UNDERSTAND and LEVERAGE Web3, NFT’s and The Future of Blockchain TECHNOLOGY | Tom Bilyeu

Everybody, welcome to another episode of Impact Theory. Today, we're going to be talking all about Web3, NFTs, what it means to you, why you should care. I'm going to be answering your questions. So, here we go. Let us dive into one of my favorite new topics that I think is incredibly important for everybody to understand because it's changing the world. Here we go. Can you explain the relationship between Web3, NFTs, and blockchain and why it's important to understand this? Okay, so let's start with the basics. You've got Web1, Web2, and Web3. So, Web1 was the sort of OG internet. It was read-only. You went to a website, there was something there, you could read it, but you couldn't really interact with it other than to click a link. Then, you had the social internet come along, which was Web2, which was read and write. So, you could go to a place like Facebook and not only could you consume information off of that website, read it, but you could also publish your own stuff. You could write something. And so, that really ushered in a new era, the era that I think most people now are used to, where you can consume and create. Now, we're moving into Web3, which is really going to be marked by three things. One of them is a bigger question mark, but it's certainly an important force right now, and that's decentralization. And we can talk more about that later. The other two, which I think are just an inevitable part of where this is going, and that's ownership and participation. So, to explain that, so if Web1 was reading, Web2 was reading and writing, Web3 is going to be owning a piece of the things that you engage with and create in, and the ability to be a part of a community that gives you unusual amounts of access so that you can also create within that world. Now, that could be something like what we've done here at Impact Theory with our own NFT program where you have If you have a legendary key, you have access to something called the right to partner. And with that, for instance, we had somebody spin up a company leveraging Mary Mods, which is a Christmas-themed story, and they took that and built a Christmas tree ornament company around that. So, a way for them to really um participate in that ecosystem, leverage the assets that we'd created to create something wonderful. Now, not everybody is going to give you that right with the NFTs, so you know, that isn't um some blanket statement about NFTs. It just happens to be true about ours, but many places are creating a way for the community to come in and whether it's help build the lore for a story, whether it's to come in and have bounties available, so if somebody uh a community needs a certain bit of technological code written for their Discord, for instance, they may make that available first to the members in their community and find a way either through just paying them or find a way through a community token or something like that to incentivize the community to take that and um create the thing that they're looking for. And there are many other ways from making um story available for people to write fan fiction or uh like again with Mary Mods, we had somebody create an immersive audio experience using the story that we had published. And so, it was really incredible. And when I think about, man, we really gave people precious little resources because honestly, I didn't understand just how powerful um how powerfully the community wanted to be involved. I was more used to audiences in that Web 2 world. Now, Web 3, this big difference where people have grown up with games like Roblox or Minecraft, where they really get to get in there and create using the tools. And now with Web 3, we're seeing even those legacy items like a Minecraft getting supercharged now in the Web 3 era where you have people building businesses inside of Minecraft. Now, it'll be very interesting to see how this plays out, but right now as we're recording this, there is an NFT project called Critters which they spun up their own server of Minecraft which they are at least claiming is completely in line with the the service the services agreement that you agree to when you're using Minecraft. So, completely above board, completely legal, and they've created NFTs that you can actually use within the game and by playing with those characters there's a very limited number of them, but by playing with those characters in that server instance of Minecraft, you actually earn this thing called Block which is created by the creators of Critters. They have a mechanism by which you earn that Block and then you can use that Block to buy land and so within that server within that Minecraft that instance of Minecraft. So, it's really incredible the the community sense of hey, I really want to be able to be involved. I want to be able to create within this ecosystem and in some cases even be able to build businesses on the back of this ecosystem. And that of course is you know, you take something like Critters is only making Minecraft more popular by drawing more people into the game that might not otherwise play if they didn't have the ability to own something and build something that they had tangible benefit from within that ecosystem to something like what we're doing here at Impact Theory with the right to partner or even again just making our creative assets available to people so that they can do their thing and you know, whether