Engaging fans and turning them into members with NFTs

Transcript

GM GM welcome back to another episode of web3 Academy a place where entrepreneurs business professionals and creators can learn how to use web3 to build thriving communities in sustainable business models I'm Jaybird and today I've got with me Adam Takata from nft Tech today we're breaking down how to turn fans into members with nfts at some of the largest sporting events in the world we're going to talk about the intersection of web3 and IP how do sporting events and movies and entertainment which own these massive

pieces of ips some Legacy IPS some new IP how do you use that IP to more engage your super fans and how does that lead to mainstream web 3 adoption we also break down the AO artball project this project was the world's first web3 project to incorporate Live Match data and it won an entertainment cans Lions award for sport huge accomplishment for a web3 project to win an award at Cannes in this manner so it's really exciting we break down that project and we talk about really interesting where that project started over a year ago when it was first being built and how it

launched in 2022 and then this year the Australian Open coming up very soon in the next few weeks what their plans are this year of how they're continuing to offer more value to their holders and then in which way they are adding new holders but in a very strategic way where it still offers value to the current holders but then also allows their membership to grow but not massively only slightly really interesting to hear about how Adam and his team broke that down and then we also talk about what it's like to build in web 3 where essentially you're building the ship while sailing the ship and Adam was very honest with the challenges you face where sometimes you

don't know the answer but you have to go out and you build and you have to try and you have to learn by doing and Learn by trying and then you go back and you go back to the drawing board and you try again and you try again and it's so inspiring to have a leader like Adam come on the show with so much experience talk about that and he talks about that specifically with Elvis he worked with the Elvis estate on an Elvis Presley nft and he talks about the challenges that that face and how they've had to reinvent that and where they are now really exciting place they're at now with that Adam brings a wealth of experience to this conversation so he's the CEO at nft Tech previously he was the head of Partnerships at decentraland and before that he worked at Warner

Brothers managing iconic Brands such as Batman Harry Potter Superman and many more I can't wait for you guys to listen to this show you're just gonna absolutely love it it's a real really really good Deep dive and yeah before we get into it let's just take a minute to hear from our sponsors unlock protocol is the nft membership protocol for web 3. content subscriptions Community Access event tickets are all forms of memberships one of the most common business models for creators and entrepreneurs today building an nft membership opens many new possibilities for your members everything from tailored multi-platform experiences to the ability to sell an

unfinished subscription on secondary markets these are things just not possible in web 2. however in order for this business model to work creators need nfts which are time bound or have built-in recurring payments unlock protocol does this for your nfts better yet with a few simple steps you can create your own nft contract without code what WordPress has done for websites unlock protocol is doing for membership nfts if you're an nft Creator you can't rely on on royalties as they are likely going to zero you need recurring Revenue you need unlocked at web3 Academy We Believe nft memberships

are the future of business and community and that's why we decided to build an unlock learn more at unlock Dash protocol.com Adam welcome to the show thanks for having me really excited to dive into Today's Show mainly because I'm a massive sports fan and one of the biggest projects that you guys have done is on Sports we're not going to start there but little T's we're going to talk about the Australian Open and some exciting things that you guys are doing there with ALR Falls later in the show but let's start off from the beginning of how did you initially fall down the rabbit hole what got you into web 3 was it crypto first was it web 3 first I remember there was a moment in 2012

when a group of friends they had a very tech-centric told me about Bitcoin we sort of had this little Syndicate going I think at the time it was super intriguing because there was this digital currency and I sort of started to understand a little bit of it but my friends were a little deeper than I was and I'm not a day trader even a decade later on but through the rise I kept tabs on different things that were happening um but ethereum was probably my biggest interesting and what metallic was doing in these smart contracts I had really no idea until post 2019 I'd taken some time off and I wasn't sure exactly what I wanted to do next and I remembered maybe there was

this thing that I hadn't spent enough time exploring but I'd like to understand more which was the smart contract side of ethereum and understanding what these punks and these crypto kitties were doing all around in my Twitter feed so yeah like one of my little side hobbies that not many people had known this but I was interested in carding but not very good at a bit interested enough you know so it was a natural thing for me to want to understand more and there wasn't a lot of information out there about what an ERC 721 was in 1155 there were a lot of people trying to unravel what secondary trailing commissions would mean and I thought the best way to probably do that was deep dive into a nine month robot hole from there and I came out the other side

