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B2B Vault Episode 57: The Business Behind NFTs
B2B Vault Episode 57: The Business Behind NFTs

Written by Allen Kopelman

March 7, 2022

Video Transcription

Hey, everyone is Justin Owings from B2B Vault: The Payment Technology Podcast with your host, Allen Kopelman; we’ll be providing educational information about the business of payments, FinTech or financial technology, decentralized finance, and the technology businesses need in today’s world. And in today’s episode, we’re going to be talking about the business of NFTs and our experience meeting NFT. And here you go out, and let’s get right to it, man. All right. Thank you, Justin. All right, everybody, today, we will be digging into what’s going on with NFTE. So we titled this episode the business behind NFTs. So, you know, we decided let’s talk about NFTs and what’s going on with that. It’s trendy, and it’s probably one of the top searches behind cryptocurrency on Google. So what is an NFT? A nonfungible token and NFTs are digital assets representing real-world objects like art, music, in-game items and videos, and many more things that we will get into today. So, where you can buy an NST is what everybody’s asking.

Several websites are called marketplaces and FTE marketplaces, open seats, probably one of the first ones where the law, one of the larger ones, for sure. Next behind that one is preferable. I think those are pretty much like the top two. Something makes repairable a little different than open C. Is that a rare bull-taking visa right now, or is MasterCard one of those? I’m not sure they’re taking visas. They’re taking visas. Yeah. So I think they’re taking visas right now open. See, I think it’s straight-up crypto. Yeah. For currently, crypto.com started selling NFTs. You can pay with a credit card over there. Coinbase is getting ready to release its NFT marketplace other NFT marketplaces. You know, one thing is to make sure that if you’re buying an NFT, there are some websites that we’ve looked at that can basically you can put in the address of the NFT and verify, especially, you know, when you’re buying them because people can buy the NFT and then they can resell the NFT, right. So somebody bought it, and then they’re going to resell it. You want to make sure that it’s authentic, do not buy NFTs from people like in the discord or inside club owls; private messaging does not do that. You will lose your crypto or your money. Okay. So definitely advise against that. I mean, there’s been a lot of stories. So NFTs, there’s also with the NFT, there are smart contracts. So some of the marketplaces allow smart contracts, and some of them don’t allow smart contracts. Some of the ones that allow smart contracts don’t post it in a conspicuous place.

Like when you’re checking out for a credit card, and it says, I agree to the terms and conditions. So if you don’t see that, don’t assume there’s no smart. There is not a smart contract. So make sure, you know, look around and see what’s going on with that. The smart contract cause. So an example is like on referable I noticed on a lot of them some of them didn’t have a smart contract and some of them said 10%, 20% I’ve had saw one that’s at 50%. So what does that mean? So what does that mean? So what it means is is that if you bought the NFT and you sold the NFT, that percentage is going to go back to the creator. Yep. So understand, you know, what you’re getting into when you’re buying NFT. This is great for the creators. I mean like, you know, so the whole, you know, the big thing about the NFT and you know, digital, well, not just digital creators, but artists, in general, is a way For them to Finally monetize their artwork because what happens to an artist when they sell a painting? Yeah. No, but I mean, you buy a painting from Picasso, right? Well, he’s not around. I’m just saying you bought a Picasso, and it’s hanging up in here right now. If you resell that, none of that money you’ll get will go back to the family or a trust fund or some charity. And then what this way, you know, we’ll talk about that, I guess a little further, but that way, what NFTs have created is a means for that. Right. So that’s great.

Yeah. It’s great for artists, especially in the music business too, it’s going to be tremendous musicians. We’ve seen Snoop; we’ve talked about this. And another episode we saw Snoop dog, you know, and we’re going to get into different types of NFTs, you know, that is going on. So not all NFTs have smart contracts, and some do, but make sure what you’re getting into because I don’t know if I would agree to buy an NFT. And then later, 50% of the sale went back to the crater. I don’t know how quickly I will be pulling the; I might be losing it at that point. I don’t know. You know, well, you Don’t know, that’s the whole point of it, you know, because you know, NFTs, you know, we’re going to get into the different types of NFTs and the reasons behind NFTs. And the other thing is NFTs have come onto the radar of government regulation. So this is something like if you’re buying a lot of NFTs should be keeping an eye out for. So there was recent legislation in one of the builds, the first build back, whatever bill that was. And so in their legislation was about taxes on cryptocurrency. And that’s also going to cover NFTs because they got rid of the term cryptocurrency, and they started calling it virtual currency, virtual, you know, virtual, whatever. So basically, that’s going to, I think they’re going to try to cover NFTs with that. I mean, it’s come out Janet Yellen or whatever her name is and has said that, you know, NFTs were a danger to national security. I think that’s funny, but it’s hilarious. So I don’t think she has any business doing the job, but that’s my opinion.

