Once everybody in this room and this space understands what i just talked about, it doesn't matter what the language is going to say: you're, never going to sign a deal in the first place when you just know like yo. Let's just sell it to our fans when you have 7 million followers on tick, tock you're, going to find 10 000 people that can give you 800 bucks for a piece of your back end 800. Bucks times 10 000 adds up. You got your perspective.

I just want to be happy, don't you want to be happy, and this is the incomparable gary vee he's going to come up with your hands together. It's good to be here hope everyone's good um just want to chop a little bit on nfts and music. Since i feel like it's appropriate might as well take advantage of the moment, i think um. I think a lot of a lot of what's gone through a lot of people's minds in here about the music industry is about to really happen.

It took a lot of pieces of the puzzle to get to this point and the point is the following of pretty much starting as of this moment, we're in the beginning of the process of the economics of the music industry, shifting pretty aggressively and the people that Are going to be, the big winners? Are the human beings that come up with the music and the human beings that support that music and the people that are gon na? Be the losers of this next century? Were the biggest winners of the last century, which was everybody in between that? So what i mean by that is now that we have the blockchain, the consumer, blockchain nfts. Something strange is happening that most people don't understand the reason everyone's so up and like either way too excited or completely confused by nfts is because everybody's bringing their internet brain to the party everyone's looking at nfts through the lens of what they know about the internet. For the last 25 years, the problem is it's not the internet, the internet is all the we know and made all our lives better and more interesting and all the we with, but the blockchain is a completely different infrastructure. It's servers that are decentralized that nobody owns and what that means is.

It creates what it is, which is a ledger that can document things, which means you can actually own digital assets for real, not like right click and save, and all the jokes people make about nfts. When people make jokes about i'm just going to right click and save this, it's funny, because the reality is, you can fake in real life and on social media. Much more than you can fake on the blockchain. Everybody here can borrow somebody's watch or jewelry.

Take a photo and try to flex like they own it on the blockchain, the person that owns it owns it, and anybody in the world can see it. What does that mean for everybody in here? It means the following: between spotify and soundcloud, and especially tick-tock people can now be discovered. People can blow up the a r business for record. Labels has changed forever.

You used to go out and have to go out to stuff like this go to places. You have to actually physically go and find people now, people just lay in bed and just see who's trending on tiktok people get famous now before they get signed, as everybody in here knows at scale at scale. It's not an occasional thing. Now it's the normal thing.

What does that mean? It means that people start amassing fans at scale before they sign a deal. It means that they can put that music on distribution and get their pennies on the dollar in the way it works. The only reason which is unfair. The main reason that people sign deals is because the upfront bag changes their life.

The reason people sign deals is because that million dollars, or that two million dollars really means something when you've never seen. Money like that and people get locked into deals where they make a record deal. You know this and you got ta a pay back, that 2 million b, all the money they spent on promoting you. You got to pay that back and after all that 2.8 or if you got 500 000 and 30 000 after that 530 comes in from your music, then you start getting 20 cents and they get 80 cents.

Maybe if you got crazy leverage, you could be 50. 50 on that, what's gon na happen. Next is the most important part that everybody here has to listen to. What the future of music is gon na be is you're, going to explode on tick tock or whatever.

The is tick tock of the day and, what's going to happen, is you're going to drop your first album and you're going to sell a thousand 5 000 or 10 000 nfts that represent your upfront bag. So, instead of taking a million or 500 000 or 2 million or 10 million from a record label, you're going to take that same amount of money from your fans, but your fans are only going to get 20. Maybe, if that's how you want to roll 50 of the back end, but you're gon na control it and you're gon na get that upfront money from your fans and when you pop off your fans, are gon na make money. Just imagine that just really think about that exactly it's important! It's really important because here's what's gon na happen, it's gon na change, the entire relationship with music and fans forever mike boyd, who here knows mike boyd, give him a little love if the.

If this blockchain existed 20 years ago, i'd be working for mike boyd, mike boyd would have bought nfts of mac miller and wiz khalifa and nicki minaj and nipsey, and everybody else. He showed me when they had 5 000 fans. 3 000 fans 200 fans on twitter. You can watch the videos of ghana in our office in 2018..

It was all right there, and mike boy would have taken his pennies that he had scraped them together and bought nfts. That got a little piece of this and a little piece of that and would have kept winning and would have made a huge bet on somebody own five or ten percent of their back end and would be collecting royalties every single day. The fact that artists are going to make their fans rich when they hit is crazy. It also changes the psychology of the entire relationship different now you've got fans who are financially incentivized for you to win.

The fans become the promoters because they get a back end. This is a big deal forever. Every record label in the world now lost its final piece. It used to be distribution.

You had to sign a deal because you weren't going to be on bet mtv or any radio z100. You weren't even going to be heard. Then the internet came along, it took care of that part. Then you had to be.

Then you signed deals because they put you on trl with carson and all those kids saw. You and you'd be like oh he's, she's cool, well tick. Tock took care of that. You're one song away from having more people watch your videos than all of trl's big ass audience in 1999..

