March 13th, 2021 - GalaCon Online #2
Jason Brink, Irrelevant, Eric Schiermeyer - NFTs: WTF/FTW w/ Irrelevant
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Speakers - Irrelevant, Jason Brink, Eric Schiermeyer
I’m Irrelevant and I’m gonna talk about: NFTs [0:15]
I’m going to be giving you a whirlwind tour of what's going on in the NFT space.
Areas that NFTs are going to be disrupting; why it's a genuine paradigm shift.
[0:34] **Whilst we’re doing some of these acronyms, this presentation does NOT represent Gala Games; These slides are purely my own (Irrelevants’) personal opinions - so please, as always, DYOR. (Do your own research)
All about NFTs:
NFT (Non Fungible Tokens) are unique [0:51]
The unique digital assets minted on the blockchain with their own metadata.
NFTs are rare: [1:04]
They’re rare because when they’re minted, there are only a limited number of them.
NFTs are immutable [1:12]
They can’t be changed.
NFTs are indivisible [1:17]
They can only be sold in whole and cannot be divided into smaller pieces although some people are starting to do this with “sharding”.
NFTS are Blowing UP! [1:25]
As you might have noticed, they’re blowing up.
Now that we know what NFTs are... [1:29]
So we really are in the early stages; the early adopter stage at the moment and we’ve got no concept of how many new users are going to come flooding into this space this year. It's going to be huge in 2021.
Amongst early adopters, there’s always going to be those classic deniers. You can always decide for yourself if taking a picture of something is really the same as owning the real thing.
So… you’ve got some big names speaking out in the last few weeks:
Mark Cubans - “This is like the early internet days all over again, and I think NFTs are going to be huge.”
Chamath has said that he is building a sizable portfolio of NFTs that he’s going to be reading soon.
Top Shot is stealing all the headlines at the moment, they just broke $250 million of all-time sales but $218 million of that was just in the last 30 days. So if you remember the old days when people started collecting traditional basketball cards, you had to get them graded, you sold them on eBay, you had to post them out. You’re worried about fakes.
All that has been fixed now with the blockchain so now they can be sold and transferred in seconds and they’re a lot easier to share with others online. They’ve basically taken the concept to a classic basketball court and made them into these video moments and that moment sold last week for over $200 grand.
There’s obviously a downside to this success; the current Top Shott experience, I was 100,000 in the queue for a $99 dollar pack this week all because they‘ve taken on another 50,000 new accounts in just the last month. I just remember the early beta was lovely, we could just swap these different moments with each other to complete our collections and it was great and those days are gone now.
Top Shot Line Graph Example [3:40] (moving to the right of line graph)
1- Right now, we’re here; we’re collecting our moments.
2- Soon there's going to be this game called “Hardcourt”, we don’t really know much about that but we’re excited about it.
3- There are rumors that players will be able to sign these moments down track.
4- We don’t really know what access these NFTs might give you, they might give you tickets to games, they might give you better seats in auditoriums, but I guess we’ll just see what happens to that
CryptoKitties, they clogged up the Ethereum blockchain way back with everyone breeding their cats. Gas is killing them at the moment but I still think that holding some Founder cats is going to be a good decision and be a good hold.
Sorare is a football, or you guys call soccer collectible card game. You use your players to build up this five-a-side squad and then enter them into fantasy leagues and get paid based on players’ real-world performance. I find it a bit slow personally but they’re getting more and more clubs on board every week. Certainly a 1:1 watch.
MotoGP Ignition [4:48]
I’m really excited about MotoGP Ignition, they’ve got a collectible NFT coming out on the 26th of March that’s going to be on the flow blockchain.
These came out of nowhere last month and now they have some pretty decent revenue. One sold for 420 ETH just a couple of weeks back
I’m a CryptoPunk, and here are some of the other punks [5:28]
There are, and will only ever be 10,000 CryptoPunks. They’re all given away for free back in 2017. If you want one today, the floor is going to be $30,000.
