67 – Exploring the World of Ordinal NFTs, the SEC’s Crackdown, CBDCs & the emergence of Blur Marketplace

Tracey: [00:00:20] Welcome to the Crypto Curious podcast proudly brought to you by the Bamboo app. Crypto curious is your go to source for all things crypto currency. Whether you're a seasoned pro or new to the world of crypto, we've got you covered. Each week will break down the top news stories of the past seven days, giving you all the information you need to stay on top of the latest trends and developments. Plus, we'll share quick bites of news and insights that you won't want to miss. If you're new to crypto, we recommend starting with our early episodes where we break down the basics and give you the solid foundation to understand the crypto world. Join us as we explore the ever evolving world of crypto currency and educate ourselves along the way. Let's dive in together and discover this exciting potential of crypto. In this week's episode, we zero in on or of the Bitcoin NFT craze. We hear more about the new player Blur taking over the NFT marketplace. We talk about the SEC's war on crypto and we hear from Blake, who's got the inside scoop on Australia's Cbdc pilot program, plus all the celebrity news. We've got Rihanna Quijano, NBA player Paul Pierce. It's a regular Entertainment Tonight. Not really. It's all about crypto. My name's Tracey and we're here, as always with Blake and Craig to give you the weekly dose of crypto. Hey, guys, welcome to the show. 

Blake: [00:01:40] Hey, Trace. Great to be back. 

Craig: [00:01:42] Glad to be back, Trace. 

Tracey: [00:01:43] What's happening, boys? How are you feeling? 

Craig: [00:01:44] Feeling bullish, as always. 

Tracey: [00:01:48] He's always bullish. 

Craig: [00:01:49] Tracey, did you have an ordinal NFT? 

Tracey: [00:01:51] No, I don't have an ordinary name. So, you know, I didn't even know how to buy one. And it's still not easy. But I did have a good look into it the last few days. 

Craig: [00:01:58] So you didn't know how to buy one and you're a crypto native. 

Tracey: [00:02:00] It's not as easy as you think. It's pretty hard, but we are going to touch on that because it is it is pretty crazy out there and it's something that we need to talk about. But look, let's get into our first story and Bitcoin touched up 25 K in this last week and it's been a dream run so far in 2023. But what is keeping it going? Because to be honest, the SCC has started. What we feel like is a war on crypto right now, but crypto doesn't seem to care. It's been going great guns and we want to have a look at exactly what has been going on. We're going to give you some updates on stories we've already chatted about over the last few weeks. So thank you to everyone who has already subscribed, who gets these episodes into the inboxes every week. But a reminder to those of you who don't stop what you're doing and hit the follow button and subscribe along with us. So first, let's talk about what we think has been helping keep the Bitcoin price grinding along amidst the SCC barrage at the moment. And one of these things is the Old Norse, which is a Bitcoin NFT. It's very successful at the moment. What exactly is this? Craig Let's talk about it a bit more. 

Craig: [00:03:10] Yeah, well when you guys had a podcast of Bitcoin, Benny a few weeks ago when I was dropped, he first started talking about Nfts on Bitcoin back then and now they're all NGLs, which is a protocol that allows users to inscribe data like images and videos on the Bitcoin blockchain. There's been heaps of projects that have been moving across them. One most notably is the ordinal punks. Have you guys seen this? Yeah, which I think one sold for like nine and a half bitcoin. Well, okay. And there's like a bot that I'm following on Twitter that's pretty much showing that the floor on these ordinal punks is around three and a half bitcoin, which is probably the same as the eighth floor, actually around 80,000 us. So in simple terms it's just NFT is on the bitcoin blockchain instead of the Ethereum blockchain or Solana or Polygon. Okay. 

Tracey: [00:03:59] So when we first talked about this, we were saying back then when we talked about this with Ben from the collective shift that we were saying a lot of the OGs were not happy about this because this is the first time in Bitcoin's history that it was used for anything other than the classic peer to peer transactions. But I personally think this is a huge point in Bitcoin's history. Huge, in fact. So what exactly is going on here? What what should we be looking out for? Why is this such a big point in the history? Yes. 