meeting some amazing people and being at the right place at the right time which is like crypto Twitter specific about nfts where we're all unpacking it and there was lots of different people that were talking and I was just in the shadows just listening and writing a hell of a lot every day I think what you mentioned about learning that's the beauty and the joy and also the pain of the industry right now and you also mentioned time which getting in in 2012 you're early in the space clearly decisions were made that didn't you didn't dive in all the way to that point yeah but it's true like that's the space that we're in where every week you feel like you've got something and you understand and it's right and then it

changes or some new project comes out that's using that standard in a different way and teaches you something new and it's just like this it's an incredible time to be in a revolution and evolution depending upon which way you look at it a revolution of the internet an evolution of ownership it's just so much fun to be in that space it was always about how that transition into the digital world would work and also how the digital world could then mesh with our physical lives you know in many ways being able to have virtual worlds like to Central land and seeing how 3D environments would engage different people and what that meant to then how that would look across different types of projects and engaging

with those fans in different types of ways I think a lot of people see it as like this digital notion of like well it's only relevant to me if I'm on the internet and I think web3 and the metaverse is a lot larger than just the internet but we've also got a really amazing opportunity to re-rewrite what the intent was meant to be I think we can all agree that what was probably promised and what's been delivered thus far is far from what I think we had all imagined it to me to be yeah from my side we're just sort of touching on is the centralization that has occurred as a result of web 2 and we have these massive centralized companies that basically we are the product now and

they're selling us as a product to advertisers and a user should never be the product that creates an unfortunate flywheel for a business where they're just trying to figure out algorithms to grab more of your data and more of your attention and then sell you more things and that's not what we want as humans that's never that's that's just a little bit of the choice right yeah at least have the choice I think and I think at this point in time our wings are clipped in some ways that yeah it was just so interesting to sort of see the rise of how people were connecting with nfts I had a front row seat with their Central land looking after Partnerships there that any brand that was coming through

the space for two years it was explaining what an nft was what a Marketplace was and then how that all fit into a virtual world like the central land which is just so much larger than just a platform in my own it's like the ethos of decentralization not one sole entity owning it go deep into how that's structured but yeah I think that really just led me down this Garden Path and I've been able to bring in some of my closest friends and we've seen the highs and now we're dealing with a challenging Market but super inspired to build really great things from it before it was like new case studies are developed every day of maybe what to do and what not to do

and we sort of see our purpose in making sure that there's a reason for the products that we do and deliver to exist and also to add value in many different ways not just on floor price and I think that's the thing here there's the fundamentals of web3 is so exciting if you strip it all back and that's what still gets me up out of bed and really inspires me when I see different types of technology that is leveraging the blockchain in the ecosystem that just make things so much better and more efficient than what we've had to deal with before yeah just because you mentioned floor posts I just have to touch on that quickly it's somewhat unfortunate that as a result of ownership being a core

tenant to web3 it has enabled massive speculation which is created a market that has led the media to be able to wag their finger and point at one hundred thousand dollar monkey pictures and say what's going on over here so it's led to a lot of headlines and then also the fact that there's just been this crazy rise and fall of the markets so I do a lot of headlines which I think have scared people and pushed a lot of people away and obviously what you don't understand it's easier to say no to that I'm curious to know actually for you guys you work with so many of the top brands in the world we talk a lot about on the show about language that you use and how you have to be careful about you know nft it's not a word you should be

using and we look all the time that the large web 2 companies are coming into the space and you look at Reddit and how successful they were and they called them digital avatars or you look at Instagram they call them digital Collectibles you look at Nike and their dot swish program and they're calling them virtual creations and so when you meet with the various brands that you've worked with I think you worked with Elvis Presley's estate on an Elvis nft I think you work with Sotheby's on their metaverse experience you've worked with the Australian Open you've worked with Coca-Cola Samsung what's your entry pitch to them like where do you start with them I think a part of it is starting through a risk management plan with them it's even surprising in a market like this we've just come back

from a sports conference in Madrid where a lot of different rights holders are there it's a web 2 conference which I loved it's really refreshing and they're super intrigued and interested about how they can connect to their communities and how they can use web 3 to continue to power on those communities themselves the challenge that we've always seen is that some brands are super risk adverse and we've lost out on certain things because we've had challenges around what blockchain they can use and how long that build would take to create and emerge for ethereum would exist why would we want to go to another carbon neutral or carbon friendly blockchain because of those reasons like some of

