Young and Profiting with Hala Taha - YAPLive: NFTs for Artists & Creators with Maria Brito, Jerome Bethea (JB the Wizard), Cesar Maximo, and QuHarrison Terry

Episode Date: April 8, 2022

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.  Topics Include: - 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. Sponsored By: Grin.co - Find out how GRIN can help you grow your brand. Watch the demo at GRIN.co  WRKOUT - Visit wrkout.com/yap to book a FREE Session with a world-class trainer and get 30% off your first TWO MONTHS with code YAP Jordan Harbinger - Check out jordanharbinger.com/start for some episode recommendations 99designs by Vista - Head to 99designs.com/YAP to learn more and get $30 off your first design contest! Constant Contact -  To start your free digital marketing trial today, visit constantcontact.com  Riverside.fm - Visit riverside.fm and use my code YAP to get 60 minutes free recording and 15% off a membership plan. Resources Mentioned: #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  Connect with Young and Profiting: YAP’s Instagram: https://www.instagram.com/youngandprofiting/     Hala’s LinkedIn: https://www.linkedin.com/in/htaha/     Hala’s Instagram:https://www.instagram.com/yapwithhala/     Hala’s Twitter: https://twitter.com/yapwithhala  Clubhouse: https://www.clubhouse.com/@halataha   Website: https://www.youngandprofiting.com/  Text Hala: https://youngandprofiting.com/TextHala or text “YAP” to 28046 Learn more about your ad choices. Visit megaphone.fm/adchoices

This episode of YAP is sponsored in part by Shopify. Shopify simplifies selling online and in-person so you can focus on successfully growing your business. Sign up for a $1 per month trial period at Shopify.com slash profiting. Booba one will save you on all your eats. Savings can't be beat. Up to 10 percent of your order. Join Booba one and save $0.00 delivery fee Percentage Off Discount Subjects to Older Minimums and Participating

Source. Taxes and other fee still apply. You're listening to YAP, Young and Profiting Podcast. A place where you can listen, learn, and profit. Welcome to the show. I'm your host, Halla Taha, and on Young and Profiting Podcast, we investigate a new topic each week and interview some of the brightest minds in the world. My goal is to turn their wisdom into actionable advice that you can use in your everyday

life, no matter your age, profession or industry. There's no fluff on this podcast, and that's on purpose. I'm here to uncover value from my guests by doing the proper research and asking the right questions. If you're new to the show, we've chatted with the likes of XFBI agents, real estate moguls, self-made billionaires, CEOs, and bestselling authors. Our subject matter ranges from enhancing productivity,

had to gain influence, the art of entrepreneurship, and more. If you're smart and like to continually improve yourself, hit the subscribe button because you'll love it here at Young & Profiting Podcast. Welcome everybody to a live episode of Yap Young & Profiting Podcast. I'm your host Halata and we are live today on Clubhouse in the Human Behavior Club. Young & Profiting Podcast is a number one self-improvement podcast where I interview the brightest

minds in the world. People like Deepak Shope, Bra, Dave Asprey, Matthew McConaughey, 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 recruited an expert guest panel to cover things like why NFTs are so revolutionary, the process and steps to mint an NFT and how to launch a successful NFT project. So NFTs are officially mainstream. In fact, they've become so mainstream that NFT was even selected as Collins dictionaries 2021 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 and profitors out there need to stop up their learning. And that's exactly why I'm holding this series for you all.

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. 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 amazing events. And to finally introduce our panel, Maria Bredo. She's an author, curator, the creative entrepreneur. She also has a new book called How Creativity Rules a World. It was actually one of my favorite books I read this year. It was released earlier this month and she also recently joined me on YAP for episode number 161. If you like what Maria contributes to this conversation, definitely go check out her one-on-one episode.

We also have J.B. the wizard in the building. He's an NFT consultant and the CEO and founder of Futuring with the wizard. We have Cesar Maximo, entrepreneur and co-founder of NFT Times, a group dedicated to decentralized projects. We also have Q Harrison Terry. He's an entrepreneur,

co-host of CMBC's No Retreat, a four-time recipient of LinkedIn's top voices in Terry, he's an entrepreneur, co-host of CMBC's No Retreat, a four-time recipient of LinkedIn's top voices in technology, an author of the NFT handbook, a detailed guide on how to create, sell, and buy NFTs. Let's get into it. One of the key qualities of an NFT or a non-fungible token is that it protects and proves the rightful ownership and authenticity of a digital asset. 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. And their authenticity is verified by galleries, scholars, auction houses, and a paper trail. So I'd love to kick off with Maria because you come from this traditional world. You are an artist curator. You did so much sales of traditional art.

So I'd love to hear your thoughts on the innovation that NFTs brought to the world. 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 of creativity and is a very important advance in how artists are taking control of the careers and over their financial stability

in the day and age. So it is definitely a very different proposition. I have worked for 13 years with contemporary artists who make tangible works of art, paintings, sculptures, prints, drawings, collages, et cetera. And NFTs aren't really not that new. They started in 2014, when a couple of artists were thinking about if they could back up a digital art with the encryption, which is basically the NFT.