Blake: [00:04:27] So before the Old Norse, the Bitcoin blockchain was just a ledger for transactions and now it's being used for other purposes. Right. And Satoshi's vision was to be a peer to peer digital cash, not a platform for people to hash. You know, their NFT is their artwork, their websites, their advertising or whatever else to the chain. Firstly, because it clutters the chain and makes it more expensive for anyone else. But then again, who who's you know, it's a decentralised network. People can interact with it however they like, so. I think. Good on them for taking advantage of this because Bitcoin does have the best security amongst all of the chains. It's held the test of time the last 13 years or 14 years. So yeah, if you're going to hash saying that's what's going to be around forever, then the because it's actually bitcoin. 

Tracey: [00:05:19] Yeah. Yeah. So Craig who is and it's not minting it is inscribing because apparently it is completely different. So you mentioned a few of them that are doing at the moment. Who else is on there? Because I think over the weekend we tipped over to 135,000 that have been inscribed. And I know that, you know, there's people putting their names and their wedding certificates up there. And, you know, a lot of different projects are just putting copies of their own work up there, because at the moment, if you go and have a look, it's a good place to advertise. So who who. Who are these other projects that are moving across?

Craig: [00:05:51] Yeah. So I suspect probably the premium projects will start to move across. But one of them that has moved across is a Solana NFT premium collection called Day Gods. They put up 535 day gods on the Bitcoin blockchain. But Chase, just on your point, when you think it's a big time in history, I think it's going to be a flash in the pan. 

Tracey: [00:06:12] Okay, you've heard it. 

Craig: [00:06:13] Here because I just read before that someone's forked it onto Litecoin. So I just think, are we like, what is going on here? I just feel like maybe and I suspect that Bitcoin's obviously got more fees, like, are you going to be able to. Well, it's not mint. What's it called? Inscribing NFT. Like, I can't imagine that's cheap, but maybe we should figure it out as homework and then come back next week with a play by play. 

Blake: [00:06:37] It would be interesting to see the difference in cost for, you know, creating an NFT on each of the networks. But what I suspect is that the miners would be in support of this because the miners are going to be the beneficiaries of all this extra network activity. It'd just be those people that are fundamentalists or maximalists and believe in the technology in its purest form may not be happy with this new activity. 

Tracey: [00:07:01] There you go. It certainly brought a lot more interest to Bitcoin and help with the price action over the last few weeks. But like you said, maybe some homework. We'll keep an eye on it. It's a developing story and we'll see where that one goes. So turning our heads to traditional nfts now and the battle currently going on for top spot in Marketplace. This is going on between newcomer Blur and industry staple Open. See, the battle between the two has intensified as both platforms vie for marketplace share among NFT creators. Blur seems to be pulling out all the stops right now to try and pretty much outright demolish Opensea. Craig Correct.

Craig: [00:07:39] Trace There is a new kid on the block called Blur Zero Fee Marketplace. They published a blog last week explaining how creators can earn full royalties on the platform, suggesting that they will block sales from its competitor, Opensea, or open seas, as you call it. Trace Blur has no fees, marketplace fees, an optional royalty fee, so less fees equals more money for people flipping penguins. So it's turned into a loved product by creators and traders. And they actually did a massive airdrop as well, which is 400 million USD worth, which is the biggest airdrop that I can remember. And this reminds me of. Did you guys remember when Sushi was challenging Uniswap? They did their job and then Uniswap had to do an edge. All the rumours are on Twitter is that it's trying to force open Sea's hand to potentially drop an airdrop, which would be nice. 

Blake: [00:08:36] During the airdrop, the volume reached about $500 million in trading just hours after the airdrop. And this was, of course people know, cashing it in straight away, try to make a quick profit and then other people believing in the long term success of the marketplace and purchasing those of people that have been airdropped. So according to data from Dune Analytics, Blur has surpassed Open Sea's trading volume for the past week by about $13 million. 

Tracey: [00:09:05] It's already taking over and there's been a huge debate raging over the last year around how to pay royalties and royalties out of small fail percentage of an NFT sale. It goes back to the creator and it's one of the biggest reasons that creators have launched NFT in the first place. And the stand was always around 5% and it's gone a little lower or a little higher, you know, depending on what that creator wanted to place it at. But for the most part, marketplaces have all been moving to no royalty fee models. But there was one who kind of held off and not gone that way, and that was opensea. But because of everything that's gone on, they felt the pressure and they released last week that they were also going that way. But I think they said that they were only doing that for the next three months. Yeah, for a limited time only they were going there for the next three months. 