the brands have their challenges internally and they're led by certain members that probably shouldn't be there and then you've got people like tennis Australia they're just unbelievably awesome and led by great people and have great people that want to push the boundaries of what they can do and we like that side of it and we're very particular and we were able to work with if they're open to be unable to being open enough to be able to push those boundaries to set new precedents and benchmarks with us you know but it's a mixed bag to be honest I wanted to jump into tennis Australia and Australian Open in a second but before we do it's interesting here so you were just at a conference and here we are in Bear Market FTX happened recently

unfortunately and you're saying that these Legacy brands or these sporting events are interested in learning about web3 and they're still talking about it that's yeah it was really refreshing because at some point you do start to wonder how far everything that's happened in the last six months has impacted the trajectory of where we were heading and where it is now and FTX had happened Sam hadn't been put in jail just yet because that obviously was recent news but they've seen the crypto Crush they've seen now to see his rise and fall and you'd start to think that it's a too hard basket or how far have they sort of

preserved their judgment on when they want to enter and it's not a race to to get something out anymore I don't think but it's more so like they're still very much interested in how they can play in the space and yeah I left that feeling really great about where things were because at the end of the day these rights holders if it's for a sporting code which was in this particular case hold the power and the keys to hundreds of millions of people and that's what inspires us in a lot of ways from an NFC Tech standpoint we're here to try and onboard the next thousand ten thousand hundred thousand million plus into the space with purposeful projects products and tools and teams I think part of it is from the studio side of it

run up wild which is the studio that I founded we were just a team that were wanting to create awesome projects and have real purpose to those projects so knowing that our time and our energy the resources that are invested into delivering these things is not only well spent but appreciated wider than what we probably thought which is like that Australian Open Apple I know that we'll talk about in a little bit but it's basically a case study that's shown how Sport and their fans can engage in ways that are just not updating their profile picture on Twitter and I think that's a really special thing to being part of yeah okay well we've changed it enough let's jump into air well and let's start

from the beginning set the context for us how did this project first come about and why did it come about and then maybe you can explain what the project is I meant Ridley and Tennis Australia's web 3 advisor Steph from rare things in a call about how they might look at virtual world's specific to Central land and they'd had an NFC project in mind that they were going with a suite which is like a platform that basically creates digital Collectibles um and it's you know Fiat on-ramp like it's very much built around experiences and their Hope was to merge those experiences in IRL their events and

we'll talk about these Virtual Worlds and I just knew something like this was so interesting that if they were able to take a chance and us coming back to them with a quick little creative brief that we could come up with that maybe there would be something awesome there and we started to sketch out a few things as a team and came back to them they started to like where we're going Ridley from tennis Australia is a fellow dejan in many ways so it was great to have a champion internally where yeah talking about ethereum and dynamic nfts and how we could then play Within real-time data from the sport event could combine to something pretty

engaging and the only challenge that we had was that this came through our inbox and these conversations probably started and at the end of October and January 14th wasn't too far away I will always have so much deep respect for the team to have gone through Christmas in years the way that they did I ended up getting covert myself because I was out of action for the first week in Jan basically even like taking Forbes interviews that was so sweaty at 2AM in the morning stuck in Australia and during covert but we started to Workshop these ideas and became like a daily thing to try and Fast Track and David Port our creative director and near care creative technologist Louis creatively to work this project it just you know when

you're onto something when it clicks and when we worked out that we could get access to Hawkeye data which is basically made all referees outside of the main referee of tennis completely redundant so it's side calling technology you can reference exactly where a ball has been bounced so we came up with this concept where we'll split the chord up into equal tiles each tile will be represented by a unique tennis ball and one of a kind tennis ball but really it's about the coordinate in the court and we could capture in real time the data of the last legal bounce of every match winning point and there's over 440 of them in the Grand Slam across mixed

doubles and et cetera et cetera and right it sort of led us down this path again it was just like holy you know it was exciting because we started to look at this thing where there was Art in the technology there was art in its representation and there was Art in the way that we could sort of start to engage with tennis fans and sports fans around the globe where you could own this tile in a court that was represented by this one-of-a-kind ball and you could end up having a match winning point from women's or men's singles final and other matches too and yeah we ended up deciding on a number of 6776 there's a bit of a tennis play in that romantic when it comes to web3 and I think marketing also comes in line with that so we built the smart

