many times of the artists wanted to put out and each individual collector who's going to get that painting is going to handle it and deliver it room, or he's going to donate it to a museum, whatnot, but he will have a very different connotation depending on what that particular collector feels.
Maria Brito: That piece of art is going to do for their own collection. I hope that clear.
Hala: Yeah. It's pretty interesting. So I guess what I hear you saying is that yeah, some artists put out 10,000 pieces of digital art, but the other thing is that their community. And correct me if I'm wrong, if I'm merging different ideas here, but their community can also create art to contribute to that, that kind of project as well.
Maria Brito: They can, and this is something that is also very interesting because in the world of tangible art, uh, that our [00:31:00] copyrights and those copyrights belong to the artists. In other words, if I buy a painting tomorrow by cause, and I decided to take the cost imagery on the painting and create a t-shirt with it or something on the metaverse causes, gonna come and Sue me because that copyright belongs to him, the painting belongs to me.
Maria Brito: Hanging in my living room, but that doesn't mean I have a rights over it, over the image, right? Because I can pull the painting anywhere that I want. I can move to Miami tomorrow, hanging in my mommy house. If I were to have one, I get, I can sell it. I can do whatever, but I, can't not profit from the imagery and NFTs are different in that sense.
Maria Brito: And that makes everything a little tricky because depending on the terms of the platform where you're selling and you have your own also contract with the buyers or the collectors of NFTs, whatever term you prefer that they can use the imagery. Merging and mingle and [00:32:00] create all the things with their own art or combine it and have appropriated that imagery for other things.
Maria Brito: That's one of the most incredible advances if you will, in copyright law. And it's because right now, any everything in anything around the world of NFTs is the wild west. That's the truth. We don't know. But I do know that recently there have been brands like Nike and Hermes, or have been suing artists because of the use of the image of a shoe or a, a sneaker with the Nike logo or a bag, a Birkin bag.
Maria Brito: So those cases have not yet been resolved by the courts in New York. And we don't know where they're going originally. The principle is that if you're an artist and you make a painting, You know, the subject of the painting is wearing Nike shoes. That's just fine. Nike is never going to come and actually Sue you [00:33:00] because you painted a subject that's wearing Nike's, you know, shoes on a painting, but there's is while they have is that since these are small image that is highlighting.
Maria Brito: Those brands, the brands are not happy about that. So this is all very complicated if you think about it because it's creating a whole other legislation on copyrights that is just being created right. This second.
Hala: It's so true. And in our third session, we're going to have a session next Thursday, here in the human behavior club.
Hala: We're going to be talking about how to invest in NFTs and also stuff like this. Like the regulations, the legal implications. We actually have somebody who's a lawyer who specializes in NFTs. Who's going to be on the panel. So you bring up a really good point. Maria. And the other thing I'll say is that this brings me to a benefit of NFTs that we didn't quite.
Hala: List out in the beginning of this conversation, which is the two way financial incentive. So you can own a piece of a [00:34:00] wider brand now and then make money off of it. So we talked about board ape yacht club. It's one of the most popular NFT projects that ever existed and users can actually mint their own art for the group and they can bring a new sense of creativity and make money off, you know, contributing to the art as well.
Hala: So it's, it's very different. It's very like it's a, it's a whole new world and the wild wild west, like you said, Maria. So I do want to kind of dig deeper on why collections are valuable because there's this rarity component when it comes to launching, you know, a limited set of assets and NFT is sometimes they sell for a million dollars sometimes, you know, they, they don't sell it all.
Hala: So I think rarity is a big part of it, even in the same collection, some sell for less than others. And so I'd love to kind of unpack this idea. I think it's really important for artists to understand it. Q2. JB CSR, anybody feel inclined to talk about this are
Cesar Maximo: sure. Just, uh, I think [00:35:00] Maria gave a very good explanation about what a collection is and how they work.
Cesar Maximo: And I would just like to touch, uh, the second part of the question, which is related to what you're saying about how they create or they store value, right? And the quick answer is they do it just like oil or still right market price. The market supply and demand will determine the projects volume. And that will be according to different variables that perhaps we will discuss later, for example, the community, the utility, the team, the art and other aspects that JV already mentioned, like the marketing and the strategy, and you know, different other aspects that are very common at the end of the.
Cesar Maximo: If you have all these aspects and you have, uh, innovation, a very good new idea, your collage would definitely attract more investors, which will attract the demand, which will increase the demand. Therefore the price will go up and therefore you will create and store value if after you [00:36:00] do the sold out or yourself, 50% of your collection or whatever, if you stick to your roadmap and you achieve what you promise, because like Jamie said, the roadmap is very important.
