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Bank of the Station, I'm here with Adam.

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He goes by Rynotic on Twitter.

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He's a creator of FWA.

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That's fake world assets on Ethereum.

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Adam, welcome to the show.

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Awesome.

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Thank you for having me.

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I'm excited to be on.

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And I'm bringing him out of retirement.

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We also got Eric Conner.

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Eric, it's been a while.

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Good to have you back, my man.

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Hey, David.

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Good to be back.

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It's been too long.

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Eric, I'm tapping you in on this conversation because I know that you are a FWA enthusiast, so I think it'd be pretty cool to have you on the show here.

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Also, energy is up in the crypto markets, and so we're doing more conversations.

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Adam, tell me about fake world assets.

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Yeah.

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So for anyone who's listening doesn't know, it is a NFT purchasing protocol where basically there is a pool of assets that are priced by the depositors and they are backed by a certain amount of ETH.

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And then anyone can come in and purchase something randomly from the pool.

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and if they like it, they can keep it.

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If they don't like it, they can sell it back into, I think it's 90% of the depositors bid.

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And it's permissionless, decentralized, will go on forever.

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There's some parameters I can change, but the goal is to try to get as hands off as possible.

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The depositors,

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Random numbers are pulled by Chainlink.

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It's kind of standard for anyone who's listening, but it's great.

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It's been going for about a month, month and a half.

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And I work at Tokenworks.

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Tokenworks is a on-chain financialized studio where we make a product a month.

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Although when a product takes off like this one, we kind of run with it and work on it as long as it feasibly makes sense.

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And so it's kind of where we are now.

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Talk to me just about the broad philosophy about like why you think FWA is cool, why it has legs, why it's captivated people's attention, why it's been successful.

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Like what was the overall idea?

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Yeah.

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I mean, I think people love NFTs.

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I know it's kind of a hot topic.

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Some people in ETH hate them, but, um, I've been an NFT maxi for, for years.

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It's the main thing that keeps me interested.

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And so, uh, collectibles, we've seen Pokemon cards, um, especially in the last like couple of years with, um,

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like Libuboos and whatnot, like people like getting a random asset.

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Like you like getting something, but that just kind of makes sense.

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And digital assets make more sense than that.

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Like a lot of these sites, like Collector Crypt, BZ, Quartyard, they're great.

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Teams are awesome, huge inspiration.

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But at the end, you kind of end up with this physical asset that if you want to get it delivered, it takes two weeks and it's authenticated and kind of all of these things are sold by NFTs.

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And so like if there's digital assets that you want to keep,

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kind of makes sense to have it in this form.

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And, um, some people are saying it's kind of the evolution of like an open C type marketplace.

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Um,

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We'll see.

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It's kind of still a little early to tell.

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Regardless, it's been really successful and fun, and people really enjoy it.

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So the consumer behavior that we're going for is like the whole gacha thing.

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So you buy a Pokemon card pack, you get a handful of Pokemon cards.

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One of them is valuable.

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Sometimes one of them is very, very valuable, and that's kind of like the dopamine hit that people come back for.

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We're kind of replicating that consumer behavior with FWA.

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like a pack or is it you just buy one NFT You can buy multiple but then you don't really know what you get and that's kind of the fun that's the fun speculative gaming aspect to it, correct?

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Yes.

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And there are a lot of restrictions and

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you know, because it's fully on chain.

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So we use like a, it's called a Fenwick tree to like keep track of all of the positions and the odds of what you're going to get.

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And so we are kind of restricted in that sense.

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And that was kind of part of the fun of building it is like, what can, how do we like work with these constraints to make something that people enjoy and still works?

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It's kind of resulting in what we have now.

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But can we just like pop open the hood just to understand this a little bit better about like how does an NFT come into the FWA system?

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ETH also needs to come into the FWA system.

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Not all of these NFTs are valued equally.

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Some are valued more than others.

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Like some are incredibly valued.

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How does the system, how does just like mechanically, how does all of that work?

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Yeah.

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So I mean, part of my inspiration was like a Uniswap V2 pool.

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And so yeah.

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For people who don't know what that is, like when you add liquidity to a Uniswap V2 pool, you have to basically say, I have this amount of asset and I have this amount of ETH and we're going to deposit and get LP tokens.

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And so you're kind of setting the value there.

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And then obviously, if, you know, if your asset rips, there's like a permanent loss.

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And if ETH goes up, you've made more and whatever.

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So kind of setting the price by backing just made a ton of sense for me.

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And it's also part of that constraint that I mentioned earlier.

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Like we don't really know the prices of these NFTs.

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So we don't know the price of a Bored Ape or a Punk or a 10,000 tokens NFT.

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And that's because a lot of these marketplaces aren't on chain.

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And so there's no way for to query OpenSea easily and be like, what's the price of this?

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There are some options.

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There's like NFTX that is like fractionalizing it.

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We could try to get a price.

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But for the most part, we don't know the price of these.

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And so it makes sense for someone to say, this is the price.

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And to prove that, I'm going to back it by that amount of money.

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And so that's kind of both a constraint and has turned into like a feature.

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And a big thing of these...

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kind of Pokemon card sites like Collector Crypt is this buyback and so they are willing to buy it back for a certain amount and I think that also incentivizes people to participate because they know no matter what they don't have to ship it they don't have to get it delivered they can just take back the money and they still kind of even if they don't like the card and so it's

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user behavior.

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What is the incentive for somebody with an NFT to come and seed the asset base in the first place?

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Like, why?

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I've got an NFT.

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Why would I take it to FWA?

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And so, and to be clear, like, a lot of this is based on odds.

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Like, there's a chance you deposit and someone purchases your NFT first purchase.

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And...

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you lose your money.

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That's kind of like the pitch is, um, it happens, but on average, as you, if you continually deposit NFTs, like you are getting paid out what you list them at.

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If you are pricing them fairly, it was kind of the initial pitch.

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And I think it, it's still playing out, but we're seeing people price NFTs a little differently than I'd expect.

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But yeah,

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You know, if you put in, let's say, a board ape and it's worth, there's an 80th bid on OpenSea, so it's worth 80th.

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And you come in and you deposit it for 80th.

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You're going to, every time someone purchases from the pool, you're going to get a small amount of that.

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So if you're 1 100th of the entities in the pool, you're going to get 1 100th of every purchase.

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And that'll accrue over time.

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And on average, because the price to pull is the average of all of the NFTs in the pool, you will earn the amount of ETH that you paired it with.

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And then when someone happens to purchase your NFT, they will decide, do I want the NFT?

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Do I want the ETH backing?

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Do I want to sell it back to them?

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But if they do that, if it's priced perfectly, they'll take the NFT because there is a 10% haircut.

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And so that was kind of like how I planned it out as.

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But I think it's a pretty interesting way to sell your NFTs when there's very little liquidity that we're seeing.

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Also, there's no reason you have to keep your NFT in the pool the whole time.

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Let's say you want to deposit it

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um, some ETH has accrued.

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You're ready to pull it out.

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You can pull it out as long as the pool is not too hot, meaning that, um, there's too many purchases, which was a big issue in the beginning.

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Not so much of an issue now as it's slowed down, but that's to keep the integrity of the pool and boring on chain stuff.

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And so, um, and also for the initial two week period, there was, um,

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emissions of the token so people were incentivized to deposit because of that and kind of build this network um one thing that interested a lot of people was how we launched the token and so there was you actually couldn't buy the token for the first two weeks the only way was by participating which i found super novel and interesting and i think a lot of people did too um and so that kind of had a lot of volume as a result now we're in this more healthy period where like obviously purchases are down it's less hyped but we're still seeing activity and

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as a depositor, like, I mean, the, the NFT yield is still, still quite, like, quite good.

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But again, you can hit that, like the, the turkey meme where it's like day 1000.

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And so, some people are making money, some people are losing money, but it's still kind of like an unsolved game and some people are having fun doing it.

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I think that's the mechanics of the protocol that we have gotten, like, pretty well thoroughly done.

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So let me turn to, like, Eric here and just ask Eric.

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Eric, you are an FWA enthusiast.

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Why?

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What do you like about it?

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Why are you so thrilled about FWA?

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I think first and foremost, most fun I've had on chain in years, probably since the original NFT wave.

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I mean, I think everybody knows I've been an NFT maxi for a while, been supporting punk for a while.

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Um...

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Adam made a good point.

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It was one I was going to make as well.

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There's a lot of inefficiencies in the NFT marketplaces.

