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Welcome Tom is here at my 
apartment in Brooklyn because I 

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think he's doing sort of Insider
stuff and taking tourist 

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meetings and he needed the real 
Mike set up. 

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So my girlfriend who's a video 
producer has him with all her 

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camera mics set up, but he's in 
the same room. 

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Is me, and I feel like he's, 
he's dealing with a sort of 

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dystopian sound overlay. 
So, we're gonna see how that 

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comes out. 
And then we're here with Daniel 

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list who is the CEO of dispo but
we are equally excited that he's

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been deep in nft World in this 
last week for NYC and ft and so 

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we want to talk about that sort 
of building on the metaverse 

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conversation from last week and 
yeah. 

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I'm excited for Daniel to play a
little bit of tour. 

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Guide in nft World. 
Daniel like what? 

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How deep how deep into the world
of nft. 

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Sorry, right. 
Would you consider yourself a 

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Believer or where? 
Give us the sort of where you 

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stand right now? 
I'm a I'm, you know, as the 

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people I don't have see. 
NYC would say, I've taken the 

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red pill. 
I'm absolutely a Believer but I 

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think the caveat and we'll walk 
through it. 

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I'm sure but You have to believe
as an operator and someone 

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leading a company that this is 
what you're in. 

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I'm building a social media 
company. 

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With my team, we have to believe
that this is what our community 

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wants, if our community doesn't 
want it, right? 

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And we're trying to skate to 
where the puck is going and 

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build a once-in-a-generation 
company. 

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Then we shouldn't be using this 
technology. 

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There's a lot about this 
promising. 

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There's a lot about it. 
That's really frightening. 

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So I think we'll get into that 
Tom, you. 

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Good, tell me about the most red
pill person you met at the 

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convention so far like you're 
somewhere in the It all you're 

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buying it but you still need to 
be convinced like, how who's the

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most fucked up person you met in
this in this conference? 

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I wouldn't put it that way but 
the person who the biggest 

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believer. 
So I was at the fun part of this

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week is he was just dinners 
parties activities coffees. 

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It was an incredible social week
and you know, for me who, you 

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know, we started this company a 
year and a half ago, we have not

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been doing these social 
networking events and no pun. 

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Intended. 
And so it was just a rush of 

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human interaction activity, you 
know, with vaccination cards and

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mass and safety protocols. 
But I was at one of these 

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dinners and an investor 
throughout a question, to all 

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the founders and CEOs in 
attendance and the question was 

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your portfolio, your personal 
Investment Portfolio right now? 

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What is the allocation? 
And I said, okay, I think it 

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would be, you know, I'm 33. 
I'm risk on A lot of my net 

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worth is tied up in the equity 
of our company but for of my 

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liquid assets, I would put 75 
percent in the Vanguard S&P 500 

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ETF. 
I would do ten percent in bonds,

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maybe if I'm being aggressive, 
you know, of the remaining 15% 

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seven and a half in cash, seven 
and a half across. 

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Bitcoin is here, IAM in Solana, 
right? 

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And the guy sitting next to me 
goes, 100% etherium. 

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Deadpan. 
Look in his eyes like I did not 

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know what I was talking about 
that. 

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I was an alien of some sort 
right. 

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And maybe I am and I understand 
looking at that man's net worth 

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that it has quintuple. 
You know, gone up 50 acts. 

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I don't know when he bought 
right. 

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If he bought in 27 at the bottom
of the last cycle, you know, if 

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you know I was at a meeting with
buying Is, you know, one of the 

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most senior people there and 12%
of their Volume last week was in

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Shiba Inu, right? 
So the world in which were 

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living the volatility of the 
assets, I'm even in a world 

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where in the public markets 
Peloton can go down two thirds 

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in less than a year, right? 
But in, you know, the Bitcoin 

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world or just the cryptocurrency
world, the volatility of the 

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world in which we are living is 
shocking amazing. 

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Incomprehensible to the average 
average. 

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Joe Oh, but it's still exciting 
and I think, you know, we 

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haven't gone into it, but there 
is real utility to the 

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technology that was not 
necessarily there in 2017. 

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So if you're serious about 
building a company, particularly

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in the gaming and social world, 
you have to be looking at this 

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incredibly intensely but it's so
it won't get to sort of the use 

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cases and with this phone when 
you're thinking about, but just 

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like the people part of this 
story first like so how did you 

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even? 
I feel like the nft NYC 

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conference sort of came on to my
Twitter. 

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Feed all of a sudden or like I 
was clearly not ready to flee. 

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Like right, did you? 
Are you where are you based? 

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When did you realize this was 
coming in? 

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Like why did you decide to go? 
And then you said, it's like, is

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it mostly like going to panels? 
Or is it mostly going to dinners

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around it or like what is the 
conference as sort of a start-up

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CEO going to this thing? 
Great question. 

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So I first of all just interest 
in cryptocurrency, I would call 

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myself a web to lot of. 
I assume that's most of Of our 

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listeners who we can be run 
through this. 

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For those of you me, who are not
quite sure about the specifics 

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of web to, and web three. 
What is web to versus web 3 

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because I'm assuming web one is 
eBay, right? 

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Well, web to is the cloud, 
right? 

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It's how I would Define it, 
right? 

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You're in a previously. 
I mean, in, I'll talk about it 

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in terms of our business, right?
04 to 0-6 when the Myspace 

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friends stirs, Facebook wars 
were on Mark Zuckerberg, dad. 

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Famously put a hundred thousand 
dollars of server costs on 

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Personal credit card, right? 
Because you can. 

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Now we talk about the network 
Dynamics, and soccer Bridge 

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genius, and the news feed and 
f/8 and all the amazing 

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technological developments. 
He really is the greatest 

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operator in software of our 
time, but at that time, you 

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know, Friendster don't forget 
had every advantage. 

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And a lot of the closed Network 
just magic that propelled 

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Facebook ahead of the dangers of
the stranger danger of Myspace, 

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but friends are couldn't keep 
their back end up. 

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And so technical a Excellence in
a pre Cloud world was a huge 

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part of the game and now of 
course, with AWS has your, and 

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Google Cloud, I'm able to have a
much smaller back-end team and 

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worry about a lot less. 
Of course, our team is Best in 

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Class. 
I'm really proud of them but we 

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worry about that. 
A lot less in the web to world 

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than the prior generation did. 
And you know now of course, web 

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3 is about the blockchain. 
So it's about smart contracts in

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the uniqueness and provenance 
of, and of teas. 

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And Jurors and I mean, it's like
a distributed internet powered 

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by the economics of 
cryptocurrencies. 

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The let us drive away from sort 
of centralized Gatekeepers. 

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The even the cloud itself is too
centralized in the web. 

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Three definition. 
There has been a history of 

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across the centralized the 
database. 

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Yeah, absolutely. 
Decentralization. 

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I think is the core premise. 
The court magic. 

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Anyway, that's web to web three.
Your web to going into this sort

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of web, three World, figuring 
out what you think, and then, 

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The conference itself, how it 
came on your radar and sort of 

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talk talk me through that sure. 
So Ryan Hoover, you know, the 

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founder of product on and we can
fund is an adventure of ours. 

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I put in a very little money to 
be an LP in weekend fund. 

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He's also an investor and dispo 
and he sends out the best LP 

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letter I've ever read better 
than Howard marks just he not 

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go. 
What they do is incredibly 

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ornate, really thoughtful and So
I read it religiously and the 

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last one he sent I mean, was he 
the last quarter? 

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The quarter prior there was this
company called Eternal .g G 

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which is an N of T Marketplace 
for twitch streamers. 

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My eyes are like, nosing over 
laughing, but right, but if you 

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think about it, right? 
If you actually do the work, you

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realize that the gaming Market 
is bigger than the MBA market. 

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So if the volume that Dapper 
Labs did with Top Shot is, you 

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know, billions, why wouldn't 
gaming highlights and gaming 

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moments and collectibles be a 
multi-billion dollar market. 

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And then you start to think, 
wow, these guys are really on to

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something. 
And so I asked Ryan to introduce

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me to the co-founders of Eternal
who just raised again, 

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incredibly incredibly sharp guys
who you know Jeff and Derek or 

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the name of the co-founders who 
have been in the crypto world 

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forever. 
So five plus years and they you 

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know, Jeff has a tokenized 
community called Jeff's buddies.

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I hope I'm not saying anything. 
I'm not allowed that not doxxing

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the Jeff's buddies communities, 
but shout out to them and he Did

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me but, you know, you had he had
ascended to Discord or what's 

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the commits a Discord? 
Can he said he sent you, the 

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tokens, you had to use collab 
land to prove that you have the 

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tokens. 
Then you're included in the 

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Discord server and then they're 
in this random Discord Community

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for four people speculating on 
criminal nothing you speculate. 

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It's just an Enthusiast 
Community for people and the 

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people in this chat. 
I'm not going to tell you who 

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are in it, but our real crypto 
investors builders Credible 

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group relatively small group of 
people and I was I felt the 

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least intelligent on the subject
matter but also they were 

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interested in my experience, 
right? 

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And our experience, it just bow.
We have more downloads and a 

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bigger Community than most of 
the people involved. 

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So it wasn't just people still 
like web to people want to make 

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money off by 3. 
But yeah, it's all right. 

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Keep Goin sure. 
So you know they're interested 

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in scale we're facing a lot of 
the same problems and are 

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interesting. 
A lot of the same subjects 

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fundamentally right? 
How do you Something that really

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changes the world and has an 
impact and, you know, has scale.

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So I was a part of this and then
there was a channel in it. 

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That said, well first the first 
one was main that. 

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So then I went to Maine that and
then the next channel was nft 

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NYC. 
And when I went to Maine that 

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all people could talk about it, 
may not was, bro. 

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What's going on? 
And it's a lot of bros not 

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nearly enough women, which was 
shocking to me, because I'll get

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there. 
My team is majority women. 

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Our team is majority women at 
dispo and our community is 30 

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women. 
You know, if you're building a 

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social product in any generation
teen girls run the world. 

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So the most interesting part and
also, the scariest part for the 

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dispo team is when we're our 
audience is primarily teen girls

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college kids, and the primary. 
Crypto audience is the 20,000 

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open sea whale Bros. 
There is a huge disconnect and 

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gap between what our community 
is interested in, right? 

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And when we say the world, say 
the word Madam asked or wallet, 

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or seed, phrase, or a pin or 
Wagner. 

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You know, all the lingo that's 
now begun to dominate our 

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Twitter feeds. 
Our community don't care, and 

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haven't noticed. 
And so thinking about what the 

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future is and what they will 
tolerate, I think the gaming 

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world is going to break down a 
lot of barriers and not actually

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Infinity but when the real AAA 
Publishers when you know, this 

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past quarter, the CEOs of EA and
today to both had questions 

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about and FTS like the gaming 
world is going to break down the

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barriers, but basically you're 
in this like sort of like all 

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male Community, obviously you're
right. 

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Representing sort of a super 
female Community predominately 

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00:11:45,500 --> 00:11:47,300
male, but a couple of, Yeah, 
couple rain. 

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And the, but the hope is that 
still, the technology is like 

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relevant to your company. 
Correct. 

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So now you're in the nft NYC 
disc or group, and that's where 

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they're chattering about it. 
Well, there was a channel in 

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Jeff's buddies about it and 
then, if, you know, there were 

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spreadsheets of all the events 
that were happening and then 

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that was, you know, months ago. 
And then I started meeting 

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everybody's gotta by Southwest 
when people would like sir. 

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00:12:13,100 --> 00:12:16,600
Try and get the good events and 
you send around spreadsheets 

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00:12:16,600 --> 00:12:20,100
with that kind of or Sundance or
any of these content industry 

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contract versus you've been do 
or there's just everybody's 

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00:12:23,000 --> 00:12:25,200
there, right? 
And that became obvious to me 

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and then I started meeting as we
really did a deep dive and did 

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00:12:28,700 --> 00:12:30,700
some out of T. 
Testing a couple of months ago 

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I'm just bow and we started 
getting a lot of inbound calls 

223
00:12:33,200 --> 00:12:37,200
from investors and potential 
employees interested in building

224
00:12:37,200 --> 00:12:39,300
that out. 
Then the first question within 

225
00:12:39,300 --> 00:12:41,700
the first five minutes is oh 
what's your schedule? 

226
00:12:41,700 --> 00:12:44,600
And of tem I see we got To get 
together, you know, oh, are you 

227
00:12:44,600 --> 00:12:49,100
going to the board Apes party or
what's going on with FWB or oh 

228
00:12:49,100 --> 00:12:51,500
this, you know, CAA is throwing 
something with their new? 

229
00:12:51,700 --> 00:12:54,600
And I thought, wow, this is not 
all, you know, there's a lot of 

230
00:12:54,600 --> 00:12:57,000
really interesting 
cross-current, you know, we're 

231
00:12:57,000 --> 00:12:59,300
in La based company. 
I've been in La for five years. 

232
00:12:59,300 --> 00:13:02,000
There's a lot of interesting 
cross current between The 

233
00:13:02,000 --> 00:13:04,900
Chainsmokers. 
I heard they were out there. 

234
00:13:05,400 --> 00:13:08,200
Unbelievable, unbelievable. 
They will be the next great, 

235
00:13:08,200 --> 00:13:10,500
their investors and dispo. 
No, my good next great. 

