Latest / The Curve / RTC24: NFT's - the new kid on the block(chain)

Transcript

RTC24: NFT's - the new kid on the block(chain) · The Curve

• 0:00
  Welcome to Season 2 of Raising the Curve, a conversation for women who want to
• 0:06
  learn more about money, via money. For the future they want to have. The pursuit
• 0:11
  for financial confidence and increasing your wealth should be a simple one. So
• 0:16
  this is a place for you to learn about investing in finance in a non-scary or
• 0:20
  intimidating way. Thank you for being here and for listening. Because together we
• 0:25
  really can raise the curve. Hi, welcome to episode 8. We both look, we're not
• 0:33
  feeling 100% today. Probably about 80. I would have gone with 75, but the
• 0:38
  savoury muffins really boosted me up to maybe 80%. I'd end up as if it might
• 0:44
  be more like 60. Yeah, I do find the energy and the like just general
• 0:49
  attention fades. Did you have a coffee? Yeah. Oh, when I have coffee I sort of
• 0:55
  like me. You would like 200% for the end of the episode. Yeah, I remember so I've
• 0:59
  called me once and I was just listening on the phone and then I had to
• 1:03
  interrupt and I was like, so babe have you had a coffee? I couldn't even get a
• 1:08
  word in Ejrae. She was just talking like for half an hour. Yeah, it was bad. I get on
• 1:13
  these like it's honestly this this might have to be edited out, but like it's
• 1:16
  as if I'm on like correct. It's like I've had cocaine. I just can't stop talking.
• 1:20
  Pee. Yeah, it's dangerous. And my anxiety just goes through the roof anyway.
• 1:25
  Not important. But you do look like fear of force at this morning. Thank you so much.
• 1:31
  Yeah, I've had me here. Carps the first haircut and have you watched it since? No. Yeah.
• 1:36
  I wanted to try leave it as long as possible. Yeah, man. Doesn't need it.
• 1:40
  What?
• 1:42
  Worst life.
• 1:43
  Shut up. Thank you.
• 1:45
  Hey, also sorry, just to quickly divert. I've got a surprise for you.
• 1:48
  Same. Guess what I did this week.
• 1:51
  I think we. Oh, what? I changed my Kiwi saver.
• 1:56
  I know. I finally did. I changed my Kiwi saver from a default provider.
• 2:01
  I'm in generate. Nice. Generate high growth. Why I've been. It's like in terms of
• 2:05
  the returns. They're differently volatile. Yes. Yeah.
• 2:10
  But I don't plan on buying a house for a long time. Yeah.
• 2:14
  And I thought some of the returns that had was like 17% in a year.
• 2:19
  And I thought what was the like long term?
• 2:23
  I have written this down. I promise I did my research, but I don't have it on me.
• 2:26
  Because I forgot my computer today. That's right.
• 2:28
  But maybe when we do an episode on Kiwi saver, I can say why I chose that.
• 2:32
  Yeah, we can bring it up and do a little. Yeah. That's a good idea.
• 2:34
  Yeah. Yeah. Because it's taken me nine months to finally do it.
• 2:38
  Yeah. So that was my little surprise. I was so proud of myself.
• 2:41
  That's really good. Like the easiest thing ever.
• 2:44
  I thought it would be this horrible, like monotonous, boring process.
• 2:48
  Because you just apply to generate. And then they sort it out.
• 2:50
  Because they want your money. So they're going to make it as easy as possible.
• 2:54
  Like the number of people that say, I don't know where my Kiwi saver is.
• 2:58
  Chill out. There's thousands of people that did job.
• 3:00
  And then also you don't need to just go to the one that you want to join and say,
• 3:04
  can you go find it?
• 3:05
  Yeah. I also am bringing over my super Australia.
• 3:09
  Yeah. So they're going to bring that over to have it all in one place.
• 3:12
  All in one place. And I just feel like such a big girl.
