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      What’s in your NFT Wallet? | Project: Footium

      • Screenshot of Jack Dorsey’s first tweet sold for $2.7 million a year ago, now top bid of $300. No official ownership, not created/endorsed by creator of content
      • Sotheby’s new auction is minting old digital works as new NFTs
      • Crypto Art vs NFT Collections 
      • Open editions

      Transcript

      [00:00:00] Today on all about affordable NFTs. We're talking about, know what you own. That's right. Keep an eye on what's in your wallet. Not brought to you by capital one, but knowing what's in your wallet, we'll, we'll have some fun stories on that one in our theme, but first, Andrew, how's it going?

      [00:00:17] Oh, well, George, how's it going?

      [00:00:19] Good to good talks. Men of T's today.

      [00:00:22] Yeah, it's been minutes. It's been minutes. I was really excited. We had our largest single download day of, I think we beat like 80 80 downloads in one day, which is a. Awesome.

      [00:00:32] Cool. Thank you to our listeners. And downloaders whether you're a listening or not, but we appreciate it.

      [00:00:37] Yeah, definitely. Of course leave review so more people can find us and we're, we're always chatting in the discourse. So honestly, like we record these in batches. We're talking about it right now in the discord of like what's coming up and sharing more nuance on like all of the products. Usually, and actually have so far only shared outside projects from people that bring it in on the discord.

      [00:00:59] So people have emailed us and we have not really followed up that much on bringing in random projects. But if you were in the discord and you're helping us kind of parse out projects and have conversation that's where it's gone on. And that's three a and F t.com. All right. NFT news. I'm really excited.

      [00:01:17] I'll just say about the upcoming moon birds drop and it is

      [00:01:24] in the

      [00:01:24] you're in the ecosystem. You know, that this thing's coming like a hurricane. You know, we could Def we're not gonna get. A whole episode to this at all, but I'm excited because it's a coming off of Kevin arose his work and it's, you know, it's going to be a pretty large project.

      [00:01:41] The thing to take away is that it's going to suck up a lot of liquidity based on the 2.5 E starting point that it's going to be minting at. So this is not an affordable project at all. And I may have to break my rule number one of this year already in Q2 of not buying a thing over one eighth, but we'll see.

      [00:01:58] Any, any top lines on them? Birds.

      [00:02:00] Yeah, I think you're right. That it will suck up a lot of eat. There's still like, Just chatter about it around NFT, Twitter, around discord there, the, the proof team Ryan Carson and Kevin Rose are hitting all the major NFT podcasts except for this one. But that's just because we don't have we don't have guests quite yet, but they did reach out.

      [00:02:22] I believe

      [00:02:22] part of this card, we didn't let him

      [00:02:25] yeah, that's right. You know? No, but I think it really, it, it is, it is going to happen. Impact on the market. You know, initially they were going to do a Dutch auction starting at 2.5 and then realized that if they did that, it was just going to be a gas war because everybody was going to be willing to spend that 2.5 and then some, so they do have a raffle now.

      [00:02:43] You know, it is a question of, we don't have. What that four ends up at, in the secondary market. So I think there will be a lot of people that don't win the raffle in are still getting eith ready for secondary. So you know, it'll, it'll certainly have an impact. They'll be some people flipping, but then there'll certainly be people looking to hold that one.

      [00:03:00] The proof pod or the proof I'm sorry. The proof NFT collection now is a form of around 90 Eve. So that is. You know, I think that gives some indication of the ease that is kind of being set aside for this upcoming project and the interest that is in this one. So definitely one to watch. And like he said, not, not affordable, but you know, certainly if you do have some extra ether around, it may be worth taking a look at

      [00:03:29] yeah.

      [00:03:30] This is not financial advice. But also I wonder how much of that is touching on looking at the past seven days, the past week and NFT overall sale volume is down like 45%, which is, you know, kind of, kind of a lot. Certainly, yeah, I think they've read, you know, we've certainly seen, I mean, volumes way up from, from March for the most part, but we S we saw kind of.

      [00:03:55] Pick up significantly and then it's plateaued a bit more recently. And I think there is some sort of anticipation of that new project from you know, this guy.

