Episode 14

full
Published on:

28th Feb 2022

14. Metaverse Weed, FTX Gaming & Luxury Units, Space NFTs

In this episode, we discuss cannabis vendors opening up shops in virtual worlds like Cryptovoxels and Decentraland, FTX launching a new gaming unit and hiring Lauren Remington Platt as its head of global luxury partnerships, the Artemis Space Network and Business Apes joining forces to release SpaceBAPES NFTs minted in space, and so much more!

Episode 14 Keywords: cannabis, cannabis vendors, metaverse, Cryptovoxels, Decentraland, FTX gaming unit, Lauren Remington Platt, luxury partnerships, Artemis Space Network, Business Apes, SpaceBAPES, NFTs, space

Transcript
Unknown:

Welcome to the metaphysics podcast. The Metaverse and web three are bringing about the

Unknown:

biggest revolution since the internet itself. With your hosts Paul the prophet Dawalibi And Jeff the

Unknown:

juice Cohen. We will be bringing you the latest Metaverse, business news and insight into what it

Unknown:

all means. The meta business podcast starts now.

Paul Dawalibi:

From the boardroom to the metaverse. This is the meta business podcast. I am

Paul Dawalibi:

Paul Dawalibi. I'm joined today by my friend and co host, Jeff the juice Cohen. For those of you

Paul Dawalibi:

who are new here, welcome to the official podcast of the metaverse. What we do is we cover all the

Paul Dawalibi:

biggest Metaverse, topics and news of the week, but we look at all of it through a business and C

Paul Dawalibi:

suite lens, we dissect, we analyze the business implications of everything happening in this very

Paul Dawalibi:

exciting space. Jeff, how are you doing this week?

Jeff Cohen:

I'm doing great. It's a nother week here. I you told me earlier in the week, we

Jeff Cohen:

crossed over 1000 weekly listeners, which is pretty, pretty awesome. You know,

Paul Dawalibi:

this is only episode 14.

Jeff Cohen:

I think that's better growth. Maybe then business of esports, which has been a massive

Jeff Cohen:

success.

Paul Dawalibi:

Way better growth. Are you kidding me? Way better way faster.

Jeff Cohen:

Now. I'm just trying to be modest there. You know, we were standing on the shoulders

Jeff Cohen:

of giants here. Oh. That's not That's not who I am Paul, you know, I'm always, you know, magnanimous,

Jeff Cohen:

humble and magnanimous. But no, seriously, it's I was pretty psyched to hear that number. When you

Jeff Cohen:

told me. You know, I had a feeling we were growing pretty well, the rich people reaching out and kind

Jeff Cohen:

of like just the feedback we've gotten. But it's cool to see the data and we'll we'll keep it

Jeff Cohen:

going. That's what we do this

Paul Dawalibi:

for. I agree. And and just a reminder for people like, go leave a review on the

Paul Dawalibi:

podcast. If you enjoyed guys, send us feedback. Make sure you hit the subscribe button like in

Paul Dawalibi:

your podcast app. So whether it's on Spotify, or Google Play, or Apple podcasts, or wherever you

Paul Dawalibi:

get it just, you know, any kind of love any kind of sharing. We really appreciate it. The growth is

Paul Dawalibi:

thanks to you guys. And so thank you. Let's start Jeff with a fun story. I think this is kind of

Paul Dawalibi:

our, our, you know how we do things here we start with something a bit more lighthearted. Maybe it's

Paul Dawalibi:

not so light hearted, but it's a fun story. The headline here, I bought weed in the metaverse the

Paul Dawalibi:

sub headline, it felt a lot like a strip mall. So the author here, the journalist goes through this

Paul Dawalibi:

sort of process where you know, they talk about retailers from big box stores to luxury brands

Paul Dawalibi:

that are opening in the metaverse. You know, you have Walmart, you have McDonald's, you have Gucci,

Paul Dawalibi:

but drugs are also a part of this equation. And also, Forbes has reported that there are cannabis

Paul Dawalibi:

vendors like higher life CBD candy girl that have opened up shops in some of these meta verses or

Paul Dawalibi:

online worlds. They name specifically crypto voxels and decentraland. decentraland. Obviously a

Paul Dawalibi:

world we've talked about many times on this podcast, and Candy Girl claims to be the first

