NFTs are going mainstream

Transcript

GM GM welcome to web3 Academy your one trusted source to capitalize on the next big phase of the internet don't get caught in the hype cycle I'm Jaybird joined by guest co-host Herbie Kyle is out of town today and Herbie and I believe that nfts are going to change the world that's why we're carving a path for doers to confidently build and invest in web 3. Irby welcome back to the show thank you for for having me glad to get the invite bye yes Stoke to have you again for those who didn't listen to you last time you came on we broke down friend Tech just give a brief uh introduction background on yourself who is Herbie other than that the nft guru

on X Twitter I don't know what to call it these days one of the two but yeah I mean relevant to today I guess like share my crypto store I got started early 2021 of the NBA Topshop nft space fell in love with it went further and further down that rabbit hole as I was working my my web 2 job of a just recently graduated and uh went into web3 full-time last year the trade here as well as was working Consulting with a few a few different companies including diesel blur and a couple nft projects and I'm now working at something new sweet well we are stoked to have you before we jump into Today's Show reminder to everybody listening we have re-launched the rabbit hole course why

did we relaunch this well because we found that it was one of the most valuable resources for people in the space whether you're a beginner or whether you've been in the space for years this is our course that lays out the foundations of blockchain and web3 that explains what are the Revolutions that are happening in as a result of blockchain the money Revolution the internet Revolution the identity Revolution all explained that explains crypto versus nfts so you can understand the difference between all these things and here's the best part right now if you sign up for this course which will

only take you an hour to complete it's got four lessons in it it's all free and if you sign up today and you finish the course today then you mint an nft at the end proof of completion entity you start to build out your on-chain resume which we might actually talk a little bit about today and in today's episode this ontane digital vault as Herbie likes to call it and when you do that you can get entered into a raffle to win one of three prizes you can win our investment master class which is where the 250 dollars you can win a one-year subscription to Webster Academy Pro valued at 180 or you can win a one month subscription value to 18 and if you already have one of those things because it's an nft that you're going to win you

can gift it to a friend quite easily or you could sell it on the open market so really exciting make sure you go and sign up for the rabbit hole course link is in the show notes and you have really ensure that you have the foundational knowledge to invest to build to contribute and participate within the web 3 space and extra bonus if you do it today by the end of the day you could get in you'll get entered into that raffle and you could win a prize which is super exciting so make sure you go do that modern newsletters are built on paragraph that's right paragraph is a brand new newsletter platform that

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have already moved our content over to paragraph We believe this is the future of newsletters because it's a profound engagement it creates between creators and fans so whether you're a Creator writer or an Avid Reader it's time to check out paragraph and capitalize on the opportunity of being early let's jump in let's talk about why nfts are or are not going mainstream I just want to set some context here at the beginning we had an incredible I don't know if rise is the right word but run of businesses starting around nfts where basically nft was the product

and that created over sort of 2020 2021 we created this hype cycle of everybody talking about nfts like I started to see you know a mainstream commercial would mention nfts you saw mainstream media talking about nfts like the word nft started to become so prolific and within the web 3 space everybody was hyped because it was an opportunity to make money and a lot of people went out after that outside of the web 3 space a lot of people started to hate on nfts not because they

necessarily knew what they were because actually because they didn't know what they were and they people fear what they don't know and as a result nfts got really bad public sentiment and then more recently we saw the SEC I'm gonna say win the SEC didn't necessarily win this case but they settled a case with impact Theory Tom Baloo and as a result of that a lot of people sort of started to think oh my gosh are all nfts Securities we talked about that on uh the roll up a few weeks ago so you can go back that was September 1st you can go back and listen to that role if you want to hear Kyle and myself break

down uh why not all nfts are securities we're not going to dive into that today but here's the thing we now have gotten to a point where it seems like the nft market is dead people are you know everywhere everywhere nfts are dead well Herbie and I are here to tell you that they're not dead that nfts are actually going mainstream there is a lot of major companies building major Enterprises building using nfts Lufthansa Starbucks McDonald's Nike NFL all using nfts to build new exciting products for their users and so today

