My First Million

#155 - NFTs Explained: How Digital Art Is Being Sold For Millions and What the Opportunities Are

24 Feb 2021

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Sam Parr (@TheSamParr) and Shaan Puri (@ShaanVP) discuss: Negotiation as a Service (NaaS) - The guys talk about (and maybe invent) a new category of business: negotiations as a service. The idea here is that there are certain big ticket items where a professional can negotiate a better price for the end consumer. - Incentives matter, however. For a Realtor, getting a client a better deal isn’t always in their best interest. A better model: the negotiator gets a designated percentage if they are able to negotiate below a set price. - Idea: Applying a better incentive model to real estate or home financing. Paying a skilled negotiator a fee for reducing your interest rate can result in thousands being saved annually. - Idea: Salary negotiations for both employee and employer. NFTs - NFTs, or non-fungible tokens, are unique crypto tokens. Unlike say, Bitcoin, they aren’t mutually interchangeable -- each token is unique. In other words, NFTs are collectible. - NFTs have exploded in recent months. One site, https://cryptoslam.io/ (also https://defipulse.com/), tracks the daily transactions of different NFT. The top NFT, NBA Top Shots, does $46m worth of digital art transactions daily. - Shaan 10xd his money on the following piece in a matter of days. https://niftygateway.com/itemdetail/secondary/0x8ae06a29a816580cbd069e460dd57c6c964bb3da/7500010105. - This piece alone https://cryptoslam.io/cryptopunks/mint/6487 sold for over $1m. - Artists like Eminem and shows like Rick and Morty are created pieces of content that’ll be sold as NFTs. - Logan Paul made $3.5m in one day selling nfts https://beincrypto.com/logan-paul-raises-3-5-million-in-one-day-from-nft-sales/. - Opportunity: When a goldrush is happening, sell shovels. Shaan and Sam think the shovels here are displays. People are buying NFTs, they are going to want to display them. The options at the moment are frames like https://infiniteobjects.com/ and https://www.netgear.com/home/digital-art-canvas/. On the pod Shaan estimates you can sell 300-400 frames and easily generate $5m in a month. - https://opensea.io/: Another marketplace for NFTs. This is the eBay of NFTs CoinMarketCap - CoinMarketCap is a displayed of crypto prices. It's a simple idea that has been working. - When they delisted South Korean cryptos without warning on Jan. 7th, the move wiped out $100 billion of total crypto asset market value. - They were acquired for a rumored $400 million. The company only had 36 employees. Check out today's sponsor: Ourcrowd. They make it easy to invest in early startups. Go to ourcrowd.com/thehustle to get started. Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. Editing thanks to Jonathan Gallegos (@jjonthan) See acast.com/privacy for privacy and opt-out information.

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My First Million

#155 - NFTs Explained: How Digital Art Is Being Sold For Millions and What the Opportunities Are

This episode hasn't been transcribed yet

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