Paul Dawalibi:

cannabis dispensary in the metaverse it's owned by a Florida based entrepreneur, they purchased a

Paul Dawalibi:

virtual plot for about $13,000. And advertised in this virtual room are gummies infused with THC. So

Paul Dawalibi:

basically, you could go into there's a for those of you who are watching this, unfortunately, if

Paul Dawalibi:

you're listening, you can't see this. But there's an image here of the shop within decentraland

Paul Dawalibi:

where you can buy and get a free sample of gummies laced with THC, essentially cannabis. I'm curious

Paul Dawalibi:

what you think of this. Obviously, there's some straddling here of real world and virtual world,

Paul Dawalibi:

right? Because you have to check out and you receive these in the real world, right? But you

Paul Dawalibi:

can't, you know, you don't get these in the virtual world. But any thoughts on this

Paul Dawalibi:

application of Metaverse to maybe buying drugs but more gray market? I know it's legal in many, many

Paul Dawalibi:

states now and things like that, but like, what do you think of this application?

Jeff Cohen:

I mean, this is it hits on a lot of things, you know that I think we've talked about

Jeff Cohen:

in the past? I've never I'm definitely a lot more bullish on kind of E commerce in the metaverse

Jeff Cohen:

that's direct to avatar as in selling virtual goods that people will consume and only care about

Jeff Cohen:

in the metaverse does. I think long term. That's where the game is here. Because I just don't see

Jeff Cohen:

you know, while it's unique branding, and it's interesting right now when the metaverse is very

Jeff Cohen:

fresh, I just don't see that the user experience of doing this is better than just buying something

Jeff Cohen:

on Amazon or are in typical ecommerce like I'm not convinced that you need to you that ecommerce

Jeff Cohen:

needs to be immersive, unless there's something cool to it. Like this is something that that

Jeff Cohen:

worries me a little bit about the early days. The Metaverse, I'm curious your opinion. We've talked

Jeff Cohen:

about this a little bit in other podcast, but like, does it just feel like all of this is just

Jeff Cohen:

like a digital shopping mall? Like, I hate that we've turned brands have turned the metaverse into

Jeff Cohen:

this almost like, dystopian like worse version of a shopping mall where it's like, I'm not sure

Jeff Cohen:

like, this is the this is the metaverse, right? This is VR. This is a digital world like we could

Jeff Cohen:

be flying around on a dragon holding a flaming sword. And yet we're sitting here buying like

Jeff Cohen:

digital weed like I'm just not sure like, why we should be getting excited about this.

Paul Dawalibi:

To be clear, the weed is real, like you actually get received the gummies in the real

Paul Dawalibi:

world, right? Like you check out in the metaverse, but you received them in the real world. Your

Paul Dawalibi:

points a good one, right? Because I think there's no, there's no doubt in my mind that, you know,

Paul Dawalibi:

direct avatar commerce will have a place right? You're buying something for your digital self,

Paul Dawalibi:

whether it's a cosmetic or something functional. That will have a place there's no substitute for

Paul Dawalibi:

that it has to exist in the metaverse for the most part, right. Like it makes most sense there. Were

Paul Dawalibi:

I think you make a strong point, Jeff is like why do we need just virtual versions of malls,

Paul Dawalibi:

especially when we're talking about physical products that still need to be shipped to your

Paul Dawalibi:

home? I think, you know, in the absence of normal e commerce or online commerce, you could make the

Paul Dawalibi:

case for it, especially for something like weed right? Where you don't necessarily want to go or

Paul Dawalibi:

maybe you know you're shy about it or you know, don't want your boss to see you or bump into you

Paul Dawalibi:

at the dispensary. And so like a virtual storefront, provide some level of anonymity or

Paul Dawalibi:

some level of, you know, cover to do more gray market kind of things. Like I could make that

Paul Dawalibi:

argue. But fundamentally, to your point that's no different than

Jeff Cohen:

the worldwide web like.