they're an artist and they want to be able to create fan art or whether they are immersive audio designer and they want to do something there. And the companies making this information or these assets available to the community so that they can create really gets interesting. And when you align the selfish desires of the community with the company by creating something that they can own, aka an NFT, that they can then sell. And so, as they pour energy into making something more valuable, they're now able to capture some of the economic upside of that. And it's really, I think, a foundational shift that's going to happen in the world when you have all of these creatives and creators and technicians that now have these incentives to come into a world that already exists, right? We're pouring our heart, soul, finances, team, everything into creating the different assets, our keys, our Mary Mods, Neon Future, Coyotes of the Air Gap, All Systems Go, Wish Academy. Like, we're building out all this IP, and by inviting our community into create within those ecosystems, then and they own the NFTs, and if they can make the IP more valuable that they own an NFT from, then the NFT, in theory, gets more valuable, as well, and they're able to capture the long-tail value of that. It's so it's really this incredible paradigm shift that's introducing not just the ability to read, not just the ability to write, but also to own some of the things that you're creating, to capture some of that economic value, so that people can actually make a living inside of these universes that they love. And so, it really is this incredible thing. And as people do that and the incentives align, now you've got people pushing, promoting, wanting to tell all of their friends, get their friends involved. And so, it benefits us as a company to want to facilitate that. And so, that is how this becomes incredible really, really fast. Now, NFTs, specifically, since I went by that very quickly in that part, so it stands for non-fungible token. That's just a fancy way of saying digital scarcity. I can prove that you own something digital. And by being able to prove that you own it, that it is that one, then I can limit the quantity because I can differentiate between one that's a right-click save and one that is the original NFT. So, NFTs are basically an image or a video or whatever, anything digital that has code hidden inside of it that is like Matrix code. And so, now, both in the real world and online, I can actually see which one of those is the real one. And by being able to see which one is the real one, then I can give privileges to the holder of the real one, and no matter how many people copy, uh, you know, the sort of surface image of it, I can tell that that's not real. And so, it's, yeah, incredible what the blockchain is. It's the blockchain that undergirds all of that. It's the blockchain that gives the NFTs, um, the ability to be proven as the real one. So, uh, the blockchain is sort of that base layer of everything that's making Web3 and NFTs possible. All right. That's why it's important to understand it. There are a million things you could create on it, get involved in it, uh, and that allows people to prove ownership and actually be able to own a digital asset and then be able to sell a digital asset, uh, and for creators to be able to imbue these through that Matrix code, to be able to imbue these with utility and all kinds of amazing things. And we are truly at the tip of a very large iceberg. It is only going to get more phenomenal from here. Hey guys, hope you enjoyed the episode brought to you by our sponsors at Blue Blocks. Go to blueblocks.com/impacttheory for 15% off your order, or just use discount code impacttheory at checkout. All right, enjoy the episode. All right. I still can't wrap my head around NFTs. I find it so hard to pull my head out of reality and move it into the digital realm. Give me your hard sell on NFTs. Okay, so basically my answer in the first question really is my hard sell. So, NFTs are opening up a universe of possibilities for artists, for creators, for technicians to come in and build something that is digital but provable. And so, that could be provably scarce. It could be that you're proving that it's yours. It could be proving who owned it previously. And it becomes censorship resistant. Because of the idea of decentralization that I talked about briefly in the first answer, what you're doing is you're not putting the power into any one centralized hand. Or at least that is part of the vision that's driving Web3 forward. Now, I think that this is something that's going to be debated as to whether or not decentralization becomes the core part that makes this work or not. I think what you're going to find is some um endeavors are going to thrive in a decentralized environment, and that might be social media. So, for people that are really bothered by the idea that you could go in and censor somebody's voice, creating a decentralized social media platform where no one person controls anything, that it's decentralization literally means excuse me that the software essentially running this application isn't on one computer, it's on hundreds or even thousands or tens of thousands of computers. So, it becomes virtually impossible to hack, and it becomes virtually impossible to control. So, uh you wouldn't be able to remove somebody from the platform because even if you were running the software yourself and you shut it off, there's