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So I think that's one of the biggest things people don't realize why there's been such a long bear market in NFTs is like so many collections essentially went to zero because you can't even sell them, right?

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There's not even people looking for bids on the book of like OpenSea and stuff.

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So

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With FWA, at any point, you can put any NFT you have.

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Well, not any NFT.

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There's whitelisted collections.

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But most NFT collections that have any value, you can put out there and potentially get a bid on it.

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Someone lands on it and takes it at any point.

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Why did it capture me, though?

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At first, just a novel idea.

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Something to finally do on chain.

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I mean, DeFi is great and is everywhere on Ethereum.

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But it's relatively boring at the end of the day.

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I think...

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You know, it kind of caught the Gasha trend at a perfect point.

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I'm sure a lot of people are aware, but on Ethereum and other chains, the Pokemon card thing's going crazy, right?

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You spend for $100, you pull a random card, and that was going big at the time.

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And just bringing it to NFTs, that takes a trust layer out as well, right?

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There are some real-world assets, I'm sure we'll get into at a point here, like Pokemon cards that are on FWA now.

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But just, I had a bunch of just like,

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I had considered dusted NFTs at this point, even things that are pretty good, like MeBits and, you know, doodles that were once at a point, of course, up at, you know, multiple each that are hard to even get rid of these days.

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And I was able to put them out there and farm and,

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earn FWA and still have them out there now earning Pac-Rubin fees.

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And then I would also say the coolest thing is, to me, FWA is a protocol people can build on top of.

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I've personally built something called Gasha Battles, which pits five people's pulls against each other.

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And then they can... Whoever gets the biggest pull takes all five NFTs.

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And there's been a ton of stuff built on top of this.

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There's been mega rip where people pull a bunch of E together and...

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after like seven days or whatever it is, they rip like a hundred packs and I'll split the pool.

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There's just a lot of cool things that can be built on top of the base FW layer itself.

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So I think it's bigger than just, you know, going on FW that fun and ripping a pack.

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I think we're going to see a lot of cool innovation.

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Like to me, this is where NFTs are going to be bought and sold.

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This is where NFTs are going to be launched.

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I'm sure Adam wants to talk about Flair launch as well.

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Um,

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And yeah, it's just like, it's the first exciting thing I've personally seen on mainnet in a while.

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That's not just DeFi, right?

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So I guess that's why it kind of just caught my attention.

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Self-custody won, but it still has a usability problem.

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A seed phrase on paper is still a single point of failure.

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Phones get lost, devices break, backups disappear.

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BitKey is a self-custodial hardware wallet built for that reality.

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It uses a two-of-three multi-sig with keys split across your phone, the BitKey hardware device, and Block.

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No single key can move your Bitcoin, and Block can never move it alone.

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There's no seed phrase to lose or expose.

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And if you lose your phone, your BitKey, or both, built-in recovery gives you a path back.

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The hardware screen also lets you verify the destination before approving a transaction.

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And that's the point.

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So download BitKey today and use promo code BANKLESS to get 10% off of your BitKey.

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This episode has been sponsored by BitKey.

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I've been trading crypto for almost a decade, and I've used so many different wallets, exchanges, aggregators, different front ends over the years.

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And I'm always kind of looking for the same thing.

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Just one interface with deep liquidity across a bunch of chains and assets where I can access all the markets like perps, earn yield, trade confidentially and still control all my own funds.

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And I've never really found this experience.

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And I'm always switching wallets, juggling gas fees and just getting eaten by slippage.

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Near.com is not that.

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It feels fundamentally different to me.

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I can do everything I want from any chain and I keep all my activity confidential.

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I can even earn yield confidentially.

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It's the way crypto should work.

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The near.com wallet is powered by near and it's moved over $25 billion cross chain using post quantum signing and has run over five years on main net with zero downtime.

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Near.com is simply the best way to be on-chain and be in control.

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Get 20% of your trading fees back using the bankless link in the show notes, not investment advice.

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So FWA is both a, like a consumer, has a consumer relationship.

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I can go to FWA and do the thing.

211
00:13:28.121 --> 00:13:29.101
I can go buy the packs.

212
00:13:29.541 --> 00:13:35.522
But Eric, you're also positioning it as like, this is just like a liquidity infrastructure for NFTs as well.

213
00:13:35.562 --> 00:13:38.183
This is like a building block for something bigger.

214
00:13:38.723 --> 00:13:39.524
Yeah, for sure.

215
00:13:39.724 --> 00:13:47.193
I mean, because if you think about it, like say I'm sitting on a few Mibits, maybe one Mibit has sold in the last month on OpenSea or something.

216
00:13:47.414 --> 00:13:51.799
Like I can put five out there, I can back them with the full price, 0.3 Ether or whatever.

217
00:13:52.460 --> 00:13:54.362
If someone lands on it, they might decide just to take it.

218
00:13:54.382 --> 00:13:56.625
That person maybe was never going to buy a Mibit, right?

219
00:13:56.945 --> 00:14:00.826
This gets into the interesting thing, and Adam hit on this a little bit, like how do you price these things?

220
00:14:01.046 --> 00:14:10.788
I think generally on FWA, we're seeing NFTs back by less than what they're kind of going, fair value on OpenSea, because I think people want to sell them.

221
00:14:11.388 --> 00:14:15.429
Like people would rather than take the NFT than take the ETH, at least a lot of people.

222
00:14:15.449 --> 00:14:22.351
Although that's not fully fair, because like the top NFT on FWA right now is a punk back with 300 ETH, which is a top tier punk.

223
00:14:22.391 --> 00:14:24.371
It's a hoodie with a smile, very clean.

224
00:14:24.451 --> 00:14:26.012
Like it's probably around that value.

225
00:14:27.633 --> 00:14:41.222
But if that gets pulled, someone has to pick, do they keep the punk, do they keep the E, if they keep the E, that person who put the punk out there has to rebuy their punk essentially at 300 E. So you have to be very smart about your pricing.

226
00:14:41.302 --> 00:14:46.625
Now, since that's the rarest ones, the lowest odds of being pulled, it probably should be a long time so that's pulled.

227
00:14:46.666 --> 00:14:46.726
And

228
00:14:49.122 --> 00:14:56.385
how the protocol works, they should earn that back in fees by the time it's pulled, but we have seen someone put a punk out there and it got pulled well before, like early on, right?

229
00:14:56.465 --> 00:15:06.368
So it truly is just kind of, you know, like Adam said, over time it all kind of evens out, there's winners and losers, but you are taking a risk by putting stuff out there

230
00:15:06.528 --> 00:15:10.994
at any point you could spin for I think it's .08 ETH or something right now to spin.

231
00:15:11.034 --> 00:15:13.037
You could spin and you could pull a PONK.

232
00:15:13.077 --> 00:15:15.320
So it's cool.

233
00:15:15.340 --> 00:15:18.725
There's a Pokemon card out there that's backed by like 20 ETH or something like that.

234
00:15:19.386 --> 00:15:20.007
And I think

235
00:15:21.577 --> 00:15:38.192
This is a topic we should just have at some point in this podcast, but these protocols like Collector Crip, who are custodian and construing these Pokemon cards and wrapping them and putting them on chain, I think we're going to see a proliferation of, ironically, real-world assets on fake-world assets.

236
00:15:38.452 --> 00:15:39.654
On fake-world assets.

237
00:15:39.814 --> 00:15:40.054
Right.

238
00:15:40.154 --> 00:15:42.075
Which introduces a trust layer, of course.

239
00:15:42.775 --> 00:15:44.396
I'm curious of Adam's thoughts on this.

240
00:15:44.496 --> 00:15:49.579
If at some point, you know, FWA would even think about custodian or anything like that and insuring.

241
00:15:49.619 --> 00:15:53.600
But, you know, I think we're going to see like Rolex watches on this thing.

242
00:15:53.620 --> 00:15:55.782
I think potentially someone could put a house deed out there.

243
00:15:55.802 --> 00:15:57.843
Like anything that's tokenized to go on here.

244
00:15:58.243 --> 00:16:00.804
So that's why I think long term is super cool.

245
00:16:01.024 --> 00:16:06.666
Yeah, Adam, how do you see like the growth vectors of FWA ahead for it?

246
00:16:06.826 --> 00:16:08.566
Or are you kind of just like hands off?

247
00:16:08.626 --> 00:16:09.666
Like this is a mechanism.

248
00:16:09.967 --> 00:16:10.647
We've built it.