236
00:13:10,500 --> 00:13:12,700
Yeah, I was waiting for that 
anytime. 

237
00:13:13,100 --> 00:13:15,700
Seems to the audience. 
If you are not co-investing with

238
00:13:15,700 --> 00:13:18,000
The Chainsmokers and mantis, 
there's something wrong with 

239
00:13:18,000 --> 00:13:21,300
your portfolio. 
The amount of work that they do,

240
00:13:21,300 --> 00:13:25,500
they're incredibly incredibly 
bright switched on guys who's 

241
00:13:25,500 --> 00:13:27,600
there? 
Like who's the who's the man 

242
00:13:27,600 --> 00:13:29,100
behind them? 
The team. 

243
00:13:29,100 --> 00:13:31,800
There is no man behind them. 
There on all the calls from Alex

244
00:13:31,800 --> 00:13:35,000
are sending out the emails. 
I'm so impressed by them. 

245
00:13:35,300 --> 00:13:37,800
There, you should have them on. 
I think they're incredibly 

246
00:13:37,800 --> 00:13:41,600
thoughtful and I mean when you 
see their name in the deal, 

247
00:13:41,600 --> 00:13:44,400
announcements now it means Thing
right there, not just investing 

248
00:13:44,400 --> 00:13:46,500
in random companies. 
They're investing in a lot of 

249
00:13:46,500 --> 00:13:49,800
categories, potential category. 
Yes, Chainsmokers also have 100%

250
00:13:49,800 --> 00:13:53,800
exposure to etherium, so that's 
also very concerning the future 

251
00:13:53,800 --> 00:13:56,900
of don't don't, don't let me 
down sequel is not going to be a

252
00:13:56,900 --> 00:14:00,000
promised, should the crypto 
Market tanked, but otherwise, 

253
00:14:00,000 --> 00:14:02,700
enjoy. 
Well, I'm going to the salon. 

254
00:14:02,700 --> 00:14:04,400
A conference in Lisbon this 
week. 

255
00:14:04,500 --> 00:14:07,100
Oh my God. 
Yeah, I introduced them to a me.

256
00:14:07,100 --> 00:14:11,300
Woo-hoo just announced her fun 
with ft x and Solana, so I 

257
00:14:11,300 --> 00:14:14,200
assume The Chainsmokers will 
Soon have plenty of Salon 

258
00:14:14,200 --> 00:14:16,300
exposure. 
That's actually super smart just

259
00:14:16,300 --> 00:14:18,700
for gigs, right? 
I mean, if you just appear as 

260
00:14:18,700 --> 00:14:21,500
the house band at every crypto 
conference, over the next 

261
00:14:21,500 --> 00:14:25,500
several weeks, like your solid 
booked, do they play a? 

262
00:14:25,500 --> 00:14:28,300
Did they play or they got. 
I'm sure they did. 

263
00:14:28,300 --> 00:14:30,600
But, you know, little baby 
performed board. 

264
00:14:30,600 --> 00:14:33,600
Apes after buying one or maybe 
they gave it to him. 

265
00:14:33,600 --> 00:14:35,400
It's hard to say there's not a 
lot of trees. 

266
00:14:35,400 --> 00:14:38,300
There may be no little baby, not
debating. 

267
00:14:38,300 --> 00:14:39,000
Yeah, sorry. 
Okay. 

268
00:14:39,000 --> 00:14:41,200
I was about to say we come, we 
had a much bigger story on our 

269
00:14:41,200 --> 00:14:45,200
hands. 
But you see you did good. 

270
00:14:45,300 --> 00:14:47,700
There were jumping now. 
I mean, you went to the board 

271
00:14:47,700 --> 00:14:49,200
Apes thing. 
Our yeah. 

272
00:14:49,200 --> 00:14:52,900
Well was this I didn't I didn't 
make it but I have a lot of 

273
00:14:52,900 --> 00:14:55,600
friends he did and it's 
interesting, right? 

274
00:14:55,600 --> 00:14:59,200
You start to realize as a social
media company and now we're kind

275
00:14:59,200 --> 00:15:02,400
of heading into people call this
social 3 as well. 

276
00:15:03,100 --> 00:15:07,200
Social media is a cultural 
artifact in many ways, right? 

277
00:15:07,200 --> 00:15:09,900
You've seen the Cycles. 
Now first it was Facebook 

278
00:15:09,900 --> 00:15:12,200
friends to her. 
Myspace, there's Instagram 

279
00:15:12,300 --> 00:15:14,800
hipstamatic. 
Please that was Snapchat and 

280
00:15:14,800 --> 00:15:17,800
then Tick Tock, triller whatever
else. 

281
00:15:17,800 --> 00:15:21,100
And here we are with this bow 
and a bunch of other companies 

282
00:15:21,100 --> 00:15:24,600
emerging that are trying to 
reinvent the photo sharing 

283
00:15:24,700 --> 00:15:28,900
memory making category and 
really get to the point where we

284
00:15:28,900 --> 00:15:32,900
can Embrace some of these new 
values that you know, have come 

285
00:15:32,900 --> 00:15:34,800
out in the discords and 
clubhouses the world. 

286
00:15:34,800 --> 00:15:37,500
So that they're about Community 
about intimacy about 

287
00:15:37,500 --> 00:15:40,500
authenticity and figure out how 
to bring that into the future. 

288
00:15:40,500 --> 00:15:44,400
And I think how do you do that? 
And do that on a scale that 

289
00:15:44,400 --> 00:15:46,200
takes on the titans of social 
media. 

290
00:15:46,500 --> 00:15:49,500
The, you know, one of those 
answers, one of the hypotheses 

291
00:15:49,500 --> 00:15:53,100
has to be that it's built on the
blockchain and taking advantage 

292
00:15:53,100 --> 00:15:57,800
of whether it's etherium or or 
Solana what we choose to build 

293
00:15:57,800 --> 00:16:01,000
on. 
But secondly, I think what acts 

294
00:16:01,000 --> 00:16:03,400
he's done with the progressive 
decentralization model. 

295
00:16:03,400 --> 00:16:06,300
So you know, functionally 
inverting your cap table, and 

296
00:16:06,300 --> 00:16:10,200
having the community participate
in a real substantial, you know,

297
00:16:10,200 --> 00:16:12,700
almost a b Corp on steroids 
manner. 

298
00:16:13,000 --> 00:16:15,000
Is interesting, no one's done 
that before. 

299
00:16:15,300 --> 00:16:20,500
And in many ways, it would be as
if Kickstarter gave equity in 

300
00:16:20,500 --> 00:16:23,700
their company to the community 
that shows and equity in the 

301
00:16:23,700 --> 00:16:26,000
products, to the people who 
chose to build them. 

302
00:16:26,000 --> 00:16:30,000
But obviously, like Kickstarter 
mini over those products never 

303
00:16:30,000 --> 00:16:34,000
materialized in the form that 
people expect them to. 

304
00:16:34,100 --> 00:16:36,200
Well that's the danger, right? 
You have to figure out as an 

305
00:16:36,200 --> 00:16:39,200
operator and what we're trying 
to determine the dispos. 

306
00:16:39,200 --> 00:16:42,700
All of our testing is how do you
layer in the blockchain? 

307
00:16:42,900 --> 00:16:46,200
To your product in a way that is
not fundamentally changing the 

308
00:16:46,200 --> 00:16:49,300
nature of the game. 
You know the game play, right? 

309
00:16:49,300 --> 00:16:54,000
So in social media, what we're 
building will be closest to read

310
00:16:54,000 --> 00:16:57,000
it in that you your 
contributions to the community 

311
00:16:57,000 --> 00:17:01,700
are valued and denoted in some 
way that, you know, we haven't 

312
00:17:01,700 --> 00:17:06,200
settled on quite yet and whether
you're contributing to roles or 

313
00:17:06,200 --> 00:17:09,900
otherwise, you know, which are 
the group albums on our on our 

314
00:17:09,900 --> 00:17:12,900
Network or other contributions 
to the community people. 

315
00:17:13,000 --> 00:17:15,599
Value your contribution. 
And this is a long history in 

316
00:17:15,608 --> 00:17:18,099
the internet from Wikipedia 
moderators to Foursquare, 

317
00:17:18,099 --> 00:17:21,400
mayor's to whatever else you 
might want to keep hearing about

318
00:17:21,400 --> 00:17:23,500
the conference. 
But let's talk about this book 

319
00:17:23,500 --> 00:17:26,599
because obviously, okay, that's 
what you do and we're getting 

320
00:17:26,599 --> 00:17:29,300
we're touching on it. 
So like, I guess in my very 

321
00:17:29,300 --> 00:17:34,400
Layman sense, my understanding 
of dispo and you can disillusion

322
00:17:34,400 --> 00:17:39,000
a, but like super hot with, you 
know, obviously David dobrik 

323
00:17:39,000 --> 00:17:43,200
co-founding and the sort of 
Disappearing messaging thing He 

324
00:17:43,200 --> 00:17:46,000
gets like cancel delayed. 
Not am delayed, right? 

325
00:17:46,000 --> 00:17:49,200
Always the court can delay. 
Sorry, you take a photo and you 

326
00:17:49,200 --> 00:17:51,900
can delay till 9 a.m. right 
opposite of disappear. 

327
00:17:52,000 --> 00:17:53,300
Yeah. 
Okay, I'm sorry. 

328
00:17:53,500 --> 00:17:57,900
Okay, good very web to we're so 
then he's gone. 

329
00:17:58,100 --> 00:18:00,200
That's Insider cancels him, 
right? 

330
00:18:00,400 --> 00:18:03,100
Yeah. 
And then you guys like your 

331
00:18:03,100 --> 00:18:07,300
investors have different Stakes,
but like, we're spark sort of 

332
00:18:07,300 --> 00:18:10,100
like, says, oh, we're like 
giving him back or something, 

333
00:18:10,100 --> 00:18:12,500
but then whatever. 
So there's that whole thing. 

334
00:18:13,000 --> 00:18:16,000
And you've been able to, like, 
I've watched the gross stuff 

335
00:18:16,000 --> 00:18:18,700
obviously in covered a little 
bit and like in some of these 

336
00:18:18,700 --> 00:18:21,700
other countries, particularly 
you've sort of held on to growth

337
00:18:21,700 --> 00:18:25,600
and are trying to sort of, 
despite sort of like a media 

338
00:18:25,800 --> 00:18:28,900
sort of like losing your sort of
like favored status in the 

339
00:18:28,900 --> 00:18:31,400
media. 
Keep growing is that the journey

340
00:18:31,700 --> 00:18:34,600
is that a reasonably Fair 
version of the journey and now 

341
00:18:34,600 --> 00:18:38,100
you're like trying to figure out
sort of how to capture the 

342
00:18:38,100 --> 00:18:41,300
growth you've built in. 
Like so part of it is exploring 

343
00:18:41,300 --> 00:18:44,900
web 3 and like, Nerve or where 
is that? 

344
00:18:45,100 --> 00:18:48,200
How is that a fair Journey or 
where would you say you're at 

345
00:18:48,200 --> 00:18:50,700
now in that and that path? 
Absolutely. 

346
00:18:50,700 --> 00:18:53,500
I think you know, I wouldn't 
exactly put it that way if you 

347
00:18:53,500 --> 00:18:57,000
know but we're that 18 months 
into this code base. 

348
00:18:57,100 --> 00:19:03,600
The team went from six and March
to now 22 on four continents, I 

349
00:19:03,600 --> 00:19:08,200
think it's incredibly exciting. 
If you were to ask me or anyone 

350
00:19:08,200 --> 00:19:12,700
were working with any of the 
co-founders that this is where 

351
00:19:12,700 --> 00:19:14,700
the Pretty would be. 
And obviously, there were some 

352
00:19:14,708 --> 00:19:18,900
incredible ups and some 
incredible Downs along the way. 

353
00:19:18,900 --> 00:19:21,700
We have a company we're really 
proud of. 

354
00:19:21,700 --> 00:19:24,800
We have a product that is 
resonating with you know 

355
00:19:24,800 --> 00:19:27,700
millions of teens and college 
kids around the globe and I 

356
00:19:27,700 --> 00:19:32,200
think yes, we where we're at 
now, is we need to figure out as

357
00:19:32,200 --> 00:19:34,200
any social media company would 
at this stage. 

358
00:19:34,200 --> 00:19:37,500
How do you really? 
You know, you can get downloads,

359
00:19:37,500 --> 00:19:39,900
you can pay for downloads, you 
can partner with an influencer 

360
00:19:39,900 --> 00:19:42,800
celebrity for downloads. 
You know, acquisition is only 

361
00:19:42,900 --> 00:19:46,000
only one part of the game and in
social media, you know, when 

362
00:19:46,000 --> 00:19:50,500
investors mute us and whether 
it's tiger, or SoftBank or GST, 

363
00:19:50,500 --> 00:19:53,800
or you know, whoever would 
hypothetically call they will 

364
00:19:53,800 --> 00:19:56,700
never ask about our download 
numbers. 

365
00:19:56,700 --> 00:19:58,300
They're going to ask about 
retention, right? 

366
00:19:58,300 --> 00:20:00,600
Because if I were to pay, is it 
working? 