The last piece was the hardest: the economics, how the money moves, how you as an artist, could actually get a big enough dollar amount that made you not sign. There's a reason, and by the way, on the record record labels aren't bad they're, really not they're in business, for everybody that they make money on. They put out a million dollars to 97 people that sucked so they're just doing their thing. I have no by the way, just like on wax no issues with record labels.

I just think people have better options. Now people are going to make more money, dropping an nft of their mixtape, sharing their royalties with their fans, which is going to feel better. Imagine who the f, who the do you think you want making money on you the first ten thousand people that with you when nobody gave a about you. So i really really really hope.

Everybody in this room is really paying attention, because in 94 and five and six when i was spitting internet, everybody shook their head and nobody did about it. When i was talking twitter and youtube and facebook in 2005 and six in places like this, everyone shook their head, yeah yeah, nobody did about it. This is a real forever changing moment of music forever. All publishing movies.

You want to make a movie fund it through an nft. You want to write a book fund it through an nft, but the first thing you have to do is build an audience. Content is always going to be king. You got to build real relationships.

I've dm with a bunch of you in the past. I watch a lot of you move. I watch everybody move, that's what i do for a living there's a lot of people who want a million followers, but they don't take care of the first thousand followers, which is why they'll never get there. You want to really get to this nirvana place.

I just told you about start loving every person that, with you reply to their dms reply back in their comments, show love. That's how you get it back. Thank you. Anybody got questions you disrupted the advertising industry.

How do you think with nfts like disrupt advertising in that space? It's been huge for us. We launched vayner nft budweiser pepsi have two two of the most successful nft projects. It's made everybody and we did that and it's made every brand rethink marketing, because marketing is a crazy game every day, i'm in the game with people that are supposed to be the cmos of the biggest brands in the world and there's nothing marketing going on in There, it's all boardroom politics, everybody doing old, who the watches a television commercial. Besides the one that airs this sunday, nobody who even watches regular television, it's all streaming, it's all social! So it's going to disrupt it in a weird way, because they're all going to get into nfts and they're gon na feel what actual consumer work does and by the way, there's been a bunch of brands that have launched nfts that nobody even here knows about because Nobody bought one and so they're learning like wait a minute.

If that didn't work is our commercials, and so it's like the nft success and non-success is putting pressure on the way they're thinking about marketing. So i think that's going to be the biggest impact because it's going to be about merit because you can't hide in nft land. You know all these numbers where people debate whose albums sold more and this and that nielsen's all that that's all fake data. You can't hide in nft landing your nft sold or they didn't it's all public domain on the blockchain.

Nobody owns the information, it's all right there. This fakers are about to get to smoke the out. Thank god, because a lot of you fake what industry do you feel nfts won't disrupt, because i feel like those are the ones we need to start attacking now, but also, what do you feel you did differently with b friends than other people did with their nfts, Because a lot of just sitting, thank you. I think i think b2b will take a while it's gon na be a while before we really figure out there's a lot of supply chain.

There's a lot of interesting that blockchain can do, but i think b2b will be slower. It'll take some time before. So that's something to think about man. I think look it this isn't.

This is why i keep comparing it to the internet. This is an all-encompassing technology. There's every receipt, every receipt of everything you buy should be an nft, it's in the company's vested interest, and it's your best interest now. You're just crumpling a piece of paper when you walk out, but if that shit's got a chance of being worth something because they used an emerging artist to make your receipt you're going to hold you're going to hold on to it.

And you, and by the way you don't do anything about it, goes right into your wallet right. So, like it's gon na be a very big deal as far as v friends, i think what i did differently was the things i did the 15 years leading up to the launch. The same thing you did when they told you you're gon na your father's company yeah i mean that part was different. You know what he's referring to is.

When i told everybody that i was gon na take my dad's store online in 95, 67 everybody laughed and a lot of people, because my dad came to america with nothing. He built up and he had a lot of friends in the business and they were like scared that i was really gon na ruin. My dad's life, that's different! That's just chip on shoulder that i love so much um. No, i think what i did different was the biggest problem with nft projects.

Right now is everyone's like i got to build a community on discord, so i can sell 10 000 nfts in a week and, like i get dm's like yo gary v, i got to build a discord community because my launch is in two weeks. What do i do? I'm like shut it down here? Yeah, it's it's just it's it's! It's audacity, the biggest issue, actually one of the biggest things that i think about with music a lot, because i've met a lot of artists when you're an artist or an entrepreneur. One of the biggest challenges is to balance selfish and selfless. The biggest issue right now in nft land is nobody that hits me up, and a million people hit me up on this.

When i tell you, one percent are actually giving a about the other side, everyone's just worried about how much money they're gon na make how fast how easy everyone's in gold rush, which is why, by the way, the other reason i say that 98 is going to Zero is because it is because everyone's out here on some beanie baby right, quick flip, let me get mine not giving a about somebody spending. I had this one kid. I was like bro you're about to try to sell a picture of a turtle with a burrito. That's his ass for eight thousand dollars a piece and you don't give a what's going to happen to the person that spends 8 000 on it in a week.

