September 22, 2021

NFTs, Explained (Part I), Ep #93

29 minutes

In this week's episode, Derek and Tony dive into the crazy world of NFTs, or non-fungible tokens. In this two-part episode, the guys are joined by two special guests, NFT collectors Eric Spray and Ben Phillips. Eric is BAYC #8261 and commissioner of the BAFL, while Ben is an NFT investor and Head of Partnerships at deadheads.io. The guys talk basics of NFTs but then jump right into discussing the pros and cons of investing in the space right now. Are NFTs really the future? Or is it a fad that will crash and burn? With more and more celebrities getting involved, and a lot of 101 Bored Apes selling for $24 million dollars, we decode how to try to make money in the wild west of NFTs.

[5:10] Tony felt the best way to learn was to do it himself. So with the help of Eric he started looking into how to buy an NFT. Tony mentioned it was very similar to buying something on an eBay auction.

[7:51] Derek's path to buying NFTs was a little different. He started with purchasing NBA Top Shot moments because it was similar to purchasing baseball cards as a kid. The familiar idea of buying a pack and hoping to pull a rare card.

[10:00] So basically from following people on Twitter and watching YouTube videos about NBA Top Shot Eric was exposed to a whole nother world of NFTs out there. People changing their profile pictures to these monkeys. This was just the beginning of The Apes as they are commonly referred to.

[13:40] A big part of NFTs is the social aspect of owning them, sharing what you own, and being a part of the "movement". It isn't like you buy this and just move on... you become a part of it.

[20:00] There is now a company that is making digital displays for your NFT. You can have it in your home or office to share with your friends. It is similar to owning a cool piece of artwork.

Eric Spray:
https://www.bafl.io/
Twitter: @espray21

Ben Phillips:
https://deadheads.io/
Twitter: @_benxit

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