And everybody thought it was gonna be a very difficult thing to do. So this whole thing of NFTs has been brewing for already six years or more. And it only was when people was able to sell his every days, the first 5,000 days work at Christie's in 2021 for $69 million when people sort of like got NFTs on the radar and what I mean is the main street because a lot of artists have been working on this space for a long, long time.

And what is interesting about the NFTs is that you can use an NFD basically for anything because you can backup a piece of real estate if you want to or you can backup 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 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, and that I encourage people to explore and understand because this is here to stay, and it'll have many, many ramifications and implications in the future. Thanks, Maria. I think that was such a great response. Does anybody want to chip in in terms of the innovation that NFTs brought into the world

or to talk about the financial and new business model that NFTs brought to the table? JB? Yeah. 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. 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 still requires you to get everything quote unquote together, to get it into alignment, to make sure that what I do a lot with this that it's on brand and in alignment, 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. 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. I think 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 enables. 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 it, you know, with credit cards and whatnot. And what this isn't important because it also is connected to the fluctuations of crypto. And I mean, Ethereum is the cryptocurrency that is mostly used for this right and so you have to kind of think about who are the people who have been benefiting from this type of movements and cryptocurrencies is you know Gen Z and certain millennials who adopted this as part of a lifestyle that the centralized model etc etc cetera, et cetera, right? And so that's one of the aspects that people have to think how these things have been of 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 I have worked with more than 450 artists, but I've also known thousands of them. 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 their tangible works end 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, catalogs printed and books printed by big publishing houses, et cetera. So that is important for certain artists. And the traditional gallery model is that the artist made 50% and the gallery makes 50%. There is something also how I want to highlight. I debunk in my book a lot, the myth of the starving artist

because I don't like that myth. Artists throughout history have made money. It's just that it's easier for people to stay stuck in the idea of Van Gogh and dying in poverty without really kind of like understanding that Van Gogh was bipolar and schizophrenic and kill himself. So I think artists have always made money, but it is not an easy thing,

just like there are dentists who never make money, and we don't talk about the myth of the starving dentist. So just so that I go back to the traditional model, whatever an artist makes and he solves the regalaries that 50, 50 preposition, right? In many other instances, galleries also reimburse artists the production cost. If it is a print or if it's a, you know, the canvas

or if it is something that is an incredibly difficult project with a lot of materials. So that also could be factored in. But with an NFT, the artist is covering the minting, which is how you create them. And everything else is digital. So it's not necessarily a huge cost, if you think about it. But there is a cost being blood. And if you don't sell the NFT, you're never going to make that money back. However, what is the beauty of this? If you like JB was saying, if you build

some sort of a following and you have a platform and you have built community places like Discord et cetera, and people come and they buy and they bid and whatnot, you can make a lot of money. And not only that, you can also program royalties on the NFT so that every time that NFD is transacted, you're going to make a percentage of it. In the tangible world, 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 $1,000 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 today and it happens to turn into a million dollars sensation in two years and I go to Christie's and I sell it.

The artist is not going to get any of that because that money will go to me and I will have to pay fees to Christie's too, right? And so how is this revolutionary that this thing has never existed before, where you can actually keep milking that NFT until the rest of your life if you want to, because every time somebody trades it, you're going to make a percentage of it. So this is absolutely, it is very unique, it's very revolutionary, and the other thing

is, you're going to be able to follow where the NFT is, hopefully, right? Because every time it changes hands, you will know where is it and who has it. And so if you consider that 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 NFT, it changes the whole game of how things are gonna be

in the future. And that is very, it's something that is been discussed right now, and law firms is been discussed in galleries, artists are talking about this, because it's going to lend a lot of transparency to the art world, which is not transparent at all. 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 too. So the implications are they have ramifications that go into very different realms that before we were not really even considering if that makes sense.

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. So this is super amazing for artists. JBS saw your Mike Flash.

What did you like to add? And so, hey, if you want to add after that. 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 so often, right? So I love the idea of getting rid of that concept and the one side. That was amazing what Maria was saying. I absolutely loved that. We don't hear that so often, right? So I love the idea of getting rid of that concept

and the one side. That was just remarkable. The only thing that I would say especially for speaking to 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 get percentages from each sale or trade. So it continues to pay, 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 property and then you know, you have renter in there and then they keep paying you. But I want the artist to understand that whatever is 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. And so true. I would love to start to talk about the other benefits that NFTs provide beyond just financial new business

models for artists. What other benefits do NFTs provide? And why don't we start with Cesare? I'd love to hear your thoughts on the other benefits of NFTs beyond financial. Sure. Hello. Thank you for having me. So since NFTs create a new concept of digital property, it opens the doors to a lot of options. One of them is that it allows the artist to sell the art all around the world. Therefore, dramatically increasing their social impact of their art, of their brand, of their image. You want to emulate that. If the past perhaps your art was limited to a specific country or to 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, United States, right everywhere who has Wi-Fi can receive or get your art if you do things the right way. 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 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 artists to sell more than once

the same art piece, right? I mean, before if you do one statue, for example, which is still great, and we're gonna 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 is up to it, well, you're going to get paid 10,000 times for the same piece.