we're going to talk all about that Herbie do you want to add anything here do you want to I can jump into this yes use cases I'm happy to I'd say nfcs are in a really interesting place today because the people who were the hard most hardcore Advocates frankly who benefit the most from the ascent I might have to use 2020 2021 early 22 we're Traders and they may have not even believe that they were Traders but if they're buying something in sleep of a profit categorize them in that bucket and right now the market for Trader is terrible for NF it's like extremely hard to make money we saw a million coins our eyes we see print text rise and Friends attack rise everybody's kind of moving away from trying to make money at FT it's virtually impossible today so you

have that core audience that came up with nftds who is now basically it's depressive down cycle feeling terrible so the sentiment around nfts on crypto whatever and see Twitter is really horrible then on the other hand you have pretty significant adoption of this form of technology which speculation and trading is practically an extremely small percentage of that's emergent and emerging to a much greater degree than there was a year and a half ago when everybody is all good how about nfts and making millions it's interesting because we're kind of in that middle ground we're kind of in this transitionary period at the bottom where one trend is going down I think we'll continue to fall it'll continue to be hard to make money trading in it to use

at least like it was in 2021 but this other wave of like real businesses and real consumers who are integrating them into their experiences to help businesses make more money and provide better experiences to Consumers so we're in this Valley but I think the evolution of that next wave they're being to see they're just going to get to New gaming strike over time which is exciting to me at least chanaba more holistic view of the entire ecosystem and wouldn't it well and what's interesting about those two different use cases of nfts is one does not necessarily impact the other so while we are seeing this decline in nft trading and honestly I

don't know if that comes back let me be more specific there I don't know if pfps are going to be worth what they were in the past we had this crazy Mania where anybody could basically launch a pfp project sell it for one East maybe even three East and sell out in the and that's a bull market when everybody's you know excited and optimistic and people will buy anything and I don't know if that cycle will come back there will always be nft Traders but that pfp business model I'm not sure that

that will come back because that's not really a product like yeah pfps could be a product and digital avatars have value online as we spend more time online but it's not enough of a product for the mainstream and so what I think is more exciting is all of these which we're going to dive into is all of these mainstream use cases by Major Brands where it has nothing to do with an nft really the people purchasing or using these products don't even need to know it's an nft in fact Herbie you said before recording that people should just stop using the word nft what did you say you said uh don't look up don't

say nft it's the same I think this is why there's so much fear kind of in both sides right the nft Traders are scared because they're like holy like are these assets ever going to come back you gotta remember this is our first cycle with nfts right we didn't cryptos been through multiple Cycles this will be coming into the fourth cycle now whereas nfts just one cycle so what is we've gone we've had the rise and we've had the dip what do we have with the future of the rise tough to say but at the same time as you said Herbie there's actually adoption of nfts it's huge it's massive way bigger than it was before it's just

that these nfts are either free or they're low cost the purpose of them is not necessarily to trade them on the open market they're never going to become these you know 10 20 100 000 dollars buys or speculative assets it's very interesting I I resonate with people I frankly was one of them you if you bought something for a thousand dollars and it was worth hundred thousand dollars yeah that's a pretty amazing feeling that's a very significant high and when that goes away completely and then you see oh I can get like a Starbucks nft for like or Nike nft for like 20 bucks you know you don't really care and it's like such large

Supply you're like well where's my 100 tape like you have to buy with 10 000 of these spend all day and setting up wallets it's just not the same experience so nfts are moving out of the casino and into you know into the Walmart Amazon and the shopping mall type of evolution for them and I think it's a very healthy Evolution there will always still be casino games and in crypto and then I don't think that last Cycles casino games will be as enticing whatever else is created but I just really see this as almost like a rebranding and a refocus and what this technology is is being used for yeah I I completely agree okay let's talk about some specific use cases so we're going to talk about loyalty we're

gonna talk about gaming and we might also talk about ticketing and this digital bulk concept so first let's talk about loyalty we've seen Lufthansa most recently launch an nft loyalty program Starbucks has an nft loyalty program McDonald's did something recently just in Singapore in a small market so why is loyalty better when you use nfts well there's three main reasons one is that collecting is better than Miles right now with a loyalty program you get points whatever whether it's Starbucks whether it's your airline whether it's