you know 10,000 other versions that are running it, and you would be the odd man out. And since you would need to have a majority rule to knock that out, be very difficult to convince all of these people, um, to ban that one person. And so, that is the idea driving, um, decentralization is that it becomes censorship resistant, it becomes seizure resistant. So, when you think about, um, the fact that the Cypriot government, like 10 or 15 years ago, just went in one day and literally without warning said, "Hey, we're taking 3% of everybody's wealth to put into the government coffers." There was nothing you could do, the banks were centralized, the government simply had to go into the banks and say, "Hey, if you want to keep being a bank in Cyprus, then you're going to let us do this." And they did it. Now, the way that decentralization works with something like Bitcoin or Ethereum is that there is no one person to go in and talk to. It's all these thousands or tens of thousands of nodes that you would have to one by one do what's called a 51% attack. So, you would have to overtake 51% when they're spread out all over the world and you have no idea who it is that's running them, it would be very difficult to find them, but even if you could find them, then you have to convince them all at the same time in order to get the blockchain to update to this new sort of forced reality. So, even if you were negotiating with the government, if you have Bitcoin, let's say, they ultimately would have to get you to give up your seed phrase in order to access or your keys in order to access your Bitcoin. So, they can torture you, they can beat you, they can imprison you, but until you give up your keys, there's no way for them to get that Bitcoin. It really is pretty extraordinary when you think about it. Now, there's tradeoffs and this is why I'm not 100% sure that everything is going to end up being decentralized, uh, as we move into Web 3. I think there are some things that you're only going to be That's not true. There There are tradeoffs and so there are benefits when you look at something, uh, like a Solana blockchain, which is far less decentralized than something like Ethereum, but it also doesn't have gas fees or at least they're really low. It, uh, moves a lot faster and so some people are because they don't want to pay gas fees, which is beyond the scope of this answer, but basically to incentivize the security of the system, you have to pay all of these people, the people running the computers that run this network. And so they get paid on every transaction and that can get expensive. It's known as gas and so transactions on the Ethereum blockchain can be significant. It could be $40, $100 for something very basic. So you could want to buy a $20 item and it cost you $100 in gas and so people get very obviously frustrated with something like that. Whereas on a chain like Solana, their goal is to be fast and inexpensive. Now that may come at the cost of security. And so this is one of those things that's debated and this will play out over time and we'll see. Again, I think it will be a case-by-case basis. Some people are going to care a lot and they're not going to be interested in any way, shape or form in something that isn't decentralized. Um, but I don't think that everybody is going to care. Okay, so you're in this world now and you've got all of these incredible new opportunities that are given to you by the blockchain where you're able to create something that is digital. You're able to create something that is scarce. You're able to imbue these things with utility. And now all of the sudden it becomes incredibly interactive with both the digital and real world. So the reason that I think NFTs are so powerful is that it gives people the ability to create something where the community gets to capture the long tail value of that item. So um, that really is the key. So if you look at what we did with the Impact Theory Founders Keys is we wanted to create an NFT um, that you know, look, we're going to be building Impact Theory for the next uh, 40 years. I just had David Sinclair uh, on the show on Health Theory. Maybe it's going to be even longer. Maybe I, you know, I'm going to be able to to be working hard for the next 70 years. I'd like to believe in that. And so now you buy something early, I'm going to spend the next 70 years adding value to this thing, making sure that it is delivering incredible experiences. Um and as I am pouring all my time, energy, uh the profits of the company, all of that into making this this incredible ongoing experience, but I have a limited number of keys, um those keys theoretically cuz of course anything could go to zero, but theoretically if I do this well, then the value is going to go up. Now, we only get a 10% royalty every time one of those keys are sold. That means that as I'm adding value to these keys, 90% of the value is captured by the person that owns it. And so this is a radical paradigm shift from the way that things used to be. So rather than thinking of it as moving from the real world to the digital world, it's really just understanding that as technology becomes more robust and can handle more things, that of course we're going to be moving more and more value into the digital layer. Now, that may have a physical equivalent. So you're seeing companies like Gucci, um Nike getting involved in the digital good space. So one, I do think that people will become more comfortable owning something