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. I love that. Those are some great thoughts, Cesar. Thank you. QT, I'd love to hear from you, Q Harrison. What are your thoughts in terms of the benefits beyond just new business models?

When it comes to NFTs, I mean, I think it's a format for expression, right? So we talk a lot about creators. It's a lot about business models. It's good. Like if you're a decision maker at like some Fortune 500 company and you're like, okay, what's the strategy? But in the same way that the MP3 unlocked the ability for grimes or Billie Eilish to create music in their bedrooms and ultimately go and become super mega pop stars.

I know I'm simplifying that a bit, like the creative process started in GarageBand, 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 creations. I think with NFTs, like we've touched on it here in this conversation, like, you know, digital scarcity is like a really big deal. All right, we've touched on it here in this conversation. Digital scarcity is a really big deal.

We haven't even scratched the surface to what that fully means, because there's so many things that are created on your phone, your laptop, your desktop computer, that are just our 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, 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 worldwide web of NFTs and Web3. So it's still very early, anyone that's where we're at in the world wide web of NFTs and Web3. So it's still very early, anyone that's still on the fence, it's not defined that's super confusing. Sometimes I say like just from a very abstract thinking perspective, just think of the NFT not necessarily as the smart contractor,

even the royalty, even the royalties might be a little bit too, like you 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 Microsoft Word document even, like these are documents that we all create and interact with almost daily, I can just put NFT and now it's a unique one of one

digital file 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. That we're seeing. Let's go on to the minting process. Actually, QT, you are the author of the FTPAM book. And you're also the co-founder of the world's first digital art marketplace. So I thought you'd be a great person to explain what minting is and what drops are. Because when it comes to this NFT world, I think the thing that really scares people the

most is the language burial. People don't know what all these terms mean, minting, white listing, dropping. It's like kind of confusing to learn all these new terms. So what is minting and what does it mean to mint your NFT? Yeah, the way I like to think about the term mint is there's like two ways to get an NFT. You can bring it to life, which is effectively minting. So that means you're the first owner of set NFT. Like you literally are the person that created that NFT

in a sense, right? Like you brought it to light. Or the second way of getting it is the secondary market in which case you're buying it from someone that's already minted the NFT, there's probably a price premium associated with that because they took on the risk of minting that NFT and procuring it for yourself.

The whitelist terminology is also fascinating because like what could happen is let's say I created an NFT project and I said hey there's like a thousand of these NFTs. What I'm going to do is I'm going to whitelist the hundred or ten percent of the NFTs for people that help me make it and or like people that have supported and help me market and just get the word out. In that case you have a white list which is effectively me saying anyone that 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 they'll be able to mint the NFT, either for a smaller fee or they'll be able to get in line ahead of everybody else, they'll get access a day before. The public drop is that the public NFT 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. And I know that there's another term called gas fees that people often talk about. So what's a gas fee? So gas is actually a great, it's a great, the best analogy I can get into without blowing your head up about Ethereum and just like how block fames work is we all have probably caught an Uber,

anyone that's in this room or a lift. And there's this thing called surge part pricing. We all have probably caught an Uber anyone that's in this room or a lift and There's this thing called surge part pricing essentially when if you're leaving the club and it's late nights like three in the morning and like everybody wants an Uber or you're at the airport and the flight just came in and everybody's Called an Uber. They're gonna pay surge price of $20 Uber could be $60 to $100 easily Especially if you're in a big city. Gas is kind of similar, not exactly the same, but 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 is basically paying for your transaction to be processed on the blockchain. The people that process the transactions are kind of 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 or transaction to the public blockchain. So that's one way to think about it.

Again, I would recommend reading the NFT handbook. I cover 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 Gatswell is very cheap like two, three weeks ago and now everything's going crazy again. I love that analogy.

That's the best definition or explanation of Gatsby that I've ever heard. 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. NFT roadmaps are called. In your opinion, what is the top elements that you need in an NFT roadmap? Sure. So a roadmap tells people where you're going and why they should come with you. I'm going to say that again.

A 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 won't fulfill on your roadmap meaning you won't do the things that you're telling your community you're going to do, which is kind of, I don't get it to the terms there, but that's what's happening. 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, 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 an art gallery show. Or the next thing that's going to happen is I'm going to do an art gallery show, or the next thing that's going to happen is I'm going to send you a special thank-you card, or 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. So the people who are going to buy your

or your NFT, your pictures, whatever, what is important to them. If you can write that 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. The reason that's important is for the third point. 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 road map, which tells people, hey, once I sell this collection, here's what I'm going to do. It's not. It's a little bit, you could think of it like Kickstarter, once I have this money, here's what I'm going to do with it next. But I'd rather think of it and what'll 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? As opposed to tick things that you're checking off. So those are three things. So what's relevant to your ideal demographic? What did they want? Number two, show them that it's clearly you have a long-term 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? Let's hold that thought and take a quick break with our sponsors. Young and profitors, do you have a brilliant business idea but you don't know how to move forward with it?