      [00:04:04] I remember, there's just not that many people playing this game and they have a finite amount. Right. It's one thing to say like, oh, you know, a couple of people buying into ether, Bitcoin, obviously like there's no.

      [00:04:15] No project, that's going to move the needle on that, but in the land of NFTs where you're just talking about like top holders and there's a finite amount of eith being allocated in MTM. Yeah, a new project. Like this can easily vacuum off looking

      [00:04:29] at it. You would never say this, like you would never say, well, there's an IPO coming out.

      [00:04:34] So that's why the, that's why the price of Amazon and apple has come down or that people aren't even trading anymore because of some companies going to IPO soon. I mean, but it's a very different stage that we're in. And I'm not saying that this is stocks or anything like that, but. One project can really have a significant impact and it's you know, pretty easy to see here.

      [00:04:55] Yeah. Well, I'm sure we'll have funny stories of what the heck happened next week on that. We have Metta planet and take nearly a 50% cut on all virtual asset sales in the metaverse. So it took them all. A month to really switch on the revenue on a thing that doesn't even exist. And sort of saying anything sold there.

      [00:05:18] I'm surprised

      [00:05:19] by this one, honestly, because I had to listen to a podcast recently with a Zuckerberg. He was on Tim Ferriss' podcasts and seem to seem to have a pretty I don't know, spoke about the metamours in a way that was very inter-operable seemed to understand that part of it, but this this doesn't seem.

      [00:05:36] The show a very good grasp of what it takes to succeed in web three. And it's not just taking it all for the corporation. You know, we'll see how well this plays out. I'd say this is actually good for web three native companies though, because they have a significant advantage by not charging that fee.

      [00:05:53] Absolutely. You want to talk about an advantage that it comes from when you're talking about being a sort of walled garden versus open source, letting people play in your backup. There is a big advantage to having frankly developer friendly fees and rates and not exorbitant and user's levels. And they're, you know, trying to command over apple premiums for the app store, which are you blue, like has problems, but is fair in the respect that like they have a thriving ecosystem and can promote it as opposed to day one.

      [00:06:26] Gabe. Charging that much. And you're like, I'll tell you one thing. I think there are enough developers in and companies and founders out there that have been rubbed by Facebook's changes over the years. And I can, I can count the tails cause I am one of them because of things they've chosen to change underneath your footing.

      [00:06:45] So at least they're being upfront about it and about that. And they're like, we're not going to rug you. We're going to show you that.

      [00:06:51] Yeah, well, that's made me have to come up with a new term for this and you know, something. Yeah,

      [00:06:58] I don't, yeah, we'll come up with something clever. All right. Sotheby's launching another digital art auction.

      [00:07:03] What is this thing?

      [00:07:05] So they've got another, they've got their metaverse platform and they do their options. This is their newest one. And this time they're going to be optional. Digital art that was created before the introduction of NFTs. So we've seen this in the past. I'm always somewhat skeptical of this because it's not it's, it wasn't necessarily created with the intent of being an NFT, but it is trying to create some sort of record of these digital, these digital works that really had no way of being tracked before, you know, if they were really.

      [00:07:37] Copied and still can be copied, you know, so I'm curious to see how this goes. But it isn't necessarily what we're looking at. Normally we think of crypto art and art that's generated just for the blockchain.

      [00:07:50] So it's this kind of, it looks like validating body in some senses of saying like, what is the official Canon of this artist and the same way that they do that in the real art world being like, actually, no, that's not a Picasso that's, you know, the cost can and it's a fake.

      [00:08:08] So absolutely. It's kind of an interesting role that they could play in a, in a valuable niche. I think long-term.

      [00:08:14] All right next. We've got this this big auction here. Let's see. We've got he. First tweet from Jack Dorsey was sold for let's see, 1.8 million or so a year ago. It was, it went on sale listed for 48 million with the owner promising to donate 50% of the proceeds to a nonprofit.

      [00:08:36] I'm not sure why he was announcing that upfront and sort of, I guess, harder already inflating the price by a hundred percent for the buyer, but it didn't really matter because the top bid came in at just under $300. So from two point or 1.8 million to

      [00:08:53] 3.99, I'm sorry, 2.9 million actually. Okay. But like, yeah, that's tough.