• 3:15
  And you can watch it grow and grow and grow.
• 3:17
  Because I had it in BNZ because I was just the classic person that thought,
• 3:20
  fine, I can see my savings account. I can see my spending.
• 3:24
  I can see my Kiwi saver. My Kiwi saver account that I can't spend until I'm 65.
• 3:29
  And I just, I would see it going up like a little snail, just tiny, tiny bits every year.
• 3:33
  Like it was quite bad.
• 3:35
  Yeah. So now I feel good.
• 3:37
  Yay.
• 3:38
  You're really good about it.
• 3:39
  Well, high five, you bet I'm too far away.
• 3:41
  What was your surprise for me?
• 3:42
  Is it true with crypto?
• 3:43
  Yes. Did you open the account?
• 3:48
  I was doing this yesterday and I was like, you know what?
• 3:51
  We talked about opening an account.
• 3:52
  I was like, and we, oh my gosh.
• 3:55
  There's no money.
• 3:55
  I love it.
• 3:56
  Yeah.
• 3:56
  I actually bought anything.
• 3:57
  What's our account called?
• 3:59
  Do we have a fun name or not?
• 4:01
  No, it's just, it's just, yeah.
• 4:02
  It's just the curve.
• 4:04
  I feel so excited about sharing an account with you.
• 4:07
  Yeah.
• 4:07
  We're live partners.
• 4:08
  Just as partners and now we share a bank account.
• 4:11
  Amazing.
• 4:13
  Cool. How much do we put in?
• 4:14
  I don't know.
• 4:15
  I reckon at least a thousand.
• 4:16
  Yeah.
• 4:17
  Yeah.
• 4:17
  I'm feeling good idea.
• 4:18
  I'm feeling like we start the new year with a bang.
• 4:21
  New year, new me.
• 4:22
  Yeah.
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  New crypto account.
• 4:24
  So what are we, are we learning about crypto today?
• 4:27
  Are we learning about NFTs?
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  What are we going to be doing?
• 4:29
  crypto and NFTs because they're all, it's one of the same.
• 4:33
  Really.
• 4:34
  But I wanted to start a bit backwards this morning and start with a summary
• 4:38
  of the last three episodes, because we, there was a lot to digest in the last
• 4:43
  two episodes and I think for both of our benefit, rounding it out, as well
• 4:48
  as for listeners, it'll be great.
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  Is this like a bullet point key point sort of situation?
• 4:54
  Yeah.
• 4:55
  So I guess taking a step back, if we look at cryptocurrency, what does
• 4:59
  actually crypto mean?
• 5:01
  And we probably should have done this a few episodes ago, but the word
• 5:03
  crypto actually means secret or concealed or hidden.
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  Does that?
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  So if you think about like in the basic sense of the words, it's a hidden
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  currency or a secret currency.
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  It's like spikers.
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  Yeah.
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  Use all these technical words, but it's actually like cryptocurrency is just a hidden
• 5:20
  currency, really.
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  And it's because it is anonymous.
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  So it's like we said, it's not issued by a central authority or bank or
• 5:28
  government.
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  And the best known cryptocurrency is Bitcoin.
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  And then we moved on to blockchain, which was just the public record of all
• 5:39
  of those past transactions.
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  So it was like the Excel spreadsheet pretty much.
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  The thing is given to everybody so that it can't be hacked.
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  So when even someone completes a transaction gets recorded on the block and
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  then added to the chain of transactions.
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  Whoa.
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  Does that make sense?
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  Yeah.
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  So I was trying to make different ways to explain it so that I would understand
• 6:00
  as well as you.
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  And it was like, yes, you're adding each transaction gets recorded on the
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  block and it's added to the chain of transactions.
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  And then that record is what gets sent out to is dispersed to everybody.
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  So it can't be hacked.
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  Everybody has control over it over those transactions.
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  So think about it like a Google doc.
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  Okay.
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  Use Google Doc.