contract that was fully Dynamic so every time what is the Romantic number so in tennis so six seven seven six insinuates that the first game was tie break and the second game was that too and but you're now leading into the third yeah it's it's split one game a piece or one set of pieces there's so many ways to interpret it but all of these things were decided at the 11th Hour of every day it was like so crazy we've got this many tiles we could make at this size here do we do it to 11 000 do we do I think tennis Australia Ridley in particular because at the time like this wasn't even his true role he's

now leading all of this but at the time like he he was just yeah we had to work like we had to get things happening so he was funneling in all the approvals to tell Australia's terms and conditions terms of sale lawyers on both sides of the fence trying to work through games of chance game of skill you know how does it all work how do the rewards happen and basically if you ended up winning like a championship title like so having a match winning point from any of the eight final matches so mix doubles mixed women so many so many different tournaments you ended up getting the physical ball from that game oh really authenticated so it sold out super quick

at a time when entities were definitely on the way down we announced it three days out from the tournament because we built this thing in 10 weeks you the preference on the side like a 2d version of where your nft was placed in the court the creative was amazing and then we had this virtual world that we partnered with Vegas city from decentraland on to build and you could go and watch practice court three or which I thought was really cool because this broadcast stream basically that you couldn't get on TV and you could go to the central and watch it and it was classic matches happening every day all lots of different things ended up getting all these things but for me like there was this 24-hour camera that just didn't turn off and you would see

security guards or the shadows of them walking around it's at certain points depending on your time zone so behind the scenes right super fans want right like the biggest fans they want that extra access which I think is a big thing that nfts allow right is you have your super fans over here and you give them extra access whether it be virtual access or physical access or access to personal events or there's so much you can do with that and that's like the success of the art ball and selling out and doing the volume that we did and like having the community that we have over the last nine months we've done so much market research we've continued to talk to the community about different things and how we plan it we've taken

our learnings specifically around not doing something in 10 weeks even though right now we keep building because it's just naturally what we do and we won this bronze line which is highly regarded advertising award out of Khan festival and the fact that I look at what we're building today for ao23 and it's like Child's Play and that's nothing so you've just mentioned imagine a token gated site that now gives you a whole hip viewing power that someone on free to Air or cable television doesn't get to see imagine those two-day environments that we're able to see where the ball was placed we can now see that

completely virtually play out as a rally online you know like there's just so many cool things that we've been able to add build and explore and now it's become a membership where you know anyone that owns an art ball gets a seven day pass the second week of the Grand Slam and international fans can still engage in all this unique content that they can get that they just don't otherwise and we keep building these case studies and like I'm sure we're going to learn a hell of a lot more in this one and we've got so many plans for even the year after and how it all sort of works and how it's scaled it's been a lot of fun to be part of and like it takes 300 Spartans to make it to work but the reality is probably like 18 of us just focused on making it go but I

think the biggest thing for us was that we went in we hadn't put a lot of thought to how to scale it moving forward and we had a fresh breath of air straight after the Australian Open and we're really really proud of how this is now a scalable project not only across the Australian Open as a sporting code but for fans so I think anyone that owns an art all today continues to get re-rolled they never have to buy in I'm like personally I love provenance I think that's one of the most powerful assets to a Smart contract all nfts in a wallet through one collection or one brand I feel is a waste in many ways and by owning this apple in 22 means that you continue to get re-rolled every year

the tiles in the court get slightly smaller there's a smaller allocation of public I was going to ask that so you are for 23 you are releasing new tiles as well yes so there's definitely under 2500 there's a lot of numbers in my head at the moment but the court sort of expands to 9400 odd so if I already have one I get a new tile and I saw that you used chain links random verifier to ensure that I get a random spot right so it's not which I think is right right like the things that like really mean a lot to us I don't think a lot of people care about

them but for us I think many people care about that yeah no but that's like I think it's super powerful there's no human fingerprint to say that I or anyone else controlled the destiny of this up what tile in the court it was how it was generated as an R Point piece and then you think about the match winning side of it it's like that tile was randomly allocated to you and then by some chance it ends up being a potential match-winning point in in with the last legal bounce in in next year's tournament and the years forward so yeah we're really proud of one thing there that I think really caught my attention about your project is I think a lot of people would say okay so I get a tile on a tennis court like so what

but here's what people are missing until you own something is once you own something that is dynamic and changes as things occur to it you get invested in that this might be a bit of an extreme example but that's the equivalent of your child or of your house or of your property like things that you own that you do things with that change and they grow over time and you can see something change and in the case of the Aero art ball it's if the final match point landed there then my nft changes and looks different like that is something that until you experience it until you've purchased your first nft and