367
00:20:01,200 --> 00:20:03,900
Is it working right? 
And particularly D30? 

368
00:20:03,900 --> 00:20:07,800
So, on the discrete day, 30 days
later, or, you know, it camera 

369
00:20:07,800 --> 00:20:10,800
apps are often weekly. 
So weak for, you know. 

370
00:20:10,800 --> 00:20:12,700
How are you building? 
What are the features? 

371
00:20:12,700 --> 00:20:16,800
You're Developing to capture 
more of the users time in a way,

372
00:20:16,800 --> 00:20:20,800
you know, especially for us, the
very Mission driven almost 

373
00:20:20,800 --> 00:20:22,800
political company and what we're
trying to accomplish. 

374
00:20:22,800 --> 00:20:24,700
How are you doing in a way? 
That's different from the 

375
00:20:24,700 --> 00:20:27,000
companies of the past and how 
are you going to set yourself? 

376
00:20:27,000 --> 00:20:31,200
What do you mean all political? 
I think you know the choice of 

377
00:20:31,200 --> 00:20:33,300
non am development or delayed 
development. 

378
00:20:33,300 --> 00:20:37,700
In any sense is a choice to 
untether you know the community 

379
00:20:37,700 --> 00:20:40,600
from their phones. 
And when we asked the girls in 

380
00:20:40,600 --> 00:20:45,600
particular why do they like this
is is I feel so much pressure, 

381
00:20:46,300 --> 00:20:49,500
use it, you know, taking photos,
sharing photos online. 

382
00:20:49,500 --> 00:20:51,000
And this isn't just an Instagram
problem. 

383
00:20:51,000 --> 00:20:54,000
This is, you know, everyone's 
seen what came out in the 

384
00:20:54,000 --> 00:20:57,700
hearings. 
This is really a problem that 

385
00:20:57,700 --> 00:21:00,200
the, you know, the phone has 
created, right? 

386
00:21:00,200 --> 00:21:03,100
And what are these social media 
platforms, make them feel. 

387
00:21:03,100 --> 00:21:05,500
They feel alone. 
They feel not good enough. 

388
00:21:05,500 --> 00:21:07,400
They feel issues about their 
body. 

389
00:21:07,400 --> 00:21:10,000
They feel like they have the 
wrong lifestyle. 

390
00:21:10,000 --> 00:21:11,200
They don't have the right 
clothes. 

391
00:21:11,200 --> 00:21:15,500
It's this incredibly Sad and 
negative impact. 

392
00:21:15,500 --> 00:21:19,000
And so for us and I spent my 20s
primarily in politics. 

393
00:21:19,300 --> 00:21:23,500
How do you genuinely create a 
social media Network that you 

394
00:21:23,500 --> 00:21:25,600
know, delivers joy and 
connection? 

395
00:21:26,000 --> 00:21:29,000
Even if that was the intent of 
these original platforms? 

396
00:21:29,000 --> 00:21:31,700
15 years ago? 
That's the the question. 

397
00:21:31,700 --> 00:21:34,800
And so for us not in development
means when you take the photos 

398
00:21:34,900 --> 00:21:37,600
you can't access them 
immediately and that powerful, 

399
00:21:37,600 --> 00:21:38,900
right? 
Because you don't, you know, 

400
00:21:39,000 --> 00:21:41,800
next time you go out into the 
wild and you watch someone no 

401
00:21:41,800 --> 00:21:44,600
matter what age or gender. 
Either they are they take a 

402
00:21:44,608 --> 00:21:47,100
photograph or a video the 
immediately are clutching and 

403
00:21:47,100 --> 00:21:50,800
you can see the veins and their 
neck pop out as they look at and

404
00:21:50,800 --> 00:21:53,400
they say off my arm is fat or 
whatever it is, right? 

405
00:21:53,400 --> 00:21:55,700
It's an incredibly stressful 
experience. 

406
00:21:55,700 --> 00:21:58,500
And so the magic of, you know 
what, we call the digital 

407
00:21:58,500 --> 00:22:02,000
disposable camera is you can 
wait a little bit, and when you 

408
00:22:02,000 --> 00:22:05,000
get the photos back, the next 
morning, something we hear quite

409
00:22:05,000 --> 00:22:07,500
often, you use your user 
interviews, is that it feels 

410
00:22:07,500 --> 00:22:09,200
like Christmas morning again, 
right? 

411
00:22:09,200 --> 00:22:11,900
It feels like going to the 
one-hour photo with my mom or my

412
00:22:11,900 --> 00:22:17,600
dad and Up back my role of 24 
36, and, you know, almost 20 

413
00:22:17,600 --> 00:22:20,100
percent of our users are sharing
photos. 

414
00:22:20,200 --> 00:22:23,000
The next day, or no, to almost 
20% of the photos are being 

415
00:22:23,000 --> 00:22:28,000
shared the next day, so that 
core Loop of taking and sharing 

416
00:22:28,000 --> 00:22:31,100
is defensible and magical and 
inherently viral. 

417
00:22:31,100 --> 00:22:33,800
And I think that's what's so 
exciting thus far. 

418
00:22:33,800 --> 00:22:35,700
When we don't think it's 
important for you to put Eric. 

419
00:22:35,700 --> 00:22:37,700
I mean, maybe you're going to 
same question, but explain to me

420
00:22:37,700 --> 00:22:42,300
the crossover between the 
instant - of photos and social 

421
00:22:42,300 --> 00:22:44,500
media. 
Leah and the delayed reaction of

422
00:22:44,500 --> 00:22:47,300
it of the nine, a m-- 
development, that you think 

423
00:22:47,800 --> 00:22:52,400
ameliorates the problem of 
self-image and negativity that, 

424
00:22:52,500 --> 00:22:54,800
you know, something happens 
between the photo being taken 

425
00:22:54,800 --> 00:22:56,800
and 9 a.m. the next day that 
allows people to feel better 

426
00:22:56,800 --> 00:22:59,100
about themselves. 
I don't get that, I think it's a

427
00:23:00,100 --> 00:23:05,000
first of all, you know, on the 
scale of Purity, you know, I'm 

428
00:23:05,000 --> 00:23:09,400
not going to stand here and say 
we have the solution, right? 

429
00:23:09,400 --> 00:23:12,000
That's a very dangerous 
proposition. 

430
00:23:12,000 --> 00:23:16,200
It's incredibly Are to fix the 
way that people look at 

431
00:23:16,200 --> 00:23:18,600
themselves in the mirror, right?
That's an example, existed and 

432
00:23:18,600 --> 00:23:20,700
predated Instagram, and all of 
this, so sure. 

433
00:23:20,800 --> 00:23:23,100
Even before mirrors, let's go 
back to the Garden of Eden. 

434
00:23:23,100 --> 00:23:26,500
I'm sure we, you know, we all 
look at ourselves and we wish 

435
00:23:26,500 --> 00:23:28,600
something, we're different 
whatever, the societal standards

436
00:23:28,600 --> 00:23:30,600
were at the time, right? 
And that's something that's 

437
00:23:30,800 --> 00:23:32,900
baggage that all of us have from
birth. 

438
00:23:32,900 --> 00:23:35,600
And it's not a function, just of
cell phones, right? 

439
00:23:35,600 --> 00:23:38,600
You know, go back to the 
Renaissance or the Roaring 20s 

440
00:23:38,600 --> 00:23:40,600
or, you know, pick your 
historical Epoch. 

441
00:23:40,600 --> 00:23:43,800
There were Trends, there were 
he's that were, you know, 

442
00:23:43,800 --> 00:23:45,900
certain body images that were 
more popular. 

443
00:23:46,600 --> 00:23:49,000
We're not, we're never going to 
fix the Francis Hogan of the of 

444
00:23:49,000 --> 00:23:51,900
the Medici era was a very 
different person, but we all 

445
00:23:51,900 --> 00:23:54,900
know that the portraits were 
extremely defeating to the 

446
00:23:54,900 --> 00:24:02,400
Arctic rubenesque this story. 
Yeah, sure. 

447
00:24:02,400 --> 00:24:05,300
Go ahead, sure. 
But I think what we're aiming to

448
00:24:05,300 --> 00:24:08,000
do is create something that it's
not perfect, but it's 

449
00:24:08,000 --> 00:24:12,100
fundamentally better, right? 
And so the act of getting back 

450
00:24:12,100 --> 00:24:15,400
specifically to the Question. 
The act of taking the photo 

451
00:24:15,400 --> 00:24:19,600
right now on your iPhone when 
you can see so much and you're 

452
00:24:19,600 --> 00:24:23,100
obsessing over it and you're 
immediately clenching and you 

453
00:24:23,100 --> 00:24:26,500
feel this intensity and in turn 
because of some feelings. 

454
00:24:26,500 --> 00:24:28,800
And maybe you're bringing 
negativity about what you see 

455
00:24:28,800 --> 00:24:33,500
that ruins the moment. 
And so creating that distance 

456
00:24:33,500 --> 00:24:37,700
for you from that or even you 
know will test a gentle reminder

457
00:24:37,700 --> 00:24:43,100
to you to wait a little bit and 
allow yourself to enjoy Joy at 

458
00:24:43,100 --> 00:24:47,300
the next day, we found users. 
Tell us that they enjoy that a 

459
00:24:47,308 --> 00:24:49,300
lot more than the way. 
They've been taking photographs 

460
00:24:49,300 --> 00:24:51,800
in the past and if you can 
compare it, everyone on this 

461
00:24:51,800 --> 00:24:55,000
Zoom, I think is old enough to 
remember the way that we would 

462
00:24:55,000 --> 00:24:58,400
get photos back. 
When we were kids, it was a very

463
00:24:58,400 --> 00:25:00,400
different feeling from the 
feeling that we have. 

464
00:25:00,400 --> 00:25:04,600
Now when we see them on our 
phone and our pie apophysis is 

465
00:25:04,800 --> 00:25:08,600
one, part of that is the just 
the time, the distance, you have

466
00:25:08,600 --> 00:25:11,200
between taking it and 
experiencing it, and that 

467
00:25:11,200 --> 00:25:13,800
reveal, and then, Web three, 
right? 

468
00:25:13,800 --> 00:25:17,000
I get I if you lose like on the 
one hand, you know, if you're a 

469
00:25:17,000 --> 00:25:21,400
new up-and-coming consumer 
company, makes sense to like get

470
00:25:21,400 --> 00:25:24,700
on and see what sort of the new 
trends are happening, maybe 

471
00:25:24,700 --> 00:25:27,000
you'll get adoption some way 
doing that. 

472
00:25:27,100 --> 00:25:28,700
On the other hand there's an 
argument. 

473
00:25:28,700 --> 00:25:32,400
You know that focus is good. 
You guys have sort of a cool 

474
00:25:32,400 --> 00:25:34,000
idea with the disposable camera 
thing. 

475
00:25:34,000 --> 00:25:38,900
Like why why do something else 
like complicated or Innovative 

476
00:25:39,100 --> 00:25:41,000
with like web three? 
Or I mean, it seems like you're 

477
00:25:41,000 --> 00:25:44,700
going through that Journey now 
or What sort of what got you to 

478
00:25:44,700 --> 00:25:46,700
say? 
Oh, we should think about 

479
00:25:46,800 --> 00:25:48,300
crypto. 
Is it the money side? 

480
00:25:48,300 --> 00:25:50,400
The enthusiasm? 
Or like, if you had to distill, 

481
00:25:50,400 --> 00:25:53,300
like, what appealed to you about
it and then like, yeah, where 

482
00:25:53,300 --> 00:25:57,300
are you in sort of in that 
journey I think, first and 

483
00:25:57,300 --> 00:26:00,600
foremost is just a healthy sense
of the history of Technology 

484
00:26:00,600 --> 00:26:03,200
knowing that at some point, the 
switch was made from the 

485
00:26:03,200 --> 00:26:06,700
Mainframe to the cloud and the 
people, the incumbents, you 

486
00:26:06,700 --> 00:26:11,500
know, it's hard to think of a 
company that is almost 18 months

487
00:26:11,500 --> 00:26:13,900
old as an incumbent. 
But I'm coming from the prior 

488
00:26:13,900 --> 00:26:17,100
mindset was slow and, you know 
wasn't necessarily building. 

489
00:26:17,400 --> 00:26:19,600
You know, I met Devin from Open 
Sea, they were building from 

490
00:26:19,600 --> 00:26:21,900
2018, that's a lot longer than 
we've been building. 

491
00:26:22,000 --> 00:26:28,300
So, in Tech a big part of the 
job is reacting and reacting 

492
00:26:28,300 --> 00:26:32,400
because you're smaller with a 
speed and precision that a major

493
00:26:32,400 --> 00:26:37,000
incumbent. 
So the metas the Snapchats, the 

494
00:26:37,000 --> 00:26:39,700
Pinterest, right? 
The, you know, 50 100 billion 

495
00:26:39,700 --> 00:26:43,500
plus market cap companies will 
never be able to A because of 

496
00:26:43,500 --> 00:26:46,100
the size of the company and, you
know, the speed at which the 

497
00:26:46,100 --> 00:26:49,300
ship turns, but then also the 
regulatory concerns that they 

498
00:26:49,300 --> 00:26:52,100
have, and I think that was a 
really interesting part of all 

499
00:26:52,100 --> 00:26:56,100
of this is uoft, acts moving to 
the Bahamas, the Dow laws and 

500
00:26:56,100 --> 00:26:59,000
Wyoming. 
What is actually, what is 

501
00:26:59,000 --> 00:27:00,800
actually going? 
I love what you have to do is a 

502
00:27:00,808 --> 00:27:03,900
start-up founder these days like
track. 