Right. Okay. But that’s, you know, another Additional Cute, I don’t know, because they’re worried that you know, that they’re cause you know, with decentralized finance, right. So we have a map on our website. What if, I don’t know if I should say this not here, but what if, when you purchase an NFT, it after you download the NFTE to your computer at automagically installs like some malware or some sort of, Yeah. Hopefully, the NFT marketplaces will monitor what’s being uploaded and all that. So that you’re not getting any malware or ransomware put on your computer. That’s why you shouldn’t be buying these things, you know, off some guy on discord. And he goes, oh, by my NFT sent me some money by Zelle or PayPal or PayPal. I don’t do that. You don’t know if it’s real, and you didn’t go and do that. And the person could be sending you the NFT loaded with ransomware in it, so be careful, not just know, but the sec now is looking into NFTs. And they’re saying like, you know, some NFT companies have like, oh, you bought one of their NFTs, and you buy a second NFT. And then, after a certain period that you own those two together, you get, like what you call it, a bit. Yeah. Like the board, a yacht club had something. I’m not, you know, process some about if you have bought a couple, if you bought two, one of the board, eight yacht clubs, this special version, or whatever. No, it was; it mutated into a third one and a mutant if you bought two of them. Right. So they give you another, they gave you a free one. So the sec is looking into this practice. It’s crazy.

So, you know, it’s just, I would just watch government regulation. It’s calming, you know, because there could be, you know, we don’t know how some of these other, I’m not going to tell you, like I went and looked at a hundred different kinds of NFTs. I’ve done a lot of reading about it, but there are several that, you know, maybe someone’s running a Ponzi scheme. I don’t know. Okay. I mean, I’ve had some heated debates about NFTs. And my final thing is if you’re not creating original art, That has to be monitoring something Like it’s just whack. Adobe Photoshop launched a feature that will be used for an NFT. The NFT will be able to be verified by Adobe. That was original art that somebody created. So I think that’s good. You know, How are they going to be able to do that? Because they would know whether you use clip art or something like that with so they would know like, oh, this person, it wasn’t, and it was, you know, We didn’t look through a magazine from like 1970 and find a cool piece of art and then digitized it and right through my name on it, I’m sure you’re going to see artists that they have paintings. Now. I don’t know what the legality of that is. I made a painting now I have a picture of it. I sold it to Justin 10 years ago before there was an NFT, but I still have a picture of it. But now I want to sell it as an NFT, or you can Do you to your Artists. Right. But I’m just saying unless you had a smart contract ten years ago. Right. But you’re going to, and I’m sure there are right. I mean, they’ve either Been in business for a long time.

I’ve never heard of that before, but there are things like sometimes like I bought a house. Okay. So it was hilarious when I went to buy this house that I live in now; they said to me that said, oh, you have to sign this document. And I was like, what’s this additional document about, cause the house was in foreclosure. So it said, you know, you couldn’t rent the house. You couldn’t Airbnb the house. You couldn’t sell the house for five years. So if you sold it before five years, the bank was entitled to some money. Okay. Well, that’s kind of like smart contracts. So there, it’s not like it’s new; it’s out there. I don’t know how it was used. And I’m sure it’s used in business probably all the time. I would say, I feel like this hasn’t, this isn’t something that is just to me, it’s, Right. It’s a different application. So there, you know, there, but you know, the sec is looking at like, you know, looking at things from like something that was It in a different sense. Is it a, is it a financial? You said something. Well, no. When we were talking about it, I said, are you creating a financial investment? Because you’re buying one, you’re buying a second one, and then they’re giving you a third one. Well, that’s sort of like a stock split. So let’s say I own a hundred shares of SOC. And they say, oh, you know, Alan, you can buy another hundred shares, and then it’s going to split. Right. So now you have 200, and we’re going to give you now you’re going to have 400. Right. So what is it considered Now, though? Right now there’s, they’re not doing anything about it. They’re looking into it. The SEC is looking into people with NFTs as far as when you’re going to be buying, Trying to regulate it. No, They’re trying to regulate some of it. So it’s very complicated. That’s what I’m saying. It’s more like they’re looking at it.