That's where we're at right now and it's unfortunate and what's going to happen like to me, i'm pretty excited about it because, what's going to happen, is shit's going to hit the fan everyone's going to like see it was a scam. It was a fad everyone's going to walk away and go on to the next thing, and that's what i'm gon na swoop up and really do some damage. I might buy the knicks and the jets. That's that's how that's how big? I think the opportunity will be when everybody walks away in a year or two whenever this hits the fan everyone's gon na bounce, because people's feelings and money's going to be hurt.

If you put 35k into 17 different nfts thinking, you're about to buy a mansion in the hills and all that goes to zero, you're, not gon na have appetite to come back in so quick, especially when you only have 41 000 to start with or worse 16 And you're in debt, people out here being crazy and then they're going to blame nfts without blaming themselves. The are you buying 40 000 worth of nfts when you got 11 000 to your name, that's people! So you want to be like the pocket player. That seems like it's the most safety. That's my whole life.

That's what i've been like. I never overextend myself. My is so calculated. My energy throws people off and they think i'm crazy or wild they're up to some, but i'm that's strategic yeah.

You know like that. Whole saying of like measured twice cut once i measure a thousand times before i cut, because my problem is. When i cut i get loud, i only know one way if i'm gon na eat. I want everybody that gives me a minute of their time to eat.

Along with me, if they understand what i'm saying so, when i decided that this was the thing i just started making content the next day and i'm not worried about convincing anybody all my friends are like: how are we going to convince everybody like we're? Not don't convince have conviction, i'm not trying to convince anybody about this. You don't believe me, mazel tov, go. Do you i'll see you in three years we'll talk, so that's where i'm at i'm not trying to convince anybody about nothing. I have a question.

Make the please i know it's just when they resell the the nft, no two ways for the artist. This is why it's crazy for the artist think about this. You sell 10 000 of your pieces of your initial album drop. The art is the album art right.

Different versions, you sell it mike's like yo this person's gon na be big. I buy a hundred of them, the person starts being big and the nfts start making money. I might sell off some of the original pieces. The original artist is gon na get a five or ten percent commission just on that, so i might buy it for 400.

Bucks sell it for 5 000 and you, the artists, are going to get another 500 bucks on 10 percent on that 5 000. But the money - that's one part, that's that's transactional royalties. What's gon na happen over time and we're not there yet, but there's a lot of companies working on it. Is this album just like with producers or record label they'll, be a split and the split's gon na be with the fan, got it so when if the weekend dropped his first album on a blockchain nft, because the world was further along or further behind, however, you Want to look at it and if you bought one nft, it might represent 0.3 0.01 percent, whatever the math is of the royalties, and every month when spotify is sending out, money 70 goes to the weekend and 30 goes to 10 000 people.

That's what royal and a bunch of other companies are working on right now, we're 12 18 24 months away from this being real, as and people sitting around being like, and that's why record labels are going to have to evolve into a different animal because they are Already harder to take their attic language like they're, trying to, of course they are once everyone gets. You know just like a lot of things where people wait longer, i mean again there's a lot of ogs in here 20 years ago. People signed deals fast. Now they signed deals a little slower right people a little bit more thoughtful trying to build more leverage.

Once everybody in this room and this space understands what i just talked about. It doesn't matter what the language is going to say: you're, never going to sign a deal in the first place when you just know like yo. Let's just sell it to our fans when you have 7 million followers on tick, tock you're, going to find 10 000 people that can give you 800 bucks for a piece of your back end 800. Bucks times 10 000 adds up.

So if you're saying those contracts won't matter, and essentially all it's going to matter - is our smart contracts. What, if what happens when the blowout happens, what happens to smart contracts? Things cancel the validity. No, the blow up right now is because everything's about collectibility. What we're talking about here is utility the real reason the blockchain is going to matter right.

So no, i mean to your point. If the timing works, where nfts crash, just as the technology is there, there may be like a six or 12 month window, where it drags out longer than it would have had if it was hot as like right now, but this is inevitable. This is. This.

Is a wrap there's like there's no logical reason for this not to be the biggest. This is what every artist will aspire to people, instead of aiming for a deal will settle for a deal if they weren't able to sell or big enough fan bases. Of course, you mentioned uh 10 000 a couple times. Did you see that as maybe no that's just that's just you know.

That's why crypto punks was such a big deal. They established the 10th, that's just that's the lingo! Now it could be. You can do three. You want to sell three nfts that represent.

You want to sell four nfts that represent 25 each of 30 percent, that you want to sell to your fans and you want 25, you want 500k, you know this. This is all gon na be market dynamics. 10. 000.

Is just the number that most nft projects of last year were built around but you're seeing a lot of evolution in that b yeah. My question was more so like uh, like your thoughts on music, you got all these musicians in here. You got all these artists. All these creators - and you know we doubled down on collaboration and in order to change the ecosystem or the powers that be it has to be at the form of collaboration.