McDonald's for you going and buying McDonald's in their app it's always points all of our loyalty programs have always been built around points well here's the thing points do not attach to Memories in any way right you collect and they also are very the quantity of them is means nothing to the customer right so what ends up happening is in a loyalty program you collect points you don't really have any connection to those points whereas what these new nft loyalty programs are doing all of them they are giving you digital Collectibles

instead of points well a digital collectible is connected to a memory typically so if you take a flight for example you fly from New York to Paris right you don't even know at the end of that flight let's say in a current loyalty program you got I don't know 1500 points you probably don't even know how many points you get it's very difficult to figure out what the points are valued at you have to you know every loyalty program is different whereas these future loyalty programs like uptrip by Lufthansa you would get two digital cards you might get a Paris card to signify that you flew to Paris

right and you might also get a over the Atlantic card to signify that you flew over the Atlantic Ocean those are two imagine that's your first time going to Paris and your first time flying over the Atlantic Ocean you're gonna treasure that digital collectible forever regardless of the rewards it might give you that collectible alone has value to you and meaning to you that's the first thing I would say turbo you got anything to add there you want me to keep going on on loyalty and why they're they're better I think I'm gonna know where you're going on two and three so I have a thought it relates to this but I'll let you keep quiet it's a great that's one point yeah okay so the second reason why loyalty is better with nfts is

you can buy and sell the rewards this one's pretty simple I think this is a massive unlock because how many of us collect loyalty points but never use them a lot of us or how many of us collect loyalty points and then go to redeem and don't have enough to get what we want well if loyalty programs are on chain using nfts or could be using fungible tokens as well then you can now take those and put them on the open market you can buy and sell them very easily which is a huge unlock you know I

can imagine the first time let's say you go to Starbucks and you order some coffee and you get an nft collectible as a result of that coffee let's say you you get their seasonal Christmas special coffee right and you happen to be the 1 000th person to get that and so Starbucks wants to celebrate you so they give you a special nft as a result of that you're the one thousandth person to get the Christmas special and now you've had that nft and you don't necessarily care you're not involved in Starbucks loyalty program but somebody sees that you had that and they make you an offer and now the in the app it pops up hey I would like to buy that digital

collectible off you for a hundred dollars you're like whoa somebody wants to buy this from me for I didn't you know cost me nothing cost me the cost of a coffee cup and now somebody wants to buy it that is a huge unlock for people like the first time that happens is somebody that's the moment that a mainstream person says and they're not going to say oh yeah this is an nft they're going to be like oh yeah it's a digital collectible which is the wording is key and they're going to be stoked to sell that digital collectible and make some profit and you can guarantee person's never going to Dunkin Donuts or any other coffee place ever again they're exclusively going to Starbucks now and they're gonna feel wow

I didn't know that you could buy and sell these so easily so that's the second thing and then the third thing that's really exciting about loyalty using nfts is on-chain collaborations this one is harder right now because loyalty is well nfts and on-chain activity is still small but I get super excited when I think about the future where everything is on chain and okay you got a Starbucks coffee and you're also taking a flight and your wallet knows that you're doing that flight and you got that Starbucks

coffee because of on-chain activity it can see that and as a result of that you get offered something where you land you get offered some discount or some bonus or something like that because you can permissionlessly create collaborations on chain as a result of seeing different people's activity and then Partnerships can happen and it can lead to really fun collaborations that are much more difficult to do right now you could do collaborations like that but it's the friction is very high whereas on chain there is simple friction so yeah those are the three that I get super excited for around loyalty yeah I think it's very very interesting to me number two