Cesar Maximo: Part of this is like the symbolic agreement between the investor and the founder in just stick to your roadmap and you deliver what you promise. You will be able to sustain value. You will be able to keep the prices and you will be able to, to keep your collection, you know, trending and more people will want to join.
Cesar Maximo: And that's kind of a quick way to create and to. To store value in, in after collection. Um, talking about rarity, shall we now move on through to
Cesar Maximo: Okay. Well, rarity, it's an important aspect in the NSG collections, especially when you're talking about the 95% of sales, which are those big 10,000 pieces, 10,000 pieces collections rarity is the most important aspect, which determines [00:37:00] which are the most expensive and the cheapest, uh, pieces of a specific collection.
Cesar Maximo: They can be from the same artist, all of them with very, very similar characteristics, perhaps on the naked eye, you will notice a difference, but there are some little differences in there that create this concept of reality in the NFTs. I don't know if he wants to go deep into how you can determine reality by training.
Cesar Maximo: Injure a soldier narrative, our process, but the main concept is age NFT has a set of variables, a set of characteristics or accessories, depending on what you're doing. And each one of those variables has a percentage of probability to be there. Right. For example, if you like, uh, there are eight Jack's club collection, you can see that they have some apes that have laser eyes bright, those, uh, red laser beams going out from their eyes.
Cesar Maximo: So that's kind of a weird trick. Uh, you know, [00:38:00] if the collection is 10,000 pictures of apes, only 200 apes have that trait, right? So that's kind of a rare one. And you have a lot of variables that, uh, once you have all the collection complete, you can check the righty of each variable and that's where you will determine how rare is your NST by itself.
Cesar Maximo: I don't know if I'm being clear, but I'm just,
Hala: no, no. I think how you explained it is as really. Clear. And, and like you said, it's like all these different characteristics, you know, you have 10,000 assets in a collection. One has sunglasses. One has a necklace. If only two of them have sunglasses and those two are super rare and they, they cost more.
Hala: And I think there's also like websites and stuff that now will show you like the rarity of your NFT compared to the collection. So rarity is all about the value that they hold. Uh, does anybody else want to add to this topic of rarity? Because it's an important one when we're talking about NFTs for artists, JB.[00:39:00]
JB the Wizard: Yeah. Well, first of all, I mean, of course Caesar's just nailed it, knocked it out of the complete park. That's beautiful way to put it. You got 10,000 and only 200 have the trait. They're more rare. The reason I'm speaking up right here and you'll, you'll, you'll hear the Caesar's because. Our market, the NFT market and crypto in general is so fast.
JB the Wizard: So what you used to see is something that might be more rare, cost more what's happening as well. Is this is determined by the community, by the public. If people right now, people are starting to enjoy more, quit what they're calling clean, looking NFTs. It used to be where there were a lot of assets. They were like, oh wow, it's got seven traits.
JB the Wizard: And that was seeing like, oh wait, I want it to have almost no trace. I just want it to be quote unquote, clean looking. And when that happens, even if something has a higher rarity, technically like on some of the websites, what you want to take a look at is in the [00:40:00] market. How does the market perceive that?
JB the Wizard: Do they think that it's cool? Do they think that it's rare rice? What we're seeing is that there are technical rarities, and then we're seeing what the market values is. I mean, you can compare this to a lot of real thing, diamonds or gold or whatever. The market is determining that. So that's a really major thing I wanted to put in there to think about.
Hala: That is super interesting. Just the fact that it kinda reminds me of like beanie babies that I keep every time I think about NFTs and collections. I keep thinking about beanie babies, how there was like thousands and thousands of beanie baby types. But then there were certain ones that were really rare and were costs a lot of money.
Hala: And that's what I keep relating it to whenever I'm studying. And MTS was just as funny, but I'd love to talk about like things outside of 10,000. Assets because not every NFT is a collection. Some of them are one of one. And you might think that if it's more rare in terms of there's only one of the assets, that it would be more valuable.
Hala: So Maria, I'd love to hear your thoughts on that. And then maybe QT and anybody who wants to [00:41:00] chip in.
Maria Brito: Yes. Okay. Look holla. I mean, honestly, I think that NFTs, what JP just said is that the problem is that everything moves so fast, that you have to be dedicated to this whole world of, you know, metaverses and crypto and whatnot.
Maria Brito: And so the, okay. When, when we talked about it, the 10 thousands, and again, like, I'm just going to go back to the example of a world of women because is one of my favorite ones. So is it 10,000 women? But like you said very well before, how in this gaze each woman is different, right? So each one is one of a kind, even though there are 10,000 and right now I think that are more than 10,000, but it's the same artists is just variations.