Can you expand more on like the nfts and the blockchain and the bear splits to artists musicians, i'm so excited about that, just like what we just talked about, which is like label an artist. The fact that all the that all these artists go through the producer, the writer, the like it's so complicated, it gets so political. The fact that it's just so easy to sit like it will be as easy. In 10 years, everybody like every 14 year old right now by the time, they're 24, like sitting down in studio and just cutting the deal, be like 7 nine ten boom, like it's going to be remarkable and never have to think about it again, no auditing and Did i really get and the label was really with them and they me nah, it's just gon na be right there.

So i think, what's what's amazing about that is when there is that level of true transparency. It actually allows for collaboration to be easier, because a lot of humans by nature are cynical fear-based. They don't feel like they're educated, so for a lot of people here when they came up like there's almost nobody who's, not scared to make a bad deal right. It's just fear, so i think i'm really excited about that transparency and that simplicity, because then you get into such basic math.

You just have to be able to count to a hundred and you'll be able to figure it out. Hey you're, talking about you, know like closing the gap right, so there's a huge gap and a lot of you know people of color, uh women. You know, there's a huge gap and in order you know what i mean it's the best part of the blockchain. Exactly the blockchain is finally decentralized.

Blockchain doesn't know who the you are where you came from what you do, who you are like? It's a big big big deal. It's a humongous deal it's a big deal, but with the with all that the blockchain's about to do something else, it's about to eliminate excuses, because the number one thing people are about to wake up to is when you can't point fingers on the algorithm you'll spotify Me on the label they're racist, when you, when you eliminate every excuse people about to find out how good they really are. You know this as an athlete my favorite thing about athletes. Is they love to blame the coach? It is because fall as an artist that do album covers.

Is it wise enough to say in your contract? I want to know i want to own the nft of this album it's going to be better than that when you catch the right kid on the come up and if you're fire, if you're a fire designer and you get one percent of the deal, do you Know what one percent of thriller is the, but that's beautiful because, like there may be a lot of people that buy an nft of a emerging artist that they never heard of, but they bought it because of the fire art like you're gon na get yours now And it'll be different things at first like there's just there's so many variables to this, like you may get two percent right, but then the market may be flooded with a ton of fire artists and then all of a sudden, you can't get two percent, but to Your point, you might take ten, you know ten nfts and if that thing is the friends and they're forty thousand so there's just like so much new dynamics that are going to be negotiated out. But i'm excited because i think there's some artists that are going to with one album drop forever change their life from like more of like a literal standpoint, right, let's just say hypothetically me and you do a song. Yep right sounds like a plan. I make the track yep, you give me some lyrics.

Yes, i need. I need some auto tune. Go ahead, i give you a little gun or even if you just get the lyrics and not perform because i don't know about your vocals yet right, that's right! I i know about my vocals go ahead, so so i say all right: well, let's, let's put this 50 50 and and drop this as an nft uh in in today's vibe. Right now are straight to consumer platform and something like a distro kid.

That's right! We'll just go and we can just split it. 50. 50.. That's exactly right as it streams! That's right! Go straight to you! That's right! In nft space! What's the there is the nfc that exists, yeah, the nft will be minted and connected to distro and, and so the royalty of the music will go through that way, they'll be connected and the royalty of the nft, because, because i might think it's like again back To mike boyd's career, how it's going to change is now we're going to be looking for and he's like yo i mean we just went through with this.

I mean this is like i'm looking right in front of you, i'm looking at the dude that this just happened with me and him we're like. We found him we're like this kid right, and so in that scenario, if you two had been working together instead of just dming him being like yo, we with you, maybe we can do something in the future. I'm going to go and buy 15 nfts to have a piece of his work and in that scenario somebody sold that to me so there's royalties on the nfts. If, if you guys were just minding it from the beginning, you guys would get that money.

But if, but if my brother aj bought them and he relisted it for double and i bought them, then he's going to get the profit but you're going to get 10 percent of the nft profit. And then you guys would split that. Maybe it's 49 49 and 2 for the designer that will happen on in a different place. That will happen in your wallets in crypto land.

The music will still happen through distrokit and it happens automatically right automatically. That's why it's so big to change the game. Where is the base on prices for music, like with the single or a video that we should have been thinking about? I know we can put it any price. We want likely it completely matters on the demand from your consumer.

There's gon na be people are gon na drop an album for trying to raise ten thousand dollars. Ten thousand at a dollar a piece that are gon na, sell four four dollars, because nobody with them so that that's completely completely no different than the historic nature of albums being done through record labels. Record labels have put out and given out all sorts of different checks, dependent on how much heat you had. This is why it keeps going back to the thing i said very subtly i'll say it again.