      [00:09:02] You know, I think, I think he actually had like a, a big gut up to maybe 3000. But yeah, I mean, we'll get that in the know what you own, but you know, buying a piece of history is this buying the piece of history or was it, I don't know if it, if you could say it is it

      [00:09:18] was as a reminder, there's no market, you know, you need somebody on the other side of that market.

      [00:09:22] Yeah. And I, you know, if it's not endorsed by the creator, the platform, I'm not sure that it has much I don't know that there's much official to it anyway, but you know, if not much of a market right now, certainly. So I don't think that he'll be selling it to any, so

      [00:09:40] it's a dumb, it was a real, I actually like maybe he was trying to sell it on the, like a news of Ilan by.

      [00:09:46] You know, shares a Twitter at giant Ilan size bites. I heard he put it off for, and for the whole freaking thing recently.

      [00:09:52] Yeah. Yeah. That is that's interesting by the time this comes out, who knows that you could either own 0% or a hundred percent sounds like he's willing to go either way. So,

      [00:10:02] yeah. So there's that, so maybe that was like, maybe I'll play on this news and he thought he could get a premium on it, but you know, kind of embarrassing and it's also so much different than the.

      [00:10:13] Would it be the Sotheby's Christy, whatever, to be worlds where they can be done in private. Oh, we didn't get enough options. I mean, men floor, like this is all out in public. And so like news outlets just, you know, are hungry for the, like throw it in your face type a you fool in

      [00:10:27] FTE colors.

      [00:10:28] And also they get attacked Twitter.

      [00:10:30] That was I not, not, not, not, not just everything that was.

      [00:10:33] It's such an example of, of, you know, a bubble has burst kind of thing for mainstream media. And, you know, if you look at the wrong things or look at, you know, the things that you want to, you can always find that story. But, you know, as we know, there's plenty of thriving projects and that I would never have we would never have recommended in our affordable projects anyway.

      [00:10:54] So pardon? Imagine Y Y. Which you have decided to purchase that, but you know, we'll see what happens. He'll they'll maybe a flip that for good point bunny at some point or a

      [00:11:06] wonderful tax write-off for sure. Yes. Okay. Should we go to an affordable price?

      [00:11:12] Yeah. What have you got for us? It looks like you're continuing with your theme and you've moved beyond the stable games and you're into the football soccer games.

      [00:11:21] What do you, what do you have for storage?

      [00:11:23] Okay. So I do have to give a shout out to a, sort of a small, awesome Zed podcast, a Zed Zed run insights, where I heard a feature on foot diem. So this is footage. Foot I U m.club, footy, m.club. And it's essentially own manage when web three football management. So it's, you know, building on sort of games that have already been out there in the past where you kind of like can build your team and compete and try to move up in divisions and you know, try not to get relegated.

      [00:11:58] And in part of this, the, the play here is that you're getting this football club included in it is the. Sort of the, the name and the design of it, but also players and a stadium. And you're able to sort of move up in divisions, starting at the lowest of eight. So right now the floor, just to give you an idea of recording, this is 0.2, 4.24 Eve, and that'll get you a, like a division eight.

      [00:12:27] Now, technically what happens is you're going to get players each season there's going to be new minted players into that. So you can kind of develop. You'll play against other teams and try to optimize for different strategies. And you're essentially, if you're, you're getting into this, you're saying like, all right, either one, you're just trying to flip a club that you find and say like, okay, this year is just going to be all about soccer because the world cup is coming and, you know, there may be a whole new rise and interest there.

      [00:12:57] So maybe it's a Holden flip on the club or get into it and try to say like, all right, can I, can I try to play this game and move? My division eight team up to a division seven or division six, because that is one of the biggest differentiators on, on price. It's kind of funny. Also these football clubs have what they call lore associated with it.

      [00:13:17] And so there's like these full narratives. For example, I'm looking at, you know, something on the floor right now, the wild Stanley FC is a professional football club based in wild. And then you get Fun things like the fans tend to be overly wild or don't cheer very much. And you're like, what?

      [00:13:35] The random, so there they're trying to build in some narrative to it. The, you said they got a little bit of funding, correct. Over at footie and recently.