• 6:26
  Oh, like I've shared it with everyone.
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  Yes.
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  Yeah, yeah.
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  So when you create a document and you share it with a group of people, that
• 6:31
  document is distributed instead of copied or transferred.
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  So everyone has access.
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  Everyone has access.
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  Everyone can see all the changes that they have.
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  Right.
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  An LG.
• 6:40
  Yes.
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  Go that.
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  Go wiki.
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  Go wiki.
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  So you've run his access to the same document at the same time.
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  So there's no confusion.
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  If I hacked it, you'd see, you know, or if Mary hacked it, you know, we'd see.
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  What the hell is Mary?
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  Blockchain is like a Google doc.
• 6:59
  All right.
• 7:00
  I'm so excited we have an account.
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  Can't wait to be in the crypto world.
• 7:05
  Yeah.
• 7:06
  I'm going to read it, Duckey, that's like, look at my crypto today.
• 7:09
  I know.
• 7:10
  You're going to have 30%.
• 7:11
  Oh, I've just made 30 cents.
• 7:13
  It's like those.
• 7:14
  Crossfit.
• 7:15
  You're going to be like a Crossfit guy.
• 7:17
  Yes, yes, I am.
• 7:18
  Yeah, yeah, yeah.
• 7:19
  Invest in crypto, yeah.
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  Or a gamer.
• 7:21
  I'm just going to be obsessed with it, I think.
• 7:23
  Yeah.
• 7:24
  I need a crypto outfit.
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  I think I might have to get it.
• 7:27
  Oh, gosh.
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  A cap, a key ring.
• 7:31
  I think like, you know, like kind of extraterrestrial lives.
• 7:33
  Oh, got to.
• 7:34
  You know, mystery.
• 7:36
  Yeah.
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  Secret coin.
• 7:38
  I can have my crypto outfit.
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  Fun.
• 7:41
  Okay.
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  Summary.
• 7:43
  Got it.
• 7:44
  Got it.
• 7:45
  So crypto and blockchain, they often get put together or, you know, worded together.
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  But they're actually kind of.
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  They're actually quite separate.
• 7:53
  Yeah.
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  So one is the currency, which is the crypto.
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  And the other is the technology that supports the currency.
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  So that's the blockchain.
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  Cool, cool, cool.
• 8:03
  Another analogy.
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  Oh, I'm just on fire.
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  You really are.
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  Is that if you think about investing in crypto currency, it's like, this is actually not
• 8:14
  really an analogy.
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  It's like investing in foreign exchange for investing in foreign currency.
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  And is that because you haven't used it in your everyday life?
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  It's more that you would exchange your Kiwi dollars or New Zealand dollars for, say,
• 8:28
  US dollars in the hope that that exchange rate goes up.
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  And then you get more value.
• 8:34
  That's a great way.
• 8:35
  Okay.
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  So when you're investing, that's what you're doing.
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  You're buying crypto.
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  And the hope that it goes up.
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  And then you can cash your money back into, sorry, cash your crypto back into New Zealand dollars
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  and get more money.
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  So I'm not sure if you're going to touch on this later in the episode.
• 8:48
  But what I don't understand, what I've heard people talking about a little bit is,
• 8:53
  okay, so once you've got your crypto, how do you cash out or get the money?
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  Or is it always in crypto currency?
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  That's what I don't understand.
• 9:01
  No, so you can't go to an ATM and cash it out.
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  But you just, in your digital wallet, which is what we set up.
• 9:10
  What I set up.
• 9:11
  But we've got.
• 9:12
  What we set up is, oh, sorry.
• 9:14
  It's an exchange rate.
• 9:15
  You buy five percent of a Bitcoin.
• 9:17
  Yeah.
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  And then hopefully it'll increase in value.
• 9:19
  And then you'd sell that point five of a Bitcoin and for a greater value.
• 9:23
  And then you can cash out.
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  So you can take that money.
• 9:25
  Yeah, yeah.