Like, is it a stock now or you, or some of these NFTs acting like the stock market? Okay. So they’re looking into that, and if they are, then those, they are, Well, no, there’s no denying that, but I’m just saying, if they are operating along those lines, they’re going to get regulated. Or at least the people who operate that way will get regulated. What is the IRS one? Well, the IRS is trying to tax grip does. if you buy an NFT and it’s attached to Etherium or any other kind of coin, then there’s a value other than something we’ll get into that in a minute, but as value. So then you’re going to have to pay tax on the, huh? Yes. That’s the point. Oh token. So whatever token you’re using, you know, Ethereum, Bitcoin, Solano, all these, all these different NFTs platforms are running on a different crypto token. So I’ve seen salon up polka dot polygon, a theory. Tassos, I can’t even name them all. There’s a bunch of my rant about it, a new one today that’s an offshoot of Ethereum. So I was like, you know, and I guess people were creating, these marketplaces are creating their tokens and then, but that, but if you made a profit right on the, on the sale, you’d say you bought this board APR club for five grand. Now it’s worth 40 grand, and you go, okay, well I need 40 grand. So you sell it for 40 grand right now, you got $4,000 profit. So you got $35,000 profit. You’re going to have to pay taxes. Of course, right? It’s a capital gain. The IRS is looking at whoever the brokers are of these transactions. Whether cryptocurrency transactions or NFT transactions, anything over $10,000 will have to be re-reported by 8,300, some new form, 8,300 forms. Also, they’re going to require companies operating with crypto, including NFTs. They’re going to have to issue 10 99 Ks to people if they made over.

I think it’s, and it was 800 now. I think it’s 600 a year. So that’s crossing the line into the same thing. They did the pay pal. And they want to keep the cash app Venmo and all those platforms. So it’s P to people at forums. And then the other thing that they did is, is the IRS and the sec, and the government is saying that these companies need to have what’s called SOC two or ISO. I forget what it is, 1 0 0 2, 2 or something, whatever it is, which is fine, which means that they’re regulated financially because basically, they’re moving tokens, right? But there, that’s moving money. So are these companies they’re going to have to register with FinCEN. They’re going to have to get SOC two certified. We can help with that. As somebody out there, you say, oh, my company, you want to get compliant, and you want to, you want to discuss compliance. We can hook you up with compliance companies that do that. And we’ll help you become SOC two compliant so that you can meet the requirements of the government because it’s not going to; they’re going to come there. The companies have like a year or two to get that done. So I know the company we work with with our crypto product is SOC two compliant. They’re registered with Fenson. So we don’t have any problem with our product that we’re using no NFT functionality. So we were talking about that, the other stuff before, where people, you know, what’s going on with that, but there are memberships out there. We looked at one like New York rust New York restaurant for created art. We said, we decided it was food, but then somebody painted it. Right. That’s what it was. So it was like a food painting, and then someone would buy it if you bought this NFT. The NFT was a couple of thousand bucks for some expensive restaurant group. You know, by owning the NFT, you got invited to special dinners, special parties, wine tasting, no waitlist at the restaurant preferred seating reservations. So when I saw a hotel company in Miami, I thought it was called Evie hotels.

I don’t remember the name of the restaurant group. I know if you Google restaurant NFT and Gary Vee, he was in the article. So give him a shout-out, but there’s a hotel company in Miami doing the same thing. If you buy this NFT, you get all these special perks at the hotel, and you know, there’s going to be, you know, that’s good, it’s a functional and FTE membership. You’re getting a membership. You’re, you’re buying it. And you’re getting a membership. I haven’t looked at where you can buy these things yet and see why it’s trendy. But I think that we’ll start seeing. Maybe wealthy people will get it. I think so. Yeah. I mean, When people you’re a high roller, right, you’re going to roll, or you’re going to high roll into this expensive. When a casino started taking crypto, you could buy to the NFT to, to Caesar, to Caesar’s, or the Daniel. So who knows, it’s going to happen. It’s going to expand, you know, for men, you know, that’s what we’re talking about. Like functionality for NFTs, memberships are one of them. The next thing is collectibles. Collectibles are more like baseball cards, football cards, but that’s going to be like, that’s going to be the future. I mean, we even saw Terry Bradshaw. I mean, I don’t have any kids who want to own a Terry Bradshaw. I saw one today. I think MBA is called off the top or something like that. Don’t quote me. But they just sold their first limited edition all-star game. And if Ti, I know Steph Curry has one. Off the top is they’re making, they got some, I mean, it’s cool. Right? I, you know, they look cool. Ron had won the Gronk, had one on open seas, the Gronk, right. We saw; I think it was on crypto.com. We saw Terry Bradshaw. Yeah. The 76, hers had a, like a, from whatever year they won the championship. They had a special, Yeah. We’re going to see all that, all these team sports, it’s going to be big with sports collectibles. The words I like, I’ve been saying for a long time. There’s a market for brands to turn their logos into an NFT. Let’s have to figure out the functionality. And also like, if you’re a brand, let’s say this hotel and the restaurant, and they’re selling people, these NFTs, they’d better make sure that they have terms and conditions that people agree to. And I don’t know how deep you can get on that on somebody else’s platform, but it should be made clear on their website. That’s directing them over to the, to the purchase.