is exciting and there's one person could look at the transferability and the ability to sell these things like oh Brands actually don't want this and they won't use this because they don't want people to actually use the points but I would make an argument that in a couple ways they could offer less in points or in gifts and feel like they're giving more because it is a more personalized experience and the memory is much stronger than getting a specific Idol versus getting 10 000 points right the other aspect is Brands can now own their own data on customers and control it which was depending on how you feel about but that was a big problem for a lot of online companies

when iOS made their shift to have a much stronger user data protection rights where retargeting where Brands became significantly more difficult now if you can give somebody an nft every time they take a specific action it becomes much easier to retarget and come up with specific plans to actually you know attract and get those customers back expand the new customers get very direct feedback on all specific types of brand activists and such work so I see it from a company side as well they're it means to be something where they make more money and otherwise they won't do it but I can see future when you will be eager to explore this type these type of acquisitions

furthermore on the nft side again in the aspect of selling and transferring I think it's amazing for gift giving I again like I don't use Starbucks a lot but it's pretty cool reminds people like getting somebody a physical you know card and gift card in it versus just sending whatever gift if you send somebody at NFC who loves Starbucks and you know that they love this type of specific drink that they can get that's a really nice git that costs you nothing or maybe like you know you spend 10 bucks and get a dollar back and these rewards and you can gift it to a friend that is really nice and it's effectively like free you know Impressions and reach for a brand as well so I think gift giving of NFC rewards will be a really

big nice evolution well you make a good point uh it's so important to look at the different perspectives of who the users are and as you said so eloquently at the beginning right now we are going we are in the nft casino and we're moving away from that actually much quicker I think than most people realize but most crypto people crypto Twitter is still in the nft casino so we're all still just waiting for prices to come back but at the same time there is businesses that see that there is tremendous value in nfts because you can create better digital

experiences and then there's users who are have no idea that what they are using is an nft and the best example of this most recently is actually the NFL partnered with DraftKings which is one of the biggest fantasy sports leagues in the world and they launched rainmakers it's called and it's their nft backed fantasy sports contest most people doing this do not know that it's an nft now it works out very well that the way fantasy sports is played actually you could just replace the current way that it happens with using

an nft rather than the current Tech that backs it and most people don't even see the difference and so it's led to this past week was week one of the NFL season and they had over a hundred and fifteen thousand people enter their week one contest for that to start the season it's a hundred and fifteen thousand people I will bet you that 10 percent of those are nft Traders crypto people the majority of those people are just mainstream people who love to play fantasy sports and they saw that there's a new fantasy sports League called rainmakers they don't have any idea that it's backed by nfts and

they're just they're excited because this new league allows them to get players at the beginning of the season and if those players have value throughout the season they can sell them and what happened last week was one player sold Lamar Jackson's card sold for forty thousand dollars which like holy I I don't understand the inner workings of this to know why it would be worth forty thousand dollars I know that there's millions of dollars in prizes so maybe somebody believed that you know that would give them access to a million dollars in prizes I don't know forty thousand is a lot of money but you can see how this is a great example of it's not about it being an nft nobody's

buying an nft in this case they're playing a fantasy sport game and just happens that it's backed by nfts yeah it's funny because something like DraftKings and fantasy sports I mean the main benefit is transferability and speculation yeah assets so the thing that went crazy for nfts and was 99 of the value for virtually everything that existed in on the 21. was speculation and was asked me to transfer some of them on marketplaces but that was like the core product now we're seeing products that people actually like actually use that are becoming enhanced with nfts which is a much more exciting future to me than just creating these casino games that people may or may not

even know that they're playing and are going to pump and dump and some people get wrecked and have a brutal experience there's very few people who are probably going to have a worse experience because DraftKings have used nxts maybe the most degenerate the degenerate gamblers who put way too much money in will for the most part it just adds an additional layer of fun into any chronic that people already love Yeah and we have to remember I can picture some people listening to this right now saying well but it is a worse experience because you have to set up a wallet and set up a seed phrase and figure out where to store your seed phrase and now you have to manage self-custody and you have to make sure you don't get the hack you have to like you know set up your

