NFTs move ownership records onto the blockchain, cutting out middlemen and enabling instant transfers. Snoop Dogg sold an $800k NFT, Comic-Con founder Garib created NFT tickets, and a sneaker maker uses NFTs for orders. The technology works across art, music, real estate, and ticketing.
NFTs change the rules everywhere. Why? Because proof of ownership is now going to be in digital form. Right now, if I buy a car, I get a little piece of title that I have to put in my bank vault and take, and take great care of. Whereas later, it's just going to be a piece of digital form that I can show, I could sell it, I could sell it to someone in another country. It changes everything around who has proof of ownership. Another reason it really changes things is now we have a decentralized economy because it's based on the blockchain. It's not just regular Bank of America or US Bank or what you're used to. It's now on the blockchain using the funds that you get on blockchain. And you know what? It makes it more transparent. This is a way for us to not only prove ownership, but it also creates a transparent transaction that everyone can see, not only today but forever. And you know what? NFTs are going to be showing up in our lives in many, many ways. We can't even imagine right now how it's going to absolutely change the way we do things. I will say one of the things that's been taught to me as a business leader is to start looking at the businesses that have a middleman because those are the ones that are going to be changing first. We talked about art a little bit earlier. The art world is already transforming. We've seen people even on Clubhouse launching their art because they're getting more people involved. We saw Snoop Dogg launch his NFT on Clubhouse and it brought in over $800,000 for his very first NFT. He even— he was surprised that he would get that much interest. There were some people that were placed in there that were big fans of his and it created a snowball effect and people couldn't wait to be part of it. But here people are thinking like, really, that digital piece of art or that digital piece of sound is worth $800,000. Well, to that first person who got it, number one, they made history, but number two, they now own the rights and they can do what they want with it because it's a one-of-one and now they own it. So you can see why transferring ownership is so powerful when you're thinking about music, media, entertainment, even real estate. It's going to change things not only in the mortgage side of it but in the buying and selling of real estate. I was in a meeting recently and one of the things we talked about Was one of the first places to disrupt is reverse mortgages. Now there's a way that with the NFT, it shows a different proof of ownership, and they can cut out the middleman with the bank and go directly to people that want to support them in their reverse mortgage. So there are going to be a lot of ways that you see this change. I mean, all the way down to if I wanted to sell this watch right now, I might go to a pawn shop, but instead I can issue an NFT. Whoever wins the NFT then can turn it in and get this watch. So So it affects everything we're doing. Another friend of mine is the CEO and founder of Comic-Con. His name is Garib, and Garib has had 181 live events with more than 5 million people attending in person. Every single event had a waiting list in it. What we learned is, hey, if we bring NFTs out, not only can they use it as a ticket for entry, but maybe some of those people might want to resell it and include their friends or include other people. Now it's easily transferable. But also in some of those, we might have access to a VIP room, or we might have access to a book signing or a product signing with one of the celebrities. And by issuing the NFT, whoever is the recipient of that can show it for access. So you can see why virtual assets, event tickets, collectibles, anything in sports, anything you collect can now be turned into an NFT. And made different. Another friend of mine that I thought was really interesting, one of the things he does is he creates custom sneakers, right? He's, he's making custom sneakers for you right now. You would just send him a Venmo and he would send you back ideas, and then you choose one, and then you send it in and you get your sneakers. Right now he can sell an NFT, and whoever is the recipient of that can turn it in for their custom sneakers. So he can eliminate all these other ways that people can find them and and make it one clear path. Go to my platform, purchase the NFT, turn it in, and I will make custom sneakers for you. But I might have access to it, but my friend doesn't. So I could buy it, and I can either sell it or give it to him and give him access as well. So now I can include other people in the transaction. We are going to do a little debrief on one of the campaigns that has happened recently, so stay tuned for that. But in the meantime, just know NFTs are here to They're not going away. In the next few years, everyone will know what an NFT is. And I'll tell you, this podcast is one of the places for you as business leaders, for curious people, and for people who want to take action to come to be part of this, to be part of the conversations and part of this community. Because right now what I'm seeing in NFTs are there are creators and there are collectors. You could be both.
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