Sketchy Ideas

Sketchy Ideas Episode 72: Crypto for common folk pt. 4

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:30  Intro

  • Topic: Crypto For Common Folk part 4

    • 3:00 Sponsors

    • Cream City Marketing
      • www.creamcitymarketing.com
      • Spearity
        • www.Spearity.com
        • Recap of last week
          • Mining
          • Energy into dollars

            • 6:00 Application

            • Blockchain
              • NFTs
              • Logistics
                • EX: tshirts and supply chain
                • cotton→ loomed → cut → stitched → ship → send to shipper and into container → container to port → customs approved → next ship →

                  • 9: 00 Application continued

                  • Logistics ex:
                    • Next ship → container is sealed someone picks it up
                    • Each of those stages is a separate contract
                    • NFTs
                      • The idea of blockchain helps with this because you can track from beginning to end automatically and not manually
                      • Eliminates moving fees, people get paid faster
                      • Smart contracts

                        • 12:00 Etherium

                        • Etherium is the platform of blockchain on which smart contracts are being built
                          • There are other side platforms that solve part of the contracts
                          • EX: you want you avatar to wear that white tshirt you built would be another NFT
                          • “How do I retain my value in a world where almost everything can be forged?” -14:07 B
                            • We have been dealing with NFT’s since the age of licensing and video games

                              • 15:00 Video Games

                              • A new upgrade to a character or a truck/car or anything in a video game → NFT
                              • NFT: Non fungible token → it can be exchanged for something else
                              • NFTs have been around for a while we just call it something else

                                • 18:20 NFT’s Cont….

                                • Buying fine art is an example of this

                                  • 21: Brads Drawing NFT *Gif*

                                  • Sells all the clothing he puts on this drawing
                                  • Can all be separate entities
                                  • Someone else has to agree that something has value for it to be an NFT

                                    • 24:05 Fungible vs Non fungible

                                    • There is data behind each of these things
                                    • Score of value to some extent
                                    • EX: collectibles
                                      • They only have value because people believe they have value
                                      • In NFT very similar but the difference is there may be more than one version of the same piece out there
                                      • They are getting backed with other data → added value to an object
                                      • People want to own a piece of something not the whole thing

                                        • 27:10 NFTs to ticket

                                        • Gary Vee did this
                                        • Similar to people who ping you to own certain things
                                          • Brad got pinged to own Scottish Land
                                          • Sentimental value over tangible value

                                            • 30:00 Wrap-Up

                                            • Send questions to [email protected]
                                            • More crypto next episode

                                              • Full Show Notes Here

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