Blake: [00:09:51] So why wouldn't Opensea want to pay royalties to the artists? Is that what you're saying? No royalty fee.

Tracey: [00:09:57] You can opt in and do it your own way. Can opt in or out. 

Blake: [00:10:00] Yeah. Okay. So it's not standardised across the. 

Tracey: [00:10:03] No. So basically this has been an ongoing debate because it was traders who are getting angry. Like we talked about this. Remember last year, you and all of us saying, I would rather go and sell something and I'd be like, if you've got something that's worth quite a bit, you're whacked with 5% every time you sell.

Blake: [00:10:18] But if everything's whacked with 5%, then it just becomes priced in. 

Tracey: [00:10:22] Yeah. But Opensea and others were choosing which collections they were. We're doing this for. Yeah. And Blue is trying to be a kind of, you know, Robin Hood coming in and kind of helping everybody I guess. 

Craig: [00:10:35] But it's 5% on every single sale. So like we could, all three of us could buy the same and have tried it amongst ourselves and paying 5% each time which the traders weren't happy about. 

Tracey: [00:10:44] But what we're saying now is that the creators are now missing out. The reason that these creators have all come to, you know, NFT as a medium was so that they were getting that residual ongoing fee, you know, And is this going to steer them away from putting their artwork as nfts now. 

Blake: [00:11:01] More and more to see in this space, I think. 

Tracey: [00:11:03] Yeah. And yeah, yeah, we'll see. Again, it's going to keep it's going to keep raging and we'll see if Blue can keep their dominance up over Opensea.

Blake: [00:11:11] I might just touch on a point here, Tracey, that, you know, this is a great use case of blockchain technology in tokens because it allows for smaller groups with potentially more competitive business models to break up monopolies in marketplaces where in traditional markets they would find it much harder. For example, if I wanted to open up a supermarket or a chain of supermarkets compete with Coles and Woolworths, I would have no chance. But in this digital world, with the advent of tokens, they can create the right incentives in the marketplace to then challenge the dominant players and create billion dollar businesses in literally months if they get the model right. And this is a true, I think, innovation in financial markets. In markets itself. 

Tracey: [00:11:57] Exactly. Which is what Blue has done that come on the scene in October. They've had a model that they want to change and they've done, you know, their airdrop with their token. That's exactly right. 

Craig: [00:12:05] And let's not forget looks they're tried to do this. This is not the first time a competitor has done an airdrop to compete with open, say, and they've sort of fell off the wayside. 

Blake: [00:12:14] So, yeah, keeping those incentives high over time is one of the challenges, you know, because as these organisations become bigger, they can they can afford to give less and less away because that would dilute the value of the total organisation to the current, your token holders or equity holders, whereas at the beginning it doesn't matter about giving away the nominal value of $500 million because you're actually creating value, you're not taking it from anyone. 

Tracey: [00:12:40] Yeah, exactly. Well, again, we'll come back to you with some more information about how that's going in future episodes. Onto our next story. There's so much going on when it comes to regulation. Craig's favourite toffee. I could actually write a book, but I've picked out what I think we should be talking about. So there's some stuff here that you're probably coming across yourself and we're not talking about it. And if you do, then please send us an email. There's some details in the show notes below. But let's move on to this story that we mentioned in our intro that seems like there is a bit of a war on crypto from the SCC at the moment. And there's actually it's actually been dubbed Operation Choke .2.0 by one of the crypto natives, which I think is a bit of a crack out. But look, they're continuing to crack down on a street in new ways all the time. And at the moment it's a high profile case against TerraForm Labs and Dogecoin. This one's well underway at the moment. We won't go into that one today because there is a lot to take on with that one. But obviously, you know, how long ago was Luna Blake? That was a.

Blake: [00:13:42] Dark one, was the founder of Luna. That happened about middle of last year. Yeah, about eight or nine months ago.

Tracey: [00:13:49] It's taken a while. 