      [00:13:42] Yeah, they raised, let's see, it looks like they raised about 3.3 million at the end of March. Including some fun including investors like Anna mocha brands, whose they invested in a number of gaming NFT companies. So let's see another. Couple of VCs in there. And then they've got some angel investors that are more football or soccer aligned.

      [00:14:05] So I don't know a ton about the team behind it here, but they are docks and it looks that they have you know, have experience. So that's good to see as well.

      [00:14:13] Yeah. And the co-founders are developers very much docs that you can go into their LinkedIn and kind of see what they're doing. There's money behind it.

      [00:14:22] You know, hearing from some of the people that are collecting, this is still pretty new in the, in the game and in the ecosystem. So kind of a good time to go in and take a look, see if it's interesting and, and kind of watch how one of these potential groups are gonna grow. You know, there's just going to be so, so many games rolled out.

      [00:14:42] And the question of like how what attracts me is how far into the future. It seems like teams are planning for obviously are the docs, but also what kind of progress have they literally made today? I get very nervous and I'll say it again and again, when I see roadmaps that say like, and then game in Q3 and you're like, Nope, not, I'm not going to wait for that period.

      [00:15:05] But they are actually, you know, sort of rolling things out and I like to see development as it happens.

      [00:15:11] Yeah, of course. Thanks for bringing that up to him. One two

      [00:15:13] is George. Yeah, full disclosure. I don't have one. I'm currently saving up for a pointlessly large purchase of potentially a moon bird, but it depends on what they do.

      [00:15:24] So I'm not a holder, but feel free to jump into our discord and, and share some, some thoughts if you have it.

      [00:15:30] Right. Let's get onto our topic. Know what you own?

      [00:15:35] So Jack Dorsey, tweet. Yeah. Jack Dorsey. First tweet, you know, we were talking about it, like obviously, like that's not what we're talking about with regard to like the average holder.

      [00:15:46] I would say the average holder, not being someone who. You know, that, that type of bankroll, but understanding whether or not your, your collection is on the rise and what phase of life your, your current holdings are. Like, we talked about those phases of like, all right, where's the project right now? Is it in the hype cycle?

      [00:16:06] Is it in the trough of sorrow? Is it in the rebuilding? And that's what I thought of when you had this topic written down, but I want, what's your take on where your head goes with? No.

      [00:16:16] So, yeah, I think there's a few different ways that you can that you can think about this. And, you know, I was thinking about this a little bit and understanding, like, what are you actually buying and got thinking about this a little bit with the the news of that Jack Dorsey tweet or.

      [00:16:30] The lack of interest in it and thinking, you know, there wasn't that the creator really hadn't endorsed it. And you know, it really was more of a screenshot of the tweet. You know, what does it mean to own that tweet when it was something that was created well before? And if these were around, you don't own the data, you have no access to it, you know, there's nothing there, you only picture of the tweet.

      [00:16:52] So I think it's important to, to think about what you own. And that's part of what I was alluding to earlier when I was saying. Buying something that was created for the blockchain, that the creator was making it to put on, to make an NFT. You can be a lot more and it's actually coming from their wallet.

      [00:17:07] You can see all these things. I feel a lot better holding that in my wallet. Then someone else saying that I'm going to take something that wasn't on the blockchain and put it on the blockchain or that what, I mean, that's what it was done in both the case of this Jack Dorsey tweet. It's what's been done with some physical works or.

      [00:17:28] Digital works that were created before before NFTs. And, you know, I don't know how well that those, those pieces will age because it's, I don't know that you can really just take it to me. That'd be somewhat like taking a painting and saying, well, now I'm the first one to, you know, put it into a photograph.

      [00:17:46] Just because it hadn't been done doesn't mean that it really needs to be done or has any value you can because that piece can still just be recreated again. So that's part of what I was thinking about when I'm thinking about this idea of know, what you own. You know, I've got other notes in here about the idea and, you know, we'll get into that a little bit more.

      [00:18:05] But that's initially how I go when I'm thinking about this.

      [00:18:09] Yeah. I, my head goes to the creative commons that we talked about prior. Do I have the right to, for example, fully own and licensed sell potentially and build there, not that I'm really gonna do it. I'm not truly not. I'm not about to create a whole like branding cycle on it, but that obviously increases the potential value.