So what makes some of these punks more valuable than others? [5:45]
It’s all about their different attributes whether it's buck teeth, pigtails, top hats, male or female. Many will have multiple attributes but crucially, only 1 will have the combination of all those elements.
I said $30 grand might get you a floor punk... if you want an alien, there are only nine. An ape or a zombie is going to cost you a lot more… like a lot more.
Ape - $1.6M
The punk is the original “OG” NFT and is becoming the avatar of choice for some big players in the space.
Transaction History in the background [6:35]
Okay, a lot of big numbers. You might be worrying that you’re late in joining but I think it’s like all these things, you know, one of the Punks that I bought was from this called Hemba. He had hundreds of these and he got them all free when he claimed them. He sold them all, and for a couple of hundred dollars each, now he has nothing...so, ouch.
Disruption: 02 #Art / Crypto Art [5:69]
Some of these major platforms include:
Combined, they’ve sold something like $125 million dollars of art, most of which have happened in just the last few months.
What’s huge about the space is that the money is finally going to the artists themselves and not the galleries. Artists are getting a percentage of any resellers and it's because it is all built into the smart contracts, so that is a real game-changer. For example, Nifty Gateway used to do drops once a week, now, it's doing multiple drops every day making it rare to get a piece under $1000 yet there are thousands of people buying these open editions.
It is still super early for these platforms, and the early works, even the open editions are going to be the legendaries of the future. I was thinking, way back, when I was buying multiple pieces of this art on the left ( please see reference at [8:15] ) at $40 a pop to get them last minute; now they’re worth $20,000 each. On the right, you’ve got “POLITICS IS BULLSHIT” (Please see reference at [8:22]) from beeple; this was launched with just 100 copies at $1 each and now they’re selling at $150 a pop.
Talking to beeple, he has also hit the headlines this week, he really was the first to make mega-money for his complete collection. His “EVERYDAY: FIRST 5000 DAYS” (Please see reference at [8:49]) is currently in auction at CHRISTIE’S as we speak. The last time I checked, the bid was at $3 million and there is still 10 days to go.
Other artists to watch in this space are Hackatao, Fewocious (although I think he is doing too many drops at the moment), xcopy, and Trevor Jones. Keep an eye on all of those, they’re great.
Let's have a little think about this Nyan Cat; how much do you think this one went for? … About half a million and it sold in 30 seconds.
Displaying Art [9:30]
So now you bought a piece of art and you’ve got some collectibles...so where are you going to display them? Well, this is where the virtual worlds come in.
Here is a nice Fewocious in Somnim Space [9:39]
Disruption: 03 #VirutualLand [9:43]
So, let’s have a little bit of a deeper look at VirtualLand. There are a few virtual worlds you can choose from depending on whether you like your virtual world and VR or Voxel. You’ve got your Sonium Space into central land which are high fidelity, beautiful spaces. Then you’ve got Crypto Voxels and Sandbox which are more Minecraft-like. I’ve got some land in each, just to cover my bets a little.
All land sales typically can be purchased as land parcels and they would start from around a few weeks. You can build and do whatever you want in there, it’s decentralized so Mark Zuckerberg isn’t going to ask you to take something down, although the community might. There are also some big brands building some amazing headquarters in these spaces, others are hosting and streaming live events. Some people build their dream homes even with a toilet.
In terms of some of the sales in this area, obviously, early genesis lands are getting the highest prices. The Genesis state for Axia infinity recently sold for 1.5 million dollars. Another one is Upland, they’re also doing a metaverse. I’m hoping they’re going to go down an augmented reality route. They’ve got this sort of real-world map from which you can buy properties. They’ve opened up in San Francisco and New York so far and Brooklyn is opening this weekend.
Soon to release is Mirandus [11:23]
This has been some record-breaking sales for its citadels and this is just a different level. It is going to be absolutely epic. So, where are we in our journey of virtual lands?