Maria Brito: So one woman is dark-skinned at other one, mine is wide. Another woman is Asia and another woman. Pink hair, et cetera, et cetera. So each one of them is one of a kind right that are traditional artists. And so that's world [00:42:00] of women. I think world of women has generated over $50 million in transactions and secondary primary and secondary market.
Maria Brito: That's what I lost on my check. So that each one of the NFTs that you can buy right now on open seat from world of women is a unique, one of a kind, it's the same thing as a painting. If I buy a painting on a series, An artist's created a war body of work of 10 different paintings in a stage of his or her or their life or whatever.
Maria Brito: And I buy one of them. That's one of a kind, and it has a lot more value. And if that the same artist created a print and made 20 prints, each one is identical that has a whole lot less value. Right. So I think that's kind of like the difference of a, one of a kind and having a print, which is an addition.
Maria Brito: Correct. And so that is a whole thing of all, you know, that are other artists [00:43:00] who are traditional artists who are also playing in the world of NFTs, but they are making things differently because they're may. Source of income is not an FDS. They just want to be able to participate of the conversation.
Maria Brito: Sometimes these are people who are older and they have already created legacies, have had retrospectives and museums and things like that. And they just want to have a chance to play around with things. For example, Damien Hirst data drop last year of NFTs. That was incredibly interesting because he was asking people that when they would buy an NFD or an eye drawing at the same time.
Maria Brito: And so that later they would have to decide whether they wanted to keep the NFD or the drawing, because that means that they are betting on one thing or the other, but each one of those drawings and NFTs were one of a kind and. It's just a very interesting [00:44:00] proposition because the way that Damien hers was able to structure this is that he's actually gathering data of who's buying this NFTs in these drawings.
Maria Brito: And who's betting on that the actual real drawing is going to survive. And it's going to be the one that's going to get the most value in the future, or is that the NFD? So it's a very smart way for that type of artist to get information of what the market wants. Right. So the way that I see. This thing's evolving is it's got to be depending on what kind of artist you are, because if you flaw the market with NFS and you don't yet have the platform and the marketing and the following to actually sell them all, it's just the same thing as if I'm just not necessarily a great artist yet.
Maria Brito: And I'm just, I created, you know, 2000 paintings and they are just like either dying in my studio [00:45:00] or are in the hands of the wrong people, you know? So this is a thing that. Artists have to consider an also all their considerations mentioned before gas fee, meaning face those things. Right. Are you going to spend more money, trying to mean a collection of NFTs that what you're going to make in return?
Maria Brito: Or are you just going to try to do certain things and pump your market right. And so other great examples of all those things and how they have played with, you know, the market is the first example I said at the very beginning is when people sold his 5,000, you know, the first 5,000 every day is the first 5,000 days at Christie's in March of 2021.
Maria Brito: That is just as a one of a kind, but he had done a variety of different drops before with nifty, et cetera. So he had already built a gigantic community of followers and fans who were buying this [00:46:00] special NFTs that he was dropping. But when he did this project with grease DS, it was the first time an auction house of that caliber actually connected and was willing to partner with a digital artist to sell on an FD.
Maria Brito: And so it was bought by this investor. Who were happy to pay the $69 million that it went for, because it is a significant moment in the history of NFTs. And it's a project where he worked for 5,000 days of his life, creating a different image for each day and uploading them on a collage that is all digital, right?
Maria Brito: And so this is a really incredible project that is very, very meaningful in history. It actually tells you the differences that building a community and building a world around what you do and having some sort of a [00:47:00] concept in not just like throwing a and NFD, just for the sake of throwing on NFD and mending it and just putting it out there can make a big difference in having a whole concept, a whole idea, a whole background, this like, why is this a special?
Maria Brito: And I think that artists have to think a lot about that before just wasting the mending fee and the time of putting things out. That don't mean much.
Hala: Um, really great points, really great considerations for artists to take, because it's not free to do an NFT and you've got to weigh your pros and cons in terms of if it's the right move for you.
Hala: And the other thing you brought up is community, because NFTs are not just about the art, the art is an important piece of it. It's kind of, you know, your ticket into the community. It's, it's basically, to me, it's like, it's just representative of the fact that you own the NFT. So I'd love to talk about the importance of community.
Hala: Let's go to [00:48:00] CSR and then to JB.