      [00:18:30] For instance, if you know, Jack Dorsey was really behind this and saying like, all right, you're going to get one tweet. You get, you get to get one tweet from. A year by holding this right there is there's added value to it. Somehow, if it's much more than like, like you said, a lift and shift from web to the web three, I think.

      [00:18:48] Yeah. And you know, you're starting to see that with, with some projects a bit more, but saying like, all right, and you get the ownership. So that's like the new sort of table stakes of really people following the lead of board yacht club and how you get has done that. Clearly the. The, the shift they're like, you know, a lot of people are gonna be looking into that as the new standard.

      [00:19:08] So like owning all of the rights will be new table-stakes. So the further definitions and explorations of like, what do you own you get in this community? Is that community valuable? Do you like, you know, more of that?

      [00:19:23] Yeah. I think the idea of that, even if there is a community, if you're buying, you know, one of the other, or some of the other ideas that you know, are ways that I think about this is whether you're buying an empty collection versus a piece of art.

      [00:19:36] I mean, art much more is going to Oh, and not necessarily come with a community or having a community with continued development, excitement. It's probably not going to I dunno to lead to a lot of, a lot of utility. Like, I mean, that's, that's a word that's set up or that's used a lot in, there are cases where art could be that, but it's much more I would say in the crypto art is much more like buying a pizza that you would put on your wall.

      [00:20:05] It may go up in value, but it's generally not one that you're flipping or, you know, trading as actively. And I think part of that is because it doesn't have the, the network effects of having. It comes along with a collection, the collections, you know, naturally, you know, whether it's 3000 or 5,000, it's, there's something that connects them all together and connects all the holders together.

      [00:20:27] And that that group can grow a lot faster than just just an artist can generally do.

      [00:20:33] Fair. That makes that makes sense. Another framing that I had on this is like, in terms of like, knowing what you own at this point, I'm not going to S I mean, you can look up how many things I own. But it's getting to be a lot to keep track of. And so I actually use the, we talked about the school before.

      [00:20:52] The w G M I wagony without an a Wagni dot. By the way, the floor price on, you know, the prime membership is actually lower than it's ever been. And I have no clue why, because this tool actually like shows me all of the volume up and down. And so knowing what I own also is understanding where in the life cycle of what I own and where it is.

      [00:21:11] So for example, if volume starts pumping, I want to know. If certainly like certain floor traits, right? Because knowing what you own is also knowing the traits and the significance of those traits in relevance to the collection. And at a certain point, you can't track it all if you just an open wallet. So I think there's a certain inevitability to do that, you know, full disclosure.

      [00:21:33] I am two of these things. I think it's a good tool. So there's that and also, you know, How, you know, the, the friends, Gary, these project are really kind of pushed this. Like, if you have this kind of trait, you get this. If you have this kind of trait, you get this access, like maybe even to an extreme, but it's very much looking at how even trade specific is knowing what you own and potentially getting, or maybe missing out on opportunities.

      [00:21:58] If you don't know what's in.

      [00:22:00] Yeah, that's a good point. Looking at those traits and really understanding what there is, you know, there you're even, there are even times where you may, you may have some in your wallet, not think much of it, and all of a sudden something starts happening with that project and you know, good to know.

      [00:22:16] And, and you can see that if you do have that tool, it's one of my favorite tools as well. And yeah, I was surprised as well at that. The floor on that is as low as it is. I dunno. I see people talking about it all the time and I know people use it all the time. And it certainly seems late 80 like a goodbye if you are dealing with NFTs on a regular basis, rather that it'll save you a lot of time and probably pay for itself and just getting you to list at the correct price at some point versus just at the floor.

      [00:22:44] Yeah. I mean, I already talked about how the tool saved me on party bears from missing out on at least. So the paid for itself done.

      [00:22:53] So I mentioned here is the idea of open additions. We've seen a handful of open additions from some big artists recently. We talked about X copy. You know we did that live on the on a show here has been minted in open additions. It's important to remember that these are generally done to give more people access to an artist.

      [00:23:15] Inherently not much risk of not much sorry, risk. There's not much a rarity. At the beginning because you know, essentially all the people that wanted it should have been able to mint at the, you know, at the mint price. So there's not much reason for it to, to go up right away, especially if it's a relatively long window fermenting.