You know, what is that good for? Like if I go out of business, right. You know, somebody bought some special NFT for ten grand. The restaurant goes out of business. They might be p****d. Right. There’s gotta be some that is Right. You have to make sure, like, cause that’s How I’m thinking on a more small scale. Like I love baseball hats. Like everyone can tell, I have a good head on every podcast. Right? So like if I bought, I pay a little bit extra for a New York Yankees fitted hat. If it came with the New York Yankees NFT. Like the fitted cap, NFT, I don’t know what I would do with it, but I would do it. Well, they’re doing a new thing. If you have Twitter blue and own an NFT, you can use it as your profile picture. If you don’t have an iPhone, you can’t do that. Oh really? That’s Weird. No, that’s, that’s Not Cool. That’s not cool. You need to get it together. Well, I think that’s Android’s got to get it together. Well, we don’t know whose fault, but I’m just, yeah. But that’s the thing it’s like, I don’t know if I want to look at somebodys NFT. I want to see who the person is. Maybe they should have it where it flips around. Like, so we’d go. Yeah. Because I want to know who the person is. I don’t want to look at it like a robot or Yeah. I could see, you know, I mean, me coming from I’m a little younger than you, you know? Right. So, you know, coming from the video game era, we’re kind of used to that, the avatar thing. Right. So, cause we could tell, I could tell quickly if you’re a bot or I know, but it’s cool if it’s flipped around. If you would like if it would kind of like just yeah. Liquor, like a gift for Yeah. It just turns around, or you can see the person when you touch it. That’s an excellent idea. Twitter. I hope you’re listening. Yeah. Big shout out to Twitter. Okay. So, you know, collectibles art, I think art will be huge. Artists are going to be, you know, all kinds of artists, music, and music, artists, you know, music artists probably have it the hardest nowadays because, with music streaming, they don’t make money. Like they made back in the sixties and seventies. No. And you know, they’re not making that kind of money anymore. And you know, I mean, I saw the Eagles last week. An I don’t know, I didn’t look that, but I’ll tell you one thing, Joe Wallace is like 70, and he was making a joke that back in the seventies when he was 20, he had a lot of fun, but forgot how much fun, but I know he had some fun and I’ll tell you what, for 70, he can still tear up a guitar, you know, you can play, and they can still play.

I think that the music musicians and FTEs are going to have, yeah, that’s going to be a good thing for her music is like go hand in hand. Right. Art and music can’t have. Yeah. And you’re going to see, we saw like you could upload MP4 videos, and that could be an NFT. We’re going to see games where you will have to buy an NFT to get in the game. And then your game piece is going to be the NFT. Yeah. Well, we’re creating ideas. We’re like giving all you guys ideas to go and do it, Talk to people all the time, doing these startups. And you know, we’re talking to them about processing credit cards for these NFTs. A year and a half ago, everyone thought I was nuts when I told people about NFTs. Yeah. Oh yeah. That’s a bit. I have people all the time. They’re like, what are you talking about? It’s NFT. This thing is a joke. It’s a little pitcher. And I’m like, they, so you could just copy it. Yeah. But it’s also an investment because it’s just like a collectible, like back in the day, like I have in my house, all Larry’s ONCA signed helmet. Right. Okay. Basically. I mean, that’s a collectible. Right? Okay. So all these things are collectibles nowadays. Like kids, my mom’s trying to get rid of all the stuff out of her house. I don’t know what’s going to happen. All that stuff. I mean, it’s probably going to end up in my house. Cause I live local. My brothers are not going to take pack-ups on bronze. Come to Milwaukee, sir. I will gladly take you to my mother’s house. And you will see the queen of collectibles knickknacks. Chotskies, she’s got little things everywhere. Yeah. That’s what people used to do. Little Heads. Yeah. They’re not shrunken heads weirdos. They’re glass heads. They’re like one of them I know for sure is Marilyn Monroe. I was going to say Marilyn Manson without having been weird. Marilyn Monroe. There was another there’s another woman. No, but that’s what people used to do. Like in the fifties, the sixties, the seventies into the eighties, collectibles that now you couldn’t even sell baseball cards. They’re coming back. No, no. But shout out to Gary V again, because what I think I had a conversation about Gary V and I said, I think that he is responsible, solely responsible for having people, you know, popular popularizing trading cards, baseball, football, basket Pokemon. I saw I was returning to that Pokemon game that people were playing outside. I love it.