249
00:16:11.347 --> 00:16:14.308
Maybe there's some, you know, tweaking and perfecting to do.

250
00:16:14.368 --> 00:16:18.809
But other than that, like you're going to just like kind of set it and let it see what see what happens.

251
00:16:19.109 --> 00:16:21.770
I mean, obviously, long term goal is to be more hands off.

252
00:16:21.850 --> 00:16:24.551
But right now is like the time to really be working on it.

253
00:16:25.151 --> 00:16:28.832
And we're going to keep adding new features, keep tweaking it, I think.

254
00:16:29.732 --> 00:16:31.453
Eric touched on the Flair launch mechanism.

255
00:16:31.493 --> 00:16:37.514
Basically, all the NFTs we're seeing in the pool currently are NFTs that have existed already, that have been around for years.

256
00:16:37.654 --> 00:16:39.675
Maybe they launched in the last year, if you're lucky.

257
00:16:40.135 --> 00:16:45.977
But having new launches deployed into the pool, I think is really interesting and incentivizes people to participate.

258
00:16:46.797 --> 00:16:53.800
And there's a chance where, you know, a lot of these mint kind of phases for previous NFTs, it's like a one day thing.

259
00:16:53.840 --> 00:16:54.921
It's a one week thing, max.

260
00:16:54.941 --> 00:16:59.863
Like there's a chance that someone launches a new collection through Flair and it's there for a while.

261
00:16:59.923 --> 00:17:04.225
And like, you know, also I think quit mentioned on this and he did a podcast, but,

262
00:17:05.491 --> 00:17:16.402
When you're minting a, let's say there's a Azuki, you know, and this is the Azuki launch day and you purchase, if you get a common Azuki, that's like not, it's not a fun experience for you.

263
00:17:16.502 --> 00:17:19.745
You're shooting for that rare, the rare golden Azuki.

264
00:17:20.005 --> 00:17:21.987
Whereas here, if you get an Azuki at all,

265
00:17:22.868 --> 00:17:23.588
you're very happy.

266
00:17:23.688 --> 00:17:27.269
You know, if you pull in a Zuki, like that's an awesome experience and you've gotten what you wanted.

267
00:17:27.329 --> 00:17:30.470
And so that kind of skews the perception as well.

268
00:17:30.490 --> 00:17:33.531
Like you're now excited to get the common of the collection.

269
00:17:34.311 --> 00:17:36.952
And we'll see how it actually plays out when like collections are launching it.

270
00:17:36.972 --> 00:17:37.872
Maybe I'm completely wrong.

271
00:17:38.372 --> 00:17:40.613
But I think that will be pretty interesting.

272
00:17:41.693 --> 00:17:43.913
I'm building it so anything can be put in the pool.

273
00:17:43.933 --> 00:17:45.474
That's kind of why the backing can be

274
00:17:46.605 --> 00:17:53.954
as people call it, like wrong, you know, having like 50 ETH of a, on a 10,000 tokens NFT is because I don't really, we don't know the price of these assets.

275
00:17:53.974 --> 00:18:00.322
Like if someone is willing to back it by that and that's what they say it is, like it's hellish to try to figure out the price of a punk.

276
00:18:01.243 --> 00:18:02.024
And if you want to say

277
00:18:02.917 --> 00:18:08.821
you know, if we made it so you could only, let's say Punks were 30 ETH, and we're like, you can only back Punks by 30 ETH.

278
00:18:09.241 --> 00:18:10.522
No one's going to put in a hoodie.

279
00:18:10.582 --> 00:18:11.903
No one's going to put in an ape.

280
00:18:11.983 --> 00:18:13.003
No one's going to put in an alien.

281
00:18:13.264 --> 00:18:15.125
And I think that's a bad decision.

282
00:18:15.685 --> 00:18:19.448
And so it's kind of the trade-off in that sense.

283
00:18:19.468 --> 00:18:21.609
We're still trying to think about how to price things more fairly.

284
00:18:21.629 --> 00:18:23.290
Like maybe there's a V2 where we do that.

285
00:18:23.870 --> 00:18:27.192
But for now, it's kind of just fair game.

286
00:18:27.513 --> 00:18:27.993
But yeah.

287
00:18:28.705 --> 00:18:30.767
I think it'd be really cool to have more reward assets.

288
00:18:30.787 --> 00:18:35.090
We've already added these Pokemon cards.

289
00:18:35.871 --> 00:18:40.115
There's no reason we couldn't add anything else that's tokenized that's a reward asset.

290
00:18:41.075 --> 00:18:43.237
I will not be the one custing them.

291
00:18:43.337 --> 00:18:44.118
I will never do that.

292
00:18:44.238 --> 00:18:45.259
I hate that idea.

293
00:18:45.659 --> 00:18:47.160
I'll leave that to the professionals.

294
00:18:47.261 --> 00:18:51.204
Collector Crypt is extremely talented and been doing it for so long.

295
00:18:51.524 --> 00:18:51.864
Hellish.

296
00:18:51.884 --> 00:18:54.447
That's why I'm sticking with fake assets.

297
00:18:54.687 --> 00:18:55.527
I want to NFT.

298
00:18:55.567 --> 00:18:56.128
They're so easy.

299
00:18:56.148 --> 00:18:56.949
You can prove you own it.

300
00:18:57.609 --> 00:19:02.932
Um, but if there's demand and there's a better custodian than me, like there's no reason we shouldn't add it.

301
00:19:03.092 --> 00:19:06.173
And so, um, we'll kind of see that'd be really cool.

302
00:19:06.293 --> 00:19:06.934
Anything that's token.

303
00:19:06.954 --> 00:19:09.755
I mean, there's so many things that are coming on chain now that kind of makes sense.

304
00:19:09.795 --> 00:19:15.458
I know it's probably stopped a little bit in the last, like I remember four years ago, everything was coming on chain.

305
00:19:15.618 --> 00:19:21.341
And so, um, but I think we're kind of more mature now and we have more, um, the infrastructure is there.

306
00:19:21.421 --> 00:19:25.563
And so there still is like the, the risk, like what happens if, um,

307
00:19:26.690 --> 00:19:29.751
You know, I go back to like my my shoe flipping days, like StockX.

308
00:19:29.791 --> 00:19:31.472
And what happens if someone lets a fake through?

309
00:19:31.972 --> 00:19:37.534
And what happens if, you know, StockX goes bust and then like they don't actually have the shoe anymore?

310
00:19:38.414 --> 00:19:39.855
That is a risk you're taking as well.

311
00:19:39.935 --> 00:19:42.316
But that's kind of why I would not be the one custodian things.

312
00:19:42.396 --> 00:19:45.017
And so but let's say let's say that happens.

313
00:19:45.037 --> 00:19:47.998
Let's say there's a 20th Charizard that's in there.

314
00:19:48.018 --> 00:19:48.618
I think it's a Charizard.

315
00:19:49.590 --> 00:19:54.274
let's say everyone, it comes out and it's like, oh, well, the Charizard is bust.

316
00:19:54.454 --> 00:19:55.435
It's a fake Charizard.

317
00:19:56.276 --> 00:19:59.378
The purchaser would hopefully still take the ETH backing and that still exists.

318
00:19:59.438 --> 00:20:04.883
And so the risk is kind of on the person that deposited the asset rather than the person purchasing it from the protocol in the future.

319
00:20:04.903 --> 00:20:10.548
And again, maybe it doesn't play out like that, but that's kind of like worst case doomsday scenario is...

320
00:20:11.808 --> 00:20:12.729
how I could see it going.

321
00:20:12.789 --> 00:20:19.073
But so the way I'm looking at it is like, it is just one single global AMM for NFTs.

322
00:20:19.093 --> 00:20:23.476
Like you have NFTs, a splattering of NFTs on one side and you have ETH on the other.

323
00:20:24.157 --> 00:20:28.800
And so this is actually just like Ether being used as money for a splattering of NFTs.

324
00:20:29.581 --> 00:20:36.226
And the way that the NFTs come in is that the individual prices it according to what they think is correct.

325
00:20:36.626 --> 00:20:39.348
Can we talk about that mechanism, that like organic mechanism,

326
00:20:39.728 --> 00:21:00.182
mechanism what are the penalties for an individual and i know i mean like protocol ascribed penalties but like why does the pricing mechanism work so let's say i'm say i'm the punk hoodie owner and i fairly value my punk at 300 say say that is fair you know god comes and says yes correct that's

327
00:21:01.783 --> 00:21:05.384
what are the penalties if I were to actually value it at $350?

