DeFi Payment Processing
B2B Vault Episode 53: Allen Bought An NFT

Written by Allen Kopelman

February 14, 2022

Video Transcription

Hey, everybody Allen Kopelman here with the B2B Vault: The Payment Technology Podcast for business owners and merchants. We’re providing educational information for business owners and merchants. So today’s episode Allen, that’s me bought an NFT. Talk about, wow, we’re going to talk about the experience I had and getting to, you know, in doing that. And, you know, we talk about NFTs and another episode, we got a little bit of feedback about that.

Some people, you know, you know, when we’re on here in the podcast, this is, you know, we’re talking about, or I’m talking about, and you know, if I have a guest on, or Justin is here making comments, we’re talking about like our experiences. What we’re seeing and reading on the, you know, on the internet, everybody, you know, is learning about NFTs. So we’re going to share the experience of trying to buy an NFT. And by I’m just going to throw that we are not experts in entities. I, myself, haven’t ever minted an NFT. A few statements were made that were, you know, in regards to transferring and sharing NFTs. And we were we said that, that you couldn’t do it. And we were educated. And after learning, we saw that there are ways of doing it. It’s just challenging. It’s not easy. Right. So I think that’s where it was getting lost in translation. And before anybody else wants to like, you know, throw shots, just know that I don’t think anyone is an NFT expert. Exactly. Especially if you’ve never minted one. So if you’ve never gone through the processes of going, you know, minting creating the NFT and then minting it and selling it in, in the marketplace, you know, I don’t think you should call yourself an expert. And I never said I’m an expert. I’ve never heard Alan say he was an expert on NFTs.

So I’m an expert on payment processing Exactly. As Payment processing, the B2B vaults are the latest. The last episode was, you know, we’re talking about how we can help you accept payments in the NFT marketplace. So we kind of steered away from that. And we were, we, you know, cause NFTs are interesting, Right? We’ve talked about NFTs, and we’ve talked about some of the things that people had told us that they experienced with NFTs. So I decided two things will go in another episode, but we’re going to attempt to mint an NFT. So we’re going to attempt to do that, and we’re going to talk, then we’ll come back, and we’ll talk about that experience of how we created an NFT, minted it, and put it up for sale. And we’re going to, we’re going to document like how we did that and what we did, and you know, and then we’ll be a little bit more experts on NFT. But we’re reading about NFT. I’ve been invited to speak at several conferences about payments and bringing payments to the NFT world. So let’s dive in. Let’s talk about what happened when we got on the internet. So this is about my experience and trying, and then actually buying the NFT. The first thing I did was I looked around at a few websites and, you know, just to see what was going on on those sites and how you could access the sites and different things like that. And what kind of things were on their board, AP yacht club, which is very famous. Everybody’s always talking about the board AP yacht club. Every time I go on a clubhouse, it’s, everybody’s talking about. So whoever invented that kudos they’re making a lot of money. Somebody is making a lot of money off of it, but so this is what happened. So the first website I went to, you had to go in and create an account. They connect to my social media. I had a put in my email address and verify that. Then they wanted me to connect to my crypto wallet. Then I had to create a Metta mask wallet. Then I need to connect my crypto wallet to the metal mask wallet. I got a little frustrated, you know, as I started going through this process, and then I had a fund, the Metta mask wallet with Ethereum. So I kind of stopped there as I didn’t have any. I had very little Ethereum because that’s seven steps. Right. It was more than that. It was a lot more involved than what I’m describing in total. What is it about 15? Well, no, because each thing like create the account, they’re sending, you know, you’re putting in your social media. So now that the verify the social media site to go to Facebook and like click on something, I had to put in my email, then I had to go to my email and click on the email. Then I had to go. Then they wanted me to connect my crypto wallet.

That wasn’t the easiest thing to do because now you’re going, you’re trying to connect. Yeah. Two-step authentication emails, text messages. It was a little frustrating. I probably spent like two app markers. Yeah. And then I was like, okay, like this is not working out because you know, I was like, I’m not, and that’s one of the bigger sites. Right, right. We’re not going to mention the name, but it was big. It was a big major website. That’s doing a lot of business. And in that, I also was discussing with somebody who invited me to speak at an NFT conference. And I was telling them, you know, like, you know what, that, it was very frustrating when I went on that website, you know? And then he was explaining to me one of the things that happened to him was like he bought something and because it’s was with Ethereum, right. And then it took like five or six days for the transfer to go from his wallet, to sum up to this, through the process, totally got to the other person’s wallet. And in that time, the price, whatever the guy wanted, a certain amount of Ethereum. And then the per the amount of Ethereum, the person got was either less or more. I don’t remember which one than what he expected it to be. So that’s also not good either. You know, like, so, you know, one of the things I was telling him, the explaining to him was cause they were inviting me to speak at their conference. We have a system where you can put a price on your NFT. So let’s say you want $50 for it. And then the person’s paying $50 and whatever coin they want. And then at the end, the person’s either getting the coin value of $50, you know, based on $50 or, you know, deposit their watch or they’re getting $50 in cash. So, you know, it’s that, that’s the other part that frustrated me on that website because I didn’t know, like I’m going, oh, these are the theories comes. They want point blah, blah, blah. A theory. I’m like 0.02 a theory. I’m like, I’m getting out my calculator. Like how much is that? But then I found the price could change from the beginning of the transaction to the end. So with our payment gateway, that’s handling crypto dollars to crypto either crypto or dollars that the, you know, the price is a lot based on dollars, not on crypto. So, you know, that’s kind of cool.

