Weekly Web3 news: Magic Eden royalties, Arbitrum on OpenSea and Doodles' valuation

Transcript

gmgm welcome to web3 academy it is the weekly roll up where we run down all the top three web news web 3 news from the last week to keep you up to date and ahead of the crowd my name is jay bird and this is kyle read head and our goal here at web3 academy is to help entrepreneurs businesses and creators explore and learn how to use web3 to transform business models and build thriving communities baby we got a big show today kai it's a big one it's a big one all right what's the main topics we're going to be talking about magic eden what happened magic eden they launched metashield in

a effort of enforcing royalties on platforms this is an nft royalty enforcement tool ooh this is self-sovereign i don't know i don't know we're going to get into that doodles raised 54 million on a 700 million dollar evaluation is this good i don't know we're gonna have a debate kyle and i of is venture capital money good for web three or not and i'm not sure kai i don't know if you know which side you land on i'm still not sure which side i land on so we'll go back and forth on that the wall street journal announced that the moma is selling 700 million dollars of art to purchase digital art

the moment is here we are going mainstream people this is happening this is huge huge news open c is going to onboard millions they have a big announcement around arbitron mft is now available and some other big ux things happening and then we have the dow of the month down the month give us a hint what is it jay don't tell me what it is give me a hint maybe it's it's a music it's a music dao and they are actually minting their second drop today oh today and i think i think we might we might we'll see we might we might mint live on the show we might grab this together you got your

wallet full of eath or what no i'm assuming it's something it's not but we got a little bit we got a little bit you gotta sell some nfts to get this one that's right that's right okay but before we jump in let's share some gratitude kai we always love to share gratitude because when you practice gratitude you change your expectations into appreciation kai what are you grateful for this week well i am grateful for a a company called borderless retreats so i'm currently in the azores portugal which uh if you've never seen where this is i

highly recommend you just google azores right now it's literally in the middle of the atlantic ocean between north america and uh and europe and it's this beautiful beautiful island uh and there's eight of us here that are uh all nomadic entrepreneurs and we're basically spending a week um having food cooked for us which has just been incredible food and we're doing yoga and meditations in the mornings we're doing like mindfulness sessions and workshops and um just super zen uh but also really growth mindset uh it's been a incredible incredible experience so thank you to borderless retreats for um for running this it's been absolutely absolutely incredible what about you jay if you guys can't see kai he is he's glowing he's absolutely glowing he looks

calm he looks grounded yeah i know he did some ecstatic dance last night he got some stuff out you know he's feeling good at all i am i am grateful for heavy machinery okay heavy machinery so i'm renovating my house right now and as part of that we have been renting a whole bunch of tools and we rented this tool to we have um we have a cedar siding like 40 year old cedar siding so we had to paint the cedar siding and then we have these soffits which are like way up high like you're talking like 40 feet off the ground uh like a ladder could be so

dangerous get on a ladder to get these so we rented this like massive piece of machinery i can't even it can go it could go 60 feet in the air you could go straight up 60 feet and it's like this oscillating arm and i spent my whole weekend on that thing uh painting the outside of my house so and if i didn't have that painted on a ladder it would have would have taken me a week so heavy machinery for the win really grateful for that it's the best gratitude so far okay guys before we get started into the episode we have an announcement finally finally it is here all eligible addresses for their lens protocol handle their whitelist is now

available you can go claim uh and so we had a lot of troubles with this trying to get the right people to claim their handles we finally figured it out it's basically if you're a community member of ours you've been in our discord if you're a dow member or if you're one of the first thousand uh to follow us on lens protocol or you completed some of the quests uh and contacted us et cetera we have hopefully got everybody that deserves a lens handle a lens handle so just simply go to claim.lens.xyz and connect with your wallet the one that you gave us and you should be able to get your lens protocol handle so if you do it go get it and then go make sure to post

something on lens we want to see it because we will follow you as well and it's super fun to use lens like once you post something on lens then you can go to your openc or wherever you use nfts and you can see your post as an nft in your wallet there's it's so fun the way it all connects and it all gets used so yeah super pumped for this for everybody absolutely go get them go get them get them else if if you did not get your your lens this time uh we're sorry we could not whitelist everybody there was a cap and we will have more opportunities in the future so

don't don't get your panties up in a bunch if you didn't get it this time you'll get it you'll get it next time we got please no more do not dm me i promise you i will not respond so don't dm me just wait we will have another one coming soon but i will not respond to you i'll tell you that i'm sorry i just i can't there's too many i'm so glad in this moment that i have like a fraction one percent of the followers that you have nobody dms we're gonna change that okay first first up of the news let's talk about magic eden so what's going on here a little bit of context around the nft

royalty debate as everybody as you may remember and if you don't about a month ago the there was a debate that started around should nft holders honor creator royalties it's obviously a big part of what we're creating here in web 3 was this belief that creators deserve a portion of royalties in perpetuity of their project now some new marketplaces popped up pseudo swap popped up which decided not to honor nft royalties which sparked this debate of wait okay nft royalties

aren't enforceable on chain holy [ __ ] okay so that was all news to us we all learned that and then what happened is coders being coders and kai remember you said this on the show you were like well somebody will figure this out and figure out how to get it on chain okay well update yes people are figuring this out so depending on which side you're on and there's coders on both sides there was some coders who said okay here's where he means devs by the way yes yeah yeah thank you so some people said here's what we're going to do we're going to track those wallets who don't honor royalties and we're going to create a tool where a