• 9:26
  So you, but you just have to, so it's kind of like when you invest on, on stake,
• 9:30
  you load money into stake, you then go and then you buy shares in Facebook, Microsoft, Amazon.
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  Then when you want to sell those, you have to sell those shares and then you withdraw your money.
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  It's the same.
• 9:41
  There's just that kind of two-step process of that makes sense.
• 9:43
  So there's like 10,000 different types of coins.
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  But how would what determines what moves those coins in different ways?
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  Supply and demand.
• 9:52
  So that's the same thing.
• 9:53
  Yeah.
• 9:54
  So it's like, it's the more popular the coin, the more people want to buy it,
• 9:58
  the forwards price goes up.
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  So Bitcoin's the most popular.
• 10:02
  So say I found a Bitcoin that was called the leaf coin.
• 10:05
  Sorry, all behind you's got leaves all over it.
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  Really original.
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  So the leaf coin, I discover the leaf coin and it's 20 cents for a leaf coin.
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  And I think, brilliant, this is so low, I'm going to invest 50 grand in leaf coin.
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  And then no one ever ends up buying it.
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  Nobody knows about leaf coin.
• 10:23
  No, 50 grand is going to stay 50 grand.
• 10:25
  But that's fine.
• 10:26
  I wouldn't care if I said 50 grand because then I can just take it out again.
• 10:28
  Yeah.
• 10:29
  But the problem would be if no one else, everyone else, this, and it takes their money out
• 10:33
  and then it goes down and then I'm like, shit, I've lost it.
• 10:35
  Yeah, yeah, yeah.
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  If everyone else wants to sell.
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  And that's like with a stock as well.
• 10:40
  You want to find that coin or that investment that everyone is going to buy.
• 10:46
  I actually want it to buy.
• 10:47
  Yes.
• 10:48
  I'm going to join a group.
• 10:49
  I think I'm going to join a crypto group and find out all the hot goss from them
• 10:54
  and report back so that our shared portfolio is going to go for a walk.
• 10:57
  Sorry, I'm just a my crypto group.
• 10:59
  I can't talk right now.
• 11:00
  I'm sorry, I'm just with all my crypto.
• 11:01
  I'm just trying to make my crypto.
• 11:04
  So getting on to what the zepersides actually about today.
• 11:08
  Yes.
• 11:09
  Okay.
• 11:10
  Yes.
• 11:12
  Anifties.
• 11:13
  Anifties.
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  So fungible tokens.
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  Tommach tokens.
• 11:20
  Halfway there.
• 11:21
  Two thirds of the idea.
• 11:22
  Anifties.
• 11:24
  Non-fungible tokens.
• 11:26
  Yes.
• 11:27
  So this is, I guess the new kind on the block chain.
• 11:31
  How new is it on the block chain?
• 11:33
  Because I've heard about it for probably six months.
• 11:37
  New sort.
• 11:38
  Yes.
• 11:39
  around for longer than that and we only just heard about it and so it's I guess it's the latest
• 11:44
  use case in terms of popular one that's taken off. Yeah and it's I mean I don't know when it started
• 11:51
  but yeah obviously getting more and more traction because there's been a lot of like articles
• 11:57
  in the newspaper about its uses so it's getting used more and more which means that you know people
• 12:02
  are hearing about it more and more but like Bitcoin has been around since 2009 and
• 12:09
  it's only really the last couple years that it's kind of taken off a lot or being a hot topic
• 12:14
  amongst conversation but what NFT is is it represents a single unit of data stored on the
• 12:22
  blockchain so it's it's kind of like a certificate of authenticity if that makes sense proving ownership
• 12:32
  of a digital asset. So it's using the blockchain just like cryptocurrency but it's not a coin
• 12:41
  like a certificate of purchase. Yes exactly. It would be like if someone bought a piece of art
• 12:45
  from webs auctions and they were given a certificate that says like this belongs to you
• 12:50
  is it kind of like that except it's digital? Yes so but it's used it's purchased using cryptocurrency.