503
00:27:03,900 --> 00:27:07,600
All these like really, it's like
what what the most ambitious 

504
00:27:07,600 --> 00:27:09,400
part about injuries and 
Horowitz? 

505
00:27:09,400 --> 00:27:12,600
This is an Assad, but related, 
the most interesting part. 

506
00:27:12,800 --> 00:27:17,600
Of injuries in Horowitz to me 
right now is not how they've 

507
00:27:17,600 --> 00:27:20,100
doubled the size investing 
staff, and that they're probably

508
00:27:20,100 --> 00:27:22,000
going public. 
It is that they're 

509
00:27:22,100 --> 00:27:26,500
single-handedly becoming a 
regulatory, they don't call a 

510
00:27:26,500 --> 00:27:30,200
lobbying, so, whatever, whatever
it is, a regulatory shaping 

511
00:27:30,400 --> 00:27:32,700
process. 
And, you know, that front-page 

512
00:27:32,700 --> 00:27:35,600
article in the New York Times 
last week is really breathtaking

513
00:27:35,600 --> 00:27:39,100
when you think about it, right? 
It's as if we were, you know, if

514
00:27:39,100 --> 00:27:42,600
you think about the analogy of 
the cloud again, right? 

515
00:27:42,700 --> 00:27:47,300
It's Amazon, Microsoft and 
Google are now the three big 

516
00:27:47,300 --> 00:27:50,600
players but imagine a world 
where those are the only three 

517
00:27:50,600 --> 00:27:53,400
players. 
So Bitcoin salon and aetherium. 

518
00:27:53,500 --> 00:27:57,800
And the same person owned a huge
chunk of all of them and was 

519
00:27:57,800 --> 00:28:02,200
investing in all three of the 
platform's themselves. 

520
00:28:02,300 --> 00:28:05,700
And in all the companies 
building on them and had such a 

521
00:28:05,700 --> 00:28:08,600
head start in funding and access
that they then went to 

522
00:28:08,600 --> 00:28:10,600
Washington and shape, the rules 
of the gray. 

523
00:28:11,000 --> 00:28:14,200
And the other major lobbyists is
Many called coinbase, which they

524
00:28:14,200 --> 00:28:17,100
happen to be a major shareholder
in, right? 

525
00:28:17,100 --> 00:28:20,000
You know, and one of the 
partners and I'm sure she didn't

526
00:28:20,000 --> 00:28:22,600
mean anything by it, but happens
to be on the board of both 

527
00:28:22,600 --> 00:28:26,400
coinbase and Open Sea, which are
now going, you know, right? 

528
00:28:26,400 --> 00:28:28,700
I think coinbase will destroy 
open, see your? 

529
00:28:28,800 --> 00:28:32,100
Or has a really good shot of 
just placing it in the popular 

530
00:28:32,100 --> 00:28:34,800
imagination, right? 
The just the breadth of coinbase

531
00:28:35,100 --> 00:28:39,700
is wild compared to open sea, 
even if opens he continues on 

532
00:28:39,700 --> 00:28:42,600
this crazy growth path. 
So, to answer the original 

533
00:28:42,700 --> 00:28:45,700
Question, which is why are we 
looking at this so hard? 

534
00:28:45,700 --> 00:28:48,500
I think it's a belief, you know,
it's to your first question. 

535
00:28:48,500 --> 00:28:50,200
Do I believe in deleted in the 
company? 

536
00:28:50,200 --> 00:28:52,600
Believe that the blockchain is 
real? 

537
00:28:52,600 --> 00:28:54,600
And it is the future. 
And, yes, unequivocally. 

538
00:28:54,600 --> 00:28:56,800
I think that it is really 
interesting. 

539
00:28:57,300 --> 00:29:00,600
You can talk about the promise 
of the chains themselves, but 

540
00:29:00,600 --> 00:29:04,300
when you think about the Dow 
model and what axi Infiniti has 

541
00:29:04,300 --> 00:29:08,700
done as an example, right? 
Which is you are giving your 

542
00:29:08,700 --> 00:29:12,300
users a percentage of the 
profits of the company. 

543
00:29:12,900 --> 00:29:14,400
By virtue of their 
participation. 

544
00:29:14,400 --> 00:29:17,500
So in the same way, you know, 
Abraham Lincoln with the 

545
00:29:17,500 --> 00:29:22,700
Homestead Act gave in the 1860s 
people I think was up to 140 

546
00:29:22,700 --> 00:29:27,000
acres of land, if they went out 
and they developed it and they 

547
00:29:27,000 --> 00:29:30,900
paid a registration fee, right? 
If you as a company, and this is

548
00:29:30,900 --> 00:29:34,700
why I read it seems to be going 
so hard their collaboration with

549
00:29:34,700 --> 00:29:36,600
Arbitron. 
And I was, I met up with Stephen

550
00:29:36,600 --> 00:29:39,500
and their team this week to 
learn about what exactly? 

551
00:29:39,500 --> 00:29:41,500
They're planning, but it is 
really interesting. 

552
00:29:41,500 --> 00:29:44,400
He's Huffman or You're saying 
no, Steven? 

553
00:29:44,400 --> 00:29:47,100
Who runs our Bertram, okay? 
Who's a brilliant guy? 

554
00:29:47,100 --> 00:29:50,800
He came out of, they actually 
launched this company before 

555
00:29:50,800 --> 00:29:54,200
etherium launched out of a pH. 
A group of phds at Princeton 

556
00:29:54,600 --> 00:29:58,100
brilliant, brilliant movie. 
You guys, the idea is that for 

557
00:29:58,100 --> 00:30:01,900
all the pictures or some subset,
the people could easily turn 

558
00:30:01,900 --> 00:30:05,600
them into n FTS or I don't want 
to specifically get into that 

559
00:30:05,600 --> 00:30:07,200
right now, but trying to get 
ahead of whatever you're 

560
00:30:07,200 --> 00:30:11,300
announcing but what's the 
intuition that's one hypothesis,

561
00:30:11,500 --> 00:30:13,200
right? 
But if you can also If you open 

562
00:30:13,200 --> 00:30:18,000
the app and you look at what 
we're doing, we have cameras and

563
00:30:18,200 --> 00:30:20,100
you have to open dispo to 
understand it. 

564
00:30:20,100 --> 00:30:24,100
But they're, they're almost 
digital objects in the way that 

565
00:30:24,200 --> 00:30:28,300
a skin on for tonight is or 
certain objects on Roblox and so

566
00:30:28,300 --> 00:30:31,400
we just did our first big 
collaboration with YSL, the 

567
00:30:31,400 --> 00:30:34,800
fashion house, a couple weeks 
ago, and the user response to. 

568
00:30:34,800 --> 00:30:39,000
That was remarkable. 
It, shocked everyone internally.

569
00:30:39,300 --> 00:30:42,700
And so that opened our eyes. 
Well, what if the cameras You 

570
00:30:42,708 --> 00:30:44,700
know, the images is one way to 
look at it. 

571
00:30:44,708 --> 00:30:47,200
But what if the cameras 
themselves were mft? 

572
00:30:47,200 --> 00:30:51,200
He's right are there are filter 
and ft's today or other. 

573
00:30:51,300 --> 00:30:53,700
I've heard of this idea, right? 
Or this exists. 

574
00:30:53,700 --> 00:30:56,400
It's an idea, right? 
But I think what's interesting 

575
00:30:56,400 --> 00:31:00,100
to the community, you know, the 
eith community Solana Community 

576
00:31:00,100 --> 00:31:03,700
is our scale already. 
And also the fact that we, you 

577
00:31:03,700 --> 00:31:06,200
know, if you compare it to the 
play, Turn gaming world, we have

578
00:31:06,200 --> 00:31:10,300
a game of our social network, 
which is you contribute posts 

579
00:31:10,900 --> 00:31:12,500
and you contribute to Rolls 
images. 

580
00:31:12,700 --> 00:31:17,700
Rolls and your video will launch
sometime soon and you are 

581
00:31:17,700 --> 00:31:21,300
rewarded, you know, whether 
through likes and up votes and 

582
00:31:21,300 --> 00:31:25,500
you know, whatever or equivalent
of karma is the red of karma but

583
00:31:25,500 --> 00:31:28,100
also emotionally rewarded, 
right? 

584
00:31:28,400 --> 00:31:31,900
So much of what we project on 
social media is a bid for 

585
00:31:31,900 --> 00:31:34,700
affirmation or connection or 
attention or flirting or 

586
00:31:34,800 --> 00:31:37,700
whatever it is that you're 
looking for in the world and so 

587
00:31:38,100 --> 00:31:41,700
layering in and of teas to that 
right where people can trade 

588
00:31:41,700 --> 00:31:44,800
them. 
You know, so there and we you 

589
00:31:44,800 --> 00:31:46,800
create a Marketplace. 
There's also a resale value to 

590
00:31:46,808 --> 00:31:50,400
the person who generated the 
asset a lot of the behavior. 

591
00:31:50,400 --> 00:31:53,200
When you look at what more tapes
or crypto Punk's or 

592
00:31:53,200 --> 00:31:56,700
fundamentally enabling, right. 
It's peacocking by putting the a

593
00:31:56,700 --> 00:31:59,500
poor, the crypto punk as your 
Twitter profile and then it's 

594
00:31:59,500 --> 00:32:03,000
access to a community. 
And so for us to do that on a 

595
00:32:03,000 --> 00:32:06,200
social media Network would not 
be a huge leap and then the 

596
00:32:06,200 --> 00:32:08,700
second part of the equation 
which is actually a very 

597
00:32:08,700 --> 00:32:12,500
separate discussion is do you 
issue a token as the company. 

598
00:32:12,900 --> 00:32:16,400
And I think that's the one 
that's very out there for two 

599
00:32:16,400 --> 00:32:18,500
reasons. 
One is the regulatory issues and

600
00:32:18,500 --> 00:32:21,300
secondly, what is the App Store 
going to do? 

601
00:32:21,300 --> 00:32:24,900
And, you know, I think that it's
because for now, they're really 

602
00:32:24,900 --> 00:32:27,500
not allowing from what I 
understand. 

603
00:32:27,500 --> 00:32:31,500
At least any company that issues
a token to do that in app and 

604
00:32:31,800 --> 00:32:35,100
the biggest challenge, you know,
and I keep asking this in every 

605
00:32:35,100 --> 00:32:40,700
single meeting and every single 
person I meet is the ux, the 

606
00:32:40,700 --> 00:32:44,900
user experience of the The web 
three native people is not even 

607
00:32:44,900 --> 00:32:47,800
close to what we do in the web 
to it sucks, right? 

608
00:32:47,900 --> 00:32:50,000
It's um, it's it's not even 
close. 

609
00:32:50,400 --> 00:32:56,500
And and so every time we say the
word wallet or seed, freeze and 

610
00:32:56,500 --> 00:32:58,800
I said this earlier, but any of 
the lingo, right? 

611
00:32:58,800 --> 00:33:01,700
And I'm only getting to one or 
two of the words but in order to

612
00:33:01,700 --> 00:33:05,900
now open a while at on metal 
mask or right? 

613
00:33:05,900 --> 00:33:07,600
Even know the names of all the 
companies you have to do. 

614
00:33:07,608 --> 00:33:10,100
Yeah. 
The process, the companies like 

615
00:33:10,100 --> 00:33:12,400
it requires charts to lay it all
out. 

616
00:33:12,700 --> 00:33:15,800
It requires charge to lay it all
out but you know, the 

617
00:33:15,800 --> 00:33:18,100
Counterpoint to all that and I 
think the really exciting part 

618
00:33:18,100 --> 00:33:22,800
is you look at axi and you have 
to open the Ronin wallet and 

619
00:33:22,800 --> 00:33:25,500
then you have to transfer the 
funds and then you have to wait 

620
00:33:25,500 --> 00:33:28,300
sometimes and they're still 
doing their taxes and they're 

621
00:33:28,300 --> 00:33:33,800
still doing it and they're still
doing it and so maybe you maybe 

622
00:33:33,800 --> 00:33:37,600
you would say well the issue 
here is, this is a job and it's 

623
00:33:37,600 --> 00:33:42,500
not a game but they're all these
stories back from 06. 

624
00:33:42,600 --> 00:33:45,800
Right, 07, when Facebook was 
rolling out internationally and 

625
00:33:45,800 --> 00:33:48,600
traditionally in Mobile, you 
know, in our team. 

626
00:33:48,600 --> 00:33:51,000
Well, it was mostly desktop 
then, but traditionally in the 

627
00:33:51,000 --> 00:33:53,200
internet, people are not willing
to wait for things to load 

628
00:33:53,200 --> 00:33:55,900
right, but, you know, latency 
right? 