The quicker people actually build an audience that actually with them the better and the problem is people are just not doing the right. Behavior, like artists out here, thinking, they're bringing value to their fans by taking a photo of them wearing some new fresh kit hoodie. What the are you bringing value to? What the does that bring value to your audience? The big money decides all right. We see what y'all doing when you release something we don't come in and buy all this up cause.

We got you, you don't give a you don't give. Why would you give a i make the price higher it's, but then that takes away from your fans. Fans need to move quicker, um big, you know. What's amazing, is you listen? You want to create a friends list, a white list, a list beforehand for just your fans like there's a you'll, learn all the nft games, the things that me phil, we're all going through.

Like even in a year, the got crazy because there's a lot of money involved, the whales come in and they just want to write a code script and buy 5 000 of them, but yep. But let me say this: the greatest hope i hope for everybody in this room is that you have enough heat on your first album that you ever put out that people want to buy it like that. I think more more. Realistically, the majority of un, like emerging artists, are gon na, have to hustle and grind to sell out their first thing.

It's not gon na sell out in a minute right, but that's. What's amazing about tick tock see. You've got like seven things going on at once. Right like it might just i mean you got two guys here who went through real viral moments, one song one moment, one deal, one video got you next uh for visual entries.

I know that a lot of people are talking about future proofing them for the metaverse. That they're available um, as mostly musicians in the room, do they need to be worried about the metaverse in that manner or how do they? My take on the metaverse is a little bit further away than people realize, like everyone's hot on it, but like nobody's really living in vr. Yet i mean look at ar it's like almost it's like. When did pokemon go come out, you know more yeah.

Like you know, if you i talk about something, thank god i didn't make a video about. I would have been so crazy wrong if you told me that we're here, six or whatever years later and there hasn't been a single viral ar app execution since i thought every i thought, marvel and poe like hello, kitty and wrestling like i'm blown away new technologies, Like real new technologies take a while, let me remind everybody, nfts hit hard in 2017.. Nobody here was buying crypto kitties in 2017., like it takes time for new new technology. So it's something people should be aware of.

Everybody here should be doing homework right, we're in class right now. It's homework. You know it's real homework, but i wouldn't get crazy yet because we're a little further away. I think people are going to lose a lot of money on buying land.

I really do i really do because it's too early, we don't even know which one's going to win and it's going to be a hardware game. Oculus is gon na, like meta's like got a big chance to win that my man you've been patient. Thank you. Um to follow up on cosine's question yep um the practical process of creating a song minting it into an nft and distributing it through something that already exists like distro kid.

Are you saying that the nft that is the music or the album will be somewhat of like a take place up like an mp3 or a window, i'm saying it represent, it could and people will create, but the concept is it is a contract. That's why you keep hearing the term smart contract. The nft is the contract. It says gary, you get point three percent of all the royalties and if i buy 30 of those now i got one point right got it so that, and by the way, the platform that i'm referring to doesn't fully exist.

Yet there's people working on it phil is we're looking at every startup in it, because he knows that, like like it'll be self-explanatory when it comes you'll, just go right in like wordpress and like mint and the examples of people who've done it already. Like you mentioned uh, your colleagues that are here who have um had success with nft music like what was what was their process? I'm not referring to that. I'm talking about i'm referring to like actual music hits, not nft music, my man, so i'm in the web. Brief space, i'm already selling music nfcs, but right now it's very much so like the wild west, yes, um, there's no centralized platform, no truly centralized platform for music nfcs when there's mass adoption and everybody in this room is releasing music and mcs.

Do you see traditional dsps catching up to that place, or do you think they're just going to be brand new uh? I guess nft platform. I think the dsps that are in place are gon na. Don't forget they're consumer facing they're gon na still win, but to your point, it'd be hard not to think somebody's going to pop out a matter. You know there's just too many people that are vying for that spot spotify's got all its own.

You know it's going to go through its thing right now, like there's going to be a lot of movement plus the ship pops up all the time, but i think we're thinking more and more about owning versus services. It's just such a big moment. You know gee, what do you think is um, so fun artists, right, let's say a new artist coming into the game. What is that new team look like because yeah yeah i need a producer.

I need a videographer. What does that look like now? I think i think the designer becomes a much bigger player in the game, because it's gon na be visual collector. So i think the designer becomes a new one, and now i think the actual promoter, because because the man, whether it's managers, whether it's record labels like you're gon na, need the person that can actually get people to buy right, salesperson mm-hmm. I think those person designed it for first a new artist - they don't have all the budget, so it's like the good thing is for a new artist.

This is gon na, be huge. Listen to this part big for a new artist that doesn't have budget now saying to their boy who they've seen like their friend, who was the best at selling candy in school and you're like that kid can sell. You can go to that kid now and be like yo. I can't pay you, but you can have three percent of this project right.

That's a big deal, yeah, that's not something they could promise before right. I mean i i just think about myself and who i became. I would have that's the only i would have done in high school. I would have just that would have been my life.

I wouldn't have sold baseball cards. I would have promoted music and try to hit one because the royalties are in perpetuity, like think about that. Imagine catching nirvana in 1991 in high school and getting three percent of every teen spirit play forever. I don't think people understand right like, like.