It’s annoying, but sportspeople, you know, there are those things, there’s a lot of sports figures. They spent their money, or they didn’t make a lot of money in the seventies and eighties, you know? Cause it wasn’t until the night after the nineties or two-thousands when these people started making sick millions of dollars a year. Right. So, you know, let’s say those guys will cash in. They’re all going to have NFTs. Side note about thousands, hundreds of thousands of dollars. I read an article that the major league baseball is still not going to open for opening day for whatever reason, but this is after they offered a $300,000 increase to younger players. That’s a $130 thousand increase per year already. That’s crazy. Like, come on, guys. Let’s play ball. Exactly. Let’s okay. Brands, I think brands need to look into NFTs and figure out how to create an NFT for your brand. We’re going to discuss what we’re doing with NFTs. And I think that brands don’t have to sell them for, you know, you don’t have to think about it like that. Like we’re talking about that expensive restaurant or an expensive hotel group. They can think about it on a smaller level, 10, 20 bucks. And they give him all the game, Alan, stop giving them all. They’ll Have to give them the game, But there was a call we can you know, we can, We discuss here, we can discuss your NFT strategy for your brand and what you can do with it. And we can help you create the NFT and all the stuff we’re going to talk about the lunch. Right. And fundraising, I think fundraising is a great idea. Forget FTS. Think that some, I think charities should seriously think about how to use cryptocurrency and NFTs for fundraising. Absolutely. And if you need help doing that, we can help you do that too. We’re very versed in this whole thing. So Hey, if you have a chance, please check us out on Spotify, iTunes, YouTube, Google podcasts, iHeartRadio, Stitcher.

We’re on every DSP you can think of. Follow us B2B vault on Instagram, Facebook, Twitter at B to B vault, spelled B with the number two and then B again. So B to B vault. You can view the website@b2bvault.info and then check out the last episode, episode 56. I can’t believe we’re on episode 56 anyway. It’s Allen Kopelman’s business journey. So Alan touches on his past 20 years in entrepreneurship. I thought it was fascinating he and I had a pretty intriguing conversation about various things throughout the year. So be sure to check that out, and we look forward to any feedback coming from that. So sorry to interrupt you. I just wanted to make sure that they’re getting the proper, you know, channels. All right. Sounds good. Thank you, Justin. You’re very welcome, sir. Now let’s talk about what experience not, shouldn’t say I, we have with NFTs, cause we sat down as a team. We’ve got our mascot Rocky and his, my dog, who comes to the office almost every day. Justin and Samantha are graphic artists. And I said we need to do an NFT project, right? So we needed to develop an NFT project, and we decided we had a plan. We’re not going to disclose all that. So you’ll find out about it in the future when it’s all like launched up. Cause you have to go through, we’re going to get into like what you have to do that. So we decided, like what’s the theme? So the theme is rocking, and the first one is the pictures and the videos though, but it’ll be posted on the podcast and the, on the podcast ad that we grow out the graphics, you know, so we decided on like, what was our theme going to be and how we’re going to do it. So we took a picture of Rocky, several of them. And then we turned them into a car attendant, and he’s branded with our, one of our brands, worldwide digital photos, and these digital payments, digital payments are why I keep saying that worldwide digital payments com. So why did we create the NFT?