Blake: [00:13:49] Yeah. And TerraForm Labs. What did they do? 

Tracey: [00:13:52] Well, that was. That was all. 

Craig: [00:13:54] That was.

Tracey: [00:13:54] That was led by. Yeah. That's behind Luna. Yep. So finally the case behind that has been brought to the courts this week. But again, that they said it's going to take another three months to actually play out. So that's actually finally in the courts and happening and well, and that's why now as well as a $1.4 million fine against a former NBA player, Paul Pierce, he was shilling Etherium Macs. And this is the same token that you may remember us mentioning that Kim Kardashian was fined for late last year as well. She got slapped a $1.2 million fine for promoting that same token. So they go the ICC out in force there. This is also off the back of the Kraken Coinbase staking story as well as the push to disrupt the Stablecoin market via the Paxos story that we had last week. So again, those are all developing stories and a lot we can say about those at the moment, but the podcast would just break out for over an hour or so and we'll only delve into those each week if there's something really worth bringing you. So keep. So he's really in the ring at the moment, going round after round with the SCC. Any of those stories that you think that we need to delve in a bit more here before we go on, boys? 

Craig: [00:15:09] Craig You know me, I just find it funny how, like, isn't SBF like out on bail right now? And that's like, not even I know. Yeah, totally out of the news cycle. And he was arguably the most sinister one out of all of that. You're right. I think dot com is generally probably a mistake of the mechanics of the project and then someone just exploited it.

Blake: [00:15:32] And I might be worthwhile just mentioning that the founders of 3AC, which were a hedge funds that you know, kind of kicked all of this off, they were overleveraged, borrowing billions of dollars. The founders are out there raising capital for. 

Tracey: [00:15:45] Dick out looking pretty. 

Blake: [00:15:46] Good. They pitch deck out trying to raise capital for a new crypto exchange that they want to build. So, yeah, pretty crazy that they're actually out there in the open. 

Tracey: [00:15:55] Yeah, it's funny. It's funny you mention that. And SBF as well is a photo of him asleep on a plane during the week. There's lots of sightings of him, like you said, just out there casually getting on with life after ruining so many people's lives. 

Craig: [00:16:09] So, yeah. 

Tracey: [00:16:10] Again, let's not spend too much time talking about him. But that's where we're at. Again, we could write a book with the amount of news going on with the SEC's fight right now, but we will bring you what we think is relevant but sticking with law and regulation, but moving across the pond to the UK in Europe right now. Last week in the UK's Financial Conduct Authority issued a press release to say that he's cracking down on unregistered crypto ATMs, having found several of them operating in the city of Leeds. The FCA's executive director of Enforcement and Market Oversight, Mike Stuart, said crypto businesses operating in the UK need to be registered with the FCA and anti-money laundering purposes, so fair enough there. 

Blake: [00:16:55] In another story goes wild, the European Central Bank issued guidance telling European banks due to the high risk of crypto, they should apply caps on any holdings of their customers. Even before the Basel Committee on Banking Supervision comes into effect in 2025. So the move comes a week after the BLOCK, which is a crypto publication, Did a new legal draft obliging banks under the law to assign crypto to the highest possible risk rating. Basically, you know, it sounds like that the central banks and the banks of Europe are at odds with the mission of cryptocurrency here, and they're looking to limit its use through policy. Sir. Yeah, it's a big step. 

Tracey: [00:17:45] Exactly. This is actually a perfect segue way into our next story, which will be the other side of a break. So stay with us, folks, and we will be back. Welcome back to the Crypto Curious podcast. So last Friday, Blake went along to the Digital Finance CRC Symposium, which was here in Perth. So the DFC RC is a ten year, $180 million research program funded by industry partners, universities and the Australian Government through the Cooperative Research Centres Program. The Australian Government's CRC program supports industry-led collaborations between industry researchers and the community. It was a proven way to link researchers with the industry and the focus is on research and development that will have a commercial use. So I'm going to hand it over to Blake. He went along to this. I wasn't able to go on Friday. He came back raving about it. He said it was nowhere near as boring as they thought it was going to be. It was actually really awesome. So I've heard all about it. For someone who kind of can get their head around it, you know, it made a lot of sense to me. But Blake sometimes can talk over my head, so I'm going to get me and Craig to jump in here. If you start to go off track. So, you know, give us the abridged version. Why were you so passionate about this and what excited you about it? 