629
00:33:55,900 --> 00:33:59,000
Our back-end team were 
constantly reviewing how quickly

630
00:33:59,000 --> 00:34:01,700
are people getting it to load 
because they will abandon people

631
00:34:01,700 --> 00:34:06,200
have incredibly short time, you 
know, attention spans. 

632
00:34:06,800 --> 00:34:09,199
But with Facebook in the 
beginning, it was such a magical

633
00:34:09,199 --> 00:34:12,500
product and people felt that it 
was the internet, right? 

634
00:34:12,699 --> 00:34:14,600
They were unable to understand 
that there was a difference 

635
00:34:14,600 --> 00:34:16,500
between the internet and 
Facebook that they were willing 

636
00:34:16,500 --> 00:34:19,800
to load. 
Wait 30 seconds, 90 seconds per 

637
00:34:19,800 --> 00:34:25,400
page load to use it. 
And so if axi really is, you 

638
00:34:25,400 --> 00:34:28,300
know, and most of the times, the
first Market mover, when it 

639
00:34:28,300 --> 00:34:29,800
comes to the internet is not the
winner, right? 

640
00:34:29,800 --> 00:34:32,199
Google is not the first search 
engine started Facebook, not the

641
00:34:32,199 --> 00:34:34,500
first social network. 
So I think that's what's so 

642
00:34:34,500 --> 00:34:36,100
exciting to everyone in the 
gaming world. 

643
00:34:36,100 --> 00:34:38,600
And now, you know, I've met in 
AA. 

644
00:34:38,900 --> 00:34:41,900
Everyone at every, you meet 
every product manager or game 

645
00:34:41,900 --> 00:34:44,300
developer. 
A game designer at Zynga 

646
00:34:44,300 --> 00:34:49,400
supercell Riot, you know, and 
and and and Dan they're all 

647
00:34:49,400 --> 00:34:52,199
thinking about this. 
This is obsessing them, right? 

648
00:34:52,199 --> 00:34:55,600
Because they've existed in a 
world where people were willing 

649
00:34:55,600 --> 00:35:00,400
to buy spend real money on 
Virtual Goods which adults and 

650
00:35:00,400 --> 00:35:03,700
the media still don't really 
even though it's not a own 

651
00:35:03,700 --> 00:35:06,300
skins, I have a great you 
exactly. 

652
00:35:06,300 --> 00:35:10,100
But for my money, I think it 
made money in OverWatch. 

653
00:35:10,100 --> 00:35:15,000
People are people are still very
He's skeptical of the digital 

654
00:35:15,000 --> 00:35:18,600
Goods economy even with Fiat 
right even if we don't talk 

655
00:35:18,600 --> 00:35:21,600
about blocks, right? 
And so why couldn't you Eric 

656
00:35:21,600 --> 00:35:25,300
trade your skin and have it then
live? 

657
00:35:25,300 --> 00:35:30,000
Not just in for tonight but also
in Roblox and the owner lots of 

658
00:35:30,000 --> 00:35:32,100
already met. 
Why would a centralized company 

659
00:35:32,100 --> 00:35:34,800
want to? 
I mean, we could that is so fun 

660
00:35:34,800 --> 00:35:36,200
to be no. 
But yeah, right? 

661
00:35:36,200 --> 00:35:38,900
But the big centralized 
companies, the incumbents are 

662
00:35:38,900 --> 00:35:41,500
not going to necessarily want 
that, right? 

663
00:35:41,600 --> 00:35:44,300
But all the Challengers will, 
right? 

664
00:35:44,300 --> 00:35:48,300
It'll help us scale much faster.
So the fluidity it's the same 

665
00:35:48,300 --> 00:35:51,200
way that in social media social 
graphs, right? 

666
00:35:51,300 --> 00:35:55,000
It would behoove all of the 
Challenger companies to create 

667
00:35:55,400 --> 00:35:58,500
an interoperable social graph, 
but of course, the Legacy 

668
00:35:58,500 --> 00:36:01,900
companies will never allow it. 
So, what I think is interesting 

669
00:36:01,900 --> 00:36:06,000
about your company approaching 
crypto and then FTS 

670
00:36:06,100 --> 00:36:09,300
specifically, is that to me it 
could represent this jump from 

671
00:36:09,300 --> 00:36:11,700
gaming, towards mainstream 
usage, right? 

672
00:36:11,700 --> 00:36:13,700
Because at the Level, I 
understand it. 

673
00:36:13,707 --> 00:36:16,000
People are very accustomed to 
Virtual Goods. 

674
00:36:16,200 --> 00:36:18,400
The trading of that there is a 
there is a market, there is a 

675
00:36:18,408 --> 00:36:21,800
currency, there is a value for 
non tangible objects but what 

676
00:36:21,800 --> 00:36:24,100
you guys have existed on what 
your success has come on. 

677
00:36:24,100 --> 00:36:27,000
So far, has been through 
straight-up social media, right?

678
00:36:27,000 --> 00:36:30,400
It's people taking photos things
in the real world and gaining 

679
00:36:30,400 --> 00:36:33,700
social currency through the 
success in whatever. 

680
00:36:33,700 --> 00:36:37,700
Attention those photos get, 
where do you see on the your 

681
00:36:37,700 --> 00:36:43,100
users interest, the involvement 
of this kind of web 30 Approach 

682
00:36:43,100 --> 00:36:46,700
to social currency towards I 
guess financialization, when it 

683
00:36:46,700 --> 00:36:49,200
comes to like, potentially 
issuing a token. 

684
00:36:49,200 --> 00:36:52,600
I don't think our users 
understand this, but I don't 

685
00:36:52,600 --> 00:36:56,100
think we had Mark Zuckerberg 
when they announced the news 

686
00:36:56,100 --> 00:36:58,300
feed. 
And, you know, his product 

687
00:36:58,300 --> 00:37:00,800
manager was famously, threatened
by the community, but the 

688
00:37:00,800 --> 00:37:04,300
numbers on the back, end told 
them, it was working, you know, 

689
00:37:04,300 --> 00:37:08,300
there's a part of, and, of 
course, Steve Jobs was the king 

690
00:37:08,300 --> 00:37:09,700
of this. 
There's a part of creating 

691
00:37:09,700 --> 00:37:12,300
consumer products, which is data
driven. 

692
00:37:12,600 --> 00:37:14,700
And talking to users, of course,
right? 

693
00:37:14,700 --> 00:37:17,900
Ultimately we are serving them, 
but there's also a part of it 

694
00:37:17,900 --> 00:37:20,600
that's intuition and trying to 
create something that's 

695
00:37:20,600 --> 00:37:24,300
different and enabling enabled 
by the technologies that you see

696
00:37:24,300 --> 00:37:27,100
adult way, the whole Henry, Ford
thing, they would have said I 

697
00:37:27,100 --> 00:37:29,500
want Faster Horses or more 
horses or whatever. 

698
00:37:29,500 --> 00:37:30,800
Right, right. 
Right, right. 

699
00:37:30,800 --> 00:37:34,400
I think that's that has to be an
obsession of yours if you're, 

700
00:37:34,400 --> 00:37:36,000
this is the hardest category in 
the world. 

701
00:37:36,100 --> 00:37:40,400
I think to build in, right is, 
how do you create something 

702
00:37:40,400 --> 00:37:43,200
that's taking advantage? 
So much has been Built already, 

703
00:37:43,200 --> 00:37:45,300
right? 
I mean you talk to investors 

704
00:37:45,300 --> 00:37:49,300
who've investing in Social for 
the last 15 to 20 years and 

705
00:37:49,300 --> 00:37:52,200
there was a consensus, maybe 
five years ago that social was 

706
00:37:52,200 --> 00:37:55,700
over, right? 
And even Snapchat had to 

707
00:37:55,700 --> 00:37:59,200
overcome that in their road to 
the market. 

708
00:37:59,200 --> 00:38:03,300
And of course when Instagram 
copied stories, a lot of people 

709
00:38:03,300 --> 00:38:05,400
thought and the snap share price
reflected. 

710
00:38:05,400 --> 00:38:08,100
A lot of people thought snap was
dead and it's the essential 

711
00:38:08,100 --> 00:38:10,900
thesis, the bear case. 
At that moment was social has 

712
00:38:10,908 --> 00:38:12,400
been built already, no one's 
ever. 

713
00:38:12,600 --> 00:38:16,200
Going to touch it again and the 
emergence of tick-tock, which I 

714
00:38:16,200 --> 00:38:19,800
think will be bigger than any of
these companies has really 

715
00:38:19,800 --> 00:38:20,700
corrected. 
The market. 

716
00:38:20,700 --> 00:38:24,300
It is extremely addictive. 
It is, it's amazing, it's 

717
00:38:24,300 --> 00:38:26,500
amazing. 
And then, you know, Discord is 

718
00:38:26,500 --> 00:38:28,700
surging Jason, and that team are
amazing. 

719
00:38:28,700 --> 00:38:31,400
Are going to build a behemoth 
company and hopefully with not 

720
00:38:31,400 --> 00:38:34,100
an a driven model. 
It's really exciting to see what

721
00:38:34,100 --> 00:38:37,300
they're doing seems with 
subscriptions and I think now 

722
00:38:37,300 --> 00:38:41,000
there's this energy out there 
that social is about to change 

723
00:38:41,000 --> 00:38:43,400
and you know my belief is that 
why is it changing? 

724
00:38:43,400 --> 00:38:47,400
Its really because social media 
is a cultural artifact enabled 

725
00:38:47,400 --> 00:38:50,300
by technology, right? 
Fashion goes through Cycles. 

726
00:38:50,300 --> 00:38:53,500
Why were skinny jeans in in last
week and now mom jeans are in 

727
00:38:53,508 --> 00:38:55,500
this week. 
Music goes through psycho, 

728
00:38:55,500 --> 00:38:57,300
right? 
I was managing an R&B group for 

729
00:38:57,300 --> 00:39:00,000
a while and the the whole 
premise was. 

730
00:39:00,100 --> 00:39:02,900
It's the Boys to Men of this 
time which was inspired by the 

731
00:39:02,900 --> 00:39:05,500
new edition of that time. 
And then the Four Tops and the 

732
00:39:05,508 --> 00:39:08,800
Jackson 5 and The Temptations of
that time, right? 

733
00:39:08,800 --> 00:39:13,400
And so when you look at social 
media, you Really, if you're 

734
00:39:13,400 --> 00:39:16,100
building it, you really have to 
believe that it comes in cycles.

735
00:39:16,100 --> 00:39:19,200
And so you have to think about 
what are the product values. 

736
00:39:19,200 --> 00:39:21,400
And for us, that's the 
authenticity, the community, the

737
00:39:21,400 --> 00:39:24,000
intimacy that gen Z seems to 
really care about. 

738
00:39:24,000 --> 00:39:28,400
But also, what are the unique? 
Technological changes of this 

739
00:39:28,400 --> 00:39:30,100
time, right? 
No one talks about it, but 

740
00:39:30,100 --> 00:39:33,500
Facebook, Surviving the shift 
from desktop to mobile was 

741
00:39:33,500 --> 00:39:35,400
triumphant. 
Right meeting ever thought it 

742
00:39:35,400 --> 00:39:37,900
was gonna happen media. 
Never never thought it was going

743
00:39:37,900 --> 00:39:39,600
to happen. 
It's a testament again to why 

744
00:39:39,600 --> 00:39:43,000
Zuckerberg is just the best. 
But also That is why they 

745
00:39:43,000 --> 00:39:45,600
hundred here for. 
He said that earlier and I was 

746
00:39:45,600 --> 00:39:49,900
surprised, you didn't react, I 
was like, I'm not as far as 

747
00:40:00,300 --> 00:40:03,900
the antitrust issues facing 
Facebook and the fact that I do 

748
00:40:03,900 --> 00:40:06,600
believe if he's as smart as I 
think and everyone else thinks 

749
00:40:06,600 --> 00:40:10,300
he is, he should break up the 
company, but as a technical 

750
00:40:10,400 --> 00:40:12,400
innovator, he really is 
preeminent. 

751
00:40:12,900 --> 00:40:14,500
But that's all I have to say on 
that one. 

752
00:40:14,500 --> 00:40:17,000
Well, I mean, what's interesting
to me, let's see if I can make 

753
00:40:17,000 --> 00:40:19,000
this analogy through media here 
because that because I covered 

754
00:40:19,000 --> 00:40:21,600
that for a long time. 
And to me the most impressive 

755
00:40:21,600 --> 00:40:24,200
transformation that happened on 
that side of things was Netflix,

756
00:40:24,200 --> 00:40:26,600
right? 
You know, moving from DVDs, 

757
00:40:26,600 --> 00:40:29,900
through the qwikster debacle to 
streaming, right was incredible 

758
00:40:30,200 --> 00:40:32,800
and has left them far out ahead,
at least for the time being when

759
00:40:32,800 --> 00:40:36,200
it comes to subscribers. 
But it would also like reads 

760
00:40:36,300 --> 00:40:39,500
Reed Hastings, thesis from the 
beginning was that eventually we

761
00:40:39,500 --> 00:40:42,300
will get to this point where 
content is going to be streamed.

762
00:40:42,600 --> 00:40:46,100
Directly into people's homes, 
like DVD was the intermediary 

763
00:40:46,400 --> 00:40:49,000
between where the president was 
and his vision. 