• 12:57
  It uses the same technology that is underneath Bitcoin but it's essentially trying to solve
• 13:06
  one of the age-old problems which is authenticity. Which is interesting when it comes to art.
• 13:11
  Specifically for art. Yeah so this is mainly used in art. Is it used in other things?
• 13:17
  Yes yeah we'll get on to that in a second but it's come about because of art to try and
• 13:23
  regulate authenticity and regulate yes. Because the problem that I'm so sad you know you go to
• 13:29
  what was that exhibition on last or earlier this year with all the sunflowers?
• 13:34
  Oh then go. Yeah and you look at all of his beautiful writing and works and he made no money
• 13:40
  from that while he was alive. Yeah I think we spoke about this in the last episode but it's if I
• 13:45
  saw a piece of I'm an artist and I still have a piece of art today and it's not very good.
• 13:50
  It's about $200 or something. It's about $200. Then in 40 years time once I've passed away
• 13:56
  someone tells it for 40,000. Yeah and then my popularity has grown I don't get any of that.
• 14:00
  No my family members don't get any of that. So it's keeping it's it's a feat
• 14:07
  and NFT is essentially it certifies the authenticity ownership history of a digital asset
• 14:14
  and it's and it's stored on that information stored on the blockchain yet. Maybe a good example
• 14:20
  is if you think about buying a car I know you're in the market for a car. The jazz sucks. I hate
• 14:26
  the jazz so much you know my flat as well and I get home and everyone has nice cars and then they're
• 14:31
  like ding you red to shit. Honda jazz just sitting in the driveway everyone's like does it need
• 14:37
  to be towed? You just park it down the street please. Honestly people I've said that you're blocking
• 14:42
  the ocean views with your shit car. So yes we're in the car market probably kind of forward one.
• 14:50
  You know my mid to short term goals would be to buy a new car at some stage. We might be able to
• 14:54
  now that you've invested in crypto and also now that I've moved back here we say that.
• 14:57
  Exactly not that I'm going to be able to use that until I'm 65. I really hope to buy a new car
• 15:02
  before the end. I don't think the Honda jazz would last till the end. Well and NFT
• 15:09
  yeah to help you understand this is probably best to think about it with a car
• 15:13
  but with the title on your car. So the document your title or your NFT. Honda jazz. Yeah shows that
• 15:19
  you are the owner of the Honda jazz. Yeah so the title the piece of paper that you get saying that
• 15:24
  you own this car that's affected with NFT and the car is the digital asset. So it's proving
• 15:32
  ownership. It's proving that you own that car or that you own that digital asset. So if you think
• 15:36
  about that but in a digital sense. So the so instead of having a piece of paper that I actually give
• 15:41
  to you. That goes on the blockchain. That's think about that but in a digital sense that's what an
• 15:45
  NFT is saying yep so if you own this digital asset but it's all digital. So you don't actually
• 15:52
  get a piece of paper and to track your ownership of that digital asset or that all the car
• 15:56
  yet the NFT is stored on the blockchain. So it gives you security that your ownership
• 16:01
  won't change will be hacked. I guess my thing is okay so you say you buy an NFT because I've seen
• 16:06
  some of them and they're not crazy you know worth I mean or they're like some of them are like
• 16:13
  little pixelated pictures. My fleckmate has one. I mean it's not like a vango or anything crazy but
• 16:18
  it has definitely gained value over the last however long he's owned it for but what do you do with
• 16:24
  that because you buy a piece of art and a gallery and you put it up on a wall so that you can look
• 16:29
  at it but I don't understand if you buy an NFT and you've got this piece of art are you
• 16:35
  do projected up in your house at home or is the point not to even look at the art. I think the
• 16:39
  point is that it's just the ownership of the digital asset. So whenever you make an investment
• 16:46
  whether it be a car a piece of art, a stock, a house you're buying that with the intention that
• 16:53
  that asset will increase in value. It's nothing to do with the tangibleity. It's nothing I mean
• 16:58
  that's like you don't you don't put a stock certificate up on the wall and say I own this. I probably
• 17:03
  will be honest. That's something I would do. Yeah that is just frame it. These are my stock.