you've had that feeling happen for you I don't think you fully grasp what that does to you it's exciting it's worth celebrating it's a big deal and so like one thing that really stood out to me there's a lot of web 3 principles into even how the smart contract is optimized and other things that I'll probably bore you with that and I agree with you I think it's a moment in time that you've been part of in many ways and I think engaging with sports fans in this particular way that's unique it's not too far stretch from fantasy leagues and other things that they're probably associated with as well and yeah I think for us it's the multi-year project and how we're planning to build it out it's really exciting this is just I think where people sort of need to recognize

is that crypto and blockchain the principles of it how they work with Enterprise and IP rights holders and other things it's not only building case studies for the whole industry it's also building internal case studies for these teams that are taking a chance and building things out too and you know this this project that was meant to be just a digital Dynamic nft by just I mean its purpose initially was to engage people in the tournament itself it's turned into a membership that can then you know reward people with physical tickets it can then reward people with digital access it can reward people potentially with consumer

products in time that are unique to their Journey Through the project itself to even imagine being able to reward match winning points in a bigger and larger way than just a physical tennis ball from the match there's I think that's the part that's really special in this is when you can grow with the project and take suggestions and build with them you can get lust in the Mayhem of this volatile Market but there are moments in time where working on projects like this that allow us to sort of reflect on what the possibilities may look like in a few years time and that's definitely exciting to think about did you find when you launched Aero art balls do you have an indication of who purchased was it more web3 native or was it more of an

onboarding ramp and it was more like Australian Open fans who maybe this was their first crypto I always get misquited with this but I think there was 17 where first time nft wow okay yeah and like I think it was close to 70 of the holders were unique to each other as well which is super high on a project right yeah so yeah I think this is the part that I love the fact that people had a great experience the first time I know what we're building and I'm so excited for people to see this next installment and what else is in plan for this but it's also great to have been used as a case study to open people's

entities Minds to what could be exploited it could be a lot more than just what it is and I think live broadcasts and other things are definitely opportunities for how broadcast partner can engage in particular with their fans who are watching and a project similar to the artboard where you can see all this other content as well as part of it being like this online Lottery um which then rewards people for watching in different ways and there's so much under the hood and so many different prospects I think I yeah my theme at the moment is just time I wish we had more time and everything in the way that the merge could have

happened sooner the like all these different things but at the same time I think they're all learnings and they're also time that's needed to continue to build and do things I think this moment in time that we're looking at now is something that I was very bullish like weirdly bullish going into what pre the FTX announcement on November 6th or 8th or whatever so and I know that this has pushed us back a bit but I think with great Builders with great people we can continue to respect where the technology is creatively like really push it to engage more people and build purpose around it it doesn't have to be sold as an nft like you were right before part of the risk management is like

starting to release a project that isn't strong like be held accountable to that and we sure do we've learned a lot through different types of ones that we're building and developing Elvis is for one that has changed multiple times to try and get right and I think we've really hit it on the head now um where we're building a project that is helping a situation and a challenge that an everyday audience experience as a fan they've got no voice as a fan it's especially with Elvis it's just like tens of millions of fans around the world huge but they're also disconnected because there's all these micro fan bases with fan bases Facebook they all want the same thing they want to protect

the Legacy they want to potentially crowdfund money to buy back rights or have access to unreleased content but over the last decades they've just failed every time to try and do this and that just screams a doubt and working with the estate is like how do you make that for the everyday person and engage in so many different web 3 principles to make it really fun and engaging as well and I think the Legacy Council which is what the project is is you know like it has changed it's evolved and it's more often it's really powerful tool it allows people as fans to have a voice and to collectively vote and the treasury that's there and be all Under One Roof

it's not perfectly decentralized but it's as close as you're going to be able to get working with an official licensed property and in a state that have their own brand Assurance guidelines to deal with things and you know personally I love it because it's like a fully Unchained project meaning there's no ipfs it's all in the code it's smart contract the image and it will last as long as the human kind does I think at this point in time where it's like this ethereum exists which is probably as long as the human kind exists which I think is really cool no one else yeah like yeah you make a great point about community and sub communities and that is really at the core of what web3 allows a business to do is to give

ownership to your communities and to bring these communities together in a more organized way and allow them to coordinate while being complete strangers without even knowing each other without even knowing each other's name just often knowing pseudo-anon names but you can still connect and you can still coordinate by using a Dao and I think that this opportunity to further develop communities which you make a great point so many of those communities in the case of like Elvis are just Facebook groups there might be the London Elvis fans and then the Dubai Elvis fans and it's every city in the world probably has a system of like hundreds of fans to some of those other