I remember like when the weekend buys his big home. You're, like you forget royalties, is the real business. That's why music people make money? It's why seinfeld is so rich. He got into the deal on stun right on uh.

What do they call it in tv um syndication, you know like this is real economics record. I want to remind you - and you guys all know this record labels almost always miss. Almost everybody. They sign fails so think about how big those companies are so think about.

How much money you make when somebody does it yeah? So the label gives you a budget say it's 750. You know to release, you know: um chances. Are you ain't really need them to record the album, but you need them for marketing video budgets, etcetera, apologize that this is not? No! It's never done it. Can you walk me through how an artist can go about raising that capital fans? Artist says you're going to get my you're going to get royalties to my project.

I'm going to you haven't heard, yet it depends how you want to play it right, like maybe you heard a single that you heard well, listen if you're going to be somebody that has fans to talk to. You did something right like something happened right unless you're very attractive seriously, unless you're going that route like and you're making a transition to music you're, probably got fans because you put out some music on tik tok or what have your sound cloud right. So they already got a feel right, but what's crazy is like fans with all of you because music's universal, it's one of the most important things in our society's history, but now you're gon na have entrepreneurs like i'm gon na pay attention to mike's texts way. More now, because there's money involved and the reason, but i'm being serious right as a lot of you know, especially ones that have noticed for a while.

Our music journey is about pure and utter karma and love. We've been out here for a decade, people probably been waiting for our other shoe to drop. We just give give give that's just how we've lived, but now, when mike's like yo check this out, we have such a good combo because he's listening to a lot of stuff and like we have this crazy track record, because when we both fully agree like, if We're both at an 11 a lot of those people have gone on to do work and just something in our combo of like what we both kind of hear when we come from different places. Sometimes we don't like the same stuff, but when we both like it, there's been a really good track record.

Well now i'm gon na i'm gon na look at that and be like yo, i'm gon na buy that project, i'm gon na mint 50 units, and so that 750 comes from your fans. You run the budget, so you sell them nfts and they get of an image right again. Remember you could do anything you could do. A hundred hundred album covers design a hundred different ways.

So there's some collectibility give away twenty percent and thirty percent down into whatever you got it, and then that gets you 750.. That's it, and so what's crazy, my man, the the fans, become the label, the fans become the label. It's super lit because it's gon na feel double good for the artist a your economics are gon na, be better. Don't forget from you know when, when you make the fans the label you're to be sharing with them from penny number one.

So now you come out: you have a hit and money's coming in you're, getting 70 cents, they're getting 30 cents with the album deal. The first 750 goes to them. Then you get your 20 cents on the dollar, you're getting 70 cents a dollar from day one. This is a very big deal.

How far away do you think we are from that first dorky fan becoming like a multi-millionaire within five and when that dorky fan becomes a million wait till you see that tick, tock viral video? Wait till you see that kid saying i made 100k this week because i believed in blank blank blank and they went up. It's super beautiful, think about think about all those kids that want to be influencers or artists when they hear that they're gon na be like that. I'm gon na be a music investor. Like imagine telling your mom to shut up because you're listening to music and you're working, it's a really i'm tell listen.

I really want everybody to hear this. There's a couple there's a lot of youngsters here, but there's just enough people in here of the age that are going to know what i'm about to say. Nobody understood how big the internet was in 95., people thought it was the information superhighway it was. It was like a better encyclopedia right.

It's all. It was a better encyclopedia. I remember telling my friends in school in 97 98, that everybody was gon na online date and they laughed like nah, that's for 500 pound fat dudes in their mom's basement and now everyone's just swiping left and right sliding into dms the changes. The world changes.

I'm telling you everybody's underestimating the blockchain everybody, it's that big, because everybody keeps thinking it's the internet, it's not the internet, the end, it's as if the internet didn't exist, and here came a new, but the difference is the blockchain's in place with the mature internet right Right right, because if the blockchain came out my mood dude right if that came out first and cool, but how the are you gon na get anybody know who you are: there's no internet, there's no tick, tock, there's no spotify, so you got ta sign with the Label because they're gon na print, your cds and they're gon na put you on trl, so it needed everything they needed: everything, distribution, marketing and a ledger that could run the economics. Now you got all the pieces now now it's going to get interesting, yeah does the does the artist make money off of the fans reselling nmt yes left just came in. I think i want to break it down again. So now you're doing the royalty thing now mike, for example, mike sold a b friend huge mistake, but he needed the money he taught mike hit me up he's like i'm going to sell this he's like i just need.

I need that. I need the paper right now, i'm like it hurts, but i respect it and you got to do what's good for you, so he sold it made plenty of money right when mike sold it. I made 10 percent, but but this is important with music. Think about how it's going to work out.