Paul Dawalibi:

Which is a lot easier. And so the only case really I could make an counter argument

Paul Dawalibi:

I could make would be I think that I think e commerce for a long time has strived to be more

Paul Dawalibi:

social because the recognition is that shopping can be a social activity, and can spur more

Paul Dawalibi:

spending, if it's a social activity, right? Like if you go when you used to go to the mall with

Paul Dawalibi:

your friends, there was a higher chance of buying something if your friends are buying something,

Paul Dawalibi:

right? There's there's sort of like implicit peer pressure. And there's all these sort of

Paul Dawalibi:

psychological forces that when shopping is made a social experience. And maybe the metaverse brings

Paul Dawalibi:

some of that back that E commerce can't really do, right, like E commerce, I can go on Amazon and it

Paul Dawalibi:

could say, Hey, my friend, really, like nine out of 10 of people on my social network bought this

Paul Dawalibi:

hat, right? And and it could like they introduce these social kind of components that way, but it's

Paul Dawalibi:

not the same, right? Whereas in a Metaverse, you could go and participate in the social shopping

Paul Dawalibi:

with other people. And that

Jeff Cohen:

could go as far as you know, there's probably some unique things you could do with

Jeff Cohen:

gamifying. The experience I mean, I'm, I'm a big fan of I think, you know, eventually everything

Jeff Cohen:

will be gamified. We're already seen that with like stock trading banking, like many aspects of

Jeff Cohen:

the economy that were once sort of have been consumerized. Like even b2b software, like your HR

Jeff Cohen:

platform. Now, it's like having you play like a little mini quest to like, take the tests.

Jeff Cohen:

Everything has been been gamified in this in this world of consumer technology. So I could see that

Jeff Cohen:

maybe there's some element of hey, complete this quest, like go into this other store, buy this and

Jeff Cohen:

then get that in this store for cheaper. Like maybe there's some unique aspects of that. But

Jeff Cohen:

right now, we're not there, right, right now it's just very cut and dry. Like come into this digital

Jeff Cohen:

world and buy something. It's not that exciting to me, but I guess you gotta crawl before you can

Jeff Cohen:

walk before you can run. So I guess I can.

Paul Dawalibi:

Yeah, and I think you need like any spit like Metaverse is fundamentally our

Paul Dawalibi:

evolutions of social networks. You you need a certain critical mass until the the you know, the

Paul Dawalibi:

utility is obvious. And if you're the only person in that store, because you know, there's just not

Paul Dawalibi:

enough people online in this metaverse. You're right, a lot of the utility goes away. It's not

Paul Dawalibi:

nearly as obvious. So I think I think social

Jeff Cohen:

shopping, so or sorry, if you didn't finish your I just think

Paul Dawalibi:

social shopping is the counter argument there. And that is in some ways for a

Paul Dawalibi:

long time. has been the holy grail for e Commerce on the web two.

Jeff Cohen:

Yeah, no, that's good. But what I was gonna say is it's interesting that the brands, the

Jeff Cohen:

brands are early here, right? Like usually I find the brands follow the customers here. It really

Jeff Cohen:

kind of feels like there are more big name brands investing in the metaverse than there are actual,

Jeff Cohen:

like everyday customers or people just going and hanging out in these Metaverse is like I don't

Jeff Cohen:

know off the top of my head the exact stats for decentraland that sandbox but like it's single

Jeff Cohen:

digit million at best in terms of daily active users maybe even lower correct me if I'm if you if

Jeff Cohen:

you know otherwise. So like, We're seeing massive mega brands, investing creating storefronts for

Jeff Cohen:

really a minuscule, minuscule addressable market at this moment. It it's definitely rare. Like I

Jeff Cohen:

feel like with the the World Wide Web, I keep calling it the World Wide Web for something I have

Jeff Cohen:

no idea why. The internet, it felt like there was a mass of people on it. And then the brands came

Jeff Cohen:

being like, hey, there's a lot of people there. We need to be there. Yeah, it feels opposite, where

Jeff Cohen:

maybe people have learned the lessons of that. But that's the brands are so early, which is just wild

Jeff Cohen:

to me.