Facebook groups that have hundreds of thousands and like they're all under the same roof it's a great lens through which to look at web3 is if you have IP that has fandom communities that you are maybe not a part of which is often the case right now and most of these communities unfortunately are likely Facebook groups so get them off Facebook and get them onto some other platform as soon as you can but it this is an opportunity where you can Empower those communities in new ways by using web3 so it's so interesting that you guys thought about Elvis in that way yeah totally and then you change it

again I think there was this gold rush and a lot of different people were either copying or cloning projects it reminded me of the Ico days of 2016. and I'm like but I think the technology that we have in front of us is a huge responsibility to the communities as well when a holder expects a large Enterprise to be able to move mountains quickly is I think it's slightly naive to think about the fact that they're actually the case study to prove to the rest of the thousands to tens of thousands of people that the brand can exist in this way and we see the responsibility in making sure that

the tech is secure it's creative and it really hits on a purpose and I think as a collective us the IP the community that are there and it's a large stretch to get right and it's not always going to be right but as a collective we would like to think that we can work through them we can learn from these different parts that's internal that's external and we can continue to work through what it may look like because I guarantee what we see today and how it's going to look who would have thought like something like the QR code a decade ago would be as accessible as it is today to the point that I can use it as a login it required an app it was like

pretty clunky and didn't really have its own purpose outside of redirecting you to a website but now it authenticates things for me it signs me into different things and I think this technology today for web 3 just has a huge amount of evolution I really do hope that there's so many amazing people building and creating things and there's amazing community members that are doing so many great things as well the financially driven degens that are talking about the fact that royalty rates shouldn't exist because they're looking at it from a financial gain perspective of flipping an nft I think we've got to really flip that mindset today the fact that you don't really want to flip your nft

because it gives you enough of a purpose or enough value in being able to hold it but those secondary trailing commissions and the royalties are large part to bring on IP into the space and connect because there would be a lot more companies out there that if this existed a couple of decades ago they probably exist today in many ways where I think there's so many principles in web3 that are so powerful to Brands IP holders and communities alike you bring up something there that sort of triggers a question to me that I just have to ask is you mentioned royalties and obviously we're in a current state where a lot of marketplaces are doing

zero royalties or low royalties and we don't need to get into the royalty debate there's a lot happening there and you also mentioned memberships and how AO artball is turning into a membership and one thing I really struggle with and I think a lot of us do is what's the revenue model for this if there is zero royalties so I'm just curious if you have insight and maybe this is more of a question for Ridley and tennis Australia but how are they giving out on the ground tickets to 6776 people I guess maybe they assume that lots of those holders International they might not come to the Australian Open so maybe there's only like a 20.

there's more expenses that you know like I won't be able to give away too much I might actually be announced by the time this comes out but there are other expenses that are alignment is too in terms of further utility then that may reward match winning points like trailing commissions makes a lot of that happen the scalable approach for apple has a primary sale each year that doesn't open saturate The Collection it continues to build but the principle of it it comes down to royalties and I think a lot of it in terms of the brands and the IP that we work with have a strategy around royalties themselves I think what people sort of don't recognize is that in time and we're exploring this in real time and I know a lot of others are too

is that we will be able to define those that have paid royalties and those that haven't so those that want the full utility access in the future they may be wary enough that they will have to pay the royalty to receive those benefits right I think where someone can go and sell today and like a decentralized marketplaces will exist it was one of the red flags that I saw when I was learning about a sale contract versus smart contract on a platform and how collections were there no one really wanted to talk about it two years ago and here we are today with a number of different marketplaces that

are centered around Revenue making opportunities for holders totally fine like I don't have any problem with that there but I think the pressure around feedback from lots of different creators that see huge value in royalties and what that means their own business model and on the other side you've got these holders that see these as Financial assets that they want to receive a gain from there's a blend of Both Worlds and I think it will take more time to build out but it will get there and I don't I'm still I still find it to feel uneasy about one specific Marketplace holding an asset that can just be sold only on their Marketplace to receive royalties