• 17:07
  Are you sure? Would you like a tour of the stock room? Straight to the stock room. That would be
• 17:13
  quite a good way to keep track of what it's tangible. But I get what you're saying so it's essentially
• 17:19
  it doesn't actually we're talking about investments we're not talking about tangible assets.
• 17:23
  There's no wardrobe that you need to put on a show people. It's purely you're buying it because
• 17:28
  you think it's going to grow in value and be worth more money. And you're buying that digital asset
• 17:32
  because you think in the future someone else is going to want to buy that for a greater value.
• 17:37
  And then you can sell it. But why wouldn't artists want their art to be sold on as an NFT?
• 17:44
  Because don't you make art so that people look at it? Yes but you can you can you can do the digital
• 17:49
  version. So there will be a digital who's the owner of the original. Yes. And then they might do
• 17:54
  prints or paintings or. Yeah okay so one example is that the founder of Twitter,
• 18:00
  Jack Dorsi, he auctioned off his first ever tweet for nearly three million dollars.
• 18:09
  What was it? All it is is him saying it's just sending out my Twitter.
• 18:13
  That is wild that someone bought that for three million dollars. I know. Some people buy that though
• 18:18
  I'm like do you have too much money if that's what you're buying for three million? Do you have too much
• 18:22
  money? Of course they have too much money. $3 million to buy a tweet.
• 18:25
  To buy the founder of Twitter's first ever tweet. Like you are you are trying to spend cash.
• 18:31
  Right. Maybe the reason we don't see the value and the tweet is because neither of us are
• 18:35
  tweeting away. You know? Tweeters. I've never been big in the Twitter world.
• 18:39
  Yes. Yeah. So there's there's crazy things that these are these NFTs are being linked to now.
• 18:44
  Are there any other examples of weird things like that? Yeah I guess aside from digital art which is
• 18:50
  obviously the most popular use of the technology. Kings of Leon also they generated about two
• 18:54
  million dollars from releasing their latest album as a collection of digital NFTs.
• 18:59
  Oh really? Yeah. So you're going you're going from like into artists and to music.
• 19:04
  The NBA has just bought a whole lot of created a whole lot of tradable digital clips of historic
• 19:10
  NBA moments. So everyone's getting into it. I think we might need to diversify our crypto wallet
• 19:16
  into any of these. I think this is fun. Yeah. Because why are you more exciting? It's cultural.
• 19:23
  This you understand that like I don't know nothing about companies. Yeah. But if you think about
• 19:28
  how many tweets and companies. But the idea of saying oh you know Kings of Leon's first albums
• 19:34
  in the F.T. I can see and understand the huge value in that. I think the hardest thing is
• 19:40
  what is the value of that? You know how do you value something like that? But that's I think
• 19:47
  that's a lot easier to look at the value because it's art. It's not something fictional. I understand
• 19:52
  the idea of whether your cryptocurrency paranoia around what it's worth. But if it's artwork and
• 19:58
  there's people that have poured creativity into something and that's being sold. I personally
• 20:03
  completely can see the value and something like that. That's what you say. Way more so than I can
• 20:07
  with just a random bitcoin. Yeah. Yeah. No. I mean with versus stocks investing in stocks.
• 20:13
  Yeah. But you can see the value is tied to the earnings of a company.
• 20:19
  But can you see where I'm coming from? Yeah. Like an artist perspective. If it's yeah.
• 20:23
  If it's something because that's intellectual property that's yeah well it's fascinating. Yeah
• 20:28
  totally. But we need to find something that everybody will want to buy in the future.