digital. I can't tell you how fast that happened for me where just very quickly, especially as it came to like a piece of art, I'd rather have the digital version cuz I can still hang it on my wall with a digital screen and display it, but I can also take it on my phone. I can sell it anywhere in the world, which I would not be able to do with a physical painting. I would have to, at a minimum, take a photo of the painting, upload it, get it in there, but traditionally art is sold in galleries, galleries are physical locations. And so being able to create something that is provably scarce, that I know exactly who owned that, who owns it currently, what price it was paid for, all of that good stuff. Um now, I can reach a global audience instantly, sell these on these mega platforms like OpenSea, where anybody around the world can see it, and it becomes much easier if you ever need to liquidate that item to be able to do it in a global auction within a moment's notice. So, it really is pretty extraordinary from that position. And then also, when you think about something like art, where or even your handbag, or your blouse, whatever, that anything like that for people to see it, they either have to see a photo that you take and post, or they have to see you in person. Now, what you're doing is you're getting these elements to be a part of larger communities of people that begin to gain all of this momentum. So, for instance, with something like the Bored Ape Yacht Club, it started not only as a relatively small endeavor, but as it's gained steam, now owning one of those really means something because, again, you have this global audience, you have all these different people that are working to make it worth something. So, it isn't just you and your blouse or your Bored Ape at this point, it's a community of people that are supporting that item, that piece of art, whatever, and are making that more visible and more valuable. And even something like a one-of-one, the artists themselves become, you know, if they're building a career, they become a community leader unto themselves. There are more people pushing and promoting that thing and elevating the value. And again, of course, it's always visible all the time. And so, without that kind of community interaction, that kind of community support, that kind of community fervor, if you're wearing a um you know, a Gucci sweater, you're counting on Gucci to build the brand recognition and then the occasional Instagram post when you post it. Versus when there's a huge community of people that get around something and begin to buoy it up, and the fact that it can be seen and appreciated from a global audience, it's I mean, you can just look at the numbers, the rapid adoption, the rapid increase of value of the ones that win. Cuz look, most NFTs are going to go to zero. I want to be very clear about that. Um but that's why there's so much energy pouring into the space because it really is this revolutionary way to interact with the goods that you have on a global audience based on community involvement where the communities are engaged and they're the ones that are carrying the project forward. So, it is just a totally new way to involve yourself in a product, in a community, to um have a way to sell the things that you own, and quite frankly, to actually own them. So, barring things like clothes, in reality, most of the things that you interact with virtually, you don't actually own. And so, this really changes the paradigm on that. All right. How can I get started with creating an NFT? All right. Creating an NFT is really dependent on what you want that NFT to be. There are many different things that can be an NFT. In fact, it it really is bordering on infinite. So, anything that you can create a what they call a tokenized representation of. So, I could do a tokenized representation of my home, for instance. And then, with my home now represented by a token, I could even fractionalize that token and sell pieces of my house. Now, it's not something that I would do right now because of um there isn't enough regulation. Regulatory clarity. That's the right way to say it. There isn't enough regulatory clarity to know uh what one can and can't do with fractionalizing things, but that is definitely coming. There are already people doing it. Let me be very clear. I personally wouldn't do it until the regulatory clarity gets put out there, but I think that there will get to be clarity around that, and now you're going to be able to have your house represented on the blockchain. So, whoever owns that token on the blockchain therefore owns the house. And keep in mind, as technology grows, the infrastructure grows. So, right now it's ridiculous. There's an office in your city that maintains all the paperwork, but it's actual papers. Which is crazy. And so, getting this all switched over to be purely digital records that are put on the blockchain, so there is no way to scam it. There is no way to seize it. It is yours, and that's that. Um, I think that is going to be huge. So, I think you're going to get wedding records. You're going to get medical records on the blockchain. You're going to get um, ownership of homes, cars, all kinds of things on the blockchain. They are unmanipulatable. They are unhackable. Uh, and so, I think that that's where all of this eventually is going to move. Okay, so, knowing that the world of things that you can put onto the blockchain is massive, it becomes a question of what you want