328
00:21:06.104 --> 00:21:08.865
Or what if I were to actually value it at $250?

329
00:21:08.945 --> 00:21:14.506
Like, why does the market guide things correctly towards the actual fair value?

330
00:21:14.546 --> 00:21:15.346
How does that actually work?

331
00:21:15.566 --> 00:21:21.468
Yeah, so you're incentivized to not underprice it because then it is more likely to be purchased.

332
00:21:21.608 --> 00:21:25.128
And so there's no reason for you to put it at $250 when it's $300.

333
00:21:25.168 --> 00:21:30.710
Let's say even instead of God, there's a 300 standing ETH bid on CryptoPunks.app.

334
00:21:32.430 --> 00:21:36.833
And so if you list it at $250,000, there's a 99%.

335
00:21:37.013 --> 00:21:44.017
Any rational actor will decide to, if they purchase it, will take the NFT because they can sell it higher elsewhere.

336
00:21:44.897 --> 00:21:46.918
So that's kind of already solved in that sense.

337
00:21:47.619 --> 00:21:51.721
And if you overprice it too much, let's say you overprice it too much.

338
00:21:52.544 --> 00:21:53.845
It's $350 or it's like double.

339
00:21:54.265 --> 00:21:56.547
You price it at 600 ETH.

340
00:21:56.827 --> 00:21:59.409
It's harder to get purchased from the protocol.

341
00:21:59.929 --> 00:22:08.695
But if it does get purchased, then the purchaser will most likely take the ETH because they're getting more money.

342
00:22:09.487 --> 00:22:13.590
Now, when it gets really close, let's say it's within 10%.

343
00:22:13.730 --> 00:22:27.301
And so if you back it by 300 ETH and it's worth 300 ETH and I purchase it and I'm a rational actor, I have to decide, do I want this NFT or do I want 300 ETH times 0.9 because it's a 10% haircut?

344
00:22:27.381 --> 00:22:31.044
And that haircut currently all 100% goes to the protocol and buys the token.

345
00:22:31.525 --> 00:22:32.445
But you would get

346
00:22:33.546 --> 00:22:35.147
270 ETH as a result.

347
00:22:35.527 --> 00:22:41.611
And so as long as the standing bid is within that 10%, like you will take the NFT.

348
00:22:41.671 --> 00:22:44.112
And so that's kind of the incentive to price it fairly.

349
00:22:45.373 --> 00:22:51.617
And we haven't seen that play out exactly, but I think over time and with, you know, the correct incentives, it will, but

350
00:22:52.077 --> 00:22:54.858
One other thing too, pricing it correctly.

351
00:22:54.878 --> 00:22:56.338
So pricing as close as possible.

352
00:22:56.358 --> 00:22:59.839
You earn, the higher you back, the more protocol fees you earn, essentially.

353
00:22:59.960 --> 00:23:07.542
So like you are somewhat incentivized to price higher because you would get a higher cut of the protocol fees.

354
00:23:08.602 --> 00:23:11.963
Well, on the ETH side, you get...

355
00:23:12.703 --> 00:23:13.964
So let's say even if there's...

356
00:23:15.870 --> 00:23:21.173
you know, since it's a hundred things in and it's a hundred dollars, each item gets $1 regardless of the backing.

357
00:23:21.193 --> 00:23:28.896
But there are FWA incentives that go and are given to higher backed assets.

358
00:23:28.916 --> 00:23:30.037
And it's like the square root of the price.

359
00:23:30.077 --> 00:23:41.402
And so just in that sense, but the reason you also back it accurately is because it lasts longer in the pool because the odds are higher or like they're less likely to get it pulled.

360
00:23:41.462 --> 00:23:41.783
And so,

361
00:23:42.865 --> 00:23:45.332
overall, like you don't have to micromanage it as much.

362
00:23:45.613 --> 00:23:46.134
And it's, um,

363
00:23:47.553 --> 00:23:50.314
all of the incentives were there to try to get it to price perfectly.

364
00:23:50.334 --> 00:23:58.339
And so there is still a world where maybe there's, again, a V2 pool that solves all of these issues, if they're even considered issues.

365
00:23:59.239 --> 00:24:06.223
But pretty happy with how V1 is kind of still working after a month and people are still playing with it.

366
00:24:06.323 --> 00:24:11.806
A big thing was like, oh, what happens after we stop emitting tokens and all of the supplies out there?

367
00:24:11.866 --> 00:24:15.688
And the fact that there's any activity at all, it's working and it's...

368
00:24:16.548 --> 00:24:26.935
it's still a pretty early for a hopefully multi-year protocol that will, like if I get hit by a bus, God forbid that doesn't happen, but, um, it will still run and there's no, there's no failure.

369
00:24:26.955 --> 00:24:34.080
The only, I mean, the single point of failure is probably chain link, you know, and that's, uh, was it $10 billion company right now?

370
00:24:34.120 --> 00:24:35.160
And so, yeah.

371
00:24:35.180 --> 00:24:35.501
Um, yeah,

372
00:24:36.347 --> 00:24:39.649
And that failure will just be you can't purchase and you can withdraw all your assets.

373
00:24:39.789 --> 00:24:41.710
And so also God forbid.

374
00:24:41.730 --> 00:24:43.891
So it's a wind down, not a crash.

375
00:24:44.171 --> 00:24:51.175
But knock on wood, if I get hit by a bus and chain link fails, it will wind down.

376
00:24:51.495 --> 00:24:53.376
And so that's pretty good.

377
00:24:53.436 --> 00:24:55.678
Obviously, God forbid, there is some sort of exploit.

378
00:24:55.698 --> 00:24:56.378
Things are on chain.

379
00:24:57.238 --> 00:24:59.600
There already was an exploit in the first version.

380
00:25:00.200 --> 00:25:05.082
that we had to pay back out because I didn't get it audited and then prove the concept, got it audited.

381
00:25:05.322 --> 00:25:05.842
We're now here.

382
00:25:05.862 --> 00:25:07.843
Um, things are wonderful.

383
00:25:08.003 --> 00:25:12.025
And so, um, can almost thank the exploiter because right.

384
00:25:12.065 --> 00:25:14.606
If we found it, it was one instead of day 30.

385
00:25:14.646 --> 00:25:15.767
And so, um, yeah.

386
00:25:16.147 --> 00:25:18.848
And it's been cooking since, but.

387
00:25:19.485 --> 00:25:31.530
What stops me from like going and looking at the whitelisted NFTs, finding the cheapest one, buying a cheap one, putting it into the FWA pool and valuing it astronomically high, like 10,000 Ether.

388
00:25:31.570 --> 00:25:32.750
Like why wouldn't I do that?

389
00:25:33.691 --> 00:25:35.211
I mean, there's, there's no reason you wouldn't.

390
00:25:35.332 --> 00:25:36.952
It's like, that's, we've seen that now.

391
00:25:36.972 --> 00:25:39.133
There's been, there's a Macamigo at like 50.

392
00:25:39.673 --> 00:25:40.774
There's a Punk at 300.

393
00:25:41.994 --> 00:25:47.737
The risk you're taking though is if someone manages to purchase it from the protocol, you're buying it back from them at whatever you backed it with.

394
00:25:47.917 --> 00:25:48.277
And so.

395
00:25:49.113 --> 00:25:51.196
Oh, because you have to back it also with the actual real ETH.

396
00:25:51.216 --> 00:25:51.896
Yes, exactly.

397
00:25:52.117 --> 00:25:58.384
And so if I put in a stupid NFT at $1,000 backing and then they sell it back to me, I pay?

398
00:25:58.404 --> 00:26:00.206
I pay for that?

399
00:26:00.406 --> 00:26:03.590
You're basically buying it from them for $1,000.

400
00:26:03.710 --> 00:26:03.870
Yeah.

401
00:26:04.371 --> 00:26:06.573
And so, or $1,000 ETH.

402
00:26:06.693 --> 00:26:08.175
And then that ETH doesn't go to me.

403
00:26:08.235 --> 00:26:09.176
It goes into the protocol.

404
00:26:09.196 --> 00:26:09.296
Yeah.

405
00:26:10.290 --> 00:26:11.572
That ETH goes to them.

406
00:26:12.392 --> 00:26:12.713
No wonder.

407
00:26:13.213 --> 00:26:14.735
Oh, it goes to them because it gets the money.

408
00:26:14.775 --> 00:26:15.176
Oh, I see.