Blake: [00:19:07] Yeah. So first of all, just for a bit of context, when there's a strategic industry that needs developing, the federal government funds a CRC, which stands for Cooperative Research Centre for understanding how to implement a new technology or to push a particular industry forward or integrate a particular industry into the broader economy. And they do this through a long standing research program. Right. And this research program is around digital finance and how they're going to use or potentially how they could potentially use blockchain technology in the broader economy. Right. And they've got this ten year program, $180 million to achieve that. And their flagship project is a CBDC and we've spoken about these before. It's a central bank, digital currency. And you know, they want to figure out what's the business case to implement or for the Bank of Australia to produce, you know, a central bank, digital currency and who's going to use it. How are they going to use it? How do we need to develop the technology? What risks, what laws need to be written in order to do that as a test case? So off the back of that, you know, it was really great to see the chief scientist tell us to put this, which is a Swedish name, maybe think so. I'll talk about, you know, what they're really trying to achieve and they want to figure out how to build new marketplaces. So what crypto blockchain technology and tokens have been really good at is creating new markets that previously didn't exist or bringing liquidity to new markets that previously didn't exist. They're also looking at how they use tokens and blockchain technologies to create efficiencies in markets. Now we know how efficiently your platforms like Uniswap trade hundreds of billions, if not trillions of dollars a year with, you know, a few stuff. You know, how can they take advantage of this technological innovation in markets and apply it to the broader economy? And then thirdly, they're looking at how they design markets to create behavioural change, for example, through market design. You know, one of the non-financial outcomes could be your affecting climate change, you know, so I'm really, really big on the things that they're trying to achieve through this. So I'll get into some of the toolkits or some of the specific things that they're looking at. Firstly, they're looking at how they take risks out of markets. Currently you're there's all sorts of intermediaries in marketplaces. We have clearinghouses, we have brokers, we have, you know, banks, we have financial institutions that are escrow services, all the actors like trust anchors or or entities of trust in order for us for people to trade and organisations. And, you know, through blockchain technology, they're looking at how do they create efficiencies around this because we know that many of these things can be automated using blockchain technology and the use of tokens. Secondly, they're looking at how they bring liquidity to markets. Now the ASX is quite liquid on the big, you know, blue chip stocks, but many small stocks don't have liquidity, right? However, many companies in Australia and investment funds hold stocks on their balance sheet or within their fund. So how can they use automated market makers like on Uniswap or on Sushiswap? Right. So these people that are just sitting on shares can deploy their shares as collateral, like in, you know, and earn a yield of that and contribute to more liquid markets here in Australia, which I think it would be a massive innovation and create a much healthier economy and create value out of saying that it's currently just illiquid and stagnant. Thirdly, they're looking at automation and how programmable money could be implemented into the broader economy, such as escrow service. How can fees and services be, you know, how can smart contracts? He used to administer fees and royalties, interest payments. And we've seen the success of collateralised lending like on AAVE and compound, which are decentralised money markets. How can they utilise this technology in the broader economy because it is so efficient. Next, they want to look at how we talked, you know, with regards to Tokenomics and how Tokenomics have been used to disrupt monopolies in markets like with Opensea and Blur and how can they use token economics and smart incentives in order to break up monopolies in the broader economy? And this is just a line of research that they're looking at, and that's extremely fascinating and certainly saying that, you know, we will see in the future. 

Craig: [00:23:40] Like you said, the stocks that aren't sort of traded as much as the big dogs. People can potentially stake whatever it is or provide liquidity for those stocks, because that's actually a big problem with. 

Blake: [00:23:53] With small caps. 

Craig: [00:23:54] Low cap ASX. 

Blake: [00:23:55] Smoke. And that can be extended to we can create new markets for, for example, minerals in the ground that can bring liquidity to these asset classes. And that, you know, that then can be used to create efficiencies in the economy. You know, it all. 

Tracey: [00:24:09] Sounds you know, it all sounds awesome, but were there any issues that they could see? 