to do. Now, the sort of killer app for um, the blockchain right now is art-based NFTs. So, you have one-of-ones. You have um, open editions where it's one image done, you know, say 250 times. And then you have generative art. Now, that generative art could be AI that's generating something that looks like a painting, but, you know, many, many tens of thousands, however many they want for um, the given collection. Or it could be what are known as PFP projects, which stands for profile picture. And so, depending on what you want to create, uh, you can create any of these things. So, just needs to be something that you can that you can create as a token. There are different kinds of tokens. And at the risk of this sort of spiraling into way too big of an answer, I will just say I'll pitch you sort of the basics. So, the 721 is a one of one. So, let's focus on that for now. So, if you're doing a 721, you can do one of one art. You could also do a PFP project, which while there are typically there they're often done in 10,000 increments. So, there would be 10,000 inside of that collection, but each one of them is actually unique. So, no two of the 10,000 are the same. So, those are done as a 721 token an ERC 721. And so, what that is is it's a standard on the Ethereum blockchain. And the it's just like basic information that you would need in order for the Ethereum blockchain to read it. And then of course, because there is a standard, then there are going to be other sites like a OpenSea being the biggest for Ethereum that know how to ask for and display. So, asking the contract. So, in this case, let's say the Impact Theory Founder's Key has a contract. OpenSea would call that contract and basically say, "Okay, if this is a 721, what are these, you know, seven or eight pieces of information?" And then the contract would hand that back. OpenSea would know how to display it, and you would see the images with the information. So, I talked about these things having matrix code inside of them. So, OpenSea would be displaying some of that matrix code so that you could see its unique number identifier. You'd be able to see the traits of the key. So, in our case, there are four different symbols. You'd be able to see what the symbols are. You'd be able to see what the tier of the key is, things like that. Um and if you do that, there're pretty easy ways to create one of those. So, you could go to OpenSea, and you could create using their contract. You could go to somewhere like Rarible, and you could create using their contract. You could also go to Manifold XYZ. They are now making some of their contracts available for artists for free, and that would let you have your own contract. So, if you go to OpenSea, you're now going to be OpenSea number, you know, 250,862,462, whatever. Uh, whereas with manifold.xyz, you'd actually be able to get a smart contract, which is how NFTs are made, uh, but you'd be able to get one that while it's essentially a template that's being used by a lot of other people, that you would be able to get one, make some minor modifications to make it custom to you, and now you know that as long as you only change, you know, those very limited variables, that you have an audited contract made by a very reputable company, um, that's going to be solid, it's going to work well for you, uh, and then within that contract, you can create your items, so you could do your PFP project or your one-of-one piece of art, and it would be done in a way that would be recognized by the biggest, uh, marketplaces like OpenSea. And so, that's where, um, I would start. You're going to need to do a little bit of learning, but it really is pretty easy. I went from not knowing at all how to create NFTs, um, to creating some pretty complicated projects in a relatively short period of time. So, now, and that was when we had to make our own contracts. Now that Manifold makes those available, or you could do them on OpenSea, um, this gets, I think you could be up and running in an afternoon. Now, creating the art and making sure that that matters, marketing it well, all of that stuff, that is a much bigger endeavor, but in terms of just creating the NFT, that's going to be relatively straightforward. All right, my friends, let's talk about blue blocks. Blue blocker glasses have been a game-changer in my life. If you're someone like me who is sensitive to artificial lighting and extra sensitive to artificial blue light from a cell phone or a computer screen, then you need to try blue blocker lenses. They are going to improve your sleep. Blue Blocks is all about science, quality, and style. Their products are made under optics laboratory conditions in Australia and come in prescription, non-prescription, and readers. Blue Blocks is offering a special discount exclusive for Impact Theory listeners. Go to blueblocks.com/impacttheory for 15% off your order or use discount code Impact Theory at checkout. Once again, that's blueblocks, which is b l u b l o x.com/impacttheory for 15% off your order or use the discount code Impact Theory at checkout. All right, my friends, give these a shot. I use them all the time. Take care and be legendary. All right. Do you think there will be an NFT crash like the dot-com crash of the early 2000s? Why or why not? So, yes, I think we're going to go into a bear market and I think that as we go into a bear market because people, some people, will have overextended themselves, um it will inevitably lead to a liquidity crisis and you