409
00:26:15.436 --> 00:26:21.903
And then the 10% haircut, because they don't get all of it, but it's still worth it for them to take 90% of it.

410
00:26:22.364 --> 00:26:24.947
That other 10% will buy the FWA token and go to the program.

411
00:26:25.828 --> 00:26:26.368
Right.

412
00:26:26.428 --> 00:26:36.696
So if I put in a stupid NFT at 1,000 ETH, they see like, oh, I just got this stupid NFT, but the protocol is offering to buy it back from me at like 900 ETH.

413
00:26:37.236 --> 00:26:41.319
Obviously, I'm going to take that protocol collects 100 ETH.

414
00:26:41.419 --> 00:26:45.822
And then me who deposited 1,000 ETH in a stupid NFT, I don't get my 1,000 ETH back.

415
00:26:46.103 --> 00:26:48.684
But I've been printing ETH fees along the way.

416
00:26:48.765 --> 00:26:51.306
And so in theory, that should have paid me out anyways.

417
00:26:51.547 --> 00:26:51.727
Yeah.

418
00:26:52.287 --> 00:26:58.674
And I do like to think of it more like the protocol not buying it from you, but the depositor buying it back, I think it makes more sense.

419
00:26:59.054 --> 00:27:00.536
But still, yeah, exactly.

420
00:27:00.616 --> 00:27:02.357
And so, very cool.

421
00:27:02.378 --> 00:27:08.244
The thing I like about this is that, to Eric's point, liquidity really dried up in the NFT world.

422
00:27:08.644 --> 00:27:11.527
And this is kind of like a universal buyer situation.

423
00:27:11.787 --> 00:27:23.090
or just like a universal liquidity engine so that if there's literally not an offer for you on OpenSea, you can go to FWA and you can do something there.

424
00:27:23.330 --> 00:27:39.594
And it feels like if we had many more mechanisms like this, the NFT flywheel would have been a little bit more sticky and sustainable, and owners would have had just more assurances that there would be liquidity or a way for them to get ETH in some way or another.

425
00:27:42.154 --> 00:27:46.095
under the success conditions of FWA, like, this is really good for the NFT industry.

426
00:27:46.315 --> 00:27:46.956
I like to think so.

427
00:27:47.036 --> 00:27:49.917
I mean, some people don't like it because obviously it's a little gamified.

428
00:27:50.437 --> 00:27:52.117
I think we've seen gamified NFTs for years.

429
00:27:52.137 --> 00:27:52.777
They can just not play.

430
00:27:52.937 --> 00:27:54.398
They can just not play.

431
00:27:54.618 --> 00:27:54.858
I know.

432
00:27:55.218 --> 00:27:56.739
I think it's a net positive.

433
00:27:56.839 --> 00:28:01.900
I think it's bringing fun back to NFTs, and that's what I've been trying for the last couple, like, years.

434
00:28:02.000 --> 00:28:03.361
You know, like, people love punk strategy.

435
00:28:03.401 --> 00:28:04.781
Punk strategy had a moment for punks.

436
00:28:05.621 --> 00:28:07.042
Some people felt like it was still...

437
00:28:08.062 --> 00:28:30.828
a net negative for crypto punks in general um people felt like it was i don't know a lot of opinions i disagree but i see their points you know especially a lot of the more art focused people um you know but i think if you're against the financialization of art maybe eth is not for you i don't know that's my personal opinion i think like you're kind of financializing at the second you mint it and the second you sell it on openc um

438
00:28:32.610 --> 00:28:34.211
But I see everyone's kind of point.

439
00:28:34.451 --> 00:28:36.673
But I think it's a net good.

440
00:28:36.933 --> 00:28:41.236
I think where this gets really interesting too is the eventual idea of custom pools.

441
00:28:41.376 --> 00:28:44.718
So I'm in the FWA team and I've been talking about this.

442
00:28:44.778 --> 00:28:49.681
But you could, instead of just this one global pool, people could potentially launch their own pool.

443
00:28:49.701 --> 00:28:55.004
Say I want a single punk whale and I want to start to get rid of my 30 punks, right?

444
00:28:55.245 --> 00:28:58.407
I could just have my own Eric punk pool

445
00:28:59.147 --> 00:29:01.970
put 30 punks out there back and with what I think the value is.

446
00:29:02.150 --> 00:29:04.612
Now the spinning price obviously goes up.

447
00:29:05.072 --> 00:29:10.277
And I don't know, Adam can probably speak to the customization here, but the odds would vary on your punks.

448
00:29:10.517 --> 00:29:13.600
But people could have a chance every spin to just win a punk, right?

449
00:29:14.060 --> 00:29:20.366
And as a pungle holder who has a bunch that are just sitting there and doing nothing, you could be earning fees on them.

450
00:29:20.446 --> 00:29:21.867
Of course, you could be selling them.

451
00:29:21.887 --> 00:29:23.349
You could be buying back their punks.

452
00:29:23.469 --> 00:29:25.130
But I even saw something...

453
00:29:25.911 --> 00:29:30.875
Somebody tweeted about how Yuga Labs is sitting all these punks, like 10% that they could potentially...

454
00:29:31.076 --> 00:29:40.504
They really could never sell because it would just look bad on the market, but they could potentially be farming through FWA, through maybe a custom pool, something like that on those punks.

455
00:29:40.524 --> 00:29:42.726
So it starts to get really interesting when you talk about that.

456
00:29:44.167 --> 00:29:50.193
Flare launch, which I think is going to be a superior NFT launching mechanism as well versus just...

457
00:29:50.733 --> 00:29:56.639
putting it out there, cash grab, and first person to sweep the collection gets the most value out of it.

458
00:29:57.280 --> 00:30:04.246
So there's a lot of stuff beyond just the current generalized pool that I think is going to be really interesting for the NFT space too.

459
00:30:04.467 --> 00:30:09.952
And I'm trying to keep the general pool as simple as possible as well.

460
00:30:10.533 --> 00:30:12.314
Obviously, I consider maybe we have

461
00:30:13.035 --> 00:30:15.098
separate main pools that have price bands.

462
00:30:15.138 --> 00:30:21.546
So you can only put something in in this price range or maybe it's only Yuga Labs kind of assets.

463
00:30:21.686 --> 00:30:26.051
But I think having the main pool as simple as possible benefits everyone building on top of it.

464
00:30:26.171 --> 00:30:30.857
And so we're seeing like a gotcha battles or the mega rip one or flop.

465
00:30:31.598 --> 00:30:32.980
they, it's simple.

466
00:30:33.101 --> 00:30:34.964
It's easy to build on this main pool.

467
00:30:35.064 --> 00:30:37.247
Everything kind of, there's 6,000 assets.

468
00:30:37.808 --> 00:30:38.790
It's a bunch of collections.

469
00:30:38.850 --> 00:30:39.310
It's perfect.

470
00:30:39.791 --> 00:30:45.741
And then having these custom pools kind of solves the problem of like, if I want to only pull and purchase like a punk again,

471
00:30:47.164 --> 00:30:51.287
that purchaser can go in, look for pools that are only punks, and kind of go from there.

472
00:30:52.107 --> 00:30:54.489
And the pricing mechanism would work in the main pool too.

473
00:30:54.529 --> 00:30:59.692
Like, the way it's set up, if there's only punks in the pool, like, it will be an average of everything in there.

474
00:30:59.732 --> 00:31:01.573
And so the code was already audited.

475
00:31:01.613 --> 00:31:06.836
It's really simple to just kind of make it a little more granular just with one depositor.

476
00:31:06.976 --> 00:31:07.997
And we're still working.

477
00:31:08.337 --> 00:31:10.498
We'll probably be past the first Square launch.

478
00:31:10.518 --> 00:31:15.321
We'll probably be not past the user pool, custom user pools out yet.

479
00:31:15.521 --> 00:31:15.862
But...

480
00:31:17.074 --> 00:31:17.414
We'll see.

481
00:31:17.434 --> 00:31:18.234
And I'm still tweaking it.

482
00:31:18.254 --> 00:31:19.175
Like, maybe it makes sense.

483
00:31:19.595 --> 00:31:23.476
We've had some people say, like, they don't want actually the buyback option for custom pools.

484
00:31:23.736 --> 00:31:27.457
And so maybe there's a world where you go on to deposit all their punks.

485
00:31:27.517 --> 00:31:28.698
They don't want to back them by ETH.

486
00:31:29.138 --> 00:31:33.379
But they're still incentivized because all the money goes to that because they're the only depositor.