Cesar Maximo: Talking about community. That's one of the most important aspects for a project like you just say, and I guess we could go back to the psychological aspect of being part of a club, right? As humans, we have this natural need to be part of a community. And I guess we can think of a solution for that since ours, our ancestors, you know, mammals being part of our community was probably the difference between being live, which you live for that.
Cesar Maximo: Right. So right now, owning an NFT also certifies that your perfect community with some specific advantages and, you know, consequences as well. So for example, uh, being part of the board game club community, you know, it has a lot of benefits right now because it's like the heart community, you know, should you, if you get one of the dolls, you immediately became an influencer and advisor and you you're in the business of the NFL.
Cesar Maximo: Right? So 10,000 industries, [00:49:00] my son. But if you're talking about a world wide community, it's actually a pretty exclusive club, right? And our preschoolers have club where all their members are marked urines, no dark Shaq colonials, you name them anymore. So that's kind of a really important part of, of, of being a part of a community for an investor, right.
Cesar Maximo: For us as an investor, it's really important parts of being part of the community because of those benefits and because of those other members, right. And as a founder, you have to keep in mind that your community will Gibbs trained or power to your project. Right. Um, if you're entering your goals to the goals of the roadmap of your projects, You also have to keep in mind that your community, it's also your list of prospects and clients.
Cesar Maximo: Right? So tell me about a business in which the claims are not the most important part of, of their all [00:50:00] of productive change, right? So if you see this as a business, clients must be your top priorities and you see a lot of projects nowadays, trying to fake these communities, right. Then stuff like buying fake members, stuff like that, and trying to replicate this kind of benefits to the people, to the Margaret, to the prospects.
Cesar Maximo: For example, these are not so old project called Metro preneurs. As they were calling themselves the winners club, they were a community of people of entrepreneurs that, uh, will, there may not be too much to teach each other about how to create a successful business. Right. So they had a lot of. They had a lot of people, you know, their art was very simple.
Cesar Maximo: There are medicine, but their roadmap was simple because all they do was they will teach you how to do a pitch for a company. And they may do some, you know, you know, you do coaching [00:51:00] videos, which perhaps you can find them for free anyway, but they are of creating a community of entrepreneurs was so good for their marketing, that they created an awesome community and they did very well.
Cesar Maximo: So in their sales for now, right now, they keep selling and they keep doing really well in the secondary. Community, definitely a mask. And you have to keep it right on top of your head because utility is like your product and the community is your clients. So for me does have to be your top priorities.
Hala: Oh my gosh. These are dropping bombs here. I love that explanation. You make it so easy to understand, so great job kind of breaking that down. JB. I'd love to hear your thoughts about community because when you're an energy creator, you're not just an artist, you're a community builders. So tell us about that.
Hala: I mean,
JB the Wizard: you can't even top Caesar, he just nailed it. Um, I CA I was so happy hearing that and it's like, yes. Right. And that was beautifully said. So the [00:52:00] only thing, you know, he's talking about the importance of the community building it. Uh, I guess what I would say, like, as a founder rights as an artist is just really, um, here's a cool little tip, create a community of people.
JB the Wizard: Where you want to hang out people who you want to surround yourself with. One of the things Caesar said earlier is that 10,000 sounds like a lot, but in the world, it's nothing at all. 10,000 people is a tiny amount of people. And those that tiny amount of people are the only ones that will ever be able to have one of these NFTs.
JB the Wizard: Right. So it's a really, you want to think about the concept is just 10,000 of them. So when you're an artist and you're creating a project, you know, it's possible, I don't know, but it's possible that you might already be an outsider. It's possible that you may be a little bit, maybe different. If you're a leader anyways, you're going to be different than other people.
JB the Wizard: So maybe some times [00:53:00] as an artist, you could think about, you know, what, what if I wasn't concerned about fitting in? What if I wasn't concerned about doing things like the Joneses? What if I could create a group of people who maybe think like me or feel the way that I feel, and we can just be around each other positively.
JB the Wizard: If you think like that, that will help you to not feel as a creator like you are, you know, sometimes maybe if you're putting out content a lot on Tik TOK or wherever you're putting out content, you could feel like it's the. Hell on earth because you don't really want to be in content. You want people to look at your work.
JB the Wizard: So when you're approaching the building of your community, what if you viewed it as I'm going to speak to talk with and create an environment of people who I want to actually hang around and when you can do that, you can actually enjoy your community, enjoy your process of creating your art. So that's, that's the only other thing I would add to what he beautifully.
Hala: Amazing. Thank you guys [00:54:00] for sharing your knowledge around community. So the other thing I'm just going to add here is the concept of white listing. So I actually was just a part of a, an NFT project called babes business apes, and we had a white listing and basically it was like a VIP list or guests list for an event.