nft creator can see who did and didn't honor royalties and then reward the creator can say okay for my next drop i'm only going to give it to those who aren't a royalties makes tons of sense right kai um yes let me just think here though who's the person that has to honor the royalties it's the person buying or the person that's the person selling so does this really change anything because if they're already selling it anyway they're not taking they're they're not honoring the royalties do they care for the next drop yeah so yeah you're getting you're getting into the next stage here so let me just keep

going keep going because this is and this is what is going on here is it's so convoluted because this is so new right uh okay so so that happened a bunch of coders said that and then a bunch of coders fought back and said okay sorry debs i should stop calling them coders devs fought back and said no we're going to figure out how to how to hide that information and then magic eden who is one of the top nft marketplaces they first exploded as they're the biggest solana nft marketplace and they're really known in the industry as their top team they're you know they've shipped many great products they're really leaders and i really respect magic eating because they're

open c is like the like corporate like mom and dad right and then magic eden's like the scrappy teenager who's just like not afraid to say something and not afraid to do something controversial so magic eden launches metashield uh which is a new standard that enforces nft royalties now you can't enforce any of your roles he's on chain so here's what it does and this is this this sparked a lot of controversy on twitter what it does is if somebody does not pay royalties then metashield identifies okay this wallet did not pay royalties when they bought it when they bought the nft

and it allows it basically encourages or allows the creator of that empty to come in and change the metadata and so they're basically blurring so like you wake up one day you you bought your nft without paying the creator royalties and now your nft is blurred any nfc that's sold on magic eden can do this any nft that is yes is through magic eden can do this assuming that they i think they have to use the meta shield standard in their smart contract like i think it has to be yes

interesting yes so kai you want to i could pause there if you want to jump in no continue on continue on before i give any opinions okay so so let me let me just here's where we're at okay we had stage one of nfts was oh my gosh you can you can have digital ownership right and then stage two was okay well can we bake these creator royalties into digital ownership because here's the thing that happens a lot of artists create great pieces of work and they never see

a fraction of the value of that work because the work as the work increases in value they don't get any they get no take on that right and so there's this belief in the industry that stuff should be flowing back to them um but now we're at this point where there's this question of like should it happen or should it happen and it brings up two debates that i want to sort of spark off here kai one is self-sovereignty so if if magic union is doing something like this where does that come into this concept of self-sovereignty and they're they're really and like should nft creators be able to change the metadata they can like there's let me

just point that out an nft creator can change metadata unless they explicitly give up those rights ahead of the launch or they could do it later but pretty much no nft creators are doing that right now not yet um so they can do that so so there's a self-sovereignty debate and then there's also this debate of like should should royalties be honored and even more so i think this is really the way i look at this this is just a tool in the toolbox all of these things are just tools in the toolbox and kai i know that's what you've talked a lot about as well okay so i'll i'll pause there kai jump in yeah so i think okay first of all when i

think of creator royalties there's one thing i got to say like i support creative royalties the only thing that where it gets a little iffy is like okay some small person creator who doesn't make a lot of money than artists whatever everyone's like yes we need to support them but what if nike launches nft and then uses this and then everyone doesn't pay the royalties for nike and nike starts shutting their stuff down it's this big corporate company i don't think anyone backs that and goes oh yeah they need to get the royalties they need to make their billions of dollars you know so like where does where is the where does this end you know i i don't really get it so anyway that's my only thought on the on the royalty side of things in terms of this um i mean look if you can already change

your metadata then you might as well make a tool that allows this anyway i guess this tool also then identifies that someone has not paid your royalties look i don't love it i don't think this is the way it should be but i think these are the kind of things we need to do to start putting pressure on this so that we figure it out so i don't think this is where it goes in three years from now this is definitely not how nfts work but i think these are the things we need to do to get there so i am fine with it i bet you in three weeks time and openc or someone else is going to come out with the next thing and we'll keep iterating until we figure out how we want to handle this so um yeah keep innovating keep coding as

jay would say coders will code devs will dab so yeah i don't know we'll see well and i think that two thoughts there one is i don't think the fact that nft creators can change metadata to me that's not the problem uh there is a conversation around when they should be able to and shouldn't be able to and i think if any nft creator should be clear with their community ahead of time they should not surprise their community right like you should never all of a sudden change the metadata of a project without saying hey this is part of our project but the thing is being able to change the metadata is what is

one of the most fantastic parts about nfts because what that allow what that means is that's a tool where a creator can say and a great example is deca deca is a um a gallery like a project that allows you to have like um your gallery of nfts and other people can see it and they can follow it's a great great project and on deca if you purchase their nft the more you contribute to the platform the more you engage your nft adjusts and changes and so the metadata changes which is great that's that's such a great use case like that's what we love to see right that's customer engagement that's gamifying it i think in terms of um changing the metadata of nfts it's like

look if you don't like that the creators of the nfc change the metadata sell your nft that's the beautiful thing about this it's an open marketplace like it doesn't matter you can just sell it and go to the next community so like if everyone sells well then all of a sudden that community's gonna go [ __ ] i shouldn't have done that and they're not gonna do that anymore people are gonna learn from that so like we don't need to whine and cry about these things anymore because you have self-sovereignty if you don't like it just sell it that's the beautiful thing so like we don't need to have these little like everyone whining and crying like oh my god you changed my metadata like just sell it and get out and you're fine you know so like that's that is the unlock um but i think