So one, we wanted to figure out what’s going on with NFTs. That was one of the reasons. And then we decided that we were going to tie it into a fundraiser where we’re going to match funds, which we’re going to, we’ll get to. As soon as that, the whole project is ready to go, and we’re going to raise funds using these NFTs. And then we’re going to have a contest where we will give away money to charities in south Florida. So that’s why we created the NFT. We didn’t just do it just to do it, you know? And it’s, you know, we’re talking about today, the business behind NFTE. So why are our people creating anything? We didn’t have a why. Right? Like when we first started, well, No, we didn’t have a why, but then we said, well, what are we going to do with it just kind of organically happened, which was cool because we were learning about NFTs at the same time. Right? We were going to call the podcast. Who’s today’s NFT expert? That was going to be the title of the podcast. Right. Because you know, everyone’s a crypto expert or, you know, decentralized finance. Now I get on the clubhouse, and sometimes the discussions are, you know, often the discussions they have about NFTs, you know, everybody, you know, people, they just have a following because maybe they have a big Twitter following and all that. I guess I don’t have 20,000 people on Twitter yet, but I’m just saying, you know, so we decided we need to know how this works? The NFT. So what better way to do it than to do it, to do it, create an NFTA. And then I decided, like, if we’re going to do it, we’re going to do a whole project, and we’re going to do something with it. That’s going to be constructive, beneficial, beneficial to the community. That is, yeah. I mean, we’ve been in business for 20 years. You have to have The podcast.

Once we launch the project, we should have a ” what’re the projects ready to go. Then we’ll have a podcast all about the project and announcing the project, the NFT project, NFP collection, launch it out, the contest, everything that’s going to be going on about it. So, before that, you know, one of the experiences to buy an NFTE. So I went on a few websites, and we did an episode about that. But you know, I went on one website, and it was complicated to buy an NFD. It was like; it took over an hour; I gave up because you had to connect to a wallet, open seat, open C is a pain in the Arse. Yeah. So you had to go on there. You had to register to connect your Twitter accounts, Facebook, and a DNA sample. Here’s a sample urine Analysis. They didn’t go that far, but they wanted a driver’s license. They wanted I think I had to upload a driver’s license there that I think so. I don’t remember. No, yes, you do. Yeah. Then they run it back then I had, yeah. Then I had to get out of connecting my wallet. So I had to take a selfie to yeah. And selfie and I had to connect my wallet, and then I’d get a better mask wallet. Then you had to take money from Coinbase, transfer it to the Coinbase wallet, then transfer it to the Metta bass quality to purchase this thing. I was like, after like two hours, I was like, forget it. It’s like not happening. Right. Then I just went to like crypto.com, boom. And I owned, paid with a credit card, and have to get paid. So you go to crypto.com Logged in. I set it in an account. The one, the Sheba Sheba. I sent you a link a while ago, like, Hey, you should buy this. Right. So you go to crypto.com. You click, you click the link that I sent you to open that up. Right. And then what? That’s it? I put in my credit card, and I got it. And it’s in my crypto.com and Ft account your wallet in your collection. My collection. So I don’t know if I made it public. I don’t think so. I don’t remember how you can have your collection, private or public. You can decide to resell it or not resell it. But I don’t believe that there’s a smart contract attached to that. If you don’t believe it. Yeah. They don’t have it. That’s put it this way. It’s not disclosed the way it is on a referable.

Repairable is upfront in your face. Right? The rare wearable was crazy. Even on open seas. It’s not, and it’s not out in the open saying what the smart contract is. No. Right. So you’d have to go poke around to see what’s going on with it. That’s why I don’t understand. Like, there’s gotta be some, there’s gotta be this using like while I disagree. Okay. I believe. Like I don’t like to say like, oh, Democrat, Republican, libertarian, whatever. Mostly in my life, I view myself as independent, but one thing I do is I believe that there should be less government intervention with business. Okay. When the person who’s in now, but the prior person released a lot of regulation and prices went down. They went down. Cause people, businesses, after we deal with them like I have an office in another city. Right. I called them on us, discussing with the people in the city. I was like, you want to know why people don’t move into your city? And they go, why? I said because you have too many requirements. They want you to have, I mean, we’re in Fort Lauderdale. I don’t want to say yeah. The business license or the colony. No, here I have a Broward county license and a Fort Lauderdale license. Okay. Well, that’s your corporation. Okay. So some businesses are, I call that, pretty affordable. Okay. It was not that expensive. Under $200 a year, the Broward county licenses less than a hundred Fort Lauderdale are going up over time, and they need to get that. Like they need to lower that. I mean, if you want businesses to open up, lower your rate, but in another place where we are in Dade county, they want you to have you got to have Dade county, then you got to have the city. Then they want an occupational license. I’m like S too many lights. Would you know how many licenses do you need? And it’s like three, $400. So it was just starting a business. That’s a lot of money. Like I could see, that’s the first time. Like you need all that. Why do you need that? Every year? It’s too much, too much, but you know, less, less regulation and business. But you know, something’s got to give with the NFTs. There’s got to be some rules on these websites to disclose the smart contract and your face. Just like when you go buy something on a website, the terms and conditions are right there. It shouldn’t just be a little link, right.