764
00:40:49,500 --> 00:40:51,600
And maybe that was the case with
shock to, you know, he always 

765
00:40:51,600 --> 00:40:54,500
knew that social media was 
something that needed to exist. 

766
00:40:54,500 --> 00:40:56,800
You know as an extremely 
personal level and on people's 

767
00:40:56,800 --> 00:41:02,800
phones is like crypto and N FTS 
the end result of something that

768
00:41:02,800 --> 00:41:05,000
has been. 
You know when it comes to social

769
00:41:05,000 --> 00:41:06,400
media something that is needed 
to exist. 

770
00:41:06,400 --> 00:41:09,800
For some time great question. 
That is exactly why we're 

771
00:41:09,800 --> 00:41:13,300
looking so hard and do it and I 
would actually separate Two 

772
00:41:13,300 --> 00:41:16,000
different parts of the web. 
Three worlds, right? 

773
00:41:16,000 --> 00:41:19,400
So first, there's n of T. 
So the product itself, what are 

774
00:41:19,400 --> 00:41:21,400
you? 
You know, the equivalent in 

775
00:41:21,400 --> 00:41:26,800
gaming on a Roblox or a 
fortnight is the skins or the, 

776
00:41:26,800 --> 00:41:31,300
you know, in-game assets. 
But then the more exciting part 

777
00:41:31,300 --> 00:41:34,900
in some ways or the equally, 
exciting part is Progressive 

778
00:41:34,900 --> 00:41:39,900
decentralization model and 
issuing a token, which enables 

779
00:41:40,000 --> 00:41:42,500
people and it's obviously in 
extract. 

780
00:41:42,600 --> 00:41:44,400
Lee link to the issuance of 
entities. 

781
00:41:44,400 --> 00:41:51,400
But if you look at axi right, 
just the nft of the back sees 

782
00:41:51,400 --> 00:41:54,900
themselves as not as interesting
as tying them to a token that's 

783
00:41:54,900 --> 00:42:00,900
publicly traded and is tied to 
the primary sales of the axes 

784
00:42:00,900 --> 00:42:03,500
and then the resale fees 
generated by the platform that 

785
00:42:03,500 --> 00:42:07,700
go into the community Treasury 
and are then given to the 

786
00:42:07,700 --> 00:42:10,500
participants in the ecosystem. 
That's really interesting. 

787
00:42:10,500 --> 00:42:12,300
It's never been done before, 
right? 

788
00:42:12,300 --> 00:42:15,100
And Back to Zuckerberg because I
know you like talking about him 

789
00:42:15,100 --> 00:42:19,600
as do. 
I the fundamental problem that 

790
00:42:19,600 --> 00:42:24,100
Facebook is facing if we ignore 
section 230 and First Amendment 

791
00:42:24,100 --> 00:42:26,800
issues. 
If we ignore privacy and data 

792
00:42:26,800 --> 00:42:28,900
collection issues, the 
fundamental problem they're 

793
00:42:28,900 --> 00:42:33,300
facing is one that's driven by 
the business model which is we 

794
00:42:33,300 --> 00:42:37,300
need to create an algorithm that
drives engagement because 

795
00:42:37,400 --> 00:42:41,400
engagement creates Adam to Tori 
and Adam inventory creates 

796
00:42:41,400 --> 00:42:44,100
Revenue growth. 
And so, what's really, what's 

797
00:42:44,100 --> 00:42:48,300
really compelling to our company
is if you were genuinely trying 

798
00:42:48,300 --> 00:42:50,700
to create the 
once-in-a-generation social 

799
00:42:50,700 --> 00:42:54,500
media company that will change 
that, right? 

800
00:42:54,500 --> 00:42:59,600
Because Evan and Snapchat tried 
to build Hardware, you know, had

801
00:42:59,600 --> 00:43:04,100
a bunch of false starts went 
into the ad model Pinterest has 

802
00:43:04,100 --> 00:43:06,700
to be an ad model. 
Reddit has tried all these other

803
00:43:06,700 --> 00:43:08,200
things, it's going to be an ad 
model. 

804
00:43:08,400 --> 00:43:11,800
So if you're going to try to 
Jet, if you have teen girls in 

805
00:43:11,800 --> 00:43:15,100
college kids, Drive Social 
Network adoptions excluding the 

806
00:43:15,100 --> 00:43:18,500
Pinterest case, which is amazing
for other reasons. 

807
00:43:19,200 --> 00:43:22,400
If you have that audience, which
is really, really hard to do. 

808
00:43:22,400 --> 00:43:25,000
And you can see from all that's 
leaked in the hearings that 

809
00:43:25,000 --> 00:43:27,300
Facebook and Instagram have lost
that audience. 

810
00:43:28,000 --> 00:43:30,800
So, if you're our company and 
you're trying to create 

811
00:43:30,800 --> 00:43:33,100
something that has a business 
model, that is not a driven 

812
00:43:33,100 --> 00:43:36,000
because there's something wrong 
with that ethically and 

813
00:43:36,000 --> 00:43:40,100
politically, then looking very 
hard at what a token issuance 

814
00:43:40,100 --> 00:43:42,400
and what changing the business 
model fundamentally because 

815
00:43:42,700 --> 00:43:46,000
Jason and the Discord team are 
choosing subscriptions which is 

816
00:43:46,000 --> 00:43:49,500
one of the other models, but end
of TS and a token issuance are 

817
00:43:49,500 --> 00:43:54,300
really, really interesting from 
an ethical standpoint. 

818
00:43:54,400 --> 00:43:58,300
And I think that's why we're so 
inspired and energized to spend 

819
00:43:58,300 --> 00:44:01,100
all this time exploring it 
because that could be a 

820
00:44:01,100 --> 00:44:02,800
game-changer. 
That's the numbers I've 

821
00:44:02,800 --> 00:44:05,200
understood. 
Why you're looking into using 

822
00:44:05,200 --> 00:44:07,700
the most, I believed it the 
point that it's like, oh, it's 

823
00:44:07,700 --> 00:44:10,700
an escape hatch from the ad 
model. 

824
00:44:10,700 --> 00:44:13,900
That is condemned, which is it. 
Has such strong gravitational 

825
00:44:13,900 --> 00:44:16,900
pull because I covered Snapchat 
during that period, where Evan 

826
00:44:17,400 --> 00:44:20,400
actually embarrassingly one of 
the Scoops that I had early on 

827
00:44:20,400 --> 00:44:22,900
covering the company was like, 
Snap doesn't want to do ads 

828
00:44:23,100 --> 00:44:25,600
because they were talking to the
all the Chinese companies of the

829
00:44:25,600 --> 00:44:26,300
time. 
Evan didn't? 

830
00:44:26,300 --> 00:44:29,000
I mean it's true that it's one 
of the journalists, like Escape 

831
00:44:29,000 --> 00:44:31,400
hatches of true at the time? 
Because yeah, you know, they 

832
00:44:31,400 --> 00:44:35,400
were looking at, you know, micro
payments and people spending 

833
00:44:35,400 --> 00:44:38,900
money on individual filters and 
I mean I guess you could call it

834
00:44:38,900 --> 00:44:40,500
early and have tea or whatever 
Shirley. 

835
00:44:40,700 --> 00:44:43,000
Why didn't they have? 
They should have had An mou they

836
00:44:43,000 --> 00:44:46,200
should have had cash app, right?
The snapcash I want to go back 

837
00:44:46,200 --> 00:44:48,700
to the conference where we all 
got were this guy started. 

838
00:44:48,700 --> 00:44:51,500
And there's like, 
financialization is part of what

839
00:44:51,500 --> 00:44:53,900
excites web three. 
I mean I was joking online. 

840
00:44:54,000 --> 00:44:56,500
Somebody was showing a chart of 
like interest in web three 

841
00:44:56,500 --> 00:44:59,500
verses like the Creator economy 
and it's way bigger for web 

842
00:44:59,500 --> 00:45:00,700
three. 
And I do think part of it is 

843
00:45:00,700 --> 00:45:03,900
like there are others Financial 
speculation to go with web three

844
00:45:03,900 --> 00:45:07,500
like web, three justifies 
people, who just want to like 

845
00:45:07,700 --> 00:45:10,400
bedding currencies, and on the 
flip side, you know, there are 

846
00:45:10,400 --> 00:45:13,700
founders, like, yourself who are
like, oh, I To build a company 

847
00:45:14,000 --> 00:45:17,900
like some actual things in this 
new technology could be useful 

848
00:45:17,900 --> 00:45:20,100
and make it possible. 
So you're interested in more 

849
00:45:20,100 --> 00:45:22,900
like a product lens, but then 
you go to this world. 

850
00:45:23,600 --> 00:45:25,700
That's so Financial eyes. 
And, I mean, that sort of the 

851
00:45:25,700 --> 00:45:29,100
etherium joke, you sort of 
started off with that story and 

852
00:45:29,100 --> 00:45:33,500
even some of the founders, who 
are hardcore, how what's the 

853
00:45:33,500 --> 00:45:36,200
Speculator percentage? 
I guess at this conference, or 

854
00:45:36,200 --> 00:45:38,800
like, if you had to say they're 
just like, betting on currency 

855
00:45:38,800 --> 00:45:42,400
goes up, I make a lot of money. 
That's what I care about, how 

856
00:45:42,500 --> 00:45:45,700
How prevalent was that? 
It's very large, it's very 

857
00:45:45,700 --> 00:45:48,700
large, and I think it's 
fascinating to think, as well. 

858
00:45:48,900 --> 00:45:51,200
So, on the individual basis 
there, right? 

859
00:45:51,200 --> 00:45:54,500
All of the open sea, whales the 
20,000 of them, the board Apes 

860
00:45:54,500 --> 00:45:57,100
holders, the crypto Punk's 
holders, not all of them, but a 

861
00:45:57,100 --> 00:46:01,500
large number of them are very 
much interested in this, it's 

862
00:46:01,500 --> 00:46:05,100
part Community Driven, its part 
Financial speculation driven, 

863
00:46:05,100 --> 00:46:07,200
right? 
It's very hard to, as an 

864
00:46:07,200 --> 00:46:10,600
outsider who's, you know, a 
Believer now, but still an 

865
00:46:10,600 --> 00:46:14,900
outsider because I haven't Been 
with them, for any real period 

866
00:46:14,900 --> 00:46:18,700
of time, it's very hard to see 
what the difference is. 

867
00:46:18,700 --> 00:46:21,200
And you know, to untangle the 
links. 

868
00:46:22,400 --> 00:46:24,300
I think what's really 
interesting, people will be 

869
00:46:24,308 --> 00:46:27,200
giving you some Spiel and is 
like empty and you're like, you 

870
00:46:27,200 --> 00:46:30,000
just want to make money. 
I mean, like, you have to say 

871
00:46:30,000 --> 00:46:32,900
like, I mean, maybe you 
disagree, but certainly, some of

872
00:46:32,908 --> 00:46:34,400
the things people say around 
crypto. 

873
00:46:34,400 --> 00:46:37,000
It's like what's the there 
there? 

874
00:46:37,100 --> 00:46:38,000
Right. 
Sure. 

875
00:46:38,000 --> 00:46:42,400
But in any emerging in any 
emerging technology in that, 

876
00:46:42,500 --> 00:46:44,800
Doubly. 
There will be a bit of a wild 

877
00:46:44,800 --> 00:46:47,900
west feel right. 
Just think about all some of the

878
00:46:47,900 --> 00:46:50,400
news that's been made in the 
last couple weeks, right? 

879
00:46:50,600 --> 00:46:55,400
The head of product to the top 
and of Team Marketplace is 

880
00:46:55,400 --> 00:46:59,400
front-running the transactions 
and they then have to throw out 

881
00:46:59,400 --> 00:47:01,600
the squid games token. 
Right? 

882
00:47:02,000 --> 00:47:04,800
Goes up through the roof and 
built into the smart contract. 

883
00:47:04,800 --> 00:47:08,300
You can't sell and then the 
developers Cash Out 12 million 

884
00:47:08,300 --> 00:47:10,200
dollars. 
It was a fake squid game token, 

885
00:47:10,200 --> 00:47:11,900
they cashed out 12 million 
dollars. 

886
00:47:11,900 --> 00:47:14,900
So Definitely their security 
issues. 

887
00:47:15,200 --> 00:47:17,200
There's a big, alleged alleged 
everywhere. 

888
00:47:17,200 --> 00:47:18,900
Anybody just said, alleged? 
Yeah. 

889
00:47:19,600 --> 00:47:20,600
Right. 
Right. 

890
00:47:20,700 --> 00:47:23,000
So we'll run the disclaimer at 
the end of the episode. 

891
00:47:23,000 --> 00:47:25,600
Sure. 
But I think the majority of the 

892
00:47:25,600 --> 00:47:29,300
people I met and interacted with
do seem to be good and are much 

893
00:47:29,300 --> 00:47:32,100
more interested in the community
elements. 

894
00:47:32,100 --> 00:47:34,700
The decentralization elements. 
But of course, there's a little 

895
00:47:34,700 --> 00:47:37,900
bit of a manager. 
It's also knew I was just yeah, 

896
00:47:37,900 --> 00:47:40,400
somebody just had a like a bunch
of their crypto like stolen at 

897
00:47:40,400 --> 00:47:43,600
gunpoint a I mean it's constant.
All of that, all of that. 