487
00:31:33.899 --> 00:31:36.260
And so kind of still workshopping that.

488
00:31:36.620 --> 00:31:40.361
I have a couple iterations done that I'm getting audited, but they still IP tweaked.

489
00:31:41.102 --> 00:31:41.522
And...

490
00:31:43.669 --> 00:31:44.810
We'll kind of see.

491
00:31:44.930 --> 00:31:45.650
We'll see what happens.

492
00:31:45.670 --> 00:31:54.995
I'm really excited about the custom pools because I think it kind of solves a lot of the issues for the main one, especially if all the fees from the user pools flow back to the main pool and flow back to the token.

493
00:31:55.035 --> 00:31:57.397
I think it's still kind of all is like a nice little ecosystem.

494
00:31:57.877 --> 00:31:59.158
Yeah, talk about the actual token.

495
00:31:59.558 --> 00:32:03.899
FWA token, it was created at Genesis, but you could not buy it.

496
00:32:03.939 --> 00:32:07.760
You could only get it by actually participating in FWA.

497
00:32:08.180 --> 00:32:12.862
Talk about the way that the token came into the world and its role that it plays in the app.

498
00:32:12.942 --> 00:32:13.162
Yeah.

499
00:32:13.282 --> 00:32:17.503
And so some of the reasons of why you could only get it by participating...

500
00:32:18.343 --> 00:32:22.325
I've launched probably 16 projects over the last two years.

501
00:32:23.366 --> 00:32:27.028
And there's so many external factors that go into like why a project failed.

502
00:32:27.168 --> 00:32:29.529
And a lot of them aren't my fault.

503
00:32:29.609 --> 00:32:32.571
I mean, you could say it's my fault as like a mechanism designer, but not my fault.

504
00:32:32.611 --> 00:32:36.413
And like, I remember I launched one of my first token works projects was top blaster.

505
00:32:36.493 --> 00:32:45.938
And it was 6.9% of token fees on selling the fees would accrue whoever top blasted and paid the most on average for the tokens would get them all.

506
00:32:46.538 --> 00:32:47.439
Really cool idea.

507
00:32:47.519 --> 00:32:47.959
I liked it.

508
00:32:47.999 --> 00:32:48.760
The site looked great.

509
00:32:49.140 --> 00:32:52.622
One hour after launch, Trump launched and just nuked it to zero.

510
00:32:52.642 --> 00:32:55.264
It might have even been dead before, but like there was no chance of it coming back.

511
00:32:56.665 --> 00:32:59.888
One of the tokens got sniped and it was called Cabal.

512
00:32:59.928 --> 00:33:00.628
It was on mainnet.

513
00:33:00.928 --> 00:33:02.549
You had to convince an AI agent to...

514
00:33:03.450 --> 00:33:04.030
let you sell.

515
00:33:04.411 --> 00:33:11.255
So you had to basically like beg, publicly beg, and it would tweet and it would show and it would take into account like, oh, like what's the market?

516
00:33:11.375 --> 00:33:14.056
Is the token trending upwards?

517
00:33:14.197 --> 00:33:14.957
Are you in profit?

518
00:33:14.977 --> 00:33:15.757
How long have you held?

519
00:33:15.777 --> 00:33:17.438
And it's like, how compelling is your argument?

520
00:33:18.819 --> 00:33:19.360
Really cool.

521
00:33:19.520 --> 00:33:23.262
And like, I think like we launched that in a certain market and it could go crazy.

522
00:33:23.682 --> 00:33:27.244
Instead, it went to like $2 million market cap, which is still great.

523
00:33:27.705 --> 00:33:28.825
But someone sniped 25%

524
00:33:30.206 --> 00:33:33.168
managed to sell after like 40 attempts, which is still really cool.

525
00:33:33.188 --> 00:33:35.229
It took 40 attempts to sell as a sniper.

526
00:33:35.809 --> 00:33:38.091
It took the project dead.

527
00:33:38.191 --> 00:33:45.175
And so like as a result of someone who didn't really care, and people will disagree with this, but there is a...

528
00:33:46.441 --> 00:33:50.985
a fine line and like, it's kind of blurry what a sniper is and what an early participant is.

529
00:33:51.085 --> 00:33:57.111
You know, it's like if I see a product early and I buy it and I, um, I'm a believer, like, am I a sniper?

530
00:33:57.331 --> 00:34:01.555
Am I like, or am I just a savvy crypto trader?

531
00:34:01.575 --> 00:34:02.335
Like, I don't really know.

532
00:34:02.436 --> 00:34:05.879
And so, um, I usually don't, like, I'm not upset at snipers.

533
00:34:05.919 --> 00:34:10.603
Like, I think like if I didn't know what this project was and I can make money, like I would probably try to buy it early too.

534
00:34:11.003 --> 00:34:11.424
And so, um,

535
00:34:13.019 --> 00:34:19.683
In that sense, I think it makes sense to try to distribute your token to people that actually know what it is and actually are participating.

536
00:34:19.843 --> 00:34:23.025
And so the best way to do that is to not let them buy.

537
00:34:23.185 --> 00:34:25.106
Don't let people buying that aren't buying.

538
00:34:25.166 --> 00:34:26.426
And there's different ways we could have done it.

539
00:34:27.267 --> 00:34:32.650
I've seen some other products pop up that are giving purchase allocation to people that participate in a project.

540
00:34:33.130 --> 00:34:33.971
But I think for us,

541
00:34:34.811 --> 00:34:39.156
it just made sense of like, oh, you can cash out as ETH or you can cash out as FWA.

542
00:34:39.256 --> 00:34:40.537
And that's like a way to buy it.

543
00:34:40.577 --> 00:34:50.948
And we also want to do incentivize activity and try to like, um, they call it like the, obviously the cold start problem of like, how do you get incentive, like bootstrap, uh, protocol to start like getting deposits and start getting people to play.

544
00:34:51.949 --> 00:34:54.632
And the token kind of just like plugged all those little holes.

545
00:34:54.792 --> 00:34:55.513
And so, um,

546
00:34:56.340 --> 00:34:57.541
Also, it's really fun to have a token.

547
00:34:57.561 --> 00:35:04.007
Like, I think if you're making a crypto project, like, why not try to make it as decentralized and work on its own?

548
00:35:04.147 --> 00:35:05.268
Like, that's the whole reason we're here.

549
00:35:05.468 --> 00:35:07.910
And so we could have not had a token.

550
00:35:07.970 --> 00:35:10.953
And there's a lot of platforms that don't.

551
00:35:11.173 --> 00:35:17.539
But I think having a token and accruing value to it is like crypto forward in a way.

552
00:35:17.599 --> 00:35:18.159
And so, yeah.

553
00:35:19.000 --> 00:35:20.001
How does it actually accrue value?

554
00:35:21.812 --> 00:35:23.413
And so again, a lot of this is on chain.

555
00:35:23.433 --> 00:35:25.593
This has been like from day one in the docs.

556
00:35:25.873 --> 00:35:27.894
And it's all dependent on usage.

557
00:35:27.954 --> 00:35:29.855
Like it's the token probably worthless.

558
00:35:29.875 --> 00:35:30.455
Like who knows?

559
00:35:30.535 --> 00:35:38.697
But again, the fees from the platform all go to buy FWA and distribute it to various parties.

560
00:35:38.757 --> 00:35:40.598
And so initially all the fees were going to TokenWorks.

561
00:35:41.398 --> 00:35:48.841
And now the fees, 100% of the protocol fees, so that 10% haircut, there's a 1% fee on purchases.

562
00:35:49.161 --> 00:35:53.302
And I think there might be a 1% fee when you take the NFT portion.

563
00:35:54.783 --> 00:35:58.284
But all of those fees kind of go to buying FWA publicly.

564
00:35:59.164 --> 00:36:02.065
And it's one ETH per block, so it does it automatically.

565
00:36:02.085 --> 00:36:03.525
Again, if I get by a bus, it'll still work.

566
00:36:04.266 --> 00:36:04.466
And...

567
00:36:05.507 --> 00:36:06.989
distributes back into the system.

568
00:36:07.169 --> 00:36:08.631
And so right now we have it set.

569
00:36:08.751 --> 00:36:17.222
So I think 40% goes to purchasers that day and 30% goes to depositors that day and 30% is burned.

570
00:36:17.423 --> 00:36:19.485
And I think it could be wrong on this network, but something like that.