Paul Dawalibi:

I just think they all learn their lesson, right? Like it, it doesn't. It takes a few

Paul Dawalibi:

sort of knocks where you're, you're late to YouTube or you're late to Tik Tok, or you're late

Paul Dawalibi:

to Instagram or you're a little bit late to this next, the next big platform, and you realize your

Paul Dawalibi:

competitor has eaten your lunch there for brands to sort of get smart and savvy and realize

Paul Dawalibi:

anything new they need to be on. Right? There's this like sense of FOMO you don't know where new

Paul Dawalibi:

platforms are going. You need to have a presence no matter what. And I think my conclusion here is

Paul Dawalibi:

it's brands have learned the hard way that being late even slightly late to a new platform, a new

Paul Dawalibi:

movement and a new trend in technology can cost big dollars in the long run, right. But any the

Paul Dawalibi:

lighter you are the more expensive it is to crack that nut later on. Absolutely. Let's talk about a

Paul Dawalibi:

company that is definitely leading the way here, because I think there's two stories this week

Paul Dawalibi:

about them that are interesting, and I think shows real leadership when it comes to the metaverse

Paul Dawalibi:

when it comes to crypto when it comes to gaming and all these things intersecting. And so the two

Paul Dawalibi:

stories here, Jeff the first the headline is crypto exchange FTX is launching a gaming unit to

Paul Dawalibi:

drive token adoption. It says the exchange aims to be a crypto as a service platform for game

Paul Dawalibi:

publishers. They're launching a new team focused on driving cryptocurrency and NFT adoption in the

Paul Dawalibi:

gaming world. It'll raise the focus the offering will be a crypto as a service platform through

Paul Dawalibi:

which game publishers can launch tokens and provide support for endgame NF T's. So they want

Paul Dawalibi:

to be kind of the enabling platform, the enabling technology for all these game publishers to start

Paul Dawalibi:

integrating blockchain based products into the into their games and into their gaming platforms.

Paul Dawalibi:

Park this for a second because there's there was another FTX story which I think was worth

Paul Dawalibi:

mentioning. And this one different but related obviously, the headline here FTX teams takes aim

Paul Dawalibi:

at the $300 billion luxury goods market and hires a beauty entrepreneur to head the push. So they

Paul Dawalibi:

hired FTX hired Lauren Remington Platt to work on partnerships with luxuries with partnerships with

Paul Dawalibi:

luxury and fashion brands. FTX has rapidly expanded it says over the last 12 months entering

Paul Dawalibi:

areas such as sports and gaming. But basically what they want to do is, is target fashion and

Paul Dawalibi:

luxury brands and partner with them to to reach I guess these luxury buyers to reach the the kinds

Paul Dawalibi:

of you know the audience that cares about those brands. And again, I think being the enabling kind

Paul Dawalibi:

of blockchain and crypto technology underlying everything these brands want to do in the space. I

Paul Dawalibi:

think that that's the common theme here. Right? They've identified sort of two very lucrative

Paul Dawalibi:

spaces gaming and luxury and and have said, we want to attack both of them.

Jeff Cohen:

And they say it's it really I think, interesting and how I see the two things is I

Jeff Cohen:

think it's really smart that they're going with this like verticalization specialization strategy.

Jeff Cohen:

Because I think that's just the way kind of these platforms end up end up working. I mean, you see

Jeff Cohen:

these deep niches where platforms gain specialization. And that's really when you can

Jeff Cohen:

attract users because if you just go super broad and you say, Hey, we're the best crypto exchange,

Jeff Cohen:

you don't really attract the depth of users the depth of experience to get the two sides of that,

Jeff Cohen:

that market so I think it's smart to one vertical eyes and then go really deep. and focus on these

Jeff Cohen:

important verticals. And I think the fact that they're picking gaming and fashion is incredibly

Jeff Cohen:

wise. I mean, it's probably the two that I would point out first, in terms of gaming, probably the

Jeff Cohen:

number one in my mind, just because it's a really smart you use case for blockchain technology.

Jeff Cohen:

There's a lot of interest in already. The flip side of that is there, there has been some

Jeff Cohen:

backlash, but I think that is probably transitory. And we've, we've talked about that a lot. You can

Jeff Cohen:

get into it if you want. But I think their adoption of blockchain technology and gaming is

Jeff Cohen:

probably an inevitability at this point. And then fashion, we've talked about fashion in the

Jeff Cohen:

metaverse a ton. I mean, it's if we believe that everyone's gonna be living in these digital worlds

Jeff Cohen:

and care about their digital selves as much, if not more than they do about their physical selves.

Jeff Cohen:

Fashion will be a thing in the metaverse, it's just that's how people express themselves with

Jeff Cohen:

things they wear the you know, the way they carry themselves. So make sense that the vertical sizing

Jeff Cohen:

makes sense that these are the verticals are focusing on. Just want to throw that out there

Jeff Cohen:

before you can ask whatever you're going to ask.