it's also i don't know people are like what's crazy about this is a lot of companies are just sharing their revenue or sharing their business and giving ownership to all of these people and then like any little change and like these people are like whining and crying and it's like yo you just all you did was buy an nft for like point one eat you wanna do nothing to contribute to this company and you're whining that we changed one thing and it's like who are you i don't get that so it's starting to really these ntc communities are actually starting to piss me off a little bit uh yeah so i don't know i think yeah i don't know that's all there was there was there was a tweet that i saw recently that was like i thought dealing with vcs was bad until i had it and if a

token can tokenize community right like okay let me let me i got another another take here that i want to break down is um so one of the issues with this is um as you said okay who is being penalized for this right like the in this case in the case of magic unit and what they're doing with metashield the buyer is being penalized right the buyer didn't honor career they decided not to buy using creative royalties and they're being penalized by their metadata being changed and now you have a blurry nft which would be just awful um so what happens where does most buying happen right let's just think about that

for a second well most buying happens currently on salon on open c and then magic eden would be number two and then looks rare but what is innovating and growing a lot are these aggregator marketplaces so there's all these marketplaces and this is going to explode over the next decade there's all these marketplaces where you can go where instead of buying on magic in your opens you just go to an aggregator where they pull in all they sweep all of the available nfts and that's honestly the best place to go to the back to get the best price right because you go to an aggregator and they'll show you you want to buy a aboard ape it's like okay here's all the board apes that are up for sale ordered by price so you don't you don't

necessarily know which marketplace you're buying off of so you could accidentally buy off magic eden not know about metashield and then wake up the next day and boom you're you're you're sorry you wouldn't buy a magician you would accidentally buy off sudo swap not no you want maybe you wanted to pay the creator royalties you were trying to honor it and you didn't know so i think there's that that's another wrinkle that i don't like i i just want to dive quickly into kai what you said about projects like nike and just talk a little bit about this is a tool what you really need to understand if you're a business

is forget about whether or not the the code or the smart contract will be able to enforce nf2 royalties focus instead create enough value that your community wants to pay royalties because then there is no conversation here anymore yeah or like i don't know no one wants to pay extra if they don't have to even if you create a good product you still would rather get it at a discount so i think the more important thing is [ __ ] the royalties and just go build a business or an nft that actually has a sustainable model to it royalties

can be the gravy on top of that but you know what i mean make your money elsewhere add a subscription to it or have a you know make sure you make your money off of your mint or do something else i don't know but like just don't rely on royalties easy as that for now anyway until maybe we figure it out kai i want you to be like my like daily like consultant or coach you just you just just make everything so clear like stop whining just come on figure it out let's go straight to the point you know anybody else here want kyle to kyle used to be a health coach if those don't know and you could see he would have been an amazing health coach okay let's let's jump to the next one you ready to jump to the next story i'm

ready i'm ready okay so doodles raised 54 million dollars on a 700 million dollar valuation whoa it's a one-year-old project that's a one-year-old project and they okay what happened they got a lot of backlash from their community now is we just talked about how there's unfair backlash from token communities but in this case i think it might be fair so just a little bit of context first of all for about two months doodles did not tweet they were not active on twitter which like i don't

can't really understand that um like just throw up a gm now and then that's pretty simple right uh and so they were quiet on twitter the community was a little bit upset about that and then they had this big announcement and their big announcement was like hey we raised 54 million dollars which none of that money goes to you the nft holder and the vcs did not buy nfts as part of the raise they bought the capital in the business and so so just to clarify here there's doodles like probably doodles llc or whatever it's called i don't know what we don't know what the corporation name is we

don't have to know but they have like a an actual company and then they have their nft like uh collection the doodles collection that we all know so um they are two different things they are if you buy the company or you invest in the company you are not necessarily investing in the nft itself they are different so just to be clear on that and and here's the money going to do you know do you know why they got investment they they're they're expanding their team so i think their team is like uh 20 right now and they're they said they're hiring 30 more positions they they want to be they're trying to be the disney that is their goal their goal is to be the next disney to build a media juggernaut and and

here's the thing for these nfc community that are getting all riled up it's like do you have 700 million dollars to put together to fund doodles to go build the next media juggernaut the answer is no you don't you luckily bought one doodle for one east great if doodle performs and goes and builds that next media juggernaut your doodles are gonna be worth a hell of a lot and you're gonna have access to all the events and all the things that happen as they build the next disney what an amazing opportunity and you're gonna whine i just don't i don't get it it makes no sense to me like all you hold an nft you might luck out that this random jpeg that you bought that you have ownership over like maybe becomes worth something if doodles

happens to be the next disney right you would be like holding the mario nft if like back yeah like the chances that happen though very very slim yes but the chances of that happening with 700 million dollars to back it or i guess 54 million so it's valued at 700 million 500 well that makes those chances a lot better so you now have a better chance of your nft retaining or appreciating in value as a result of this so like what are you mad at i don't know be happy this is great you're involved in a great community and thankfully the corporation that backs that community or

like that built that community is going big right because if they don't go big your nft is going to zero so yeah that's mine yeah i think you you bring up it it is such a great point i think where the the tension comes in and where i fear this will come to a head at some point in the next couple years is when that project doesn't do well and full disclosure i am a doodles holder so uh i'm i hope this project does go well and it becomes the next mickey mouse which on a quick side note did you know that mickey mouse becomes royalty-free cc0 like