It should be. But you have to click the link, and you have to read it, scroll through it, and then click that box. You don’t want to do that. We have to scroll through a whole thing. It could be hidden in there. It needs to be like in your face. That’s a big thing you need to know. Is it 5%, 10%, 2050? What is it? You know, what are you getting yourself into? So, you know, I point out referable, it’s on the thing. So on the page, boom. Right. It’s right there. When you’re buying the NFT, it says it. And then, so how was the process of creating the creator account? So the creator account was not easy to do. So I created a creator account on which platform on referable and then on crypto.com. Okay. So which one was easier out of the two? Well, we don’t know yet. So well, crypto.com was not hard. Not you filled some information out and sent it to them and take your picture. And they will. I sent them my driver’s license. I’m waiting for them to approve me. Oh, so approve me. But I already got a crypto.com wallet. The only weird part was, is they have like three parts to their platform. They have the crypto.com platform, or you can buy, then they have the crypto.com wallet and then have the NFT thing. So it’s separate. So then you got to like link it together. So that procedure was a little bit cuckoo. It’s bulky. It’s a little bulky. The one from referable was it took me forever to figure out what was going on. I had to upload a header picture and then and that they didn’t even ask me to do that. I guess crypto doesn’t compromise. You do that after the fact. Right? So before you could get approved, I had to put all of this header image and a profile icon, and they wanted all kinds of information, connect my Twitter, send out a tweet, then connect my audio, install an extension on my Google Chrome. And then, I put my Coinbase wallet on there, and then I had to connect my wallet to the referable platform. So, and then they kept sending like authentication messages, and I had to go back and forth. Then they didn’t have any instructions on the page. So we had a Google, like what were then we went back, just, I got frustrated. I worked on it for like an hour. And I was like, I don’t think this thing works. Then I got Justin to help me. And we ended up spending probably about another hour getting it. And then finally, and then we have to wait to get approved. So we’re not approved yet. It says approval takes weeks.

So I don’t know. I think that was, that was after they, that great that I remember when that news article came out when they found hundreds of thousands of fake NFT. Yeah. Well, that’s the problem: people can upload just some clip art. And there was a guy, and I think he did it on OpenSea, though, didn’t they? They uploaded like a million pieces of clip harder. So he said it was spam Spam, but I mean, I don’t know how you’re like, you’re not walking. You’re something like the throttling on your website. You don’t see somebody like that, sitting there doing a bulk upload of a cause that’s one thing like they shouldn’t do, they shouldn’t allow somebody to do like a bulk upload like that, or there should be a limit, at least you would think, yeah, I’m sure there is. Now. Now I’m sure there are some security and philosophy settings and all that. So I probably didn’t think about that. So creating the NFT, you know, you want to make sure, like we did original artwork, it’s an original design by Samantha. Then, you know, one of the things Justin and I were talking about is that some graphic artists now are starting to ask people when they’re creating stuff for them. Is this going to be used as an NFT or not? And I think one more piece. Right. And I think that you know, that that’s very important that everybody that’s, you know, working on the project gets compensated. So it’s important to do that. So the, you know, the, so, you know, you have to figure out what will work for you. And then also when you go to buy the NFT on, there were two different paths to buy the NFD, right. So when you go on referable, we did the lazy mint thing. So I did a little more reading today about this view, the gas fees, and all that. So we’re selling the NFT for like 30 or $40? No, we started at 35 and lowered it to 20, The 20. And then it came out to buy it like 1 30, 6, or something. Like, man, that’s crazy. As the gas fees were out of control. So then I was reading about the gas fees and an article before we did the podcast; while I swayed Rocky for a walk, I always take my phone and read stuff. So it was talking about different days of the week, the gas fees are lower. That’s when you should be behind your NFT when like a plane ticket; it’s like the craziest thing they were talking about.