So then I searched around some more, and then finally I came across another website, and I registered on that site. They verified my email. They did a two-factor authentication on my email sent me like codes. Their site also, I would say, is not easy to log in to. It was V it was a little bit of, I don’t know, what do you what would you go difficult? There was a difficult process each time to log in. So, I mean, it’s secure. Yeah. It’s secure. But also it was like not, it was a little inky. Like, I don’t know why it asked for my phone number and sounded like a text message. Everything was done through email, and it was kind of hard. And then when I went to log back into the site, it kept sending me back to my email to get some code, and then the code didn’t come, but whatever, in the end, I accomplished it, buying it. So I went to the NFT. Low and behold, it was priced in dollars. Nice. And then, I saw it was a star. I think it was 20 bucks. So I was like, oh, 20 bucks, and I can put in a credit card. So I put in my credit card, and bam, I purchased this NFT that looks like the Shibu dog, Shiba Shiba Inu dog. So I ended up with this NFT. So it was, you know, I think that I think, and you know, and, and I’ll just tell you some other, you know, I’ve talked to other people who were minting NFTs and clubhouse and listened to some of the discussions and stuff. People talk about all the costs of minting, the NFT, and all this. So I’m not sure. So now, this is where we’re going to get into the next part of our experiment. We will have our graphic designer create a few graphics or digital assets, that’s worries and fancy words. Now we’re going to create some digital assets, and then we’re going to go to a couple of websites register and see if we can, you know, what, find out the cost. And what’s the process of minting and NFT. But I can tell you, like this website, they didn’t have a lot of NFTs on the website. In their words, you know a huge amount of NFTs on there. However, the process to buy it was much easier, right? It was straightforward to buy the NFT. And now I have like my page on that website. So that’s kind of cool. And then no, no, the where they all go. So if I bought more NFTs shows, your collection shows your collection over there. Then, if you want it visible to the public or you want to sell to any of them, you could list them for sale. So then you could list it for sale, and then someone could buy the NFT from you off the platform. I’m sure some fees are involved on them read into the whole thing. But you know, this is an experiment. So not like I went and spent, you know, $250,000 for a board APR club. But Yeah, I saw an NFT for sale.

We didn’t know. We saw one before, half a million. We just saw that one $5.5 billion. I was like, wow, all it is, This is one of the marketplaces we’re talking about. It’s like a landscape. Yeah. It was like a logo with a landscape behind it or something. And it was, you know, impressed With a lot of your guys’ entities. I’m sorry. Well, as we talked about in the last episode, you know, what are these NFTs? You know, just like the one we’re looking at here, it’s a static image, right? So you’re going to see NFTs are static images. Some are going to be art. We saw some that were moving. We saw like a sports star, Terry Bradshaw, right. Terry Bradshaw. Right? What do they call them? What did they call Terry Bradshaw? One boy, the blonde, the blonde bomber. No blonde Bob. I don’t know when. Yeah. I remember he’s deaf long hair back in the seventies, you know, when he was on the Pittsburgh Steelers, you know, there’s a funny story about Terry within a little bit of time, his and a T went up on that site from, I don’t know, whatever. It was like 96 bucks or something. Yeah. It was 300, 300 bucks up to $300. Yeah. But it was moving around. It was cool. It was kind of cool. Right. So somebody spent some serious time, like putting that together and making it so that it moved around and everything. I think we’re going to see, and we saw some that include music. We saw like a piece of music NFT. There was a music video. Yup. We saw a Snoop Dogg NFT. You got something to use with the Snoop Dogg NFT. Did you hear Snoop bought death row records? Yeah. That’s kind of cool. Yeah. That’s pretty cool. Good for you. And so, you know, you’re going to see things like that. The music there’s other sports. Like we saw on another website, the Gronk had a bunch of NFTs. So MMA fighters, basketball players, everybody, man. I mean, it’s going to be like, I feel like it will be the new sports trading card. Yeah. It’s like the new collectible, you know, my mom has a lot, she had a lot, and she has a lot of collectibles in her condo. Right. So I remember, you know, I told my mom years and years ago, I’m like, why don’t you just sell, like start selling some of this stuff. And my mom, no, I don’t want to sell it. You know, maybe the value will go up. I want to tell you, you know, the young people today, they’re not interested in antiques. They’re not interested in these collectibles. I mean, I see these antique stores; these places are collecting dust. The prices are going down, and I want to tell you I’m a big Miami Dolphins fan. Okay. So I grew up in Miami. Okay. I went to the undefeated season, no football, which was insane. I was 12 years old. I went with my best friend.