2024 i think come on yeah yeah that's going to be cool that great so how many mickey mouse cc zero projects are we gonna see in like two years because we have the original artwork ourselves seriously if there's any artists they're gonna learn how to draw right now yeah no no we're looking if you're an artist and you want to collab we are not the artist guy come on we're the business people okay give us a call we want to do a mickey mouse collection with you um so here's is what's going to happen as you said not all these companies that are raising are going to make it right when you raise 50 million dollars of 700 million evaluation there's massive expectations

to in order to create that to make that valuation a reality you have you have to create huge revenue you know you have to do so much right and the investors have expectations so the investors expect that you will grow and in order to do that you need more revenue more profit nft holders have different expectations really i mean currently right now their only expectation is that the price of their nft goes up right so there is a misalignment right now that i think everybody needs to understand is what is going to happen these projects is some of them will just start producing more nfts because that is a way to make more

revenue and make more profit but that also deflates the value of the original nft so yes if your nft project makes it and makes it big and you are holding the original mickey mouse it'll be worth hundreds of thousands of dollars there's so much value in that but also there will be projects where that doesn't happen and then investors are pushing just get more revenue get more revenue get extract value because that's what they need and then there will be i think we will see some projects go pretty sour and some communities get real upset because that's going going to deflate value you also understand like in order to run a

business right now it's not very easy to do that and to raise capital and stuff as an nft project specifically like everything was on chain like you didn't actually have a actual corporation if you want backing from the big in like vcs and stuff like the big people in the world to get the big money they're not to do that in crypto they're going to do that in fiat currency because that's how they run their vc firms right so like you need if you want to get this capital which you need to be the next disney then you've got to do it through the traditional world now eventually this will change and i would bet that the the doodles of 2027 or something will have no llc around it and it will be a dow which is governed by

the nfts and any investment will go directly into the treasury of that dow and blah blah blah problem is we just don't have the tooling and infrastructure to make that work easily yes that those tools do exist but like not on a level of like what these people need and for what these guys are trying to build so it's like right now we're in a hybrid stage so we have to have this sort of llc and your web 3 version and kind of build together or like build for the other one and then duct tape together so it's just like i don't know if you're here's the thing up if you own an nft right now and you don't understand that it's 100 purely just an experiment then you're lost that's what i'm gonna say

right like like you're completely lost if you think that these things are like guaranteed like you know the best businesses in the world the future business we're like all of these that we have right i mean board at yacht clubs could go to complete zero and be worth nothing in the future you know we have no idea that's how early this stuff is so like i don't know i think people need to calm the hell down and like let people build these businesses and let's see what works and what doesn't you know and you brought this up before and and to be clear doodles does have a a treasury i don't know if it is a dow treasury but they have a treasury that they share i think it is formed as a dao um i should know that uh and they this is what's happened as you mentioned

okay you have all these nft holders what are they contributing though right well in the doodles treasury they they're like you can make proposals and they have voter apathy they have low engagement so what would you want if you were trying to grow a business do you want like the top investors in the world who you can pick up the phone and can get you a call with disney and build you relationships and help you literally take your business like ten years into the future in in six months or do you want like ten thousand djs who are like i don't avoid i don't know yeah agreed completely i mean right yeah okay one more quick question that we'll

move on the next one uh if a vc is investing a project should they buy the nft hell yeah for sure right it should be like that you can't require it but like i don't know if you were investing and putting money you probably should like that project so like it might make sense for you to do that um i just i think that's important simply you know yeah yeah just do that even if you did that i think because okay here's the example hugo labs board of yacht club which somehow never gets [ __ ] i don't understand how they never get [ __ ] they're just like the darling that's like can't do wrong even when they had the crazy gas wars on the other side which was ridiculous and totally their fault they still everyone loves

them but i will say this when they raised 450 million dollars they are the only project that i could find that did require investors to buy an nft nice i like that so maybe maybe they're doing they're doing those little things right okay next up the wall street journal has announced that the moma which is one of the biggest art galleries in the world is selling 70 million dollars in art this includes picassos that they'll be selling top art in order to buy digital art jay i'm going to be honest i've just been watching that ad above there that

wall street journal's got going on for this watch kelly slater's just like getting barreled i was like oh my god this is sick i saw you lean in there i was like well kai's really interested in that i have no idea what moment is what is moma can you tell i knew you were gonna say that i knew you were gonna say that yes amazing i'm sure there's a listener that doesn't know too so give us i'm sure there's i'm sure there's lots of listeners who don't know um moma is the museum of modern modern art it is it is the one of the biggest art galleries in the world their assets would be worth trillions of dollars in art that they would own wow

so these guys are the they push the fine art worlds in directions and they're only selling 70 million i know and they're only selling 70 billion which which when you think about buying like generative art uh and especially one-of-ones that actually doesn't get you very far right like i think it does now maybe not in november but i feel like yeah you could probably buy industry you want to buy a maybe you want to buy a couple autoglyphs you buy a beet bowl you buy some crypto punks you know it can get it can it can go pretty fast but okay here's the thing here's the thing what does this mean this means that there was a meeting at the moma top art gallery in the world and

somebody said hey guys if we're going to continue to survive and thrive we will do better if we invest in digital art versus keeping our current picassos and they said okay let's do it let's sell 70 million yeah that's pretty legendary actually i like that that is that is the type of news that we we need in the space because here's what's going to happen when moma first does a exhibit with digital art and you go to the moma and there's crypto punks on the wall that is going to get a ton of media attention which is going to drive

more mainstream attention to the space and go away i should mention this was this article was reported by the wall street journal right we don't how often do we have the wall street journal as one of our reporting journalists on this show not very often right right like for them we've got yeah made for them we've got like you know we got the the crypto media outlets right so twitter almost all of our news is twitter so for us to have a mainstream outlet that's that's discussing this uh let me give you some stats in a moment just to really crystallize this for you okay so pre-pandemic the moma was getting about three million visitors per year in person at the art gallery