will see the sales slow down a bit. Um How dramatically that's going to happen, I think it will be probably on an individual basis, it'll probably be pretty dramatic. I think there's so much energy and creativity and new people pouring into the space that I don't know if we'll see a long period of dip in the NFT market. I think what's more likely to happen, um is that the way that NFT projects are launched is going to change because right now what we're seeing is a lot of the energy is around trading and so there are people that are treating it uh the way you might treat gambling or day stock trading where you're going in, you're trying to watch charts, you're trying to pay attention to the volatility, and if you time the volatility right, you can really make a lot of money, and that's brought a lot of excitement, a lot of people into this space. And I think that if we go into a bear market and people have their liquidity tied up when that happens and all prices just begin to soften a little bit, um then what you're going to see is you're going to see a lot of the people uh that don't know how to run a business, they're going to struggle to keep the enthusiasm of their project going, uh and the music will stop for a lot of these projects, and I think, you know, I've heard this prediction said by many people, but I think the right way to think about NFTs from an investing perspective is, you know, 98 to 99% of all of these projects are going to go to zero. But if you know the ones that either you love and want to keep even if uh the sort of cultural energy is no longer there and the resale value is no longer there, but the things that the team is doing with that IP is still exciting for you and you'd be excited to either have that piece of art or to follow along with that road map even if you don't have the ability to resell it, think that will be great. Or if you're really good at picking what's going to be the next big thing, that can also be incredibly valuable. So the way that I approach the NFT market is assuming that there's going to be a winter, and so I don't buy things that I'm hoping that I can resell. I buy things that I think either will retain their value for years and years and years, so things that have historical value, um things that I think are being created by a really strong team. That's another way, like people that are going to be around and in the space for a long time, so I'll shout out Gary V on that. There's no doubt there will always be price volatility, but barring that guy getting hit by a meteorite, I think he's going to be around for a long time. I will certainly put myself in that camp. It's, you know, looking at this as a long-term play, being in this for decades, and really understanding what you're building, how you're doing this with the community, and having the execution track record of being able to sustain things, grow things over long periods of time. I would look for people that have that ability. I think that is a very smart way to go into the space. And then, never ever ever ever ever ever ever invest money that you can't afford to lose. So, right now it is so early, and this is such a volatile space that I would not advise people to be putting their nest egg into NFTs. It doesn't mean that there aren't people out there making a lot of money, and I get it, but there's also a lot more people out there losing money. So, I would be very very very careful. And invest in ways that even if this all went to zero, that you'd still be having a great time. Give you an idea, I don't look at the value of my NFT portfolio. But, I do like to look at my NFTs. I like to know what's in there. Some of them are for fun, some of them are for the flex of being a part of a very hard to get into community, and then some of them are just because I think the art is unbelievable. And owning that piece of art makes me happy. So, think about it that way, and I don't think that you can lose. If you're going to trade, I would be very very careful. And remember that you're up against people that are paying very close attention all the time and using everything at their disposal to get alpha, as they say. So, be very thoughtful. All right. I'm creating a new startup at the moment, designing and manufacturing my own clothing line. I'm building the new site. I've bought all of my machines and equipment, and I'll be hiring in the next few months. How can I integrate or use Web3, NFTs, and blockchain to benefit my business? Okay, so the answer to this question is going to be different for everybody. I'm not sure exactly um what you have as like a marketing uh prowess, but if you're somebody that's like a hype beast and your clothing, you're going to be leaning into that and you know, cuz that would be very different than if you're somebody like um a Patagonia, you know, it's going to be a very different approach. But let's say that you're the hype beast approach and you're going out and you're making all these contacts within the NFT world and you're going to um create a line for instance, like Artifact did this in the early days where they created a digital shoe, but owning that digital shoe also got you the physical version of that digital shoe and then if you owned that, then you also had the right to mint a future uh project and the future project ended up being worth a fortune and so it was amazing. It like cost people like a dollar if I remember right. Uh and forgive me if I forget any of these details. It cost people a dollar to