• 20:34
  Do you know what I mean? And that's the hardest thing like you think there's over 50,000 stocks
• 20:38
  to invest in. But that's only that's that's 50,000 stocks. If you think of how many things,
• 20:44
  how many digital assets there could be out there. And how does that work?
• 20:49
  Then VIXA say I bought the Kings of Leon album as an NFT. Yeah. How does the price of that get
• 20:54
  driven up? Is it people bidding on it to try and buy it? To sell it. Yeah. So you would then sell
• 20:59
  it. So they'd be like I buy it for 1.1 and I'd say no I buy it for 1.3 and then if it got to a
• 21:03
  point where someone wanted to buy it for something I was happy with. You'd sell it. And then that's
• 21:07
  the value of it. Yeah. I love NFTs and I would like to buy one with our joint account. Okay.
• 21:12
  We can talk about this offline. But I think we should talk about. Yeah. I feel like it's more
• 21:17
  just a bragging rights than thing. I disagree. So passionate. I feel very passionate about
• 21:26
  NFTs. But it is kind of a bragging right. I own the Twitter founders first tweet.
• 21:33
  You spit so do you with your bloody Microsoft cheers. But at least I'm trying to invest in
• 21:38
  grow value. I'm supporting the art. That is us to a tea. Okay. What are the risks when it comes
• 21:46
  to NFTs? I guess there's a risk that an artist's work for example can be turned into an NFT without
• 21:54
  their knowledge or without their permission. Can that happen though? But isn't the whole point
• 21:59
  of the blockchain that everything is meticulously recorded in there for its? Yes, but they only
• 22:04
  own the code that points say to the website where it did your assets. Not the actual physical. Not
• 22:10
  the physical. Yeah. So they don't actually own the underlying digital asset or have any kind of
• 22:16
  copyright associated with that. They just own the piece of code that points to the website.
• 22:23
  Okay. So the idea that someone could say, these are only winehouses underpants. They're in
• 22:28
  NFT and then you own the certificate. You don't own the actual. So someone could put up
• 22:35
  an NFT. That would be a fake NFT. It's like what artists have struggled with with music on YouTube
• 22:42
  and people use it. They're ripping off their music and blah blah blah. 100%. So it's just a whole new
• 22:46
  space with any. It's a whole new space of parameters, laws and changes and who owns what?
• 22:51
  Yeah. And so where to from here? What else is there to learn with NFTs? So I think with the pandemic
• 22:59
  that's probably a reason why we've seen such an interest in NFTs and arise in NFTs because you
• 23:03
  couldn't go to a gallery, you couldn't go to an art show and exhibition and view art. So these
• 23:10
  NFTs and digital art has actually increased an importance and obviously the move to online which
• 23:15
  has been going on for you know, multi years now, multiple years now. Yeah. So it's kind of arts
• 23:22
  shifting online, I guess every shifting online and now art is shifting online and this has created
• 23:27
  this whole NFT space. That's really cool. But it's yeah, it's definitely a craze. I don't
• 23:33
  even think that's the right word because I don't think it's a craze. I think it's I think it's
• 23:37
  here to stay. Yeah. It's the start of a huge movement. And I think there's going to be just more and
• 23:42
  more applications of the blockchain technology. You know, we've got cryptocurrency. We've got NFT.
• 23:48
  There's just so many use cases for blockchain in terms of what it can provide and give and
• 23:55
  like a record holding. Yeah. From a transaction point of view and yeah. And I guess some other examples
• 24:01
  is that of NFTs being used in the real world is that LVMH. Sorry LVMH. LVMH. Is that Louis Vuitton?
• 24:10
  Louis Vuitton? Louis Energy? Yeah.
• 24:14
  One a great investment actually. They're actually using blockchain technology to track
• 24:19
  products and fight counterfeit products of their brands now because they've got nearly 10 million
• 24:26
  luxury products. We're just on the blockchain now. So so that people can't do fake.