Please see the timeline at [11:38]
So, as I say, people are buying their parcels and building their visions as we start to live parts of our lives in these spaces and the pandemic has really accelerated some of this. Perhaps you’re going to start to see brands do some commerce and trade there. Perhaps Nike might do its sneaker drops etc.
Disruption:04 #Wearables [11:56]
So if you’re meeting people in these spaces you’ve got to be able to express yourself and project your personality so you’re going to want to make sure you’ve got a great unique outfit. You just need to look at what people are paying for outfits in Fortnite, PUBG; they don’t even own them so I think the space is going to be absolutely massive.
Something else interesting to watch is this one called Genies, they’re launching some huge celebrities; Justin Bieber and Shawn Mendes just in the last couple of weeks. It appears that you have to sort of build your own avatar using these branded items including stuff like Gucci handbags etc. My hope is that these become interoperable and you can take them into other worlds but we’ll what happens there.
Disruption: 05 #Games [12:50]
Finally, last up, it’d be the biggest space, games. You’re going to be hearing much more about this in GalaCon but just imagine owning your own sword in Minecraft and then taking it into another game. Being able to own your own items, it’s just huge and also awesome. Eric mentioned in his keynote about how people around the world are starting to earn income from their gameplay but I won’t go into too much detail because there’s lots more to come on that so we’ll leave it there and go to my summary points.
How to win #1: Get into a community [13:23]
So if you’re just getting started with NFTs, first off, you’re going to need to join all the Discords, that’s where the action happens most of the time, in these places. You’ve got to listen to the community, get involved, and form your own opinions.
How to win #2: Watch and learn [13:39]
Read everything. Listen to podcasts and see what the OGs are buying. They’re going to tell you what they’re buying on Twitter. It's not hard.
How to win #3: Buy what you love [13:54]
Just buy what you love, whether it’s Art, Punks, moments, whatever you’re into. No one knows what valuable is yet or isn’t.
Any questions? #Q&A [14:05]
How are Hashmasks similar to CryptoPunks?[14:59]
I’ve got to be honest, I missed Hashmasks. People were quite dismissive early on but then suddenly just went crazy and then we’re into that third amount to purchase, whatever that rate was and it was almost like “that was too much” then it went, and after that, the last three went instantly. So many people I know missed those. There's no question that they’re super relevant and it’s just again, an example of how quickly something came out of nowhere and can attract a huge volume market and passionate fans.
Jason: I want to say I got mine for 0.5 ETH. Was that one of the numbers? Crypto Euclid turned me onto it and I’m like okay, I guess I’ll go get one and I did and uh, I’m pretty happy with it so far. I keep wanting to write an article about it but, I haven’t yet.
Is there a dedicated platform where we can follow NFT project launches? [16:34]
So there are lots of different products that are popping up all the time to track various different um… So you’ve got the DappRadar classically which you’ll get to break your different energies down by different genres. CryptoSlam! Is a good one to see what sort of values and aspects of trading there's an intangible market, it's a great resource that sort of popped up to sort of if you’re interested in watching your top shop value grow daily, which is quite fun. I think Twitter is a huge, huge resource to see it. You see everyone sort of pitching directly with other different ideas. New art, new projects.
Jason: Do you have a couple of followers that you would recommend on Twitter? [17:33]
I had a couple of those in the slides that you’ve got. Pranksy is always up to stuff, Nate Alex has a great perspective on sort of on-chain art and that sort of aspect. There's a number of others. If you look at my followers just on my Twitter, you’ll see all the key people you should be following and that gives you a really healthy stream. I haven’t got that many followers but it's a huge stream of the right people to listen to so it gives you a good start.
Jason: One of the followers that I’ve been appreciating lately in the NFTT space is Ooh, shiny! who always has some very interesting thoughts about stuff, I definitely appreciate that.