post pandemic they're getting 1.6 they got last year and they they think that they'll that's going back up they might get back up to like 1.8 or one point or two right but they're sitting there they're looking at they're like [ __ ] like number go down right same time their digital side their website and social media have increased from 30 million pre-pandemic to 35 million post pandemic like is there bigger signals that digital is the future here of course it could be more obvious yeah i think it's it's so exciting to see uh kai we got to figure out how to buy a crypto punk that's what that's what i've decided okay

well if we got to start getting some uh some pretty legit sponsors for our podcast moma hit us up we want we want you we want you to sponsor us all right what we got what we got next stuff here kai open c big announcement i think one of the bigger announcements of the week um and actually it's super cool because so first of all open c we believe is going to onboard i mean it already probably has onboard millions um but millions more into the nft space um they're doing a hell of a job they are you know obviously have been on ethereum and polygon for a long time they're on solana now uh as of some point this year and now they are on arbitrage so massive

announcements congrats congrats to the arbitration team we actually have the cmo of arbitram coming on the podcast next week that'll be out in two weeks from now i believe so um we're super excited to talk to andrew about this uh and dive into more here um but this is big i mean this is um this is open c uh launching on so one of the biggest platforms in web3 or in this space which is launching on a layer two uh of ethereum and uh you know we've talked a lot about layer twos and the importance of these and how this is the future and it's gonna scale crypto et cetera um and uh and now we have the the big platforms moving on to it i mean reddit is on layer two we have open c now um and so

this is just super exciting it basically means that you're gonna be able to buy and sell nfts um for you know pennies uh and you're gonna be able to do it with the security of ethereum and that to me is super amazing i wonder if we start to see maybe not but people always say like crypto punk sporty clubs like things of that nature need to stay on ethereum for security i wonder if eventually those do move to the layer twos we'll see um i'm not i'm not 100 sure definitely not yet because i know you know many of these layers are still quite new uh but eventually so anyway it's just open c kind of expanding and getting across multi-chain and growing into more and more of these sort of ecosystems albertson being the layer two that's

growing the fastest right now um so really open c i mean is onboarding the fastest layer two which is arbitrary the fastest other l1 outside of ethereum which is solana so it's kind of bringing in all these different communities into its platform and its platform is freaking sick has anyone seen the new upgrades to openc i think you have it up jay wake us up what's going on there because he's doing a killer job lately just user experience everybody complains right everyone's the user experience sucks we literally wrote an article uh this week where we we use that exact line several times but wow openc just updated their website and their user experience does not suck it is

killer and now they have this new landing i mean kyle you and i are marketers so we get super stoked when we see great marketing and landing pages are probably one of those things that get us get us up in the morning we love landing pages uh this this new landing page they have so we're looking at a new landing page that openc has for a project before they met so if you're a new project and you don't even need a website you can just build your landing page on openc and honestly it'll look a million times better probably than your own website would look unless just check yeah check this out like you've got you've got information on when the mint

is happening a breakdown of that so for the listeners hold on for the listeners uh basically what's happening is this is a pre-mint and it looks like a landing page and so it has like at the top there's a menu where it's mint team and faq you can click along this page and it shows you who the team is all the frequently asked questions and then you can scroll down and open see which used to be just like a short page now actually looks like a website like a landing page your own and you can put your own images the one it was like actually a gif of this guy like laying on a car um and you can go down and it and and it's you can continue down now jay and walk us through what all it shows on this landing page yes so i think like you said before

open c used to be if you wanted to look at a collection on openc you're only looking at it of the the market side of it okay here's the tokens that are available to buy and sell and here's the price it was much more of a buy and sell experience whereas now it's an onboarding experience and the other thing that i want to mention is openc now has integrated with moonpay so you can buy nfts with your credit card which is just and it's simple it's easy now you do have to kyc and so we won't get into the argument around that but it's i just think shout out to openc you guys are going to be a massive onboarding ramp for so many absolutely absolutely let me ask you a

question going back to arbor trump how many do you think in the future are people gonna know which blockchain they're buying on absolutely not no the developers will know and those are the only ones that care users will never care uh we will never know any of this stuff you will never hear well i don't know about like maybe they start to brand themselves in like other aspects because they might create other products but if they don't do that you will never hear the names of these things ethereum arbitrage polygon blah blah blah absolutely not i think those get completely under the layers just like all of the internet protocols we use today and we will know the things like openc and we will know reddit and instagram and everyone else that's building on top of these things um

but we will not know or care it will be the developers in the companies that will know and they will care on where they build right just like i don't know a company knows and cares about where they buy their office right uh because they're looking at things like taxes and security and safety and all these kind of things and insurance costs and whatever um so same thing now except you're building uh digitally so uh but we won't care as as users for sure yeah such a great point such a great point kaia are are we are we breaking up do you think there's there's a there's a tweet here from from raoul on on our twitter

webster academy that we're breaking up do you do you want kai has not been on the last show of the spotlight it won't be on the next one either he's not on the next one it's i mean i i love you man i don't want to break up i'd be i i'd be i'd be i'd be so sad well yeah i didn't show up to the uh to the roll up a couple weeks ago i had to bring jeff on things are getting dicey here things are getting dicey so anyway raul says that if you guys want to keep us together and keep us producing shows we need followers on tick tock uh and so we need a hundred followers on tick tock more specifically so

