:30 Intro
- Topic: Crypto For Common Folk part 4
3:00 Sponsors
- Cream City Marketing
- www.creamcitymarketing.com
- Spearity
- Recap of last week
- Mining
- Energy into dollars
6:00 Application
- Blockchain
- NFTs
- Logistics
- EX: tshirts and supply chain
- cotton→ loomed → cut → stitched → ship → send to shipper and into container → container to port → customs approved → next ship →
9: 00 Application continued
- Logistics ex:
- Next ship → container is sealed someone picks it up
- Each of those stages is a separate contract
- NFTs
- The idea of blockchain helps with this because you can track from beginning to end automatically and not manually
- Eliminates moving fees, people get paid faster
- Smart contracts
12:00 Etherium
- Etherium is the platform of blockchain on which smart contracts are being built
- There are other side platforms that solve part of the contracts
- EX: you want you avatar to wear that white tshirt you built would be another NFT
- “How do I retain my value in a world where almost everything can be forged?” -14:07 B
- We have been dealing with NFT’s since the age of licensing and video games
15:00 Video Games
- A new upgrade to a character or a truck/car or anything in a video game → NFT
- NFT: Non fungible token → it can be exchanged for something else
- NFTs have been around for a while we just call it something else
18:20 NFT’s Cont….
- Buying fine art is an example of this
21: Brads Drawing NFT *Gif*
- Sells all the clothing he puts on this drawing
- Can all be separate entities
- Someone else has to agree that something has value for it to be an NFT
24:05 Fungible vs Non fungible
- There is data behind each of these things
- Score of value to some extent
- EX: collectibles
- They only have value because people believe they have value
- In NFT very similar but the difference is there may be more than one version of the same piece out there
- They are getting backed with other data → added value to an object
- People want to own a piece of something not the whole thing
27:10 NFTs to ticket
- Gary Vee did this
- Similar to people who ping you to own certain things
- Brad got pinged to own Scottish Land
- Sentimental value over tangible value
30:00 Wrap-Up
- Send questions to info@Sketchyideasshow.com
- More crypto next episode
Full Show Notes Here