Paul Dawalibi:

No, no, I definitely think there's like this component. There's this because I think

Paul Dawalibi:

you make the case for why this makes a ton of sense from a b2b perspective, right. FTX builds

Paul Dawalibi:

deep expertise in sort of these two verticals, and can attack those markets with, you know, specific

Paul Dawalibi:

technology and specific solutions that work for those players. Right. I also think there's like a

Paul Dawalibi:

underlying b2c story here, though, where I'm curious if they looked at data that said, you

Paul Dawalibi:

know, where, what is the most target rich environment for new FTX? Customers, right, who is

Paul Dawalibi:

most likely to be a new FTX customer? And what are their interests? What do they like? Right? And And

Paul Dawalibi:

I'm curious if maybe the conclusion of that was, they're probably gamers, or they're really into

Paul Dawalibi:

fashion, or they're really into luxury brands? And and they said, well, great in terms of customer

Paul Dawalibi:

acquisition, let's target like, let's figure out how we can reach those audiences. And I'm curious

Paul Dawalibi:

if there's a longer term strategy here, that's that's all about, you know, attacking those

Paul Dawalibi:

audiences from a b2c perspective, also, having built expertise around them?

Jeff Cohen:

I think they're definitely I mean, we've talked a lot in the past about, you know,

Jeff Cohen:

kind of the overlap between crypto and sports, crypto, and gaming, crypto and esports. You know,

Jeff Cohen:

so I don't think that's new, there's certainly data out there that shows a lot of that overlap. I

Jeff Cohen:

think it's the same thing with fashion. So, you know, there's, there's kind of no doubt there. And

Jeff Cohen:

then as I think of the b2b, b2c side, from the b2b side, you know, you have this nice flywheel where

Jeff Cohen:

if you're, if you have a great deep, offering specialized offering for b2b businesses that build

Jeff Cohen:

on your platform, naturally, you're going to attract the b2c side, because that's where the

Jeff Cohen:

best games will be the best fashion. You know, so it's like any other two sided marketplace, the the

Jeff Cohen:

gamers are the people who are gonna buy your fashion brands want to be where the best games and

Jeff Cohen:

the best brands are. And obviously, the best brands and the best games want to be where the

Jeff Cohen:

players are. So it's like any other kind of network effect flywheel driven type business

Jeff Cohen:

between these two

Paul Dawalibi:

groups, Jeff, like where are you most excited, though, right, because the the the

Paul Dawalibi:

gaming group within FTX says very clearly, they want to go after game publishers with a solution

Paul Dawalibi:

that allows game publishers right to integrate these technologies, these features, tokens, etc,

Paul Dawalibi:

into their games. On the luxury side, and the fashion brand side, it says, you know, the plot,

Paul Dawalibi:

the woman who they've put in charge here, it says will hunt out major luxury brands that have not

Paul Dawalibi:

yet gotten into cryptocurrency. And they say the major luxury brands in the market estimated to be

Paul Dawalibi:

worth 300 billion.

Jeff Cohen:

If you pull up the picture of Sam, and my style is a lot more like like, Sam, I think so.

Jeff Cohen:

You can imagine I'm probably more on the gaming side than luxury fashion. But obviously I'm joking

Jeff Cohen:

about that. But I don't necessarily think they're mutually exclusive. Right? I think with gaming

Jeff Cohen:

people we've seen in cosmetics is a $30 billion, you know, a year industry in gaming, right? Like

Jeff Cohen:

people are constantly buying items that they think make them look cool and gaming. So I would I would

Jeff Cohen:

not even though I think when they talk about fashion, they're talking about a little bit of a

Jeff Cohen:

targeted customer. I think the gaming vertical will, of course include fashion, if that makes

Jeff Cohen:

sense.