if you use tick tock um hop over to tick tock i think we're just web through academy there uh and shoot us a follow because we're actually now posting i don't know it's like three four maybe five uh videos over on tick tock every single week um and i mean we're looking at right now it's just mine and chase big heads just talking on the camera but there will be good content i promise so if you if you do the whole tick tock thing get over there give us a follow uh and jay and i will not break up not yet anyway actually i'm hoping to go and visit jay uh maybe around new year's or after new year's and get some snowboarding and whistler so i definitely hope we don't break up i i also i also hope so i don't i don't

take breakups very well it's uh that's crushing i'm a very sensitive emotional person that's actually why this retreat is so that i can uh make sure that i'm making the right decision by not breaking up you've been thinking about it you've been journaling should i break up with jay okay i want to talk about unboxing this concept of unboxing nfts and i think i've sort of like found something that is right in front of us but nobody knows and nobody is using and i think this is

a great strategy for projects is this idea of when you sell your nft or when you launch an nft and this could be for any business what you what you can do is first step you put you give the user you sell it or you give it away as a a box you know like it literally can look like a box uh and then rather than what most people do is when they give an nft it looks like something and then like a week later there's a reveal right so but rather than doing that what i'm noticing that more projects are doing and i've got a project renga which is

one of the new hottest projects right now i don't know a ton about the project so i'm not going to go into details about the project by a great artist dirty wrote off but anyways point being what they did was they released this box the rank of black box you could get the rank of black box and then a week later you could decide to burn your black box to get their nft or you can decide not to and so right now it's a 10 000 collection 6.3 so just over 6 000 have burned and gotten the nft and the floor price in the the actual nft which is like a pfp

is 0.85 what happens if you don't burn i'm confused what do you got you just got to keep it forever you keep it forever it's like the equivalent of buying a toy and never unwrapping it like it's a collectible interest i guess people do that with like um cards and stuff they buy like a pack of cards and they don't open it yeah i can never do that i'm too yeah but the so the the the black box okay so i think there's about 3 000 boxes left people have not burned so about 60 or 70 percent of burned 30 still left the black box is worth 1.8 floor

so it's twice the value of of the actual nft and this is you know it's it's a fun deflation or deflationary mechanism right you are deflating and so here's another example clonex was really the first to do this clonex released their vial with this is our artifacts project they release their vial okay so the vial there's only i think there's only like 350 vials left so most people have burned it's only 350 left 4 price is just below 12 eth whereas the actual clone there's about 20 000 floor price 6 eth so again

half i really like if i'm talking to an nft project right now which i'm advising in coaching some nft projects currently we're talking a lot about this strategy of give a box and then let people burn it's a it's fun it's fun to burn it's a cool mechanism there is the issue of gas you are you are incurring an extra cost for your user to burn but you're also doing this on arbitrary was teeing up for that one but you're also creating two two collections it's i think it's a great idea i think it's cool look i think nfts in this stage are all about

community and if you can have fun with your community and do these kind of different innovative things to get people talking and having fun and um and who knows what they do with these kind of things but like i think it's great also it's all about the community and you know we we just had all these conversations about should there be vcs and should there be royalties and blah blah blah blah and all these people kind of complaining about what's going on it's like look remember that these are just you being a part of a community and that community might build something great it might not build anything at all whatever do you want to be a part of that community or not if not don't buy the nft because if you're buying nfts for speculation those are the people that are complaining right the people that are buying

entities because they just want to make money they don't care about the community they don't interact with the community the ones that are complaining when vcs invest or when this all these other things and it's just like look do you want to be a part of this digital community or it could be in real life if you do and it's worth 6 to you then go do that that's great and this is a fun way to interact with those community members that want to be a part of this you know um and if not then i don't know then get out of here we don't want these speculators in here we want like i'm telling you like even most these nft people that are selling as long as they actually want to build something like they don't want the speculators buying your nfts they want

people who want to own them and like be in their discord and show up to events and have fun with these like unveiling of boxes and things like that like that's the point in these if you're trying to create community not get a bunch of people rich you know yeah yeah completely and i think you nailed it that is when when i'm talking to project founders right now the big thing we talk about is not not how do we you know pump the price as much as possible it's how do we get this into the hands of the right people and then once it's in their hands how do we engage them and build community around that and that is where there's so much potential and one of the best best ways

you do that is you share funds with them you give them voting opportunities there's some you the best metric the best metric for an nft project is who has the least amount of secondary sales if you can launch an nft project to your community and have zero secondary sales you've got a hell of a product if you have ton of sales and it's all over the place and tons of volume probably a [ __ ] project not gonna lie um or just there's a bunch of speculators who got involved but i think that the best way to launch nft is to measure the success is the lowest amount of secondary sales to be honest it's a great stat i i i completely agree i completely

agree okay let's let's jump on to the dow of the month yeah you ready you ready you gave us tips i can't guess you ready for the doubt of the months it's it's a banger i'm really excited about this one okay the dow of the month is oh my god kirby dao omg kirby dao this is what you just showed us an open seat was it not you you you were paying attention there was there was a easter egg in the show earlier i like that so omg kirby now is the down of the month shout out omg kirby dao for all you're doing this is just such a awesome project and an example of what

everything that we are doing around building community is all about and also just the name omg kirby dallas so web3 who's who's creating brands called omg kirby dao okay so let me just let me break down who is omg kirby dow uh let me go back a little bit in time go back two years a musician named named omg kirby decides to start to make generative music generative art has been so popular but generative music not so popular basically they they are anonymous don't know who they are they take uh like i think it's like seven or eight different um

sound pieces so like there's like a drum and there's like a vocal and there's a baseline and then with each one of those they have you know five drums and five vocals and seven bass lines and then they put it into a generative piece of software and it spits out all these different versions and they combine it with art and so this person whoever they may be launches their first single or their first questions they single their first drop and it does very well and what do they decide to do with the funds well they say you know what this isn't about me i'm going to start a dow so they started dow where anybody who buys the