571
00:36:19.625 --> 00:36:21.348
Okay, so there's a perpetual incentive

572
00:36:21.808 --> 00:36:30.620
to do the thing because there's always flows to buy FWA and that goes to like flowing to people depositing NFTs or doing purchases.

573
00:36:30.920 --> 00:36:32.522
But then 30% is also burned.

574
00:36:32.542 --> 00:36:35.927
So that's like put into the pocket of the value of the token.

575
00:36:36.322 --> 00:36:40.125
And again, this is fully dependent on people participating in any way.

576
00:36:40.325 --> 00:36:42.908
People deciding that they want one of these NFTs and they're playing.

577
00:36:44.409 --> 00:36:46.150
It all goes away if people stop purchasing.

578
00:36:46.250 --> 00:36:49.033
And we're trying to align with that.

579
00:36:49.113 --> 00:36:53.597
But there's obviously no buybacks at the token if there's no volume.

580
00:36:53.737 --> 00:36:56.439
And so just to drive that home.

581
00:36:56.699 --> 00:36:56.919
But...

582
00:36:58.205 --> 00:37:07.298
Yeah, I think it's like the people that are holding the token kind of believe in the platform and believe that this protocol is working and can work even better.

583
00:37:07.318 --> 00:37:08.500
And it's...

584
00:37:12.195 --> 00:37:15.738
the fact that 100% fees go to buybacks, they don't go to buyback and burn all of them.

585
00:37:15.838 --> 00:37:22.123
But, um, what initially was kind of emissions tokens getting almost minted.

586
00:37:22.163 --> 00:37:32.071
They were fully like in the, the claim contract, but I'd call it emissions was now replaced by tokens getting emitted from buybacks, like demand of the platform.

587
00:37:32.511 --> 00:37:34.633
Um, it kind of all just like works.

588
00:37:35.034 --> 00:37:38.476
And so, well, um, I'm still tweaking all of these numbers too.

589
00:37:38.516 --> 00:37:38.676
Like,

590
00:37:39.498 --> 00:37:42.279
That's kind of where I want to be hands off, but it's too early.

591
00:37:42.479 --> 00:37:45.460
It's a month in and it's hard to say how everything kind of plays out.

592
00:37:46.241 --> 00:37:48.782
And we're not really, we're in like a little mini kind of bowl.

593
00:37:49.102 --> 00:37:51.583
Hopefully it's, this is the start of a bowl.

594
00:37:51.603 --> 00:38:03.967
If I had to, you know, praying my, my, my youth long that I made in May, um, right at 2330, finally I've been whole underwater for so long is finally I made $3,000 in

595
00:38:05.788 --> 00:38:14.397
on this trade after three months and I closed it immediately and I was down so much, but I was like, I actually like I held it long enough and I knew you could come back.

596
00:38:14.517 --> 00:38:19.922
And so, uh, again, hopefully this is the start of like a little, the big one, the big one.

597
00:38:19.962 --> 00:38:27.009
But, um, if that's the case, like, I think like having a decentralized kind of protocol like this, that's user owned through the token.

598
00:38:27.069 --> 00:38:28.731
And, um, it's, um,

599
00:38:29.280 --> 00:38:32.684
And it's been nice that like we've been able to experiment for the last two years.

600
00:38:32.704 --> 00:38:34.186
We've been launching tokens.

601
00:38:34.847 --> 00:38:36.489
We, we run with the ones that make sense.

602
00:38:36.529 --> 00:38:37.491
We kill the ones that don't.

603
00:38:38.131 --> 00:38:38.732
Some people like that.

604
00:38:38.752 --> 00:38:39.253
Some people don't.

605
00:38:39.273 --> 00:38:47.003
We're very transparent with how it works, but it's nice to like, right before a bowl, hopefully we have a big winner and like, you know, we,

606
00:38:47.569 --> 00:38:53.373
We've been, we've already made a bunch of revenue in the first two weeks, and we're now just kind of like heads down working on it.

607
00:38:53.473 --> 00:38:56.916
And we do make money off the token trade.

608
00:38:56.996 --> 00:38:59.218
That's kind of where TokenWorks still has revenue.

609
00:38:59.978 --> 00:39:04.802
There's a 1% buy sell tax that goes to us, but that's configurable and can go down as well.

610
00:39:06.391 --> 00:39:07.731
Eric brought up Flair.

611
00:39:08.852 --> 00:39:11.192
What is this component of FWA?

612
00:39:11.212 --> 00:39:11.912
What is Flair?

613
00:39:12.152 --> 00:39:14.593
Yeah, so it's actually, it's Flair.

614
00:39:14.613 --> 00:39:18.814
Like think of fair, but with a W because it's like, I'm going to meme it forever.

615
00:39:19.714 --> 00:39:21.535
All the memes are running great.

616
00:39:21.595 --> 00:39:23.675
And it's funny, people call it, I didn't call it FWA.

617
00:39:23.815 --> 00:39:25.095
Like I didn't intend for that.

618
00:39:25.135 --> 00:39:26.976
People pronounce it as that, which is funny.

619
00:39:27.536 --> 00:39:28.056
I think it's great.

620
00:39:28.336 --> 00:39:29.276
So I kind of run with it.

621
00:39:29.396 --> 00:39:35.058
But anyway, Flair launches our net new NFTs that are launched through the platform.

622
00:39:36.798 --> 00:39:40.361
We saw it first with Jack Butcher launched a collection called Rappers.

623
00:39:41.001 --> 00:39:42.302
And so it was 80 NFTs.

624
00:39:42.543 --> 00:39:43.683
We backed them with 0.01.

625
00:39:43.864 --> 00:39:44.844
It was super low.

626
00:39:45.525 --> 00:39:50.969
And basically launching NFT collections through the protocol.

627
00:39:52.130 --> 00:39:56.153
And the reason I think this is interesting is kind of what I said with the, I think it was the Azuki example.

628
00:39:56.173 --> 00:39:59.795
Like if you get a common rapper, you're still happy.

629
00:39:59.815 --> 00:40:01.857
You're like, oh my God, I finally got the collection that I wanted.

630
00:40:01.877 --> 00:40:01.977
Yeah.

631
00:40:03.125 --> 00:40:05.627
And so we're hoping that this helps distribution as well.

632
00:40:06.508 --> 00:40:11.493
And there's a lot of problems, there's problems with artists launching in the pool that I think Flair solves.

633
00:40:11.713 --> 00:40:13.515
And so first you have to back it.

634
00:40:13.535 --> 00:40:14.315
You have to back it by ETH.

635
00:40:14.636 --> 00:40:15.917
And a lot of artists can't do that.

636
00:40:15.997 --> 00:40:18.119
Or they're like, I kind of want to just release art.

637
00:40:18.199 --> 00:40:20.601
I don't want to have to put up ETH as well.

638
00:40:21.242 --> 00:40:22.423
And then also just,

639
00:40:24.022 --> 00:40:36.253
distribution in general, I think is like we saw in 2021, a lot of these gas wars, a lot of these, like, how do I get these NFTs, not only in collectors hands, but also in like a fair public distribution.

640
00:40:37.093 --> 00:40:45.020
And so I think by launching through FWARE, what it does is it lets people come in and say, I want to back these NFTs, let's say there's 1000 of them.

641
00:40:45.741 --> 00:40:47.582
And they want to sell them at 0.05.

642
00:40:49.223 --> 00:40:52.605
They say, all right, I want these to launch through 0.05.

643
00:40:52.805 --> 00:40:53.725
Is there anyone interested?

644
00:40:54.226 --> 00:40:58.608
And then collectors can come in and say, I will back 1, 5, 10, whatever the limit is.

645
00:40:59.869 --> 00:41:02.150
And they put up 0.05 ETH.

646
00:41:03.250 --> 00:41:08.713
When it gets fully backed, the collection is launched and all of those 1,000 NFTs get added to the pool with the backing.

647
00:41:09.614 --> 00:41:14.236
And then let's say someone purchases one of these NFTs from the pool.

648
00:41:14.876 --> 00:41:17.038
They can say, I want the ETH or I want the NFT.

649
00:41:18.039 --> 00:41:24.542
If they take the ETH, the NFT goes back to the launch contract and goes to the person that backed it.

650
00:41:25.082 --> 00:41:26.663
And so they said, I want it for 0.05.

651
00:41:26.803 --> 00:41:27.864
They got it for 0.05.

652
00:41:27.904 --> 00:41:28.384
They're happy.

653
00:41:29.044 --> 00:41:30.725
Or let's say, hey, I'm the purchaser.