with as well this whole like Open Sea for instance the future collections but I think there's a lot to be explored in this I just don't think the risk associated to volume should be associated with the power of what traveling commissions is to creators and Brands I'm trying to think yeah we can't get lost in that that's the thing that really connected my interests in our current world and with physical products the challenge is there and it's it's always been hard to maintain but this this within digital trading on the blockchain it enables something that's super powerful so why discredit it you

know like I think we should be working our ways to to make sure that it lives and I think that also comes down to people seeing value in paying the royalty you know exactly yeah I think if I know I'm going to get value for paying my royalty because of the membership the utility which is going to be the case as part of all these memberships then you're going to pay it right and also as the ux improves and it's clear to me like I think one of the main problems right now is that people don't even know if they're paying royalties or not so sometimes right because just the way these marketplaces are and marketplaces are adjusting and getting better at presenting that like blur is a great example they've done a really good job at showing you yeah this is the royalty you're paying and this is why you're

paying it and you can choose the different royalty like they're showing you that right so but totally but that's what I imagining time you want to claim your Australian Open seven day pass right and it's not going to happen for for this year but for us it's important for ao23 holders and the rest you if you go and try and claim your ticket or try and get access to what we're calling the super site which is the token gated broadcast streams that are exclusive to holders and you can't gain access because that token ID hasn't paid the royalty you've got the option as a holder to either sell it and allow someone else to pay it or you can just top up and get paid yeah you

know and I think that there is where some of the solution can be you know and that's what we're looking at in exploring there are others that we've seen and I think writing it hard code it's just into a smart contract and limiting marketplaces is another Band-Aid I think we need to look at it more macro than that and there's some really great minds out there that are exploring lots of different things and I just don't think we should lose faith in what the royalty stands for no matter if you're a Creator a brand or a holder in a collection there is a place for it and I do think that it's worth the fight so and I I do think you know I could talk about this for days to be honest yeah but I think it's such an interesting play I remember reading all

about it and just seeing how many people it looks rare and that crowd mentality around not having royalties and their decisions to then support that to help their own volume trading and then seeing on the other side all the creators step up and like they're the ones you've got to listen to like yeah yeah and also we're in an unfortunate position right now where most of the people playing in the space are flippers and Traders yeah right I think you made a good point too what is likely to happen long term is that you're not buying an nft we need to stop using that word you're buying a membership right and just the same as you used to buy a membership in the past

the what is the same the how is what is different now right how that membership works and what it offers you is different than what it didn't before because of the tech behind it and so most likely in the future you likely won't sell your membership you'll keep your membership because you value it and so we're going to have way less flippers in the Futures just right now that's but that's the whole point yeah totally and that's the thing is like how do we continue to onboard more people into the space because they see a purpose and a project they're wanting to buy into is you know what probably keeps us up at night and also Keeps Us pushing through the weekend and delivering things sorry there's so many different interesting things that are going to play out like I spent a lot of time reading over the

terms and conditions of the Apple Store and their updates and you know that's not great and then we need to work through what that means because the smartphone to the internet was such an exhilarator and Android phones is this the opportunity for them as a piece of Hardware to continue to push and take market share who knows there's lots of different things that we're going to be working out over the next few years and it's definitely not going to be perfect but if we can continue to just push boundaries and Inspire others around us and keep people honest and have people keep us honest through it we're gonna end up okay like I know that it's just going to take some time yeah yeah completely I like it let's focus on inspiring others okay I know that we got to wrap up because you've got to get

going but before we do give a little bit of a shill on where can people get involved in AO art balls and maybe a little bit of a show on how they can find you and find nft Tech if so look with the Australian Open follow the io the handle AR Med of us on Twitter apple is the project itself it'll be in it's in the link tree there you can search and buy on secondary or if it's time for primary mid there's opportunity to take place there as you guys have a date on on the the ao23 mint it'll be it'll be early Jan at this point in time so yeah and nft Tech is a publicly listed entity it's on the