The CryptoPunks in Twitter and Discord channel is also the latest. It’s one of the nicest communities so I’d suggest hanging out there as well.
Jason: Quick Note, Pranksy may have made a negative statement about Gala... [18:57]
But that’s ok we don’t mind. People say stuff about us all the time, we’re totally used to it and I think that as people follow us and become more familiar with what we’re doing, I think pretty much everybody’s going to come around.
Myrtle Anne Ramos who is an influencer from the Philippines... [19:40]
She has an awesome blockchain project; a blockchain setup community in the Philippines. I did an AMA with her about six months ago and I imagine there are a few people who are pretty happy that they had an opportunity to speak with us and get involved in the Gala project six months ago, she asks…
Can we create our own NFTs without paying such huge gas fees or are there any other blockchain networks for that? [20:06]
One of the things I wanted to mention, the name of their podcast is Channing at Vessel: Art is a Doorway podcast. You can find them at Vaad podcast, they’re going to be releasing an interview that they did with me (Jason) probably here in a couple weeks.
So what I wanted to talk about is that we at Gala Games really want to support the arts. We are very interested in supporting artists and we know that right now it is next to impossible for artists to pay the minting fees to get things out on the network so we’re starting a program where artists can approach us, say they’re interested in releasing NFTs; we work together to determine a run size and we mint those for the artists in exchange for the ability to drop some of them to our Node network. We are actively looking for artists right now.
If you are an artist and you are interested in having some NFTs minted, we would be happy to help you with that and all you have to do is come to our Discord at galagames.chat and send a message to GuruLanius and let him know that you’re an artist who is interested in working with us and we will begin connecting with you.
Irrelevant: I messaged you earlier this morning didn’t I? About this Instagram account that I saw called I think of dragons.era.
Eric: Hopefully somebody listening has a connection over there and we can start minting some of those amazing fantasy artworks. I think there’s so much potential there. Sorry for jumping in.
Jason: No, no, no, dude, you’re always welcome to jump in and I’m sorry GuruLanius. I appreciate you and your service, I’m glad you’re taking a million for the team. Myrtle, we’ll go ahead and release some of your daughter’s digital art. Just reach out, we’ll do what we can to make that happen. If you want to add something to that, go ahead James.
Irrelevant: No, no, sounds excellent. I think I mentioned a couple of platforms that there’s mintable etc. which sort of do the basic service but it's not about where you can mint it, it’s about the marketplace that you’ve got so if Gala is going to take a lead role in that I think there’s definitely a space for that. That sounds excellent.
Jason: We’ll take it. We’ll make it happen. Uh, let’s see… Any other questions? Does anyone else have any other questions? Let me hop over to the stream really quick because I haven’t been following that because I only have so many monitors going at any given time.
Irrelevant: I don’t know how you’re doing all this.
Jason: I don’t know how I’m doing this either. Let’s see here, ok, so, hooksiam?(sp) I don’t know how to say this; a question and since you’re on here Eric, this is actually the perfect time to ask this question.
Is there any issue if I want to make some digital art, NFT trading card designs related to Gala? [23:45]
Jason: What would your response to that be?
Eric: Oh, put me on the spot huh. Um, Look, it’s got to be tasteful, it has to be respectful. Besides that, as long as you’re not trying to scam somebody, you’re not trying to do something unethical, we can’t do anything to stop you. In fact, I think it would be kind of fun.
Jason: There you go! I would appreciate it if you guys do something, one, please make sure that you say that it is fan-made. Make sure that it is not an “official” thing and it does not look like an official thing and please let us know so we are aware that it exists. What we don’t want is to not have any idea. Let’s see… is there anything else? I think we’ve kind of reached the end of the questions unless something popped up in Discord.
Irrelevant: That's great. Okay guys, well, obviously reach out if there are any further questions. Very happy to answer those questions and just a pleasure to support everyone with Gala Games. So I’ll leave you.
Jason: Thank you, Irrelevant. I appreciate you, you rock.