Paul Dawalibi:

No question. I mean, the numbers are interesting, right? Because you could argue

Paul Dawalibi:

that maybe luxury and fashion, the market opportunity seems larger at first, but I think you

Paul Dawalibi:

just have you're gonna they're gonna have a lot less friction on the gaming side, right? I think

Paul Dawalibi:

especially after what we saw happen with Ubisoft, you're gonna have a lot of game publishers who are

Paul Dawalibi:

going to probably be pretty gun shy, especially bigger ones. about trying to roll their own. And

Paul Dawalibi:

FTX may be sort of the perfect partner for them, right? FTX may be the, it's like, and it takes all

Paul Dawalibi:

the risk off of the plate of the publisher. Now they have someone to blame if things go wrong,

Paul Dawalibi:

right like that I see the value and how I how compelling that sales pitch could be from FTX to

Paul Dawalibi:

the game publishers. And I suspect that's going to be a pretty low friction sale. Everyone wants to

Paul Dawalibi:

try this stuff, everyone's interested in this potential, if FTX can come through with sort of

Paul Dawalibi:

something turn key, no risk, right, like they've built the tech, it fits in nicely integrates

Paul Dawalibi:

nicely. I think that this could

Jeff Cohen:

take off quite quickly. One thing I'm curious about, and you may not know the answer,

Jeff Cohen:

but it will be very awesome to hear, you know, from someone at ft x, like, what, what is the

Jeff Cohen:

value proposition that they're offering to these game studios, because we've seen clearly a lot of

Jeff Cohen:

different kind of L ones out to crypto companies like polygon Gala, you know, there's probably 10,

Jeff Cohen:

others that have Gamestop even have launched these kinds of NFT platforms, and they're all targeting

Jeff Cohen:

the gaming market. So they're all raising large venture funds, and they're gonna fund fund and

Jeff Cohen:

seed developers. But I'm curious, like, what different unique value propositions maybe one has

Jeff Cohen:

versus the other because there's a lot of competition, and there's a lot of investment

Jeff Cohen:

dollars flowing into, like, what is. And this is something we've talked about a lot like, there are

Jeff Cohen:

not that many experienced crypto gaming developers out there, like, it's just a very small subset. So

Jeff Cohen:

there's a lot of capital chasing not a lot of experienced good teams, like how do you set

Jeff Cohen:

yourself apart? I'm curious if you have any opinion, or, you know, I don't know if it said

Jeff Cohen:

anything in the article. But what was your sex?

Paul Dawalibi:

I think Sam's part of say that who's the CEO and founder of FTX I think part of

Paul Dawalibi:

his genius has always been just top tier product and technology, right? Like where he he really has

Paul Dawalibi:

always excelled. And FYI, the reason why FTX is, you know, valued at $32 billion today, and why it

Paul Dawalibi:

has you know, backing from literally some of the biggest investors on the planet, right? We're

Paul Dawalibi:

talking Tiger global Softbank, Temasek, right, like these are sovereign wealth funds, not not

Paul Dawalibi:

even in the lab, even, you know, venture investors at this point. The reason is, I think best in

Paul Dawalibi:

class technology and product which you can ignore. The reason I think, like, game developers are

Paul Dawalibi:

pretty accustomed to plugging in other other technologies that they don't develop in house,

Paul Dawalibi:

right? Like, every game publisher uses a game engine that's probably not developed in house,

Paul Dawalibi:

right, maybe it's unreal, or unity or, you know, Cry Engine or whatever engine they're using

Paul Dawalibi:

lumberyard. Most game developers start with a piece of technology, a core piece of technology

Paul Dawalibi:

that's not developed in house, then you want to add multiplayer there are, you know, companies

Paul Dawalibi:

that provide that technology you want to add in game voice? If it's not part of unreal, which you

Paul Dawalibi:

know, today it is, but you used to be able to sort of buy technology from other vendors that you

Paul Dawalibi:

could plug into your game. And so you could focus on, you know, the core of your game, whether it

Paul Dawalibi:

was the art or the story or whatever else. Again, I love the approach here from FTX. Because the

Paul Dawalibi:

value proposition is best in class tech, best in class product. And we take all this headache off

Paul Dawalibi:

of you, right? You don't need developers building anything on blockchain and success, I think will

Paul Dawalibi:

come based on how easily that can be integrated into FTX existing stack and into the like, into

Paul Dawalibi:

the games themselves. So if it's a no, my suspect, the reason why we haven't seen much traction here

Paul Dawalibi:

is it's just not that simple yet, right? No one has really made it incredibly simple for game

Paul Dawalibi:

developers to you know, check a box, and now and all the in game items are tokenized. And they're

Paul Dawalibi:

NF T's Right? Like or something like like, I'm giving you a very simple example. But I don't

Paul Dawalibi:

think anyone has really made it totally turnkey for the game developers and I think for them to