security of your wall and get a hard one all of these steps right now that anybody in the web 3 crypto space knows about well here's the thing most of these Enterprise grade apps like a DraftKings or like a Lufthansa or like a Starbucks or a McDonald's or a Nike they are not doing the typical onboarding their onboarding is usually email and credit card if you need to spend money they're not making you set up a seed phrase they're not making you set up a wallet now you can that does mean often that the this

company holds things in custody themselves for you right Reddit is the best example for this if you want to buy a Reddit nft right now you buy it using email and credit card and they hold it in custody in a wallet that they a vault that they call it Vault that they set up for you you can take the steps to move it out of that Vault into your own self-custody wallet and then do with it what you would want but we got to remember most people that's not why they're here they're not here to speculate on this asset and to sell it on open C they're buying it because they want to play the game or they want to do

the fantasy thing or they received it because of the Loyalty for some action that they took at their favorite coffee shop that is a part McDonald's was the best example of this I don't know if you saw this Herbie but so they gave away McDonald's Singapore so most people listening to this probably don't live in Singapore although if we do have some Singapore listeners hit us up that's awesome I'd love to come visit you and they released 2 000 Grimace nfts okay and this nft release was done through the McDonald's app so in the McDonald's app you you could claim if you were there it sold it like when sold out it was free but it sold out in seconds but if you

happen to get claim you just clicked claim you already had set up your profile because you're in the McDonald's apps you already have a profile you click claim and it all happened right there so there's no seed phrase no setup done now you got the grimace and if collectible in your app you can view it from the app and then their plan is to give different benefits as a result to those who have that in the future so like that onboarding process also I think really changes the experience you're not again you're not buying an nft to most these people if you don't onboard in that same way of like setting up a crypto wallet yes it's funny when I worked at diesel about a year and a half ago one of the things

that they implemented was sign in with Google and have your product key stored cloud and the amount of backlash they got from that was humongous it was like a viral thing almost on crypto glitter or people you know different wallet providers will mention who dumping on them this is The Pact that appeal to 99 of people yeah I think pads of web series is not taking the elevator from web 2 to web series it's taking the staircase it's taking masks later step by step by step and this is a step in the right direction and I think we're going to see this more and more and frankly the products that people actually use products that are legitimately sustainable that exist today are not full-blown web 3 projects they are products that are web 2 that

are picking and choosing aspects of lead 3 which make their product better and make the user experience better and help them make more money and that's what's working and I see that as a place we're in today and where we go over the next decade who knows I think we probably will live in a world a decade from now where it's more attendance about like 2021 nft style where you can buy a pfp or an avatar that is your digital identity and it can go into the fort view of the game the Fortnight and to zoom onto your like motion capture Avatar activating yourself but that's a long way away like that's an extremely long path to that level of user adoption maybe we'll get there who knows but for

the time being like we should celebrate and embrace these steps of you know products who are giving more rights to their users creating better experiences and leveraging this amazing new technology versus banging your fist on the table and saying this isn't a decentralized that this should be when in reality what people want is what the future still yeah and the truth is most people don't care about decentralization the mass Market does not care about decentralization they don't even necessarily understand the benefits of it you know most people and they also don't care about self-custody now I think that self-custody is a very important concept that everybody should

understand and it really is it's at the core of everything we're building in web3 if you remove self-custody we basically can't have web3 in the way that we want it to become but if we focus on that as being the primary objective then people get lost and they don't want to participate and they don't want to play and we just keep seeing that over and over again Herbie would love to just as we wrap up here I'm going to give give a few final thoughts I'd love to hear a few final thoughts from you as well I think the one of the final thoughts that I have is so in terms of use cases I really think that we all need to focus more on the