898
00:47:43,600 --> 00:47:47,100
When you say like the wild west,
I mean, so what were you going 

899
00:47:47,100 --> 00:47:50,000
to a lot of panels or give us a 
couple more scenes? 

900
00:47:50,000 --> 00:47:54,000
There what was another, like 
striking striking event? 

901
00:47:54,200 --> 00:47:57,000
I would say, one of the 
interesting observations I had 

902
00:47:57,000 --> 00:48:00,900
was there were a lot more 
investors there than there were 

903
00:48:01,000 --> 00:48:04,700
people building. 
So it was a commentary and 

904
00:48:04,700 --> 00:48:11,000
reflection on the amount of dry 
powder and investor dollars 

905
00:48:11,000 --> 00:48:15,200
chasing deals and They're not 
being that many people with 

906
00:48:15,200 --> 00:48:18,000
experience in the space. 
And also, you know, we to dinner

907
00:48:18,100 --> 00:48:21,900
Monday, where we're trying to 
recruit people out of the social

908
00:48:21,900 --> 00:48:24,600
media, Behemoth for art, you 
know, different parts of our 

909
00:48:24,607 --> 00:48:27,000
company. 
And there just seemed to be this

910
00:48:27,000 --> 00:48:29,700
energy. 
They're searching for a cause 

911
00:48:29,700 --> 00:48:33,600
write, like this is the future. 
I'm, I'm not quite sure for what

912
00:48:33,600 --> 00:48:36,500
it is, but we do. 
I want the money is feels like 

913
00:48:36,500 --> 00:48:39,500
when you know, for people who 
build consumer products when we 

914
00:48:39,500 --> 00:48:42,300
went up when an iPhone was first
put into your hands. 

915
00:48:42,500 --> 00:48:45,900
Ends and you realize what the 
Apple team had accomplished and 

916
00:48:45,900 --> 00:48:48,300
what this would mean. 
It feels like another 

917
00:48:48,300 --> 00:48:53,000
generational seminal moment, 
even if you can't, you know, you

918
00:48:53,000 --> 00:48:55,200
couldn't have predicted the 
first time you and I phone in 

919
00:48:55,200 --> 00:48:58,400
your hand, all the use cases and
all the magic that would happen 

920
00:48:58,700 --> 00:49:02,000
just feel like Uber or covering 
Uber, you know, a lot of people 

921
00:49:02,000 --> 00:49:03,800
went there because it was such a
hot company. 

922
00:49:04,600 --> 00:49:07,800
I mean, coinbase people ask me. 
Oh, like, what's the Uber now? 

923
00:49:08,400 --> 00:49:11,300
And coinbase is already public 
and so valuable. 

924
00:49:12,000 --> 00:49:14,600
But they're doing so well, but 
it doesn't feel as exciting. 

925
00:49:14,600 --> 00:49:17,400
I mean, you were sort of saying,
you think coinbase is going to 

926
00:49:17,400 --> 00:49:20,500
beat Open Sea which would 
presumably mean, they have a lot

927
00:49:20,500 --> 00:49:24,600
of room to grow here. 
I mean, but yeah, it just seemed

928
00:49:24,600 --> 00:49:26,800
like people are in search of 
like the company. 

929
00:49:26,800 --> 00:49:30,100
That's clearly owning the trend 
to go for the greatest product 

930
00:49:30,100 --> 00:49:31,800
there. 
I mean, like I want to go back 

931
00:49:31,800 --> 00:49:34,700
to your iPhone reference for a 
second there because one of my 

932
00:49:34,700 --> 00:49:39,100
favorite moments in, you know, 
whatever I periodically re-watch

933
00:49:39,100 --> 00:49:42,000
the video, Steve Jobs 
introducing the iPhone in The 

934
00:49:42,000 --> 00:49:44,800
seven. 
It's a great hook and reporters 

935
00:49:44,800 --> 00:49:46,300
are cynical. 
You're like, every morning when 

936
00:49:46,300 --> 00:49:49,300
I wake up, I didn't get excited.
I watch a Steve Jobs. 

937
00:49:49,300 --> 00:49:51,900
Yeah, I mean I think it's like 
you can talk about the world 

938
00:49:51,900 --> 00:49:53,400
that was created after that all 
you want. 

939
00:49:53,400 --> 00:49:56,500
But in terms of just like a 
great product reveal, it's 

940
00:49:56,500 --> 00:49:58,700
fucking incredible because it 
you know, before there was the 

941
00:49:58,700 --> 00:50:01,200
knowledge before the iPhone, 
there was a time afterwards and 

942
00:50:01,200 --> 00:50:02,900
you see him, everyone knew that 
it was coming. 

943
00:50:02,900 --> 00:50:05,100
We had a vague idea of what the 
iPhone was. 

944
00:50:05,100 --> 00:50:08,100
He takes it out, everyone kind 
of gets it and then at some 

945
00:50:08,100 --> 00:50:12,300
point in the movie, sorry in the
video, he takes that he He shows

946
00:50:12,300 --> 00:50:14,100
the feature where you can pinch 
to zoom. 

947
00:50:14,300 --> 00:50:16,900
So he's like you just take a 
photo and you take your finger 

948
00:50:16,900 --> 00:50:19,600
like this you should end the 
audience has this moment of like

949
00:50:19,800 --> 00:50:22,800
fuck, that's so good that makes 
so much sense. 

950
00:50:22,800 --> 00:50:24,400
This is the perfect user 
interaction. 

951
00:50:24,400 --> 00:50:27,500
It's a it's a most I've never 
made in my life before and yet 

952
00:50:27,500 --> 00:50:30,100
now I knew exactly what to do 
with it and that to me is why 

953
00:50:30,100 --> 00:50:32,800
the iPhone works because they 
had like that feature in there 

954
00:50:33,000 --> 00:50:35,900
in which people intuitively knew
what to do with it and it worked

955
00:50:35,900 --> 00:50:39,000
and instantly this became the 
best product in a field of 

956
00:50:39,000 --> 00:50:40,600
people all trying to make this 
product. 

957
00:50:40,900 --> 00:50:44,400
And so that's sort of Do you see
anything close to that with, you

958
00:50:44,400 --> 00:50:46,800
know, at this conference that 
somebody has a product there in 

959
00:50:46,800 --> 00:50:50,300
which any, you know, lay person 
once they see, it does 

960
00:50:50,300 --> 00:50:53,000
demonstrate in front of them, it
will click in some sort of like 

961
00:50:53,000 --> 00:50:57,900
visceral Atomic away, that they 
will get it and all the sudden, 

962
00:50:57,900 --> 00:50:59,900
all this bullshit that's been 
going on around, it will fall 

963
00:50:59,900 --> 00:51:02,400
into place and the good ideas 
will fall in and the bad ideas 

964
00:51:02,400 --> 00:51:05,000
will go away. 
And like this world is web three

965
00:51:05,000 --> 00:51:08,500
world will actually exist in the
tangible aspect. 

966
00:51:08,600 --> 00:51:11,600
Now I feel it coming right? 
That's fundamentally. 

967
00:51:11,800 --> 00:51:13,600
What we would hope to build, 
right? 

968
00:51:13,600 --> 00:51:17,600
Because the web three Community 
is building the technological 

969
00:51:17,600 --> 00:51:20,400
backbone. 
But on the ux side, all the 

970
00:51:20,400 --> 00:51:23,800
nomenclature we talked about 
earlier is not there, right? 

971
00:51:23,800 --> 00:51:28,400
So, even using for us, the word 
and have tea, or the word token,

972
00:51:28,600 --> 00:51:31,000
is going to be a huge decision, 
right? 

973
00:51:31,100 --> 00:51:35,400
Maybe that's the underlying 
technology were using or the 

974
00:51:35,400 --> 00:51:38,600
architecture, but we may use 
other words, you know, my 

975
00:51:38,600 --> 00:51:42,100
friends, Eternal, the video game
and of Company. 

976
00:51:42,100 --> 00:51:46,500
They called their nfc's moments.
And right now they're built on 

977
00:51:46,500 --> 00:51:50,500
floats as the Dapper Labs chain,
and so you can buy their moments

978
00:51:50,500 --> 00:51:51,800
for nine dollars. 
You use. 

979
00:51:51,800 --> 00:51:54,000
There's a Fiat on-ramp. 
And, of course, you can also buy

980
00:51:54,000 --> 00:51:57,200
them in flow, but they're 
incredibly sharp. 

981
00:51:57,200 --> 00:52:01,400
And, you know, the Dapper Labs 
Top Shot, you acts is probably 

982
00:52:01,500 --> 00:52:04,600
the best in class right now, 
when it comes to serving up, 

983
00:52:04,800 --> 00:52:08,600
users can consumers the your 
community, something that the 

984
00:52:08,600 --> 00:52:12,400
average Layman can understand. 
And I think, In the wallet 

985
00:52:12,400 --> 00:52:16,100
worlds, you know what, the team 
at Rainbow or building, which is

986
00:52:16,800 --> 00:52:22,400
the best etherium wallet, or 
just crypto wallet by, you know,

987
00:52:22,400 --> 00:52:26,300
Leaps and Bounds that wallet I 
think is going to do amazing 

988
00:52:26,300 --> 00:52:29,100
things for the adoption of 
cryptocurrency. 

989
00:52:29,100 --> 00:52:32,000
But even then, you know that 
team is coming from the crypto 

990
00:52:32,000 --> 00:52:33,100
world. 
So I think it'll be really 

991
00:52:33,100 --> 00:52:37,200
interesting when the two really 
Collide and you can find, 

992
00:52:37,300 --> 00:52:42,900
hopefully a product with web to 
design, you know, Qualities that

993
00:52:42,900 --> 00:52:46,500
can be understood and really 
lead to mass adoption. 

994
00:52:46,500 --> 00:52:50,300
Did you pick up any new 
cryptocurrencies while you were 

995
00:52:50,300 --> 00:52:52,600
there? 
How much was there, sort of, 

996
00:52:52,600 --> 00:52:57,500
like, get on this one? 
It's about to go up or I heard 

997
00:52:57,900 --> 00:53:00,300
Whispers And rumbling of that 
but that's not what I was there 

998
00:53:00,300 --> 00:53:02,400
for seven. 
But does it come up like at 

999
00:53:02,400 --> 00:53:04,500
these dinners? 
But people are like, oh, like 

1000
00:53:04,500 --> 00:53:07,600
what's the hot? 
Small currency or buying or 

1001
00:53:07,600 --> 00:53:09,000
absolutely. 
Absolutely. 

1002
00:53:09,000 --> 00:53:12,700
And I think, what's also 
interesting is You know, back to

1003
00:53:12,700 --> 00:53:16,400
the Open Sea. 
Ethical lapse that, you know, 

1004
00:53:16,400 --> 00:53:20,700
they had to depart Reserve in 
there, keep their product guy 

1005
00:53:20,700 --> 00:53:24,700
was before they would list it. 
You know, buying some of the 

1006
00:53:24,700 --> 00:53:28,200
collection of nft is known on 
their homepage so he then knew 

1007
00:53:28,200 --> 00:53:29,700
where the volume would then go, 
right. 

1008
00:53:29,900 --> 00:53:34,400
He was bomb but then these 
kryptos lose found it and as a 

1009
00:53:34,408 --> 00:53:37,300
result and that part of the 
promise of this technology is 

1010
00:53:37,300 --> 00:53:39,800
how quickly someone was able to 
find it because it's all public 

1011
00:53:39,800 --> 00:53:42,400
on The Ledger. 
And so, They founded. 

1012
00:53:42,400 --> 00:53:43,800
And then he they had to fire 
him. 

1013
00:53:44,500 --> 00:53:49,500
But, you know, you've got to 
believe there are employees at 

1014
00:53:49,500 --> 00:53:53,600
coinbase and a bunch of these 
companies who are seeing flows 

1015
00:53:53,600 --> 00:53:56,700
happen and acting on them, right
because there's no regular 

1016
00:53:56,700 --> 00:54:00,700
regulation about all of it. 
So to me it seemed and back to 

1017
00:54:00,700 --> 00:54:04,000
the question earlier about the 
amount of financial speculation 

1018
00:54:04,200 --> 00:54:07,100
it definitely was coming up and 
a lot of the you know, hushed 

1019
00:54:07,100 --> 00:54:09,700
Whispers that I wasn't 
necessarily participating in 

1020
00:54:10,000 --> 00:54:12,200
that. 
There is a lot of Of and even 

1021
00:54:12,200 --> 00:54:16,500
it's interesting when you talk 
about the VCS themselves, right?

1022
00:54:16,600 --> 00:54:20,700
The multi coins, the Alameda 
research, the jump capitals, the

1023
00:54:20,700 --> 00:54:25,300
finance, a lot of them have both
Venture arms and hedge funds and

1024
00:54:25,300 --> 00:54:27,700
that's new to the Venture 
Capital World, Andreessen 

1025
00:54:27,700 --> 00:54:29,200
Horowitz. 
I'm sure we'll introduce it in 

1026
00:54:29,200 --> 00:54:33,800
2023 but and you know and the 
changes that Sequoia just made 

1027
00:54:33,800 --> 00:54:36,700
are preparing but they're going 
to think of it more as a mutual 

1028
00:54:36,700 --> 00:54:39,400
fund approach less than a hedge 
fund. 