first drop there's 300 sorry 3 000 in the first drop you're now in the dao okay and now what the dao is doing is they are co-producing music together and they have made music that is now top of spotify let me give you these stats here kai okay so they have they currently have 1.2 million listeners on spotify wow and 22 million that make it like six bucks on spotify it's definitely not they've they've really had a stop that's not the revenue model for sure they've raised 300 over 300 000 worth worth of uh of eath in there

in their mints and they are now becoming this basically the concept is that what they want to do is they want oh my god kirby doubt to be a place that all musicians can come and develop artwork together and they're sort of that um that community that knows how to create music as a community and when they create the music it's all under the oh my god kirby dao's like i don't want to call it a label like it's their label their spotify kind of thing or their whatever their name that so far that is you know i'm sure in the future if you're a big enough artist it could just be under their label and not

under their name but yes that is interesting that is the the idea yeah yeah easily led like banned essentially yeah and so what they did was they actually had a in the last the last single that they released this is how they made it they had okay everybody in the dao uh present different uh sound samples that you think we should use so somebody's recording their voice somebody else's and these are a lot of musicians that are in this dow naturally right that's who's interested in it everybody voted which ones do we like they came down to five songs they picked five different songs then they had a meeting in the dow

everybody comes on and they played those songs live and everyone gave feedback and they collaborated and discussed and then they picked one and they produced and they've released this this is community this is what went through was made for this is exactly what nfts or tokens were made to do oh that love this this is actually great like this is literally amazing it's you token as a community and they all build this like beautiful thing together they have fun and they like this is it you know not i'm not even going to say anything about anyone else but well done this is great we got to get oh my god kirby on the on the podcast i want to talk totally uh him or her whoever oh my god kirby is or they and uh or someone from the dow anyway and um just see like how they're

managing all this you know how many people are in there is it a big deal i think there's about uh so they have three thousand wow uh the first drop was three thousand nfts i would obviously that's not three thousand unique individual people then they did another drop of a pfp collection i think was five thousand but i think we could probably assume that there's i don't know two and a half thousand to five thousand somewhere in that range cool that's amazing yeah and here's the other thing that's really cool and i think this this comes back to exactly what you're saying before kai focus make community building your priority community first profit second that's what we always say because even if the nfc doesn't go up i bet you the people that are in here and contributing and doing this like they're having fun

they're learning they're becoming better musicians uh i mean they've already obviously creating successful brand on spotify like that's freaking sick i bet you they don't even think about the price of the nft and i wonder what their secondary sales are like i'm going to assume it's low um but i don't know because you never know there's always the tail end where there's a bunch of just people buying and selling and trying to like profit little bits here and there but um super cool love it that's the perfect community driven project exactly and and and some of the tools that they're using so not only are they creating projects together and developing this model or framework or process to create music together which is what every dow should be focused on is how do you engage your members to create together

whatever it is you want to create but the other thing that they're doing is they're sharing in the profit together where by i don't know exactly the breakdown is but a large majority and is why i tell every project right now take a large majority of your nft revenues and put it into a treasury and share it through a dow share it with your community and allow them to propose and allow them to build together but then they also in this case because it's music they're allowing the buyers to have full ownership rights of that music so one one of their buyers whose name is wallypdf uploaded two oh my god kirbydow tracks to spotify without altering them and they both

ended up on spotify's most popular playlists and they now have more than a million streams on spotify wall-e pdf uploaded oh my god [Laughter] i love it this is wild cool though isn't this fun isn't this so funny jaden smith is a is a buyer of uh of one of the nfts it says not that i care about jaden smith but you know all right kirby kirby now let's open up kirby now if you're listening shoot us a message we're going to get you on here we want to chat all right we're trying a new format on the show

we're going to do quick hits in 60 seconds or less so kai we have 60 seconds to do each one of these pieces of news okay it's like it's like off the record off the record i think is one of those part in the interruption part of the interruption off the record that was what's his name part of the interruption yes from espn yeah let's do it we need we need a counter and a ticker but we'll get that one today well has got to hook us up the pressure's first up missouri raises 35 million dollars to expand their bloomberg of crypto ambitions yeah missouri is a beast uh i think they just had a big round like not too long ago as well um they're these guys understand the the amount of

data that's coming on chain and they are trying to be like the place to not just like get this data but actually like view it and analyze it et cetera um and i think that's going to be massive massive if you can be an outlet uh to get the data to review the data et cetera and mossari is doing just that so yeah they're legendary and um and i forget the uh the founder's name but he's also awesome on twitter so um keep keep uh keep ryan's out because that's it keep crashing i'm sorry you guys are legends [Music] next this is a tweet from someone you might may know his name is jaybird jaybird and he's sitting in front of me and i'm gonna read it uh and also if you

don't yet go follow jaybird it's jaybird underscore nft on twitter and if you happen to not get your lens protocol because it didn't work your handle dmg tmj and let him know and he will um okay so jay tweets if you manage to sell your music nft at point one eth to just 25 people that's the equivalent revenue of having your song listened to one million times on spotify go the spotify model is broken music streaming is [ __ ] thank you labels for causing that i blame the labels for this they are so