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trinom.nom.com-yap for 50% off trinom.com-yap. 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 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. 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 create them. I think there's something called generative art. It's basically like code. So if you have any insight on that

and also how they store value, so why are collections valuable? Well, it depends, you know, that are two different things to unpack 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, Cryptopunks, I have a particular personal favorite, which is the world of women. And why they do this, right? It's like

they create variations of one specific theme or how they, you know, the marketing or the works that they have already put out in the world. And unique, 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. And so why you dropped 10,000 is because, you know, you are willing or first, you're willing to promote them in second, you think that you already will have enough demand, so they will sell.

And so you drop the main batches. And the beauty is that it's almost to think about having an album full of amazing stickers, let's say, right? And so each one of those things is interesting because they belong to us a collection and they will add value to your own collection. Now you as the NFT collector, that's a whole other story, 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. And so that's a totally different thing because it's like that is your own curation. If you're an NFT, a fissionado, 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 and what they mean to you. And also, if you acquire them because you are backing up a particular artist or because you're betting on an artist and you think that 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. So those all those considerations are very important in the act of collecting, but they are two very different themes because one is the one that's 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 it's a very different theme here. And it's the same thing with with dandable art. 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 ethos and ideas. And in that, no many in time,

the art is wanted to put out. And each individual collector who's going to get that painting is going to hang it in the living room or is going to donate it to a museum whatnot, but he will have a very different connotation depending on what that particular collector feels that piece of art is going to do for their own collection. I hope that clear. 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 kind of project as well. They can't. And this is something that is also very interesting because in the world of tangible art uh that are copyrights and those copyrights belong to the artist. In other words, if I buy a painting tomorrow by cause and I decide to take the cause imagery on the painting and create a t-shirt with it or something on the metaverse, cause is gonna come and sue me because that copyright belongs to him. The painting belongs to me and is hanging on my living room,

but that doesn't mean I have a rights over it, over the image, right? Because I can't pull the painting anywhere that I want. I can move to Miami tomorrow and hang it in my mommy house if I were to have one. I can sell it, I can do whatever, but I can't not profit from the imagery. And NFTs are different in that sense.

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, then they can use the imagery and merge it and mingle and create all the things with their own art or combine it and have appropriated that imagery

for all their things. That's one of the most incredible advances, if you will, in copyright law. And it's because right now, and everything and anything around the world of NFTs is the well-wrestled, 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 sneaker with the Nike logo or a bag, a Birkin bag. 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 are an artist and you make a painting and you, 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 because you painted a subject that's wearing Nike's shoes on a painting. But this NFDs, what they have is that since they say small image that is highlighting 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 it's just being created right this second. It's so true and in our third session we're going to have a session next Thursday here in the Human Behavior Club. 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 list out in the beginning of this conversation,

which is the two way financial incentive. So you can own a piece of a wider brand now and then make money off of it. So we talked about Bordey 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. So it's very different. It's very like it's a whole new world and the world, well, the 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 NFTs sometimes they sell for a million dollars, sometimes they don't sell it all. 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 unpack this idea. I think it's really important for artists to understand it. QT, J.B. Cesar,

anybody feel inclined to talk about the Cesar? Sure, just I think Maria gave a very good explanation about what a collection is and how they work. I would just like to touch the second part of the question, which is related to what you're saying about how they create or they store value. The quick answer is they do it just like oil or still, right? Market price, the market supply and the man will determine the project's value. 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 JBL really mentioned,

like the marketing and the strategy and, you know, different other aspects that JBL mentioned like the marketing and the strategy and you know different other aspects that are very common in the end of the world. If you have all these aspects and you have innovation are very good new idea your collection will definitely attract more investors which will attract the map which will increase the amount. track which will increase the demand, therefore the price will go up and therefore you will create and store value. If after you do this sold out or you sell 50% of your collection or whatever, if you stick to your roadmap and you achieve what you promise, because like JB said, the roadmap is very important part of this is like the symbolic agreement between the investor and the founder. You 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 keep your collection trending. More people will want to join.

That's a quick way to create and to store value in an NFT collection. And talking about Rarity, shall we now move on to Rarity? Yeah, let's talk about Rarity, yeah. Okay, well, Rarity is an important aspect in the NFT 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 which are those big 10,000 pieces, 10,000 pieces collections. Variety is the most important aspect which determines which are the most expensive

and the cheapest pieces of a specific collection. They can be from the same artist, all of them with very, very similar characteristics, perhaps on the naked eye, you won't notice a difference, but there are some little differences in there that create this concept of variety in the NFTs. I don't know if you want to go deep into how you can determine

variety by creating a code in your self-generative art process, but the main concept is each 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 their Bar-8 Jack Club collection, you can see that they have some apes that have laser eyes, right? Those red laser beams going out from their eyes. So that's kind of a weird trade. You know, if the collection is 10,000 pictures of apes, only 200 apes have that trade, right? So that's kind of a rare one. And you have a lot of variables that once you have all

the collection complete, you can check the variety of each variable, and that's where you will determine how rare is your NFT by itself. I don't know if I'm being clear, I'm just... No, no, no, I think how you explained it is really clear. 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, then those two are super rare and they cost more. 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. 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.