Hala: And you basically get early perks when you were buying the NFT, you get to buy it at a lower price. And so I'd love to hear your guys' thoughts on white listing. If you guys think that's a good strategy to launch your NFT or any thoughts around white lists,
Maria Brito: I think that this is, um, very connected to the part that both JBS is, are, we're talking about community because you want to white list, your most important collectors, your fans, your, the people who actually have supported you and the ones who actually have demonstrated that they really care about your project, that they really care about what you're [00:55:00] doing.
Maria Brito: And so that's no different from galleries that prioritize. Tangible ARD to the collectors who have been a part of the gallery for years who have already spend an enormous amount of money with their galleries, just backing up all their artists, backing up their programs, et cetera. So I see it as something that is more a reward for loyal community members, rather than an exclusivity feature that kicks people
Hala: Um, it's so interesting Raya, because you're so familiar with the traditional business of the art world, how you're always like, wait, this is actually not a new idea. You're just translating it to the digital world, which is just so interesting. Anybody else have anything to add to white listing or any thoughts?
Cesar Maximo: Sure. So if you see the wide list, like you say before, it's a VIP list in which you [00:56:00] give some special breaks to some specific members of your community. So it's kind of a reward, right? So I don't want to sound like the corporate guy again, but if you see this and the business industry, it's like having different kinds of clients and, you know, you have these big clients with huge accounts, they might use every day.
Cesar Maximo: And of course, if you get to the situation in which you have to prioritize or give some benefits to one of your clients, because if you have a good product, people will be calling you and eventually you will find yourself in a situation in which, okay. I can leave it to everyone right now. So I will give special priorities to the big clients, right.
Cesar Maximo: To the ones that. When I was no one, right. And to the ones that I know that even if I make them a little mistake, they will be there with me. Right. They will continue and they will be helping me and they will be supporting me. And some of those clients will bring other clients too. So yeah, you create this little [00:57:00] list of benefits of, for special clients and yeah.
Cesar Maximo: Do you even give them the social honor to have a special badge in the community? Right. They can show in the, this group group am a white list. I'm a bap, right? Or you can give them a fancy name, like the most influential and stuff like that. And this creates a very good impact in the community. On the other side, you can give a special list to your most important clients, but I have seen other projects who create really big, widely.
Cesar Maximo: And this really affects the project because usually one of the, of the perks that you get as a bap or white list is as you get to meet or create or buy the NFT first and the rest of the people. So if your white list is full of people that are not convinced to buy your product, this will be bringing it to you for the general and match of your project.
Cesar Maximo: If you white list your [00:58:00] BP's, which are supposed to be your most important clients are not buying your product. Then when you go on the public sale, you're going to look back, you know, so you have to be on that sweet spot in which your list is just really your most important.
Hala: I love that advice. That is great advice because most people just think, oh, if I have a wait-list, so everything will work out perfect.
Hala: And you're giving us some other considerations. JB, did you have anything to add to this topic
JB the Wizard: even to say no, I would unlike me and myself wouldn't I, but no, that was, that was serious alpha there. Um, the one other angle, this interesting, that I really am into doing is that I call it crew listing an insider listing.
JB the Wizard: I love the thing that sort of said. People who believed in you before you kind of blew up. I love that. So we have something called an insider list and it's for people who are already contributing and helping out and doing things before the [00:59:00] product, even like releases, I think that's a really fun thing.
JB the Wizard: Cause it already builds a community of building the community before the community is even there. So that's pretty fun thing to do. And there's another thing that we're doing. That's a crew list, which means. If there are other projects that are already out there, like lazy lines, let's say that by simply already owning or holding that particular NFT, it could give you access to being, getting these perks for this new project.
JB the Wizard: That strategy is very interesting because what I like about it is it connects communities. It doesn't necessarily just reward other people who are in the NFT space, but it connects other communities who may be similar to yours. So I think that's a powerful way also to use this whitelist cruelest sort of thing.
Hala: Amazing. So the next thing I want to talk about guys is utility utility. When it comes to an NFT committee, art, in my opinion, it can be the community, but [01:00:00] there's lots of other things that you can offer when you're selling NFTs aside from just the artwork itself. So why don't we kick it over to JB first this time, and then we'll go around.
Hala: Anybody who wants to talk, just flash your mic and we'll go to you.
JB the Wizard: Sure utility can be extremely fun. So what it means is let's say someone purchases the NFT, or what other perks do they get in addition to having this really cool, beautiful piece of digital art. So, uh, some examples are they might have access.