I was on his podcast a few weeks ago called, named Jimmy. Jim fried the fried on the business podcast. That’s okay. I can call it fried on business. Cause he kept calling me by the wrong name, but that’s okay. And that was a funny intro. That was, that was funny. You know, I have known him since I was eight years old, you know, we talked about cryptocurrency and real estate on his podcast. But back, what were we just talking about now? The dolphins, the dolphins, you know, so the dolphin, so, you know, a few, couple of years ago there was somebody that was a huge collector of dolphin memorabilia. When I say large, I’m talking about that entire room in their house, piled on the floor, the walls all completely covered, like an insane amount of dolphin stuff like in the gods, like man-cave, right. And this person passed away. I guess his kids and everybody didn’t want all this stuff. So went up for auction and was on this live auction site. And I’ll never forget. At first, I went to it. I was like, wow, I don’t know if I can bring myself. And I have some nice dolphin stuff. I don’t want to talk about some nice stuff. Okay. That I have myself, some pictures and some other songs. I probably have more stuff in boxes from when I was a kid, you know, that I should have probably cared for if I knew what it would be worth today. Like a Christmas card from the dolphins. Cause we’re a season ticket holder. I got like a, I never forget. I got a Christmas card with the team’s picture, and everybody signed it. That was pretty cool. You know, I’m sure I still have it somewhere. It’s probably stuck in a box, you know, but you know, so the PR the prices, when they first went on there, nobody was buying this stuff. Stuff was priced at like a thousand bucks, 500 bucks, you know, crazy prices, $3,000. So I was like, no, I can’t bring myself to buy, like, spend that kind of money. Right. So then I started watching, and the prices started going down, down, down. They went way down. It got down to the point. There was stuff on there for like a hundred bucks and 50 bucks. I ended up getting a couple of helmets, one signed by Larry. Zaka is an actual game helmet. Nice. Okay. That’s sweet. I love, I loved watching. Larry’s AKA. He just ran people over. You know, we don’t see that in the NFL anymore. The old backs Larry’s Zonka, you know Earl Campbell, the guys that just ran people. Oh, J O J OJ jumped over people. Killer. Yeah. He jumped over, you know, mercury Morris. He just ran around the fast Walter Payton, timid Emmett Smith. No, but the bruisers, there were a lot of bruisers back in the seventies. You said a girl camp. Well, that’s the Oilers, right? Yeah. Earl Campbell. There was a guy. What was the guy? Billy Sims on the Detroit lions. He was also a big bruiser. You know, These guys are before my time, but I, I, I know I, I followed Green bay Packers that, you know, some guys back in the day too, but you know you, but I’m just saying, you know, and the collectibles, whatever, it just going down in price. But now, this is a new thing, digital collectibles.

This is what we’re going to see with NSDs. It’s part of like the actual baseball card, like you, so like what they’re doing, like what we were saying in our last podcast. Like, so these NFTs, you buy the digital asset, but it also comes with the, Sometimes not all, not every website’s doing that smart ones are. Yeah. I think that some of the platforms need to, you know, we’ll develop newer PLA you know, different platforms will develop, and they’ll see like, oh yeah, we need to like sell them the digital asset and then put it, like, we saw it on one website. Right. They sent you like the artwork inside a piece of glass or something. Right. Or inside of the case, but not everything came like that. It’s up to the artist. It’s up to the person who rented it, I just think that that stuff will be possibly more attractive to people, but then it might not be. So resalable because now what are you going to sell them? You’re going to ship them the actual thing too. So that’s going to be difficult too, I thought about that. I wonder how people, the artists that you know who’s high, I don’t want to say, started this NFT thing, but you know, last year, he’s the one that sold the NMT. Well, it’s not him directly. He sold his NFT for $70,000. The person who bought his NFT sold it for Millions. Right. That’s crazy. And then the artist doesn’t get any money. That’s not our, Well, my, all The time. No, not all the time. Oh, it depends on how they structure the smart contract. Right. There are many ways that, so that’s how the music industry is going to be able to utilize the NFTs because there’ll be able to get royalties off of it. So every time I say I bought, you know, I don’t know Jim Simmons, what’s the guy from Kiss. What? I don’t know. Gene Simmons. So gene Simmons releases a set of NMT. Does he have some yet? He doesn’t. He will. One thing kiss Then pretty sure Kiss does have energy. One thing that’s crazy. People don’t know this. I don’t even think Kiss is in the rock and roll hall of fame, which is horrible. Rocky unit. He doesn’t like that. You don’t like that. Should we make a Rocky NFT, then you’ll be happy. Okay. Maybe you never know what’s going to happen, but yeah, like Kiss, they’re not in the rock and roll hall of fame. There is one of the most famous bands globally, like worldwide. As I think, I don’t think maybe Michael Jackson and they are the two most famous, like music artists that went worldwide because Kiss was everywhere. They were in Japan. They were in China. They were everywhere. I don’t know. You better go lookup. Kiss, Kiss. Kiss is probably more Ozzy is and kisses around longer than Ozzy. I guess Kiss has like everything and then dolls, dolls, face masks, and the guy with the tongue gang and out. And they had outfits that they, as a Kid, all you guys running around with Matt would make up on me. Oh yeah. Kiss was bizarre. Like my cousin was into Kiss when I was a kid. I didn’t even know who they were.