Paul Dawalibi:

adopt it. Without having to bring in specialized expertise. It has to be it'll be interesting to

Paul Dawalibi:

watch like I I'm curious if like the big FTX competitors will do something similar will go this

Paul Dawalibi:

take this very vertical approach. You know, will we see Coinbase or crypto.com? Or like whoever

Paul Dawalibi:

else in the space trying to about even a polygon potentially trying to launch similar product

Paul Dawalibi:

stacks targeted at similar audiences, but I do I don't think it's a winner take all market I do

Paul Dawalibi:

think who get like whoever gets there first, though, will reap the biggest rewards there

Paul Dawalibi:

definitely is an advantage. That FTX getting their first. Alright, let's um, let's talk about this

Paul Dawalibi:

one a little bit. Finish on a little bit of a lighthearted story here. And the headline here,

Paul Dawalibi:

Jeff is business apes. I almost laugh it just the headline, business apes and Artemis Space Network

Paul Dawalibi:

takes vapes and FTS to space. For the launch of new meta fund. This is maybe the most

Jeff Cohen:

it's headline was generated by a bot. Like someone read a million crypto articles and

Jeff Cohen:

then a bot spit this out. You can't convince me this isn't the onion.

Paul Dawalibi:

It says business apes and the Artemis space network partner up to release space

Paul Dawalibi:

vapes. Nf T's minted from space, which provides new investment stream for space tech companies. It

Paul Dawalibi:

says Artemis space that we're in because they've shared their own expertise to create space space

Paul Dawalibi:

through the partnership 10,000, Genesis beeps and FTS will be sent to the International Space

Paul Dawalibi:

Station, they will all receive blockchain credentials and certifications, officially making

Paul Dawalibi:

them crypto knots, then through a live stream event, owners of these tokens will be able to

Paul Dawalibi:

evolve them into fully operational space Papes NF T's Furthermore, every owner of these tokens will

Paul Dawalibi:

participate in governing new meta fund investments geared towards space tech companies. So a little

Paul Dawalibi:

convoluted here, I must say, I don't know if you feel the same way to end it. It feels a little bit

Paul Dawalibi:

like a very creative way of doing a Kickstarter for a space tech venture fund. But categorize this

Jeff Cohen:

correctly. So that's what I was thinking. It's like, if you get no equity in the

Jeff Cohen:

venture, right? You just get these things.

Paul Dawalibi:

Correct. And you it says you will participate in governing the new meta fund

Paul Dawalibi:

investments.

Jeff Cohen:

Interest do, I sort of I hated this 99% of the way. But then when they started talking

Jeff Cohen:

about sending the NF T's and disk space, and live streaming it, I was thinking to myself, damn, this

Jeff Cohen:

is gonna work, like these things are gonna be worth a lot of money for time. So yeah, I mean, I

Jeff Cohen:

don't know, I don't know how much you want to get into this art series sort of triggers me a little

Jeff Cohen:

bit like, this is just insane. Um, but having said that, I think it's, it's one of the things that

Jeff Cohen:

people will buy, because it's cool. And it's a story. And it's, if you're one of these people

Jeff Cohen:

that has a ton of money, and that's what you got to care about. This is very much something that

Jeff Cohen:

you can go to a cocktail party and tell people and people will think you're cool, because you have

Jeff Cohen:

that kind of money that you just threw away and a picture that flew to space. So those are a world

Jeff Cohen:

but you know,

Paul Dawalibi:

one issue I had mostly the scientists, me anything I download or upload over

Paul Dawalibi:

Wi Fi, or find like a even a cellular network, for the most part, anything that's a wireless signal

Paul Dawalibi:

has a good chance of making it to space, right, there's quite a bit of leakage of, of, you know,

Paul Dawalibi:

radio frequency signals from the devices we use every day, chances are some of my data has made it

Paul Dawalibi:

to space. So maybe it's not totally novel.

Jeff Cohen:

It's not that unique. It's, you know, this is like all of your NFT space, right? You're

Jeff Cohen:

saying that's a line of attack, you're going what's the problem here?