Blake: [00:24:14] Right. There are so many issues. And this is that there's so much research to be done. And that's really why this is a ten year program. You know, it's going to take a decade to dial in the policies around these, you know, tying real world assets to tokens, all the legals around that in the legislation in order to protect your businesses and consumers is a massive undertaking. You're getting these systems to scale. You know, traditionally blockchain technologies don't scale that well. They are getting there. But in order to process trillions and trillions of dollars of trade volume or effects or, you know, foreign exchange, they need, you know, better scaling solutions for that or for the RBA or the Royal Bank of Australia to adopt some of these technologies. You know, there's a lot of education around trust in computer code. You know, when the Internet came about in the nineties, no one wanted to go on and use online banking or use their credit card online. Now, people don't want to use smart contracts for, you know, for commerce. You know, people aren't going to leave cash locked up in a smart contract because they're not familiar with the technology. The user experience is poor. Mistakes can be made. So there's a lot of work to be done there. And they're doing research about how that could look as well as that. There's currently not that much regulatory clarity. So they kind of look at that and how that affects markets, how that affects investment. And of course, incumbents who have traditional standing business models are, you know, resistant to change and adopting these new technologies. So they're putting a lot of thought about how that can be done over time and as well as a lot of the legislation around how these things legislated are out of date that they use for securities. Right. And, you know, many of these tokens flirt with a lot of securities, but so do technology. And I think, you know, there needs to be a lot of legislation written. They can manage these things more broadly. So, yeah, no, it was fascinating. And there was a second speaker. He was head of payments at the RBA for ten years. He was head of policy, his name was Dr. Tony Richards. And he said that, you know, the RBA doesn't really want a CBDC and the only reason that they think the only reason that they would adopt one is if other countries adopt it. So then it forces Australia and the bank to say.

Tracey: [00:26:32] It is going to happen. So I know I have to go that way. 

Blake: [00:26:34] Yeah. So he said that the benefits of a digital stablecoin with smart contracting ability can be managed through industry. So we see organisations like Circle in the US that have the US US, DC Stablecoin, you know, the Australian government could just legislate the stablecoin industry prudently enough where you could have a privately issued CBDC. Why do you need the central bank to issue one when industry can do it? 

Craig: [00:27:02] That would be ideal. That would be so ideal if that was the way it was.

Tracey: [00:27:06] So who are we seeing just in the last week as well? So Russia's come out, they've done it. The hand was forced because of what's happened with the Swift payments, what you call them. 

Blake: [00:27:14] Yeah, they were taken off the screen.

Tracey: [00:27:16] So they've gone that way. And then Japan as well has come out in the last week. So that is the way it's going and the RBA are going to have to catch up and go that way. They know what. 

Blake: [00:27:23] MM Yeah. So and of course you know, it's, it's my opinion that you're smart contracting on a CBDC is going to create lots of efficiencies in the economy because things like taxes can be taken out automatically. You know, you won't need to do your banks or you know, you won't have to hold superannuation to be done on every transaction. You can code that into the currency. But you know, they're very resistant to it and they're very resistant to having a central bank, digital currency administer it as well because for example, if there's, you know, in volatile times, if people don't want to hold a. Commercial bank currency or fiat currency, Right. They might be a bank run because everyone would sell their Fiat for central bank digital currency, which would cause quite a lot of issues. 

Tracey: [00:28:10] That's going to be an interesting time because no matter what, they will have to be that two tier economy like we spoke about the other day, was saying that it will go commercial first. 

Blake: [00:28:17] Yeah, and they talked about that as well, trading to Stablecoins, which I don't quite understand. A commercial one and a retail one. So one for everyday people to use in their everyday commerce and another one for institutions to use, like banks and mining companies and whoever else to trade with one another. So I don't really understand the design differences between the two, but it sounds like it would. To me it would be more efficient to just create one. 

Tracey: [00:28:44] Okay, look, I think we probably lost a few people there, though.

Craig: [00:28:47] I've been saying that.

Tracey: [00:28:48] It is insane and I do find this really fascinating. And I said that perhaps that we would maybe get one of the speakers along and do a bit of a deep dive on this because I think it's important to understand a bit more about this topic and where it's going. 