This is why the artist is going to win twice. So now you put out the nfts for the percentages of the back end you pop off. Now people are there's i'm more about eq branding, i'm more energy, but there's some people that are math and people are just gon na run math and be like okay, this this they're, just gon na look at hardcore math and be like this artist hasn't even hit The apex yet they've got historical data running big quant and they're, like i think this artist could be number one for another 13 weeks, they're going to run back the math figure out. What spotify is kicking you and they're going to go in and buy other people that, if they're going to be like it i'll, buy his nft for 50 more than it is right now, because i know i'll make it back in 15 weeks, right and so you'll Sell you bought an nft for 400 bucks to get a piece now you're selling it for 4 000.

You made some money on royalties and you sold the nft for 4 000, but the artist gets 400 on that transaction or 200 depends on what the math is on the royalty. So there's double royalty economics for the artist the contract they make money on every time. It transacts and obviously the royalties of the music. So now artists could be playing in two places.

Sorry, don't worry, someone um buys the nft, so someone sells it and then someone buys it. Do it now own part of the song yeah it's going to transfer over henry who bought it yeah. The original owner's out, just like michael jackson, bought the masters to the beatles and then sold it right. This is going to be the much much smaller version, but it's exactly the same thing.

So we this keeps being a project based thing. Can an nft own a llc? Can i can i make my llc or business an nft? Not the answer is going to be. Yes, but right now, there's not enough clarity from the sec. There's there's like there.

We need a little bit more and even the music things got to go through its thing, but i think the music thing is further long accepted. Then i'm thinking more like the royalties and like i was splitting, are you saying like if you're an early bet on a project you're early, better, my business, my man, my number one thing on earth that i'm waiting for is for the government to to give us Clarity on this, because, if god forbid, they make it easy and they say yes, then v friends, series one is gon na, be the greatest nft of all time, because my mental big plan is every business that i ever opened for the rest of my life. I'm gon na give a piece to the people that own beef friends series one. That's that's what i'm doing.

That's exactly what you're thinking the right way. There's still some security laws, things that have to come through, so you want them to regulate yeah. I do want them to regulate yeah. I just want to know what the rules are.

I'll beat everybody as long as everyone's playing the same rules, you know, and by the way all the you hear is not real, like the tax law is clear. I'm playing plenty of taxes this year like like there's the tax laws are very clear. There's things like that that are not clear, whether it's a security or not a collectible, and that, like so there's some things to think through so they'll try to put capital gains on it. Well, there is capital gain, so we friends when i sell the v friend i have to pay ordinary income on it like flat out, but i get ethereum.

If i hold that ethereum for longer than a year, then i pay cap gains because they treat it as that got it, but then there's all sorts of like you might want to wash it and capture some losses. I mean there's just so many things that people have to think through what should we study first in the 30-hour journey? What was your blueprint for when you doubled? What is an nft enter and read and read and read like it was such basic. Everyone here is a little further along, but most of you aren't and that's okay, you know what it is, but you don't really like. Some of you are listening right now, but you got ta.

Maybe for you like for me, youtube was strong because you give me visual and audio. I can't read for no reading comprehension. So, like i didn't read anything, it was all videos audio, i'm very good at micro reading. So i did a ton of discord and twitter and just read when i fell in love with crypto punks.

After, like five hours of that, then i spent five hours literally googling and searching on twitter like crypto, punks, scam, crypto punk's, bad crypto, punks, not worth it like. I was trying to find like the biggest mistake that people make. Is they get high on something? And then they'll spend a minute on the counterpoint. I do a lot of that because i'm scared to be wrong because that's my whole, my whole thing is this, but when i'm doing my heart right now being right right and so like, i have to do a lot of work before i'm willing to go out Here and be i mean if this all ends up being wrong, i'm finished with all of you.

This has been a pretty passionate rant on this thing. You know, but my track. It's what i love about my track record when, when like i'm on some new, whether it's tick-tock or this, and of course you get so much, you know counter-hate and i was like yeah. A clock hits right twice.

I always go in. I'm like yo. Show me the video where i said something wrong, because i'll show you all the ones that are right show me the wrong ones, that, which is why i do so much homework before i'm gon na my reputation is my currency. Do you think it's important to mint on your own site before opening up on like a open season? You don't you don't have to, but i do think that's getting easier and less expensive every day and better tools are being built and i think that's just the way people are going to do it.

But meta old facebook has been got. A lot of smoke. Coin base a lot of smoke. My prediction is right now, open c is the player, and that looks like ebay.

I think this year is going to be the year that we see things like. I don't know how much you guys know about chinese social websites, but in china, because it's a communist country and the companies own the whole stack. What that means is almost all the social networks in china people shop through that, like here instagram shop, hasn't caught on like amazon facebook over here instagram over here amazon over there, but in china everything's vertically integrated. I think the thing that everybody will see this year is things that look like instagram with nfts.

What i think i think instagram is going to have that feature. I think coinbase is going to have that feature, and so i think that people are going to start minting almost the way they post on their social media through those platforms. There's going to be a lot of, i mean i want to remind everybody again. There's some ogs in here they've been looking at each other.