JB the Wizard: To an actual meetup place, maybe an actual hotel where they can come and hang out for a particular party for all NFT holders, you can send people a physical gift in the mail that could be a certain form of a utility. Passive income is considered to be utility right now. So an example is you would take the NFT and, um, I don't want to get confusing here.
JB the Wizard: Let's just say stake it. Bottom line. You'd have this NFT and you can receive some financial rewards that come in and be monthly. Uh, by having [01:01:00] that that's a form of view utility or a popular one is having the utility have a three-dimensional image. That's usable in a metaverse. So that would be something fun like, oh, wow, I have this really cool NFT because you have this NFT holders are able to have an actual three 80 character in a game that we're developing, for example.
JB the Wizard: So those are different utilities that are. Kind of popular fun, and you can get as creative as you want to get with it. The main thing I would say is, think about what would be fun and exciting for your community. What are the things that they would look forward to? One of the things that we like to do skateboard.
JB the Wizard: So we're considering, uh, what we have is, is building an actual skate park. Right. But there's more to that, but those are examples of utilities.
Hala: I love that you just alluded to like physical assets because not everything that's an NFT, like has to be digital. There's no rule that says that an NFT has to be digital.
Hala: So I think that's pretty [01:02:00] interesting. And I think the other thing is metaverse utility, you know, I think a lot more of these NFTs are providing metaverse utility. So how is it relevant in the metaverse and answering that question? So I think that's all really interesting. Maria says, are any comments in regards to utility.
Cesar Maximo: So like we mentioned before, NFTs, at least the technology behind NFTs are creating a new concept of digital property. So property can be anything like Maria say, right from real estate to anything. And let's think about other certificates of property that we see in today's life. For example, your marriage certificate, right?
Cesar Maximo: I mean, I know it's not your property. Yeah. Don't don't console me. I know that that's not a proper thing, but it does establish a set of rules for you and for your burner. Right. And you have to accomplish that. And so by that little paper, the government of the United States of [01:03:00] Argentina, Brazil, Mexico, England, certifies that due to our relationship.
Cesar Maximo: And now we have these new digital concept of property. It's not stablish by the government, by the United States, but India by Pakistan, by China, but by a global web of millions of millions of people. So now you can have your marriage energy NFT certificate, which will be minted from your passport NFT, right.
Cesar Maximo: Which was minted from your birth certificate NFT. And now it doesn't matter where you are. If someone has your number of any of those documents, you can see all your history in there. Right? And no one can modify that. No one can change that. Right. And I think that if we think that way, we can start to understand [01:04:00] the big scope of opportunities that we can create with not this just art concept, but with this new technology, which will be replacing a lot of the old institutions that are not giving the best results right now, that's for me.
Hala: Amazing. All right. So I think a great way to close out the discussion, which by the way you guys, all of you are such experts and provided so much value. We're going to edit this for the podcast, make it super clean. It's going to be an amazing episode. I'm super excited to drop it. I think people are going to find massive value.
Hala: So thank you so much for your time. And as we close out this episode, I thought it'd be fun to end with a round Robin. So let's start off with Maria and I have two questions. It's what makes a good NFT artists, what are the right and wrong reasons that you should enter this space as an artist? That's number one.
Hala: And then number two is what is your prediction in terms of the future of art NFTs? So let's start off with Maria. What are the right and wrong reasons that you should [01:05:00] enter into the space? And what is your prediction for the future of the art of NFL?
Maria Brito: I think the right reasons are the same reasons why you do anything that you do in life, right?
Maria Brito: Is because you have a passion it's because you want to connect it's because you want to self express because you have something to say that is unique. That is important. That is who you are, right? So those are the right reasons. The wrong reasons is let me try to get into this and see how I make a book does usually that is the wrong reason is that's the only motivation behind why you want to get into the space of NFTs.
Maria Brito: Because as we have all said already in most. It requires a lot of research and time to be kind of watching what's going on in the market. And it also requires mending fees, et cetera. So I would say first build [01:06:00] community second, pay, close attention to what's happening. Third, be very good at what you do, be a good artist, right?
Maria Brito: I mean, and really try to do something that brings a lot of value. And so that is the right reasons what you want to get into this. And my prediction is that this is going to have enormous ramifications, not only for digital art for, for everything else. As I said before, so NFTs are gonna change a lot of, uh, legislation.
Maria Brito: They are going to change a lot of the things that have to do with traceability of artworks, with how artists are going to collect beaming in the future. And what I think honestly is that at some point, every piece of art that is sold in the world should be backed up by an NFD, whether that is a digital piece of art or a real piece of art.