existing businesses and existing products using nfts as a way to improve the experience so whether it's loyalty whether we didn't talk about ticketing but I think ticketing is really great everybody's really excited about that whenever that comes along all these token gated things that you can do where it's more about membership access and you can't really do that in web 2 because you can't have you could have a membership in web 2 but it can only get you access to one platform you can't then token gate access across multiple platforms well you can with an nft and then also like real world ownership gets me really excited so like California is

putting titles of cars they're turning those into nfts because it's a better form mainly because a lot of people have there's a lot of fraud issues there and people faking uh the title or manipulating the title to remove a car accident so that nobody knows that that happened well you can't do that if that's on chain and immutable so there's all these benefits to existing businesses and existing products that can have a better experience for the user as a result of nfts when that is the case I want people to stop using the word nft as you you said before because it's not if you make it about the tech two things

happen one you lose a lot of your customers because people don't most people don't know what an nft is they might have heard of it and they actually because of public sentiment they've just decided they hate it flat out so you don't make it it would be like the equivalence of going to somebody and being like oh have you heard of the SMTP protocol it's going to allow you to communicate with people online it's like no no we called it email and we created email we didn't nobody knows that it's on the SMTP Protocol no one cares what that protocol is same idea nft is this base layer attack that we should never be talking about so that's my first thought my second thought is I

really wish that all nfts were soul-bound I think it's a controversial opinion but if we had made all nfts Soul Bound for a period what I would have done is like if we created this Tech and nfts were sold down for five years then all the focus of the builders would have you would have removed all speculation all focused on trading and it would have been about okay how do I use this Tech to create better products better experiences for users less friction for businesses new Revenue opportunities for businesses because I want to be clear just because I'm saying it's so bound doesn't mean you can't sell it you could sell the first version of it just means you can't sell it on secondary Market we

actually saw Louis Vuitton do this when Louis Vuitton released their trunks oh that like a few months ago they released those as soul-bound nfts because they didn't want it to be about trading them and speculating by and selling they wanted true community of people who believed in them and were excited to be part of something not to trade it so I would have liked to have seen that yeah it's very interesting to me one point of view is that I want to Echo is most NFC companies were trying to build something yeah their effect they were all startups they're taking this new technology and trying to build new forms of products experiences Services Etc

that is significantly harder to do and to take something that already works and try to find ways to tweak it to make it better especially when you have a huge amount of data that's backing that decision it's really strong understanding of the market and customers and you know the trends in the industry Etc and we're seeing that happen now with things as you mentioned DraftKings Airline loyalty program Starbucks it's a different game they have something that works they're making it a little bit better that's much easier I think the future of nfts at least for the next year or two will be more focused on creating things that already exist audio detection audio broader Market fit and finding ways to make them a little bit better with nfts I guess my hot take for today is

given that I think it's going to be very hard to make money trading nfts because we talked about how the casino is going down if you're making money in the NFC casino trading today you are like a world tour poker level player like online against a bunch of Schmucks or you're like top AI applying online against a bunch of different people you are in in a world of your own right now and I struggle to see that side of things really significantly rebounding unless there are clear value propositions that people actually care about unless the companies do find product marketing maybe pudgy Penguins will as an example where they continue growing their online presence continue selling more toys and then people are

just like you know what I want to own the IP anyone explode I could see something like that happen I can see it happen with games if it's just hey I think more people are going to come to the table and there's going to be more money to go around and price is going to go up I'm more bearish on that the other side of it with these type of programs that we're seeing it's going to be harder to make money or at least scale is going to be so much larger and the amount of activity required is going to be larger because it's not missing things for one eighth helping it goes to 100 or mincing it for point one that helping me goes to 10.