They know what i'm saying a lot of. You are youngsters like man, 1990. Until marc andreessen created netscape navigator, you had to actually know how to code to even get on the internet, which meant on the record. I was never on the internet and i was like i don't know that one zero one zero that you know like so i mean again, like i used to pay three minutes three dollars a minute to be on aol.

My mom, like i used to be on the internet. My mom picked up the phone to call my aunt and i was off the internet, like i think. A lot of us forgot remember pre-iphone like if you left the house, you weren't on the internet. No more so like, i think we forget like how it was, and that's what's going on with this, this blockchain right now people getting their stolen seed phrase.

A lot of you are not in because you hear and it's true people getting their. You think there's going on the streets. People are getting gangstered every hour for real money out there on web three non-custodial custodial, there's a ton of going on so we're just so early, but in five years all this stuff is gon na, be second nature all happening on the back end, not gon na Know what a seed phrase is? It's all gon na evolve. Oh, how do you keep your nfc safe? Then people say sound like a legend, that's right and that's and honestly what a cold wallet a ledger.

Hardware like honestly, this is gon na, be beautiful. I really feel like a lot of people who are gon na run with what tonight's energy was do. What i did, what is a hard wallet enter read 30 things watch dirty thing, you know what i mean, you'll learn, you'll learn, will cold wallets ever be digital? Only like with the people like will, we have a way to digitally protect our assets. The same way, i think the reason that will always always be vulnerable is there's a way for people to take control of your computer.

So i think what i think is actually gon na happen is everyone's gon na say it. I don't wan na control, this i'll pay the company three percent to hold my and that'd, be like the new aws. I mean that's cloud. That's infrastructure, but it'll be more.

Like the new banks, like everyone's gon na, be like it, i'm too scared to lose my million dollar bag i'll. Let coinbase take three percent for like con for taking the risk and that's gon na be a lot of money for coinbase or chase bank or whoever the wins it. How do you keep people from minting your old work as a new entity? Well, they don't have the actual. Like you mean old images.

Images are audio for people who do music, like if a engineer have like it's, it's personal. It's it's! It's really hard. I mean. There's people minting my face, my my meme face.

Yesterday. People are selling the out of that right now. On that, that's my name. Image and likeness people are just minting away.

It's still wild wild west, but but remember, don't get caught up in that here's. Why it's going to work itself out because at the end of the day like it? Not being you matters like for all the gary vee, that's being put up every hour like it's, i'm not co-signing it. It's not me and it will have far less economics and, as a matter of fact, you know how i look at it they're just promoting me. Let them take those pennies i'll, keep the dollars.

My man, okay speaking of dollars, uh, which what's the future of the dollar in your opinion, um, i don't know but i'll, tell you. This governments are not in the business of giving up control, so this whole nirvana that some people think of don't drop bombs on you before they give up. Russia and china have already done it. America will be more clever about it, but but there'd be no confusion.

Governments are not in the business of giving up control. I mean it's crazy when you think about the dollar. You just print that in perpetuity blueberries are about to be 74 because of inflation. You know, like you know, i'm not sure, but what i'll say is this? If you think a room of these people, all of us here 20 years ago, looking like us from our backgrounds, talked about like what the dollars being printed like the world's getting educated, there was nobody talking about the dollar being off the gold standard in a room Like this 20 years ago, right so education's coming up, it's coming up and that's going to change the world, but don't sleep on the ultimate gangster.

The government doesn't give a but there'll be evolution. A lot of are in puerto rico. Now that never thought they'd be there. I have a lot of super liberal friends.

Rushing to get to texas and florida people will adjust. I just flew. I just landed from dubai. There's gon na be a lot of people living in dubai, because dubai is a business they're going on the offense they're going to write laws that are going to make you if somebody hits and they're not grounded by children, they're going to get their ass to the Desert so things will evolve, things will evolve.

Do you think the doubt yeah? I i think i'm very fascinated about the house. I think i would argue that people are trying to rethink dao's, because i think dao is in the first year of execution. Remind me a lot of like communism, like marxism, reads, really nice on paper, like i don't know how many people have read it yeah like if you read the literature you're like damn. This is how the world should be, but then the human spirit kicks in this whole concept of like we're, gon na be decentralized and all decide on everything.

There's the best soap operas in the world right now are in discord taos, where everyone's just mad at each other and like it's hard to like get it's hard to have two cooks in the kitchen. You want to have 113 enjoy it. So i'm in i short-term, invest okay day trade, yeah, okay, futures. Okay, do you think that nfts we will speculate on the value of them? The same way we do futures now in the commodities that we trade in the futures market? Do you think that nfts will make it to the space? Where we're i mean speculating and trading the value of those? I think that's the only thing that's happening now, everyone's day trading, they're all speculating the whole.

I would argue that that's the entire space, i think that's why the space is going to collapse. So much all you have is day traders everyone's, like i'm in it for the community, i'm like you, you ain't in for the community you're in it for the floor.