Yeah, well, first of all, I mean, of course, Cesar just nailed it, knocked it out of the complete park. That's beautiful way of putting 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 hear this Cesar is because our market, the NFT market in crypto in general, is so fast. 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 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. And now it's seeing like, oh, wait, I want it to have almost no traits. 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 market, how does the market perceive that? Do they think that it's cool? Do they think that it's rare? Right? So 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. But the market is determining that. So that's a really major thing I wanted to put in there to think about. That is super interesting, just the fact that it kind of reminds me of like, beanie babies. And 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 cost a lot of money.

And that's what I keep relating it to whenever I'm studying NFTs, which is just 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. So Maria, I'd love to hear your thoughts on that. And then maybe QT and anybody who wants to chip in.

Yes. Okay. Look, Hala, I mean, honestly, I think that NFD's 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. And so the, okay, so when we talked about the 10,000s, and again, like I'm just gonna go back to the example of a world of women because it's one of my favorite ones.

So is 10,000 women, but like you said very well before, how in this case, 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 artist is just variations. So one woman is dark skinned, and other one of mine is white,

and other woman is Asian, and other woman has 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 of women. I think world of women has generated over $50 million in transactions in primary and secondary market. That's what I last time I checked.

So that each one of the NFTs that you can buy right now on OpenSea 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 of an artist created a body of work of ten different paintings in a stage of his or her, their life or whatever, 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 one of a kind, and having a print, which is an addition, correct? And so that is a whole thing of all.

You know, that are other artists who are traditional artists who are also playing in the world of NFTs, but they are making things differently because their main source of income is not NFTs. They just want to be able to participate of the conversation. Sometimes these are people who are older and they have already created legacies, have had retrospectives in museums and things like that and they just want to have a chance to play around with things. For example, Damian Hurst

did a drop last year of NFTs that was incredibly interesting because he was asking people that when they would buy an NFT or an adrolling at the same time. And so that later they would have to decide whether they wanted to keep the NFT or the drawing because that means that they are betting on one thing or the other, but each one of those drawings and NFDs were one of a kind.

And it's just a very interesting proposition because the way that Damian Hersh was able to structure this is that he's actually gathering data of who's buying this NFTs and this drawings 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 it the NFD? So it's a very smart way for that type of artist

to get information off 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, So the way that I see this thing's evolving is it's got to be depending on what kind of artists you are because if you flaw the market with NFKs 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 and I'm just, I created, you know,

2000 paintings and they are just like either dying in my studio or in the hands of the wrong people, you know? So this is a thing that artists have to consider and 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's what you're going to make in return or are you just going to try to do certain things and pump your market, right? And so other great examples of all these 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 that Christie's in March of 2021. That is just that's 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 special NFTs that he was dropping.

But when he did this project with Christie's, it was the first time an auction house of that caliber actually connected and was willing to partner with a digital artist to sell an NFT. And so it was bought by this investors 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 old digital, right?

And so this is a really incredible project that is very, very meaningful in history. And so it actually tells you the difference is that building a community and building a world around what you do and having some sort of a concept in not just like throwing a NFT just for the sake of throwing an NFT and minting it and just putting it out there can make a big difference in having a whole concept, a whole idea, a whole background. Like, why is this a special? And I think that artists have to think a lot about that before just wasting the minting fee and the time

of putting things out that don't mean much. Hmm, really great points, really great considerations for artists to take because it's not free to do an NFT and you gotta weigh your pros and cons in terms of if 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. 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 basically to me, it's like, it's just a representative of the fact that you own the NFT. So I'd love to talk

about the importance of community. Let's go to Cesar and then to JB. Sure. So talking about community, that's one of the most important aspects for a project, like you just said. 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 thank evolution for that since our ancestors, you know, mammals being part of a community was probably the difference between life, between life for that, right? So right now owning an NFT also certifies that you're part of our community with some specific advantages and consequences as well. So for example, being part of the board

if Jack Club community, it has a lot of benefits right now because it's like the hot community. You know, if you get one of those, you immediately became an influencer and advisor and you're in the business of the NFTs, right? So 10,000 NFTs might sound like a lot, but if you're talking about a worldwide community, it's actually a pretty classic club, right? And a pretty classic club where other members are Mark Cuban, Snoopdoc, Shaquille Niels, or Annabelle Amstivoke, Paris Hilton, you name them many more.