I remember I learned about bands. I had older cousins and my dad, and you still own a clothing store. And bands used to come in there and shop all the time. And I would tell my cousins, oh, this band came in. I don’t want to mention names. That band came in. I was a little kid, and they would come in my cousin, yo, you have to call us on the phone. We got to come down there. I’m like, I don’t know about that. My mom worked at a clothing store where Pimps bought their suits. It’s called Johnny walkers, Johnny Walker. So I’d be at Johnny Walkers hanging out. Pimps knew me, man. I was back home. When I was going to the store, My wife wasn’t listening. Ah, she doesn’t care. It was a long time ago. I was a kid. But I think that these NFTs will be like the new collectible. I saw an article about clubs in New York. They’re selling NFTs. And if you have this NFT, you’re able to skip the line and get in the VIP at the club. And they’re selling these NFTs for thousands of dollars. I’m sure to enjoy it. So once you buy it, it’s like free entry For life. Yeah. Some, yeah. It’s like free entry. It has clubs. Super smart idea. Right. I think we’re going to see that as we talked about what are these NFTs going to be? Collectibles are, you know, moving types of things, videos, music. We talked about, you know, utility. That’s where I think these NFTs could be a big business of utility NFTs or people turning their logos into NFTs and then doing something special with those NFTs. And I did that. It’s going to be, and I think that’d be something we touch on a little. Yeah. One thing that I was trying, I’ve been figuring out how to do this. So we’ll report back on this too. So I think that I have to go on my two to show people like I have this MFT, right. I think I will have to like bookmark my page on this website that it’s on. So that then like, if I’m on my phone and I want to show somebody, oh, I bought this, what NFPS I bought. Right. You never know NFTs. It’s going to be speculative, too, because somebody could release an NFT, and maybe there’s only 50 of them. And everybody buys these 50 NFTs, and then people want the NFT. Cause it goes viral. Right. Cause people are posting it. So here’s a little challenge too. So we’ll put this at the top of the podcast. So if you ever NFD, when you see us on social media, you know, go to the go-to this, go to our Facebook page, B2B Vault, and we’ll put up we’re going to pin this one at the top when we post it. So remember, we’ll pin it at the top, and then we’ll ask you to post a picture of your NFT, right? So that’d be kind of cool. So want to engage with the audience, post a picture of your NFT, or if let’s say you have an NFT project, you want to show it through us pin that post that up there in the comments to working on a marketplace. Yeah. You’re working on a marketplace, you know, posts that, you know, post the link to your, whatever your project and let us see what your project is.

If someone, if you have an interesting project, you want to come on the B2B vault podcast, you know, let us know, and we’ll get you on here. We’ll interview you. We’re going to be, we have a couple of people lined up to interview, and we’re talking to a couple of people making NFTs or involved in the NFT business and getting them on the show to interview them. And if you’re any of the NFT police, don’t like anything that we’ve been talking about, you know, feel free to shoot us any information that you feel as though as detrimental to our NFT education. We will read it over. So we’re looking forward to any interaction; yeah, I’m learning a lot about NFTs. I go on the clubhouse, and I listened to many discussions, but you know, if you have an NFT project or a crypto project that wants to accept crypto as payment credit card payments, you can go to our new website We’re also on all the social media. I’ll post my link tree in the show notes. And that’s how you can get in touch with me or go to the website and see what we’re doing for the NFT marketplace because you can either have that website number one, where there was like 15 steps, or you can be like website number two and booms checked out with a credit card and did it in about 15 minutes. Be like website number two, be like, yup. So we’re ready to do business with you. We can set you up with payments domestically or full international payments where you can process payments worldwide. So thank you for listening to B2B Vault: The Payment Technology Podcast. Watch out for more episodes about crypto and NFT and the metaverse and over and out Carpe Diem.

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