they unfortunately the labels created this revenue model where the artist gets screwed and it's just it's completely unfair and ridiculous and antiquated and shout out to koopa troopa and all the people in the space that are making a difference in music nfts right now i actually saw that koopa troopa is running his first mastermind right now if you are a musician he is taking ten musicians and teaching you how to tokenize your fans and your communities and it's it's right in front of you all you need is 25 everyone has 25 fans right to spend a couple hundred bucks on you and you can do so much more than i don't even know what you would do if you

had a million followers on spotify you can't even you can't reach them i can't air drop them i can't i don't have their email i don't think i don't even know what i could do nothing you get nothing it's kind of [ __ ] i think you're probably at 60 seconds though tim ferriss is launching an nft he just created an account just the other day saying that he is going to be launching nfts tim ferriss nfts go this is news to me today i didn't even know this so what do i have to say about i think tim ferriss is a legend uh i've been listening to his podcast reading his book he's actually the reason i went nomadic uh reading the book four-hour work week i read that and uh and left my corporate job and uh and moved to bali

and tried to figure out this lifestyle so i think tim is amazing he's got i mean he's got millions and millions and millions of followers in a massive audience and so these are the people the people that have the big audiences that are set up perfectly to launch nfts and to build a more involved community so we'll see what he does i know he's super smart he's talking with all the smartest people so i would imagine he's gonna do something really cool here um but i would imagine it's all about community so i'm bullish uh tim ferriss and tim tim nifti's is what it's called what do you think about nfts versus nifties do you think nifties should take off and we should stop calling them nfts and nifties no none of these words

all right that's that's our quick hits for the week next up let's let's get some laughs out let's look at some of the funnier tweets from the past week first up here i got punk6529 and he says post merge if you are still buying traditional art with its significant carbon footprint and not nfps do you even care about the future of our planet and our children yes i like it it's great that we can finally say that kudos to the merge that's so fun all right this is the greatest tweet that i saw all week uh so for those of you that can't see it's a picture of dennis schroeder so you say it he's a

player for the for the lakers uh which is an nba nba team and it says if nft was a person and so dennis schroeder in 2021 had an offer that he turned down for 84 million he did a deal in 2022 for 2.64 million so if nft was a person this is again why you don't speculate on mts because you're gonna get wrecked just like dennis schruter got on his deal i don't know what happened to him but he got wrecked you got wrecked this is basically my nft bag right now by the way i emphasize you dennis schroeder uh speaking about getting wrecked we're more like getting roasted uh kai

got roasted by one three academy raul got him good this week so there's this tweet of the the famous meme of the uh what was the show called pablo escobar in narcos narcos thank you narcos the netflix show and it's all these images of him sitting alone just looking so sad and dejected and lonely and raul tweeted visual representation of kyle reed had waiting to cross 10k followers on twitter let's help the old man go follow him uh well done right we're all done hopefully i'll get there someone want to

help me i think i'm like 300 away i've been sitting in the 9000's for a long time and uh let's let's let's help them out let's go everybody help them out we can get you what are you going to do if you get there going to do more push-ups for us i don't know i'll do whatever you want but why am i the old man jay's older than me why'd you call me the old man it's just because we're always like a kid don't make this about me this is why the breakup's happening yeah okay last up we want to start something new oh man i just pulled up an incredible photo of where you are right now uh which looks unbelievable again another reason

to follow kyle on twitter he produces great content he's also a photographer the czar's look beautiful we want to start something new we used to do the web 3 word of the week which was our opinion on what's going on in the space but what we realized is we have you we have this incredible audience of listeners followers on twitter subscribers on our newsletter and we want to start to know what you're thinking and what you're feeling and the actions that you're taking in the space so that we can have more of an informed viewpoint and we can share that with you so we're going to start a weekly poll we're going to every week we'll announce the poll here on the show and then we'll do the poll on twitter and through our email newsletter and then next week we will break it down so for this week's

poll the question is would you put your personal interests or hobbies on chain the goal here being connecting with like-minded individuals or would you have privacy concerns around this let me give you an example would you tie you know would you say that you enjoy meditation or you enjoy invest investing or you enjoy running would you allow that type of information to be on chain about you can i answer or we we can't answer we gotta wait and see what everyone else answers first you can you can you can answer you can ask no i don't i don't want to sway the answers of everyone okay but if you're listening right now go to our twitter which is web3 academy

uh and you'll see the poll uh it'll only be open for like 24 hours so if you missed that make sure you sign up to our newsletter and just reply to the email there'll be a poll in there you just reply to email say your answer we'd love to hear your thoughts feel free like in the newsletter you can reply and like actually give us some more details in your thoughts that would be really great to help us learn we might even share your thoughts on the on the podcast but yeah we'd love to just we're going to do this every week so we continue to learn from you guys um jay and i talk a lot and we want we want to hear from everyone else you know all right that's a wrap kai what do you got what do you what do you got next in your retreat here what's

what's next on the schedule where are you going after this so actually uh in about 30 minutes i have uh a workshop on setting intentions so yeah so setting intentions which is gonna be really interesting uh and then tonight we actually have another type of dance that we're doing i don't dance so this is like we did ecstatic dance on the beach two two days ago two nights ago during sunset it's actually quite fun and then this time it's like a conscious dance and then one of the members here that that is on the retreat actually is like a really really legit dancer and so he's actually going to teach us a form of brazilian dance so i got to get my hips warmed up you know

all i can say is i would like a video recording of that and i hope that you do not set your intention as break up with jay i will never do that don't you worry [Laughter] well thank you that's a wrap thank you for listening we appreciate you uh and uh we love that you continue to listen to us day in and day out uh it makes jay and i's world go around have a great week everybody ciao thank you for listening to web3 academy we hope this helps you along your web 3 journey 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