So that's kind of a really important part of being a part of a community for an investor, right? For us as an investor, it's really important part to be 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 give strength or power to your project, right? And as a founder, you have to keep in mind that your community will give

strength or power to your project, right? If you're into your goals, to the goals of the roadmap of your project, you also have to keep in mind that your community, it's also your list of prospects and clients, right? So tell me about a business in which the clients are not the most important part of their all productive chain, 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? Doing stuff like buying fake members, stuff like that. And trying to replicate these kind of benefits to the people, to the market, to the prospects.

For example, these not-so-old project called Metropreneurs, as they were calling themselves, the winners club. They were a community of people, of entrepreneurs, that will, their main obvious was to teach each other about how to create a successful business, right? So they had a lot of hype. They had a lot of people, you know, their art was very simple, their art was very simple,

their roadmap was simple because all they do was they will teach you how to do a page for a company and they might do some you know YouTube coaching videos which perhaps you can find them for free anyway but the idea of creating a community of entrepreneurs was so good for their marketing that they created an awesome community and they did very well in their sales right now right now they keep selling and they did very well in their sales right now. Right now they keep selling and they keep doing really well in the secondary market. Community is definitely a must and you have to keep it right on top of your head because the utility is like your product and the community is your clients. So for me

those have to be your top priorities. Oh my gosh they 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 NFT creator, you're not just an artist, you're a community builder. So tell us about that. I mean, you can't even top-susur. He just nailed it. I'm so happy hearing that. It's like, yes, right? That was beautifully said.

So the only thing, you know, he's the importance of the community building it. I guess what I would say, like, as a founder, right? As an artist, it's just really, here's a cool little tip. Create a community of people 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 NFT pieces right so it's a really you want to think about that concept there's 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 in other people. So maybe sometimes as an artist you can 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 could just be around each other positively. If you think like that or feel the way that I feel and we could just be around each other positively. 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 TikTok or wherever you're putting out content, you can feel like it's like hell on earth because you don't really want to be getting content. You want people to look at your work.

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 the only other thing I would add

to what he beautifully said. Amazing. Thank you guys 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 an NFT project called BAPES Business Apes. And we had a white listing and basically it was like a VIP list or guest list for an event, and you basically get early perks when you're 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 listing.

I think that this is very connected to the part that both JBSs are we're talking about community because you want to whitelist your most important collectors, your fans, 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 doing. And so that's no different from galleries that prioritize selling tangible art to the collectors who have been a part of the gallery for years, who have already spent an enormous amount of money with their galleries just backing up all their artists, backing up their programs, etc. So I see it as something

that is more a reward for loyal community members rather than an exclusivity feature that kicks people out. We'll be right back after a quick break from our sponsors. Hear that sound, young and profitors. You should know that sound by now. But in case you don't, that's the sound of another sale on Shopify. Shopify is the commerce platform that's revolutionizing millions of businesses worldwide. Whether you sell edgy t-shirts or offer an educational course like me,

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profiting. That's masterclass.com slash profiting for 15% off an annual membership masterclass.com slash profiting. It's so interesting, Rhea, 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 whitelisting or any thoughts there? Sure. So, if you see the whitelist, like you say before, it's a VIP list in which you give some special

perks to some specific members of your community. So it's kind of a work, right? So I don't want to sound like the Corb guy again, but if you see this in the business industry, it's like having different kinds of clients. And you know, you have these big clients with huge accounts, they buy you every day. And of course, if you get to this 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 this situation in which okay I can't deliver to everyone right now. So I will give special priorities to the big clients right to the ones that help me when I was no one right and to the ones that I know that even if I make 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 list of benefits for special clients and yeah, you even give them the social honor to have a special badge in the community, right? They can show in the Discord group, I'm 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 specialist to your most important clients.

But I have seen other projects who create really big white lists and this really affects the project because usually one of the perks that you get as a BAP or whitelist is that you get to mint or create or buy the NFT first and the rest of the people. So if your whitelist is full of people that are not convinced by your product, this will be very negative for the general eye match of your project. If you're white, this is your BAPs, which are supposed to be your most important clients,

and not buying your product, then when you go on the public sale, you're going to look back. So you have to be on that sweet spot in which your list is just really your most important clients. I love that advice. It's great advice because most people just think, oh, if I have a whitelist, so everything will work out

perfect. And you're giving us some other considerations. JB, did you have anything to add to this topic? Even to say no, I would unmute myself wouldn't I? But no, that was serious out there. The one other angle, this interesting that I really am into doing is that I call it crew listing and insider listing. I love the thing that this is our said regarding 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 project even like releases. I think that's a really fun thing. It already builds a community of building the community before the community is even there. So that's pretty fun thing to do. There's another thing 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, if you give you access to being getting these perks for this new project, 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, crudist sort of thing. Amazing. So the next thing I want to talk about guys is utility. Utility when it comes to an NFT, it can be the art. In my opinion, it can be the community, but 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 anybody who wants to talk just flash your mic and we'll go to you next. Sure. Utility can be extremely fun. So what it means is let's say someone purchases an NFT, what other perks do they get in addition to having this really cool, beautiful piece of digital art? So some examples are they might have access 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 can be a certain form of a utility. Passive income is considered to be a utility right now. So an example is you would take the NFT and I don't want to get confusing here. Let's just say stake it. Bottom of mind, you'd have this NFT and you can receive some financial rewards that come in and be monthly

By having that that's the form of utility. Oh 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 3-ED character in a game that we're developing, for example. 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 things that they would look for? It's one of things that we like to do skateboard. So we're considering what we have is building an actual skate park, right? But there's more to that. But those are examples of utilities.