we're not dealing in tens of thousands or hundreds of thousands of dollars anymore like we were in 2021 a lot of these products you can join for free or join them for that bucks or maybe 100 bucks if you're they're really stretching it and that's the future so if you're a Trader in that market the amount of following you that you're going to have to do an activity to make real money at least money comparable to the money that people are making in 2021 is going to need to be so significant and at the same time these companies are not meant to service that User Group they're want to grow their user base they want to make more money so they will just continue printing more and more and more of these nfts if they have success 99 of people won't care because

they just care about the product not about how much it costs or if their thing goes up or down 10 on secondary markets so I think it will be very hard to make money trading entities and most of the opportunities are just going to be riding whatever new pump and up narrative comes between me coins or social fire whatever it is and maybe there'll be branches and nfts that fit within that category what has existed in the past and the main driving force that are going to take nfc's mainstream I believe it'll continue to be very difficult to make money yeah you make a great point and I think that's why you know for those who've been listening to web3 Academy our investment advice in web 3 is to invest in the underlying

blockchains the underlying Tech that enables nfts to be built and to exist because if you were to invest in ethereum or Salata or a layer 2 of one of the larger ones that has strong Network effects you don't need to they figure out what the next big app is right maybe you get lucky maybe maybe as you said and I think you're you're right that there will be pudgy or 48 beats Club you know one of these a few of these Brands will make it very big and there will be money to be made but that's the

equivalent of investing in a startup and hoping that they make it to the top that's a much more difficult investment decision versus investing in the infrastructure layer which all nfts are going to be built upon well then you don't need you don't care whether it's a loyalty program or whether it's some membership club or whether it's IP doesn't matter it all comes back to settle on that same layer so that's why our that's always our investment advice to basically just not stay safe everything's risky and everything has volatility to it but it is much more of

a stable investment you you bet on the house I reference web 3 is like a casino and I mean to some degree the products that are not meant to be like as long as they are in some way if not you can bet on their like betting on the video of like you know computing power for the AI you're betting on blockchains for providing the infrastructure for this new digital asset boom so that's my perspective as well again very long Eve going to become longer differing l1zal twos as hopefully in the market turns up and I mean the other Avenue means like there will be games that come up where it is like Place EB to play those games and to try to make it's harder in a bear market and you timing is incredibly incredibly important but there will be

these like rolling could it be bubbles that go from thing to thing to thing and if you time the right you can make a lot of money but that's a much more advanced approach the easiest thing as you mentioned is just like just bet on what's underlying all the craziness and chill yeah and stop telling everybody stop telling your parents your friends your you know cousin to buy nfts I hope nobody's telling anybody to buy nfts right now but more so talk I mean tell them to take the rabbit hole course to be honest or take it yourself so you could talk about the foundational components because anybody who's trying to capitalize on the opportunity of web 3 and if you're listening to this you most likely are then you the way you do that is by understanding the tech and

then being able to explain that Tech so that either you can use it in an existing business or you can go build a new business or you can advise and consult an existing business because blockchain is inevitable the whole the internet is better on a chain we are going to move from online to on chain the question is can you participate in that by helping those businesses out or starting your own business well the only way to do that is by understanding the foundational layers not by trying to be an nft Trader and speculate or trying to be a meme Trader look if you want to go do that go for it but don't come crying to me if it doesn't work out for you

I would say the same thing I I believe that really the highest risk award opportunities in crypto at least if you're not betting on being like a top one percent Trader or entrepreneur in the space which is very hard are working on underlying infrastructure or promising startup company or just going to a company like DraftKings and being the most knowledgeable person of what to eat at their fur and that has a ton of value obviously your course I sent it to a few friends like for this exact reason developing foundational knowledge especially in a bear Market is the best time to do it when you guys do the content put out is a great place to start and hopefully this this podcast is I hope so too Herbie thanks so much for coming back on the show always a

pleasure always great to see ya we'll get you back again soon thanks so much for listening in everybody have a great day thank you for listening to web3 Academy your one trusted source to capitalize on the next big phase of the internet if you enjoyed this episode please share it and subscribe or follow so that you don't miss the next one while you're at it there's a link in the description for a free newsletter where we provide timely and relevant web3 insights so you can confidently build and invest in web 3. make sure to subscribe today one final note this podcast is for educational purposes only and nothing we say is financial advice crypto and Webster are risky and you should never invest more than you're willing to lose thank you friends and see you in the next one