Maria Brito: And that is going to be the blockchain is going to be the ledger with all these transactions are going [01:07:00] to be crystal clear and people are going to be able to find a piece of art, whether it is in New York or is in Katmandu, people will have artists will have the possibility of knowing where their art is.
Maria Brito: If they want to put together an exhibition, they will be able to find that collector. So right now, again is the wild west that are not regulations yet, but the government already said that regulations are coming. I don't know what they are. I'm not necessarily a hundred percent just like in the world of NFTs because I have a lot of other things happen.
Maria Brito: That I'm not, you know, checking all those boards and things like that. But I think that this is definitely the most important advance in the world of art that we have experienced since the advent of conceptual art by Duchamp. And, you know, that was 110 years ago. [01:08:00] And it took all this time for something as revolutionary to come to the art world.
Maria Brito: So definitely this has a very important impact, but it's like, everything is going to settle. A lot of all the, you know, the frenzy that's happening is going to calm down. And a lot of artists who came to play we'll have to kind of like give up and disappear because. It might not necessarily be that this is the right medium for them.
Maria Brito: It's not that they are not in the right place of being an artist, but you know, like I said before, you've gotta be here for the right reasons and you'll have to put things of value out there.
Hala: Um, I love what you just predicted how every single piece of art you think is going to be backed up by an NFT.
Hala: That's so smart and it's so true. It's just going to be the way that people ensure their secondary sales ensure they know where their art lives. And it's just, that seems like it's definitely going to happen. CSR. I'd love to hear your thoughts. What are the right and wrong reasons to get into this space?
Hala: [01:09:00] And what are your predictions for art NFTs?
Cesar Maximo: Well, I think that even before you get into the space, I will make a very quick recommendation for everyone to try. And by other projects, right? I think it's very important that if you want to deliver what your clients really need first, you have to be the client, right?
Cesar Maximo: Because once you're there in that, in another community, once you become part of another community, once you've run by another project, once you go and see what they're doing, it's not just about learning their techniques, because you will do that. You will learn the techniques of other founders, of other groups, of other teams for other companies, but also that you will understand the feeling of being there.
Cesar Maximo: You know, you will see people that is, you know, investing, uh, the money of their family into the NFT. So yeah, the, the budget of the whole week, she was going to buy, you know, a lion and stuff. So you will get to see a lot of very [01:10:00] important aspects related to what your community needs do, what your community wants.
Cesar Maximo: And because they're not going to tell you that they're not going to go there and tell you, Hey, come on, uh, you know, do your wireless system to go, Hey, come on. Can you make more announcements or, Hey, come on, can you please reduce the meat price? Because nobody's going to pay to add, you know, you're going to be able to understand all those aspects by experience, by joining all their projects.
Cesar Maximo: And once you go there, you buy other products. You understand how the whole system works and you all understand how communities work and how others teams work. Now you can think if your reasons and your, your tools are the right fit to go into the space, to go and become a founder to go and create a team.
Hala: So you're saying test the waters first, learn a little about it, immerse yourself, get to know what a good community looks like, what a bad community looks like. And then you'll be more equipped to do it yourself in a successful way. And what do you think the [01:11:00] future of NFTs will look like Sundar?
Cesar Maximo: Well, it's going to be beer related to what I just say before.
Cesar Maximo: Like I think it makes a great opportunity to create a lot, a lot of stuff related to on a day to day basis. For example, your ID, just personal ID, your birth certificate, you know, your marriage certificate, everything related to yourself. So your information and others don't for example, uh, today some concerts are doing their tickets now are NFTs because it's easier, right?
Cesar Maximo: And you don't even have to pay for the printing and all that stuff. And if you understand that your clients have the tools. Work with NFTs, then you should definitely go for it. And yeah, the future it's not too far away. Actually, some companies are already thinking about in which way they can go and take real estate, break up something into pieces and create a collection for owners.
Cesar Maximo: So perhaps now you're going to be able to buy an NFT and own 1% of house, right. For an apartment. [01:12:00] And people are already doing that. So if you see that, but then there's going to be, uh, it's going to, you're going to see an evolution for us in every aspect of our day-to-day life. Especially when you talk about companies, right.
Cesar Maximo: Instead of having shareholders, you can have like NFD holder, right? And the NFT can have specific rules, which we'll be introducing the blockchain and everything is going to be more control and more transparent. And yeah. A more efficient community, thanks to this blockchain technology, which is the technology behind the
Hala: Yeah. And this is why I keep telling all my young and profiting listeners that even if you don't want to, you've got to learn about it because you'll be like that old person who doesn't know how to open their email in 20 years. If you don't pay attention to it now you want to be like, one of those old people are still rocking and using a phone and, you know, still able to participate in the world.