• 24:31
  Yeah, like we're scaring counterfeit industry out of Asia and being able to clamp down on that now
• 24:39
  with using blockchain and using that authenticity. It's quite amazing. So can you give me an example
• 24:46
  of NFTs being used in real life or more everyday exchanges and examples? So one would be they're
• 24:55
  looking at using NFTs for ticket sales. So you can see who has previously bought the ticket,
• 25:02
  who has sold who's selling the ticket to you. It's a whole lot of traceability. So it removes
• 25:06
  scalping. So it's just tickets going from offline to online and having that digital record of
• 25:12
  where that ticket's come from and the authenticity that that's yours. And then it's taking it from
• 25:17
  someone else. You haven't stolen it. It makes sense because you know how often people try and sell
• 25:22
  concert tickets or sport tickets or festival tickets and you get to the gate and they're like,
• 25:26
  sorry, someone's already gone in. That would be an example of how they can eliminate that.
• 25:31
  I remember I tried to buy a sport ticket last year and they were selling it for so cheap and I was
• 25:35
  like, this seems like a scam. That's right. And then I would have got there and they'd be like,
• 25:39
  no, this is a fake ticket whereas NFTs would remove all that uncertainty. Super black and white
• 25:44
  and real honest and traceable. Oh, wow. So it's not even just going to be something that's used
• 25:49
  in art and the art. No, it's just started in the arts. I reckon and then it's going to be
• 25:55
  blow up everywhere. I mean, imagine if there's NFTs on houses. Imagine if that's how well that's
• 26:01
  kind of what you connect to the car analogy. You do have, it's, you've got an offline NFT, I guess,
• 26:07
  when you buy a house. You know, you've got the contract, you've got the document that says that you
• 26:11
  own this, but it's just all offline, not online. Oh, my goodness. The world is changing. There's
• 26:17
  a lot's changing isn't there. Yeah. I think crypto is the way of the future. I'm so swept up
• 26:23
  in the hype of it and I'm keen to trade and buy and be in it. And I think we'll learn just by
• 26:29
  doing it. Yeah. You know, we don't have too huge amounts, but I think otherwise I'll lose my
• 26:33
  motivation to want to learn. Yeah, you'll be like screw buying a house. I'm going to be a single
• 26:37
  one, many in cryptocurrency. You'll be living under a bridge, but you'll be worth millions.
• 26:40
  Excuse me. You'll be worth millions. I would never live under a bridge. That was a backhanded
• 26:45
  compliment. Oh, wasn't it? No, I think I think you'll be rich on paper. Do you know the good thing
• 26:50
  about NFTs, cryptocurrency, stocks, et cetera? It's just the idea that I can make the same kind of
• 26:56
  returns every year as someone that has enough money to buy a house or more. There's other options
• 27:02
  out there. There's other options. I don't have to have this giant, enormous deposit of 200 grand,
• 27:07
  which I'm not going to have forever. I can actually have this like less
• 27:11
  committed, but also equally as beneficial investment in different areas. And that's actually
• 27:17
  really exciting and powerful for people who don't have much money. Totally. Yeah, you don't need
• 27:21
  the Honda Jazz owners of the world still makes some money. What are we talking about next time?
• 27:28
  We are talking about conscious investing. So investing in a bit of world. Investing for a bit of
• 27:34
  world. Cool. Yeah. So how you can make money through stocks and investments, but while also being
• 27:40
  conscious of what that money is being used for and where impact that's going to have on the planet
• 27:44
  and all that. Yeah. So it's exciting. Big topic. It's not just a money-making machine.
• 27:49
  Yes, no more disposable coffee cups. I know. We need to be in a world that actually exists.
• 27:53
  We don't need to have fat warts in no world. That would be scary. So yeah, really exciting episode
• 27:58
  coming up. Thank you so much for joining us for today's episode of Raising the Curve.
• 28:04
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• 28:07
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• 28:12
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• 28:15
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