Paul Dawalibi:

We might they might have? I can't say for sure. Right? Because I didn't send them to

Paul Dawalibi:

space. But they might have. I do think though, there is a little bit of a sort of a two minute

Paul Dawalibi:

conversation to be had here, which is how much of the traditional venture capital market do you

Paul Dawalibi:

think we may see disrupted by this sort of? I won't call it a scheme, but by this sort of

Paul Dawalibi:

technique, right fundraising process, we're now where, you know, crowdfunding, we're providing

Paul Dawalibi:

something of value in an NF t. So you know, whether we agree or not that it has, you know,

Paul Dawalibi:

actual value other than the value that people other people ascribe to it. That's debatable, but

Paul Dawalibi:

like, how much of traditional venture capital fundraising Do you think gets disrupted by things

Paul Dawalibi:

like

Jeff Cohen:

this? I don't know. It's hard to say. I mean, we've definitely seen I think we can both

Jeff Cohen:

agree in gaming we have seen a lot of the model get turned on its head where these new companies

Jeff Cohen:

or these these blockchain gaming companies, web three gaming companies are able to mint tokens and

Jeff Cohen:

basically sell in game items before the game is even built. That is totally unique. It's not

Jeff Cohen:

equity, it's ownership of an item than a game that doesn't exist yet. That is great for the

Jeff Cohen:

developers, fraught with peril in terms of scams and basically over promising under delivering like

Jeff Cohen:

it is, it is. I don't want to use the bubble word, but there will be plenty of projects that burst

Jeff Cohen:

and go to zero. But it has largely turned the investing, gaming investing VC world on its head,

Jeff Cohen:

you know, where before you had to go to a VC convinced them your game was a good idea, get the

Jeff Cohen:

money, build the game. And then once you build the game, you have to spend the money to acquire the

Jeff Cohen:

players. Now the players come to you and give you money to go build the team before you even have

Jeff Cohen:

the product. So I think that's great for empowering developers. It's it's a much more

Jeff Cohen:

efficient way to raise capital as as those game developers, but it is it is fraught with peril. In

Jeff Cohen:

terms of other areas of the spate you know, I think it's a little unique gaming, but people will

Jeff Cohen:

get creative. It's a great way to sell equity without actually selling equity. So why not? Yeah,

Paul Dawalibi:

I mean, it's interesting, because you're not really an owner of the fund. Having

Paul Dawalibi:

said that, like, if you're Joe Schmo on the street, you can you potentially have a chance of

Paul Dawalibi:

buying one of these NF T's and participating in some way in this fund. If you're Joe Schmo on the

Paul Dawalibi:

street, and you want to go get into sequoias latest fun, like forget about it, right? This is

Paul Dawalibi:

never going to happen. There is a feels like there could be a little bit of a democratization of you

Paul Dawalibi:

know, venture. I'm not sure it's smart to have 10,000 random people also directing the

Paul Dawalibi:

investments. But as someone who's managed the venture fund that feels a little bit like a

Paul Dawalibi:

nightmare. You know, trying to decide trying to make decisions like that, but I do think it's an

Paul Dawalibi:

interesting story. And I don't know I'd love I'd love to own one of these space bound. Space space

Paul Dawalibi:

beeps

Jeff Cohen:

I think we should announce that right here. You're gonna buy it. I'm done. I will.

Jeff Cohen:

Definitely gonna buy best alongside you. $100

Paul Dawalibi:

now definitely, definitely cool and one to watch. Jeff that that gets us to the end of

Paul Dawalibi:

this week's podcast. Time flies as always, just a reminder, you guys, make sure to subscribe to the

Paul Dawalibi:

podcast, share it with your friends or family. Send it my email right to everyone you know if

Paul Dawalibi:

you're enjoying the content, and leave a review, you know if you love the content, the reviews help

Paul Dawalibi:

surface the podcast higher in whatever podcast app you use. Also make sure to go subscribe to our

Paul Dawalibi:

sister podcast met a woman which is all about women in the metaverse and highlighting them and

Paul Dawalibi:

empowering them and it's a great great podcast hosted by our very own Lindsay POS. So definitely

Paul Dawalibi:

go check out that as well. Jeff, thank you as always, to our listeners. Thank you guys for

Paul Dawalibi:

tuning in. And as always, we will see you next week.

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About the Podcast

META Business
From the metaverse to the boardroom...
Meta Business tackles the most important Metaverse industry news. Business experts dissect and discuss all of the hottest topics and happenings, from a unique C-suite perspective.

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Paul Dawalibi