      [00:23:36] That being said, we did see the X copy floor actually go up to a double right away after that now has come down under. You know, which I think is somewhat to be expected. I think these are things that, you know, give you access to an artist that you're more willing to hold for a longer period of time.

      [00:23:51] It's not a collection in the sense of There's no variability to the pieces. They all look the same as the other. So you don't get people kind of trading around trying to trade up in the collection. You know, I would mentioned or sorry, another project that had this recently was a drifter shoots.

      [00:24:08] Who's a photographer who his open edition ended up being about 10,000 pieces. I know he's been kind of getting some, some pushback because the the, the floor has dropped below the mid point. You know, and, and that's a tough one for an artist. You know, people are looking for you know, more plans of what's he's going to do and, and things to sort of, you know, either decrease the supply or give more people incentive to hold it.

      [00:24:34] And I, you know, I think that's really tough right after the drop, especially when he was giving, you know, he planned the drop. A year from the day he was released from prison and a good a good portion of the I can't remember the amount, but he did donate a good portion to to some prison reform non-profits and, you know, it was doing a lot in that way.

      [00:24:55] And I think that. By that kind of peace and open addition, you're getting access to this piece, but also trying to hold this for the long-term to support an artist, continue to be able to do that work. And if there is a, you know, if it does work out, I think there's probably a good opportunity for getting on, you know, a waitlist for another project or being able to maybe even, you know, burn these, to get access to a new piece.

      [00:25:18] You know, artists are pretty aware of, of the collectors that. Hold their pieces, generally speaking. And you know, they're all learning as they go here. But I think that, you know, it's important to consider, you know, what you are holding in that sense as well.

      [00:25:32] Yeah. Another one we featured a while back was the dead ringers.

      [00:25:35] The addition by Dimitri cherniak and that's, you know, below, mid, but it was like 0.05, so, right. All right. I'm like, I'm happy to hold that. Actually it's like but you know, again, there's tons out there and long-term, I don't know. I, I do still, like, even though I'm looking at the max pain and friends sitting below mint I don't care.

      [00:25:59] I'm going to hold this for a long time. I'm real happy to have an X copy in my wall. And, you know, it's something, when I, when I finally get my digital display going, I'll be like, I just, you know, have that. And guess what? I think there's going to be a point. This is an artist who's going to be around for a long time.

      [00:26:13] He's going to do another one. He's going to do another open edition at some point. And like, you know, a certain. Certain point, you know, like more and more access. So does the rarity change potentially over time because of the date and time at which you did in fact get it? And I I'd say X copy in particular is pretty darn clever about doing those burn mechanics in subsequent rounds when you saw that the last time too.

      [00:26:34] And try not to beat myself up about like, trying to like flip certain things at the right moment in time. I was like, eh, whatever.

      [00:26:40] Yeah, that's a good point. Trying to time change the time the buy buying and sells of these things is really difficult and it can be done successfully sometimes. Not all the time.

      [00:26:53] Yeah. Definitely say, and if you don't know when the price may go up or down, you know, it's tough to just say, well, you know, don't meant to just get it later. There often are opportunities to buy it after mint under the mint price. I wouldn't say it's a hundred percent true, but especially with open conditions, there's usually a chance to get more you know, there is something to the minting aspect that is, you know, you can see that on the chain that you actually minted, it went straight to your wallet.

      [00:27:19] Never nobody else held that. There's, there's something kind of, I don't know, to me, there's still something kind of cool about that aspect to it. Yeah. I do

      [00:27:27] like seeing the like from X copy is kind of cool. Although technically to get it over to open, see you have to make another transaction. So you kind of lose a little bit of that.

      [00:27:36] Like direct as like a little dirty on the. On the chain, but you can dust it off. That's true, right? That's not what you own. Anything else to cap on this?

      [00:27:45] No, I think that's it. I'm going to go check what I own a little bit more.

      [00:27:49] I check me every day. I genuinely like, I just need to take an eye on it and just be like, all right, what is moving that I should need to pay attention to?

      [00:27:56] Because in terms of like, I don't time things, but there are certain things I'm trying to time. And if it's pumping, I'm like, eh, might need some liquidity for an owl problem. I might have soon. All right.

      [00:28:07] Let's moving birds.