get that initial digital shoe, but then the value of the token that they got for the white list ended up being worth like $10,000. I mean, it's crazy. So, um there are really cool ways that you can do that to get people excited about what you're doing. So, you have to figure out what is going to be your marketing strategy and then figure out what you could do with the NFT that's going to really lean into that. So, you could do something like uh hey, when you buy a pair of shoes, then you get this NFT and this NFT gets you utility somewhere. So, let's say that you partner up with another program. Uh so, for instance, I'll just use us because obviously I know the kinds of things that we're working on. Uh so, let's say that we partnered up and you create these really cool pair of shoes and so we say, "Hey, if you own that pair of shoes in real life, then we're going to give you a digital copy of that exact pair of shoes, and you can put it on your custom avatar, which is a project that we're working on now. And if you have that pair of shoes within our ecosystem, then that allows you a special experience within this space that we're creating. And so, let's say that you have that special pair of shoes, and a magical door appears to you. I love using this example. And only because you have that special pair of shoes are you able to go through that door. And when you go through that door, now you have access to IRL clothing from the your clothing line that people can only buy and access there in that special room. So, it's very limited quantity as a surprise and delight just for the people that bought that shoe. And so, there are all kinds of things that you can do like that. But if you think about it from a community-first perspective of wanting to do something cool to reward the people that buy into you and your new product and what you're doing, and you're making sure that the bulk of the value ends up going to them, then they're more likely to support you, support the brand, buy the next thing that you do, and you can really come out of nowhere, build energy around your brand. But you just have to figure out what is going to suit you, what's going to be the thing that really lines up with the way that you are, the way that you like to market, the way that your community is. So, that can be big. But looking for people that you can partner with, looking for utility that you can add to them, all of those kinds of things, that's what I would be looking at. Because when you can especially surprise and delight people with something um just for owning that, and you give them that ability to bring that into the digital world, then there's, I mean, virtually nothing that you can't do. For instance, buying that pair of shoes gets you that digital version of that pair of shoes, and then you could use that as like if you partner with a band, you could use those shoes, the virtual version, as a ticket to get into their concert, or a discount on their merch, or a discount on your future items. It really, when it comes to utility, the sky's the limit. All right. Everybody, hopefully that gave you a little glimpse as to why I am so hyped on what NFTs and the blockchain is going to do for you. That's the cool thing, is this really is about the community. This is about adding value, utility, excitement, all of that into the hands of the community. And so, my hope is that as this goes and as more people get involved in the space and as builders and creators get savvier with all the cool ways that they can tie their community into the windfalls that come with some of these um projects, whether that's, you know, obviously I don't think in terms of the trading, but that's certainly one aspect of it, but also just over time that having um as a way to thank people that get in early uh or that do other certain behaviors, or as a way to incentivize them to be active in your community, that you can then reward them with product because you know, or experiences, because you know who owns what. It's a really big deal. And then, as you're adding value to people that own it, then they have the opportunity to sell it because they really do own it. And by letting them capture the, you know, call it 90% of the long tail value of that, now you incentivize that community to really support you, to celebrate you, to push you forward. I think it is truly an in an inevitability that we're moving into that world because of what I know about human psychology and people's desire to create, to be involved, to have ownership in those things that they're um really helping to support and build. So, uh keep that in mind. Look for all the ways that you can learn more about this, and remember to be extraordinarily careful as you spend money on these things. Again, I think the vast majority of these go to zero. So, make sure that you are buying things that are created by people that um you know are going to execute against this over a long period of time and then also make sure that you never ever ever ever ever ever ever invest more than you can afford to lose. If you do that guys, this is the most fun I have had in business. This is some of the most fun that I've had in life outside of my marriage. Um I hope that you guys enjoy it as much as I do, but do it in a way that's stress-free. All right, everybody. Thank you so much and speaking of things that will be very powerful for you. If you haven't already, be sure to subscribe and until next time, my friends, be legendary. Take care. Peace.