1029
00:54:39,400 --> 00:54:42,600
But what's interesting in to me,
You're going to this crypto 

1030
00:54:42,600 --> 00:54:44,200
world, and I grew up in New York
and her friends. 

1031
00:54:44,200 --> 00:54:47,700
A lot of the hedge funds is 
hedge funds, entering the space.

1032
00:54:48,300 --> 00:54:51,300
You have to understand, you 
know, you have to approach it 

1033
00:54:51,300 --> 00:54:55,000
with a sense of caution. 
And with real due diligence, 

1034
00:54:55,000 --> 00:54:59,600
because their incentives in, you
know, creating the ecosystem 

1035
00:54:59,600 --> 00:55:02,200
around a currency, they were 
very early in which they're 

1036
00:55:02,300 --> 00:55:05,900
incredibly deep holders. 
M are not aligned necessarily 

1037
00:55:05,900 --> 00:55:10,100
with those of your company. 
And I think really getting, you 

1038
00:55:10,100 --> 00:55:13,500
know, in terms of what you're 
building on Whose money or 

1039
00:55:13,500 --> 00:55:16,800
taking thinking hard about that 
and who's, you know, when you 

1040
00:55:16,800 --> 00:55:19,100
give access to the information, 
the private information of your 

1041
00:55:19,100 --> 00:55:20,200
company who are you giving it 
to? 

1042
00:55:20,200 --> 00:55:23,400
And why you have to be really, 
really careful about that, hmm. 

1043
00:55:24,000 --> 00:55:27,300
He's yeah, these firms want 
visibility into how things are 

1044
00:55:27,300 --> 00:55:30,700
going so they want access to 
companies, you might see it, 

1045
00:55:30,700 --> 00:55:33,400
right? 
And I think they're all from my 

1046
00:55:33,400 --> 00:55:36,900
interactions, ethical genuine, 
thoughtful people. 

1047
00:55:36,900 --> 00:55:40,400
But still, you know, you know, 
this is an incredibly 

1048
00:55:40,400 --> 00:55:42,800
capitalists. 
Machine. 

1049
00:55:43,000 --> 00:55:48,100
Like if you had a an ape or 
whatever Krypto Punk like was it

1050
00:55:48,100 --> 00:55:51,400
obvious that you own like we're 
people wearing them on there 

1051
00:55:51,400 --> 00:55:54,600
like t-shirts or was there a way
to like in the real world signal

1052
00:55:54,600 --> 00:55:57,200
to people? 
Like I sunk a bazillion dollars 

1053
00:55:57,200 --> 00:55:59,500
and do a hot and ft at this 
thing. 

1054
00:55:59,900 --> 00:56:01,700
Yes! 
People wearing them on t-shirts.

1055
00:56:02,600 --> 00:56:05,700
Alexis Ohanian. 
Whom I love is our lead seed 

1056
00:56:05,700 --> 00:56:08,500
investor. 
He wore his crypto Punk of his 

1057
00:56:08,500 --> 00:56:11,000
wife Serena Williams to the Met 
Gala. 

1058
00:56:11,900 --> 00:56:16,700
That's so absolutely there's a 
huge element of Pride taken and 

1059
00:56:16,700 --> 00:56:19,800
being a part of this community 
is the nice side of it for sure 

1060
00:56:20,400 --> 00:56:22,200
but it's also a status symbol. 
You know. 

1061
00:56:22,200 --> 00:56:25,600
You see on Twitter people refer 
to their nft collections as the 

1062
00:56:25,600 --> 00:56:27,300
equivalent of their Rolex, 
right? 

1063
00:56:27,300 --> 00:56:29,600
So it's like having a really 
fancy watch. 

1064
00:56:29,700 --> 00:56:32,800
I like seeing a huge crossover 
between like sneaker heads and 

1065
00:56:32,800 --> 00:56:35,100
people that are in 2nf. 
TS, right, right. 

1066
00:56:35,100 --> 00:56:37,700
Do you have a fancy nft? 
No, no. 

1067
00:56:38,500 --> 00:56:39,600
I see nothing wrong with it 
though. 

1068
00:56:39,600 --> 00:56:41,700
But I also don't have a fancy 
watch or a fancy. 

1069
00:56:41,900 --> 00:56:44,700
The car right? 
Well, that's the next move. 

1070
00:56:44,700 --> 00:56:46,500
I mean, if that's the end of, 
that's the culture, that 

1071
00:56:46,500 --> 00:56:50,000
society, that decision not to 
wear those things is like, I do 

1072
00:56:50,000 --> 00:56:53,900
think it's weird, and I think 
somebody else was maybe it was 

1073
00:56:53,900 --> 00:56:56,600
like Sam, Lester's. 
I I mean, our culture, 

1074
00:56:56,700 --> 00:56:59,600
especially Silicon Valley 
culture, moved away from like 

1075
00:57:00,000 --> 00:57:03,800
the showy wealth of Wall Street 
and like Rolex type behavior. 

1076
00:57:03,800 --> 00:57:06,900
And I think in like San 
Francisco that was always sort 

1077
00:57:06,900 --> 00:57:10,000
of tacky, you know, you just 
like we're all birds and a 

1078
00:57:10,000 --> 00:57:14,500
hoodie or whatever. 
It's Strange to me, that sort of

1079
00:57:14,508 --> 00:57:16,900
the yeah that's super 
consumerist showy. 

1080
00:57:16,900 --> 00:57:22,700
And if tea culture has sort of 
become acceptable and I wonder 

1081
00:57:22,900 --> 00:57:26,500
how long I think it's part of it
is related to the rise of 

1082
00:57:26,500 --> 00:57:29,200
injuries and Horowitz, right? 
Which is as much a media Empire 

1083
00:57:29,200 --> 00:57:32,600
as an investing Empire and heard
was so inspired by what Michael 

1084
00:57:32,600 --> 00:57:35,200
Ovitz did was CIA, right? 
Why did it? 

1085
00:57:35,200 --> 00:57:37,600
Why did Chris lines win the 
clubhouse deal? 

1086
00:57:37,800 --> 00:57:40,400
It was because he was able to 
get Kevin Hart and a bunch of 

1087
00:57:40,400 --> 00:57:43,400
celebrities even though You 
know, the clubhouse team had 

1088
00:57:43,400 --> 00:57:46,600
been Benchmark, entrepreneurs 
and residents, right? 

1089
00:57:46,700 --> 00:57:49,500
Brutal, right. 
So, they saw, they saw a real 

1090
00:57:49,500 --> 00:57:54,700
strategic and again, to my point
earlier, social media consumer, 

1091
00:57:54,700 --> 00:57:57,100
Tech social companies are 
cultural artifacts, and 

1092
00:57:57,100 --> 00:58:00,700
therefore, are inextricably 
linked to celebrity in this 

1093
00:58:00,700 --> 00:58:02,700
country. 
Are you an and recent company? 

1094
00:58:03,000 --> 00:58:05,900
No, we're not. 
I am an admirer, you know, I met

1095
00:58:05,900 --> 00:58:07,200
them. 
I think what? 

1096
00:58:07,200 --> 00:58:10,500
And have met a number of the 
partners, over the years. 

1097
00:58:10,500 --> 00:58:13,700
I think, what they do isn't 
Incredibly impressive for a 

1098
00:58:13,700 --> 00:58:14,600
number of reasons. 
Yeah. 

1099
00:58:14,600 --> 00:58:16,600
And the people working there 
very small, right. 

1100
00:58:16,700 --> 00:58:20,200
But the truth is, when you look 
at the rise of Instagram, right?

1101
00:58:20,200 --> 00:58:23,400
Scooter Braun was calling, Kevin
trying to get Bieber to be an 

1102
00:58:23,400 --> 00:58:25,600
investor. 
When it because Bieber drove a 

1103
00:58:25,600 --> 00:58:28,500
huge part of the adoption 
Snapchat, a little less. 

1104
00:58:28,500 --> 00:58:30,900
So because it's based on 
intimacy but Clubhouse their 

1105
00:58:30,900 --> 00:58:33,400
rise very driven by celebrities 
Twitter. 

1106
00:58:33,400 --> 00:58:36,800
Of course, huge moment when 
Ashton Kutcher was using it and 

1107
00:58:36,800 --> 00:58:40,600
that inspired Ashton becoming a 
VC and then Oprah, you know, 

1108
00:58:40,600 --> 00:58:43,200
there's great. 
Beans in that Nick Bilton book 

1109
00:58:43,200 --> 00:58:46,400
about their servers melting when
Oprah. 

1110
00:58:46,400 --> 00:58:49,800
First, you know, talked about 
Twitter on her show which was, 

1111
00:58:49,800 --> 00:58:51,800
you know, the preeminent couch 
at that time. 

1112
00:58:51,800 --> 00:58:56,100
So I think Silicon Valley has 
long wanted to believe that. 

1113
00:58:56,100 --> 00:59:00,000
It's all about product and 
engineering and you acts but 

1114
00:59:00,000 --> 00:59:02,600
celebrities have always driven 
adoption. 

1115
00:59:02,600 --> 00:59:06,400
And so, there's been this 
uncomfortable relationship with 

1116
00:59:06,400 --> 00:59:11,100
Hollywood, of course, because 
who's who's your most helpful? 

1117
00:59:11,700 --> 00:59:14,500
Bertie investor, we got a 
number, you know, of course, in 

1118
00:59:14,500 --> 00:59:17,100
the beginning, it was David, but
can't pick among your children, 

1119
00:59:17,200 --> 00:59:17,700
right? 
Yeah. 

1120
00:59:18,200 --> 00:59:20,300
All that happened. 
But you know, now we've brought 

1121
00:59:20,300 --> 00:59:23,800
Annie Leibovitz and her team 
Karen and Jason are unbelievably

1122
00:59:23,800 --> 00:59:25,500
help. 
We're going to hopefully do 

1123
00:59:25,500 --> 00:59:28,400
something big with them soon. 
The Chainsmokers have been 

1124
00:59:28,400 --> 00:59:31,100
amazing, you know I've course of
a long relationship with Sofia 

1125
00:59:31,100 --> 00:59:33,700
Vergara and her manager Luiz. 
It's like my brother. 

1126
00:59:33,800 --> 00:59:35,600
They've been very very helpful 
to us. 

1127
00:59:36,400 --> 00:59:38,900
We have a number card Delevingne
got involved. 

1128
00:59:38,900 --> 00:59:41,600
Kevin Durand Rich climb in. 
I just saw her. 

1129
00:59:41,700 --> 00:59:44,000
Every dollar and Rudi with 
Mastery. 

1130
00:59:44,000 --> 00:59:47,000
So I mean and and in right are 
coming wasn't going to mention 

1131
00:59:47,000 --> 00:59:49,500
the name, you underestimate La 
tech companies. 

1132
00:59:49,500 --> 00:59:52,400
Like name-dropping is the 
currency down there like he'd go

1133
00:59:52,400 --> 00:59:55,000
on for more. 
Well you can you can't leave 

1134
00:59:55,000 --> 00:59:56,800
anybody out. 
They all want to help it is 

1135
00:59:56,800 --> 00:59:59,700
amazing. 
I mean, it's yeah, it's cool. 

1136
00:59:59,700 --> 01:00:03,000
It's a cool moment right now. 
I mean cool. 

1137
01:00:03,000 --> 01:00:05,100
Well I don't know any final, 
thoughts from anybody? 

1138
01:00:05,100 --> 01:00:07,100
I got one last question here. 
You know we're recording this 

1139
01:00:07,100 --> 01:00:10,100
episode both Eric and I are in 
New York City momentous day 

1140
01:00:10,100 --> 01:00:13,200
earlier this week when Eric 
Adams was not only elected 

1141
01:00:13,200 --> 01:00:16,000
mayor, but made the announcement
that he was going to be 

1142
01:00:16,000 --> 01:00:19,100
accepting his first three 
paychecks in Bitcoin. 

1143
01:00:19,400 --> 01:00:23,800
Can you pledge or sign a pledge 
on our show that the next couple

1144
01:00:23,800 --> 01:00:25,800
of paychecks that you get will 
be in some sort of 

1145
01:00:25,808 --> 01:00:27,600
cryptocurrency to our 
accountants? 

1146
01:00:27,600 --> 01:00:30,300
But I'm incredibly interested in
that. 

1147
01:00:30,400 --> 01:00:34,200
Thank you for. 
All right, thank you so much for

1148
01:00:34,200 --> 01:00:36,600
coming on. 
Covered a lot of ground, you 

1149
01:00:36,600 --> 01:00:39,900
know, kind of Realtek, shit. 
You know, web three. 

1150
01:00:39,900 --> 01:00:43,600
We use that phrase which I don't
think we've said before on the 

1151
01:00:43,600 --> 01:00:45,300
show, I'm not sure. 
Thanks a lot. 

1152
01:00:45,300 --> 01:00:57,400
This is fun. 
So if I'm Valerie, goodbye, 

1153
01:01:07,400 --> 01:01:08,700
goodbye. 
Goodbye. 

1154
01:01:08,800 --> 01:01:11,400
Goodbye goodbye, goodbye, 
goodbye.