I love that you just alluded to 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. So I think that's pretty 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? Sure. 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 said, 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? I mean, I know it's not your property. Yeah, yeah, don't cancel me. I know that's not a property thing, but it does establish a set of rules for you and for your partner, right? And you have to accomplish that. And so by that little paper, the government of the United States, of Argentina, Brazil, Mexico, England, certifies that you two are on that relationship. And now we have this new digital concept of property that it's not established by the government, by the United States, by 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? 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 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 the utility. Amazing. All right. So I think a great way to close out the discussion, which by the way, 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. 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 artist? What are the right and wrong reasons that you should enter this space as an artist? That's number one. And then number two is what is your prediction in terms of the future of art and fts? So let's start off with Maria. What are the right and wrong reasons that you should enter into the space? And what is your prediction of the future of art and of tees. So let's start off with Maria. What are the right and wrong reasons that you should enter into the space?

And what is your prediction for the future of the art of NFTs? I think the right reasons are the same reasons why you do anything that you do in life, right? It's because you have a passion. It's because you want to connect. 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 wrong reason is that's the only motivation behind why you want to get into the space of NFDs because as we have all said already, it moves pretty fast, it requires a lot of research and time to be kind of watching what's going on in the market,

and it also requires minting fees, et cetera. So I would say first, build community, second, pay close attention to what's happening, third, be very good at what you do, be a good artist, right? I mean, in really try to do something that brings a lot of value. And so that is the right reasons why you want to get into this. And my prediction is that this is going to have enormous ramifications not only for digital art, for everything else that's set before. So NFTs are gonna change a lot of legislation. They are gonna change a lot of the things that have to do

with traceability of artworks, with how artists are going to collect baby in the future. And in 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 NFT, whether that is digital piece of art or real piece of art. And that is going to be the blockchain is going to be the ledger with all the transactions are going to be crystal clear and people are going to be able to find a piece of art. It whether it is in New York or is in Kathmandu people will have artists will have the possibility of knowing where their art is 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 happening 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 that was 110 years ago.

And it took all this time for something as revolutionary to come to the art world. So definitely, this has a very important impact, but it's like everything is going to settle. A lot of all, you know, the frenzy that's happening is going to calm down. And a lot of artists who came to play will have to kind of like give up and disappear because it might not necessarily be that this is the right medium for them. It's not that they are not in the right place of being an artist. But, you know, like I said before, you've got to be here for the right reasons and you have to put things of value out there. I love what you just predicted how every single piece of art you think is going to be backed

up by an NFT that's so smart and it's so true. It's just going to be the way that people ensure their secondary sales and sure they know where their art lives and it's just that seems like it's definitely going to happen. Say, Zara, I'd love to hear your thoughts. What are the right and wrong reasons to get into this space and what are your predictions for art and FTs? Well, I think that even before you get into the space, I will make a very quick recommendation for everyone

to try to jump and buy other projects. 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? Because once you're there in another community, once you become part of another community, once you go and buy 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, of other companies. But also, you will understand the feeling of being there, you know, you will see

people that is, you know, investing the money of their family into the NFT. So, yeah, the budget of the whole week, just going to buy, you know, a lion and stuff like that. So you will get to see a lot of very important aspects related to what your community needs to what your community wants, and because they're not going to tell you that. They're not going to go there and tell you, hey, come on. You know, your wireless is to be cool. Hey, come on. Can you make more announcements or, hey, come on, can you please reduce the mint price because nobody's going to pay to it? You know, you're going to be able to understand all those aspects by experience, by joining other projects.

And once you go there, you buy other products, you understand how the whole system works, and you understand how communities work, and how other teams work. Now you can think if your reasons and your tools are the right fit to go into the space, to go and become a founder, to go and create a team, right? 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 future of NFTs will look like, Cesar? Well, it's gonna be very related to what I just said before. Like I think it makes a great opportunity to create a lot, a lot of stuff related to our day-to-day basis. For example, your ID, just personal ID,

your birth certificate, your marriage certificate, everything related to yourself, to your information. And other stuff, for example, today some concerts are doing their tickets now are NFTs because it's easier, right? 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 to work with NFTs, then you should definitely go for it. And yeah, the future is not too far away. Actually, some companies are already

thinking about in which way they can go and take real estate, break something into pieces, and create a collection for owners. So perhaps now you're going to be able to buy an NFT and own 1% of house right, the fun apartment. And people are already doing that. So if you see that, but then that's going to be, uh, it's going to be going to see an evolution for in every aspect of our day-to-day life. Especially when you talk about companies, right? Instead of having shareholders, you can have like NFT holders, right? And the NFT can have specific rules which will be introduced in the blockchain and everything is going to be more control, more transparent. And yeah, we're going to be a more efficient community thanks to this