Blake: [00:29:01] Tell us the chief scientist at the FCC who is an incredible speaker. We'd love to have him on, so maybe we should reach out to him. And if you guys want to hear more about this topic, we can get a telephone and deep dive. So please email us at podcast@getbamboo.io.

Tracey: [00:29:17] Sounds like a plan. Seems ambitious, but let's hope they pull it off and we'll definitely hear a bit more about it as it goes on. On now to our short, sharp news bites, and I'll kick this one off first. This is the week before last, but I think it needs mentioning and if teams have been giving fans a bit more than their share when it comes to royalties, Rihanna's hit song Bitch Better Have My Money. The producer of the song has teamed up with another block to sell a fraction of his own streaming rights of the song via 300 NFT. So the NFT sold out in minutes. They were 210 USD each. And the reason I wanted to add this in is because each collector's own NFT gets 0.0033% of the streaming royalties on the song Forever. So they get it paid out for this song Forever now of royalties. So I think this is a really great use case again for Nfts and the technology and for allowing everyday fans to share in the royalties of their favourite songs. Plus, it gives additional benefits to the producer and the artists ongoing, so they go, Good tune. 

Craig: [00:30:22] I got a lot going for us. I'm not crypto related, but a website called podcast.ai is a podcast entirely generated by artificial intelligence. So I'll just going on that you can listen to Joe Rogan interview Steve Jobs and Zach Galifianakis talks movies with Quentin Tarantino, and the whole thing is A.I., which is pretty insane. They need a token now. I think that's cool. 

Blake: [00:30:47] Following on from the theme of Roadblocks, which is the popular online game, has announced that they are using A.I. to allow creators to build their own virtual worlds with just text. Now, this is probably like one of those no code implementations where people can build stuff and don't actually know how to code. So this is a big leap forward and certainly I think it will be well-received and many people will use it. 

Tracey: [00:31:13] The Matrix star Keanu Reeves has become something of a crypto fan calling cryptocurrencies amazing tools for exchanges and distribution of resources. In a recent interview with Wired to promote his new film John Wick, four, Reeves said I think the principle, the ideas behind an independent currency are amazing. Adding that to crypto or the volatility of crypto is only going to make it better in terms of how it's safeguarded. So they go, you know, when you've got John Wick in your corner, you're doing okay, I think. What's next? 

Craig: [00:31:45] Yeager Labs, the crew that bought AP Yacht Club, they've also got a secondary collection called Bordeaux Kennel Club, which is just a bunch of puppies with different traits. What is going on? How did we live through this era? Honestly, anyway, it turns out they have completely ripped off the logo from a E-Z drawing guide company, and UGA has pretty much blamed the freelance designer who did the project. So a very bad day today from these guys. Yeah.

Tracey: [00:32:17] Judging. 

Blake: [00:32:18] All right. The Sony Network Communications, a business decision of the Sony group, has teamed up with Multi-chain Smart Contracting Network as Star Network to launch a Web3 incubation program for projects that focus on the utility of nfts and decentralised autonomous organisations. Yes, these guys are doing some R&D in the space. It sounds like they don't want to miss out, so they're just looking at their options and how can they apply some of this technology or how they can force some of these new businesses coming through that could, you know, support them. So yeah, great to see Yes. 

Tracey: [00:32:54] And it was an all star weekend over there. The weekend, which was great this year because the dunk contest was finally wicked. McClung Well done. Anyway, to make it even better, they showed off their new VR experience. So this is an immersive way to get into the game. So if anyone that didn't see it and loves the NBA, go and check it out. It's actually really cool. So they scan you and you can do a few clicks and then pick your player and you're in there playing the game. It was actually really impressive, so go check that out. NBA releasing their new VR experience, and with that, that is the end of the show has been a bit of a long one. Thanks to those who stuck with us today. As we sign off, just have to mention again, the Equity Mates survey is still going. It's in its last week. There's a chance there to win 500 bucks. If you win now, you can pop it back into your bamboo account. Was it dollar cost averaging y? And details about that survey are in your show notes below. So thanks for listening. And as always, we've mentioned, you can get in contact via all the socials or podcast@getbamboo.io. Don't forget to subscribe to the show. See you next week, everybody. 

Blake: [00:34:07] Thanks guys. Bye for now. 

Craig: [00:34:08] See you guys.