On Tuesday, people are just getting are busy at work. So when are all the NFT drops? Don’t buy it during that because the gas fees will be higher and all kinds of crazy stuff. But that’s a that made like the price of the NFT. Like, so they’re making that, not on gas fees, $90. Yeah. That’s a lot of money plus they’re plus their two and a half percent or whatever, Plus the other fee. And then you got to pay regular taxes to mint it. Right? Like that’s not cheap. And you know, the whole thing for the NFT was for artists to make money. Right. So, well, I’m not going to buy artists because, you know, we listed ours at $20, right. An artist isn’t going to put his in a tea for $20. It’s going to be at least 200. Right. So you do the math on that, The gas fees. It was a little weird with the percentage of the price and all that. So imagine what a gas fee would be on a $5,000 NFT; we’ll have to look; I’m sure it’s a lot of money. So, unless the person paid to go in, they also offered minting on three different platforms. I know they had you could mint. You can mint the NFT on a theory of Tassos. And there was a third one, but I’m not sure what the fees difference is probably cheaper. I’m assuming because the theory is one of the most expensive, right? Well, we’d have to look; maybe we’ll have to put like a couple more NFTs in there to see what it’s all about. So, you know, we’re going to be, you know, so watch out for them it’s for sale on. One is for sale there right now, if you’re interested. With yup. Well, there are 10 of them, but 10 Rockies is 10, right? The astronaut and FTEs. So unreasonable. We’ll put the link in the, when we share the, Yeah. The podcast notes post the link. So that’s our business, the business behind NFTs. That’s our discussion today. And today, we’re going to talk about worldwide digital payments where we’re offering solutions to the crypto industry. So we offer solutions to crypto exchanges, coins, the metaverse and Ft marketplace, and FTP sites, web three. And whatever else you can imagine, we have two platforms. One is domestic us only. And the other platform is so you can accept payments from all over the world and do business in those currencies without having to worry about currency convergence. So we can work with any con any type of company, even with crypto-related companies. And we’re doing business as we work with startups, early-stage companies, established companies.

And I can tell you that based on conversations that I’ve had with people, our pricing is way less than what a couple of the people we’re working with that are paying. Now. I don’t want to mention where they’re processing, but our fees are very reasonable, Guy. Thank you. We try to, you know, listen, and I got into this business to help business owners. So basically, we’re payment consultants. We have over 20 years’ experience in the business. We’re ready to help you with credit cards. So you can grow your crypto business because, without credit card processing, you’re going to be limited. And the number of customers you can get to buy your products, and it’s important, you know, Coinbase, they don’t have credit card processing or where they might be. I think they had it a long time ago. They might be bringing it back. Yeah. They’re bringing it back to credit card processing. Cause I think they’re going to bring it back for the NFT. That’s why they’re bringing them back. Right. But you know, some platforms allow you to pay them with a credit card of what’s your stack. You know, buying crypto is also an adventure; bought crypto sold crypto paid taxes on the profits. So we Have a whole other podcast. We can do a whole podcast on that. So I consider that I’m pretty much like an expert. Other people can call themselves an expert. Okay. You are an expert. You are an expert in payment processing. You’ve bought, mined, bought, and sold crypto for-profit; yes, you are an expert, sir. You’ve created and launched and then minted an NFT. The only thing we haven’t done is sold in NFT. Yeah. Yeah. Maybe somebody will buy the NFT. If you buy the Rocky NFT, make sure you hit us up, and we will send you a swag bag. We’ll send you a swag bag from B2B fall. If you buy the Rocky NFD, you hit us up, and we will send you the swag bag of the century. It will be awesome.

B2B vault, the payment technology podcasts, providing educational information on payments, FinTech, decentralized finance, and more things you need to know as a business owner in today’s world. If you want to get paid, catch the podcast on all the, what do you call those DSPs. I’m learning a new thing. Now, the DSPs digital service providers, right? Check us out. We’re on all types of audible now, Amazon music, Pandora overcast. Everyday. I get emails from like these different platforms or a claim. Your bad guy has claimed the podcast. So we know people are listening and also watching for future podcasts because we’re going to be interviewing some fascinating guests. Quite a few people’s accounts contacted them. Then a lawyer, some people from a payments magazine, and we’re going to be bringing you some cool content. So thank you for listening to B2B vault or out peace out Carpe Diem.

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