Crypto & NFTs are all the rage these days, but it’s hard to tell which direction things will go.
This Friday at noon I’m super pumped to have Ryan Baptiste on the show to venture down the black hole on these markets.
He’s been in the game since first learning about Bitcoin in 2013 and has lately been entrenched in several companies doing groundbreaking work in the space.
He’s also got some exciting ventures of his own on the horizon….I’m going to try to be like a sponge and absorb as much as possible from Ryan’s expertise!
Jeremiah introduces his message of the week, “bitcoin does not compete against currencies” which comes from his guest, Ryan Baptiste, who is an expert in Crypto and has been working with Bitcoin since 2013. Ryan goes into his background with Crypto, and how he learned about different programs that allowed for NFT (Non-fungible Token) to be written in Bitcoin itself. Even though NFTs have gained a sudden increase in popularity in 2021, they have been around since 2015, and Ryan explains the different possible factors behind why NFTs have become a current craze. Jeremiah and Ryan discuss blockchain, which is essentially a non-reversible database, and isn’t always currency based, as blockchains can be used for informational purposes as well. The two discuss the main purpose of blockchain, and how it is for record checking purposes in most cases. Jeremiah and Ryan continue to discuss crypto currency in general, and whether or not it competes with the formal US paper currency.
Jeremiah and Ryan discuss other uses of cryptocurrency and the bitcoin wallet, specifically through marketing purposes. The two discuss what the future could hold for Crypto in terms of fractional investments on physical objects. Ryan explains how NFTs and physical items can be either integer or divisible, and how physical items are newer to the Crypto investment community. Jeremiah and Ryan discuss how prevalent fraud is in the Crypto world, and the different ways that fraud arises within Crypto and NFTs. The two discuss El Salvador, and how recently they have been working towards using Bitcoin as a legal tender within the country, and what their reasoning behind this decision might be. Ryan also explains why Crypto is known as the “digital gold” after Jeremiah asks if precious metals play any part to Crypto levels.
The two discuss Ryan’s NFT business, and how it runs and operates. Ryan goes in depth on how selling a NFT works, and how physical objects like baseball cards come with a NFT token, and the physical object would not be worth the amount it is without the NFT token attached to it. Ryan explains how collecting NFT tokens is like collecting anything else, like physical baseball cards, and even though digital NFTs are digital, only a set amount of people can own it, allowing someone to own a bit of Crypto. The two discuss the liquidity of selling cryptocurrency and NFTs, and how one can “cash out” after they gain wealth through selling Crypto and NFTs. Jeremiah and Ryan discuss the craze behind buying NFTs at the level of those sold by Gary Vaynerchuk, where he draws animal sketches and sells them as NFTs. Ryan explains in cases like Gary Vaynerchuck the NFTs he makes sells quickly due to his own popularity and his fans, and people are buying his NFTs due to their association with him rather than the actual content of the NFT.
Jeremiah and Ryan discuss a recent NFT tweet Jeremiah saw on his timeline, about someone who bought a facemask NFT, a tweet that showcases how NFT and Crypto, while still a new industry that is currently used for trading between parties, has a bright future as an industry. Ryan explains the goals he has for his company in the future and how he plans to make use of Crypto when buying and selling his NFTs. Jeremiah compares Ryan to a financial advisor in terms of Crypto, and Ryan explains where the best place for someone to invest their money in Crypto to get growth out of their investment, as well as what amount would be a good amount of money to invest into Crypto.