blockchain technology, which is the technology behind the NFTs. 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 who are still rocking and using a phone and, you know, still able to participate in the world. 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 hear your the world. 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 hear your final thoughts. What are the right and wrong reasons to get in the space and any final predictions? I'm sure, sure. Maria made a beautiful point. So Sarah made a beautiful point. So I agree with what they, certainly what they said. When it comes to the right reasons,

the way I would summarize if you're going to call it the right 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. So if you are an artist, or if you're someone wanting to enter the space and create something, the concept in your mind, like the start, start with saying is like when you join or you purchase NFC yourself, you'll know what it feels like. You really want to care and understand our community. We're a culture, we're a community. We tend to be very, very giving. You'll see people just donating and giving each the way and giving crypto money. 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 is very giving. 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 exactly Maria says you want to come in there, something that you're passionate about. So this is just a further extent of what that would look like in the NFT space. So number one, the right way to come in 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. That's the right way. The wrong way, of course, is if you're saying, hey, wow, money's great. There's not the wrong with money, but if you're coming in and say, how much can I get? This is huge. Let me do it. People will smell it. And you will be kicked out very quickly and it won't work out well for you. So that's the right and that's the wrong. The positive way to come in and then the way we don't recommend. The next one is the prediction if you like, especially for RNFTs because 100% NFTs are going to become very normal. 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 full by having that same piece of real estate in a metaverse. It's a crazy way of looking at it, but that's real right now. The JavaScript license is the merit certificate. It's all of these things. The concert tickets, it's clear this is what is currently happening.

We'll be the future. When it comes to an R NFT, I think if I were to make a real what I think will happen to our space, this is different. I didn't expect to say this, but think about it like before people had Photoshop or when people used to put a magazine together and they had to cut, you know, with scissors and then you just glued to put a magazine together and then, you know, people started to be able to have Photoshop and then Canva came out. The more people understand NFTs, it's 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 isn't repositive, but this is what will happen. Poorly created art, poorly created communities, the quality is going to go down. There's going to be an influx of new people into the 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. So they're going to spend more money than they should on garbage projects and potentially also more money on quality projects. As an artist, as a creator, and as a founder, all you have to do is exactly what Maria says. Care why you're here, and pour that art out from a passionate place of sincerity. What Cesar 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 new NFT creators that are not necessarily sincere and you will have a lasting project that can pay you for life. Amazing. Well, thank you guys so much and 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 that part three is all about investing in NFTs, understanding what you should look for, what are the red flags, what is the scam, what is a rug poll, and some of the legal implications

and up-and-coming regulations. So we're gonna talk all about that in part three. So thank you so much to Maria Brito, JB The Wizards, Cesar Maximo, and Q Harrison Terry, who joined us today, and had a wonderful conversation. 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. Thanks again to the panelists for your amazing contributions. And until next time, this is Hala and friends signing off. Bye guys.

This is Hala and friends signing off. Bye, guys. All right, young and profitors, that was part two of our three part series on NFTs. We talked all about NFTs for creators and gotten to some terminologies like minting, white listing, and gas fees. There's so many things to think about when considering minting an NFT.

Our guest today stressed how crucial community is and how important it is to be authentic in what you create. Yes, NFTs are great opportunities for artists financially and can help them get their name out there, but NFTs are so much more than that. So when you're getting started, take time to understand NFTs. Build a community. Make something awesome. Consider rarity and white listing and don't forget your roadmap.

Now this space is rapidly evolving, so if you're interested in getting involved as a creator or as an investor, you don't forget your roadmap. Now, this space is rapidly evolving, so if you're interested in getting involved as a creator or as an investor, you've got to pay close attention to what's going on. And I can help with that. We've got part three of this NFT series coming up later in April. Part three will cover investing in NFTs,

red flags, scams, rug polls, regulations, and so much more. I've got another awesome panel lined up and I can't wait. You guys can also go back and listen to Part 1 if you haven't yet. Part 1 of this series was released a few weeks back and it's called NFT Basics and Beyond. I'll stick the link in the show notes. In the meantime, let's keep exploring the NFT space together. Drop us a five star review on your favorite podcasting platform if you enjoyed this episode. And you can find me on Twitter and Instagram at Yap with Hala or LinkedIn, Hala Taha.

Or go ahead and text me by texting Yap to 28046. That's YAP to 28046. You'll also get exclusive offers and content. Thank you guys so much for tuning in and thanks to my Yap team as always, this is Hala signing off. Are you looking for ways to be happier, healthier, more productive and more creative? I'm Gretchen Rubin, the number one best-selling author of the Happiness Project. And every week we share ideas and practical solutions on the Happier with Gretchen Rubin podcast. My co-host and Happiness Guinea Pig is my sister Elizabeth Kraft.

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