Canadian Stock Exchange it has the ticker nft and we've got plans to do a whole heap of different things so you can find us on the Neo Exchange in Canada and it's also available in Europe and on the ATT in the US follow nft tech on Twitter as well and then myself personally like weirdly I use LinkedIn to connect to different people and I feel like that sort of helps filter my business networks and keeps my email inbox and my slack relatively manageable even though every time I open up telegram gives me some serious anxiety but but yeah hit me up on LinkedIn you know like Adam Dakota I don't do much on Twitter but I do read a lot so I yeah I don't think I've made

a reply or a comment I am waiting for my big entrance into the space at some point in time I don't know if that's weighing me down at all without you that's yeah you can't do it all right we're at telegram like we can't keep track of all these so you gotta yeah that's for sure I appreciate that okay awesome I'll include all the those links in the show notes so you listeners can check them out before we wrap we'd love to just do a quick speed round couple questions coming at you Adam first question what's an nft you'll never sell the Medicaid Edition 2. I remember so I was a big fan of Maddie so it's a TCL blogger is his

Twitter handle a fellow Australian as well and I remember following him in the early days of virtual land and then seeing him again to him with cheese and reading a lot on what he was writing and he launched this program that it was called the Medicaid you know I saw it as a loyalty program of sorts and a membership when none of that really existed I was able to get white listed on artifacts clonex from the fact that I had an artifact and a key entity and I've got a lot to think for that you know in the whole process and what Medicare is I think yeah I don't think I'll ever sell it although you know a slight dig I did buy a Edition fours for the whole run at Wild team because as a lot of people that we

hire just amazing people that are getting that are intrigued enough about web3 but they're just great at what they do and like I know part of the process is getting a wallet and having an NFC and experiencing it I think Medici is a great way to do that but there was one employee that we had a dear friend of mine Lucian and I remember gifting him in addition too because it was early with me at that site at that stage and it did remind me that he's off my if he ever does get married I'm never giving him a present because he ended up selling it so you know like and it was before the artifacts shame on him yeah exactly right but you know like I I don't let it go yeah I don't know that's a whole nother

discussion again if you give someone an FC do you expect them to sell it or not it's like ultimately it's their choice but okay one thing you've purchased recently for under 100 dollars that brings you Joy doesn't have to be digital I go to stay mop the other day a steam mop sorry okay no detergent we've got tiles in your house and it's just really changed my perspective on efficiency and cleaning and like it was a Black Friday sale so I'd say that that that is amazing I'm actually quite

interested in that because I've got a really dusty house right there's there's no bucket needed bacteria is 99 clear because of the steam I'm just I think dries in minutes it I've never heard of it oh Steam Mop we're gonna like you can yeah like there's there's plenty of them out there I gotta check these out okay and 100 100 that's yeah it was Black Friday sale so like I think I did well but yeah I'm sure there'll be something on Amazon I'll get the Boxing Day Sale okay last question if you had a billboard that one billion people were going to see what would you write on it so there's a project that we're working

on with an amazing artist called Alex trocher and we haven't talked about it yet to anyone but a little bit of alpha on this because every time I think about what I think of this we've created a AR app that is fully token gated so imagine being able to see a billboard and what it has and it's what it's represented only if you hold a particular end of T um I think that's super powerful to have something that is forever changing or forever unique or like a secret society that see things differently from others that don't naturally look like what they do when to the naked eye so yeah I'm

more intrigued about you can do with the billboard rather than what it says on it yeah so it's a it's AR is what you said it's AR yeah so think about like an augmented reality billboard that I'm like looking through my phone so you're fine yeah augmented reality and if I hold an nft I see something on the billboard that others don't correct that would be unique to you and that doesn't have to just be a billboard but I think that there's some really powerful things around this hopefully no one steals this idea and goes live with it sooner it was a lot harder to make the IR app than we initially thought in terms of right how it would be Associated to each token ID and because it's through the browser and not an

application as well it was like yeah it's been been a lot but I think allowing people to see things differently um even in IRL through assets that you have in Hardware that just change realities I think a really cool thing yeah fascinating oh that's exciting I might have to tell me have you back on the show to talk about that yeah uh all right man Adam this has been an absolute pleasure thanks so much for the time thanks for sharing all your knowledge and thanks for inspiring we appreciate Builders like you in space it's it's great to have people that are just playing in the sandbox and figuring it out as you go and not afraid to try things

thanks man it's been great to have a chat awesome thanks for for listening everybody have a awesome day thank you for listening to web3 Academy we hope this helps you along your web 3 journey and if it does please share this episode And subscribe so you don't miss the next one nothing in this podcast was Financial advice crypto and web3 can be risky you can literally lose it all in fact if you invest on account of what we say you probably will lose it all so don't do that in all honesty the point of this podcast is to remove the noise of markets and price and focus on utility and implementation anyway so you should not take any of this as Financial advice thank you friends and see you in the next one