Hala: So that's why it's important to learn about it now, even if you're not that interested, just so you don't fall behind JB, I'd love to [01:13:00] hear your final thoughts. What are the right and wrong reasons to get in the space and any final predictions?
JB the Wizard: Sure, sure. Maria made a beautiful points. Sorry. I made a beautiful point.
JB the Wizard: So I agree with what they certainly what they said when it comes to. The right reasons, the way I would summarize, if you like, we're going to call it three reasons is you've got to, what I would say is care about the NFT community period cash grabs, or the fact that it's opportunistic right now, they are very highly looked down upon.
JB the Wizard: So if you are an artist or if you're someone wanting to enter the space and create something, the concept in your mind, and like I was saying is like, when you join or you purchase NFT yourself, you'll know what it feels like. You really want to care and understand our community. That we're a culture.
JB the Wizard: We're a community. There is a, we tend to be very, very giving your CPS. Donating and [01:14:00] giving Ethan away and giving crypto money. It's so it's such an abundant place that you'll just find that giving behavior everywhere. Whereas they view what they call the web 2.0 thought process, more of taking nature, the NFT community's very giving.
JB the Wizard: So if you come in there with what can I get, what can I take? How much money can I make? People will feel that. So there are so exactly where he says you want to come in there. Something that you're passionate. So, this is just a further extent of what that would look like in the NFTE space. So number one, the right way to come in.
JB the Wizard: And the right reason is that you care about this community. You want to give something like a real artist, you want to provide value to the world. Um, that's the right way. The wrong way of course is if you're saying, Hey, wow, money's great. There's nothing wrong with money, but if you're coming in and say, how much can I get?
JB the Wizard: This is huge. Let me do it. People will smell it. Um, and you will. Kicked out very quickly and it won't work out well for you. So that's the [01:15:00] right and that's the wrong, the positive way to come in. And then the way we don't recommend, um, the next one is, um, the prediction. If you like, especially for art NFTs, because a hundred percent NFTs are going to become very normal.
JB the Wizard: It will be used for real estate. They're currently already doing it. If people have a particular physical piece of real estate, they're looking to make their portfolio fall by having that same piece of real estate in a metaverse, it's a crazy way of looking at it, but that's, that's real right now. The, the driver's licenses, the marriage certificates, all of these things, the concert tickets it's clear.
JB the Wizard: This is what is currently happening will be the future when it comes to an art NFT. I think if I were to make a real one, I think we'll have. Whereas space, the, this isn't, this is different. I didn't expect to say this, but think about it like before people had Photoshop, when people used to put a magazine together and they had [01:16:00] to cut, you know, with scissors and then use glue to put a magazine together.
JB the Wizard: And then, you know, people started to be able to have Photoshop and then canvas came out. The more people understand NFTs is going to become easier and easier to enter the space. The barrier to entry is going to lower and get lower and lower. What will happen is you are going to have an influx of very poorly created this.
JB the Wizard: Isn't a repositive, but this is what will happen. Poorly created art poorly created communities. He is going to go down and there's going to be an influx of new people into this space because they're hearing about it. They won't necessarily know the difference between what is good and what works and what doesn't work.
JB the Wizard: So they're going to spend more money than they should on, you know, garbage projects and potentially also more money, uh, on quality projects as an artist, as a creator. And as a founder, all you have to do is exactly what Maria says, [01:17:00] care, why you're here and poor, that are out from a passionate place of sincerity.
JB the Wizard: What CSR says, where you build up your community, where you care about them, take care of them and follow through with your roadmap. And if you do those things, you will outlast all of the influx of, uh, new NFC creators that are not necessarily sincere. And you will have a lasting project that can pay you for that.
Hala: Amazing. Well, thank you guys so much in JB. What you said is so true and I think it's a great segue for me to mention that part three is all about investing in NFTs, understanding what you should look for. What are the red flags, what is a scam? What is a rug poll and some of the legal implications and up and coming regulations.
Hala: So we're going to talk all about that in part three. So thank you so much to Maria Brito. JB. The wizards is our Maximo and Q Harrison Carey who joined us today and had a wonderful conversation. [01:18:00] Thanks for everybody who tuned in. We're going to replay this on the podcast next Friday. And with that said, this is Hala and friends signing off.
Hala: Thanks again to the panelists for your amazing contributions. And until next time, this is Hala and friends signing off. Bye guys.
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