654
00:41:30.785 --> 00:41:31.785
I like this new NFT.

655
00:41:32.186 --> 00:41:32.926
I am going to keep it.

656
00:41:33.506 --> 00:41:33.987
They keep it.

657
00:41:34.447 --> 00:41:40.049
Then the ETH that it was paired with goes back to the backer minus the 1% pool fee because you can't really avoid that.

658
00:41:40.109 --> 00:41:42.751
If we ever launch a new pool, we'll make it so it doesn't have that.

659
00:41:42.811 --> 00:41:45.272
But 99% of the money goes back to them.

660
00:41:46.377 --> 00:41:47.358
How does the artist make money?

661
00:41:47.658 --> 00:41:51.441
The artist makes money by the fees that it accrues while it was in the pool.

662
00:41:51.961 --> 00:41:59.487
And so, like I mentioned earlier, you could deposit an NFT, it gets purchased the first purchase and you are out of luck.

663
00:41:59.968 --> 00:42:03.351
But with a large enough amount, the variance kind of evens out.

664
00:42:03.511 --> 00:42:09.495
And so on average, let's say for a thousand NFTs at 0.05, would mint out at 50 ETH.

665
00:42:09.976 --> 00:42:13.659
The artist should get around 50 ETH in fees, all things considered.

666
00:42:14.219 --> 00:42:14.639
And so...

667
00:42:15.420 --> 00:42:17.441
the artist gets the full amount that they were hoping for.

668
00:42:18.182 --> 00:42:26.167
Um, the backers that backed it get a chance, hopefully a higher chance of getting it if the purchaser doesn't take it, um, with a minimal risk.

669
00:42:26.467 --> 00:42:33.072
And then hopefully the distribution is really good because it goes to people who purchased from, uh, FWA.

670
00:42:33.132 --> 00:42:36.294
And so there's kind of a, a bit of chance of like what I actually get.

671
00:42:36.534 --> 00:42:36.934
And, um,

672
00:42:37.915 --> 00:42:43.236
there's a chance that someone purchases from there and decides to keep it is probably higher than the average thing in the pool.

673
00:42:43.756 --> 00:42:46.557
And so it kind of helps the ecosystem as well.

674
00:42:46.817 --> 00:42:48.077
We'll see how it plays out again.

675
00:42:48.217 --> 00:42:50.058
The first one will probably launch by this podcast.

676
00:42:50.138 --> 00:42:55.959
This could be hugely dunked on as a result, but I think it's going to be pretty good.

677
00:42:55.979 --> 00:42:58.160
So the first one we're launching as well, which should be this weekend is,

678
00:42:58.972 --> 00:43:00.133
is on the test collection.

679
00:43:00.193 --> 00:43:03.917
It'll be 111 NFTs backed by 0.25 ETH.

680
00:43:04.838 --> 00:43:07.080
And they'll act as almost like beta NFTs.

681
00:43:07.121 --> 00:43:11.885
You can activate them and get first access to deploy these custom user pools.

682
00:43:12.026 --> 00:43:14.889
And so we'll kind of like let people play that way.

683
00:43:16.030 --> 00:43:18.132
They're little cute fuzzy things that we made.

684
00:43:18.352 --> 00:43:18.692
And so,

685
00:43:19.293 --> 00:43:20.493
We'll price it at 0.25.

686
00:43:20.553 --> 00:43:21.714
I think the interest is there.

687
00:43:22.954 --> 00:43:38.760
After that, the first artist launch will be Sterling Crispin, who has made this awesome Save Ethereum collection, where the goal is to back up the early blocks of Ethereum onto Ethereum and kind of save all the data that exists.

688
00:43:38.780 --> 00:43:40.201
And it's kind of like a recursive thing.

689
00:43:40.541 --> 00:43:46.063
And there are these on-chain little cards that have people's faces that are in the space and are pretty cool.

690
00:43:46.083 --> 00:43:47.104
And they can trade a card game too.

691
00:43:47.124 --> 00:43:47.424
I don't know.

692
00:43:47.964 --> 00:43:48.245
We'll see.

693
00:43:48.305 --> 00:43:49.850
I'm excited for both.

694
00:43:51.093 --> 00:43:53.620
But we'll kind of see what happens.

695
00:43:53.660 --> 00:43:54.804
I think the goal is to get

696
00:43:56.087 --> 00:43:57.788
activity and get people purchasing.

697
00:43:57.828 --> 00:43:59.830
That's kind of the key.

698
00:43:59.850 --> 00:44:07.096
Like if no one, again, if no one's buying NFTs and there's no one bidding on NFTs and no one's purchasing from FWA, it's bad.

699
00:44:07.336 --> 00:44:08.597
It's bad for the ecosystem.

700
00:44:08.637 --> 00:44:15.622
And so incentivizing as much as we can for people to collect and to purchase NFTs from the protocol, like that's the goal.

701
00:44:15.683 --> 00:44:17.944
And so by doing these Square launches,

702
00:44:18.925 --> 00:44:25.278
We're hopefully adding NFTs to the pool that people really like at prices that we've seen people are willing to back it at.

703
00:44:25.498 --> 00:44:29.065
And so it should be a net positive for the whole ecosystem, but.

704
00:44:29.254 --> 00:44:33.578
Yeah, I think it eliminates a lot of the issues we saw in 2021, 2022 with NFTments.

705
00:44:33.699 --> 00:44:41.286
I mean, what you saw was a lot of cash grabs, first of all, like instant sellouts and artists just walking away, right?

706
00:44:41.406 --> 00:44:45.871
This takes that away because the artists isn't getting paid to ETH right away, right?

707
00:44:46.031 --> 00:44:50.436
They're getting fees off the backing of the collection, essentially, in the FWA pool.

708
00:44:50.996 --> 00:44:54.217
And it might take a long time for all these NFTs to sell.

709
00:44:54.237 --> 00:44:55.377
They're in the larger pool.

710
00:44:55.397 --> 00:44:59.878
People have to spend and land on them and all this stuff.

711
00:45:00.738 --> 00:45:04.699
And it's a better distribution for the artists.

712
00:45:04.839 --> 00:45:06.480
They're getting put in this larger pool.

713
00:45:06.500 --> 00:45:11.581
There's a lot of users using FWA that maybe didn't know about the artists that has a smaller Discord community.

714
00:45:12.821 --> 00:45:19.283
There's less of a rush to try to type mints and whitelists and all these things.

715
00:45:20.463 --> 00:45:26.828
It still requires the NFT market to be hot for any launch to do well or for NFTs in general to sell out.

716
00:45:27.369 --> 00:45:32.533
But I think it takes away a lot of the issues we saw with Ments in 2021-2022, which led to...

717
00:45:32.553 --> 00:45:34.354
I mean, it was like an IPO-like craze.

718
00:45:34.834 --> 00:45:39.878
It led to too many scammers, too many cash grabs, and eventually just drying up liquidity.

719
00:45:40.198 --> 00:45:43.421
In the end, that led to the downfall of NFTs for the last...

720
00:45:43.861 --> 00:45:47.884
four years until hopefully now seem to be bouncing back a little bit.

721
00:45:47.924 --> 00:45:49.625
But I like the mechanism.

722
00:45:49.705 --> 00:45:51.646
I'm interested to see how it'll play out.

723
00:45:52.446 --> 00:45:56.468
You know, and NFTs, at least Robinhood NFTs right now seem pretty high.

724
00:45:56.869 --> 00:46:00.030
With FWA on Ethereum mainnet, things seem to be bouncing back.

725
00:46:00.090 --> 00:46:03.753
So getting a new launch mechanism could be a nice catalyst as well.

726
00:46:03.813 --> 00:46:04.073
So...

727
00:46:04.817 --> 00:46:05.578
Definitely excited to check it out.

728
00:46:05.598 --> 00:46:08.221
Yeah, launch mechanism, I think these are definitely the right words.

729
00:46:08.321 --> 00:46:16.629
It feels like one of the things that Pump did is it really homogenized and standardized the token launch process.

730
00:46:17.470 --> 00:46:24.137
And there was somewhat of that in the NFT space, but it was all like opt-in, like the 10,000 NFT, PFP, but really that was it.

731
00:46:25.639 --> 00:46:33.286
And so what I like about this is like there's one central place to have a standardized launch for an NFT.

732
00:46:33.746 --> 00:46:40.413
And that like just orderly market structure makes things more scalable, more easy to reason about, more easy to think about.

733
00:46:40.553 --> 00:46:43.676
And I think that has like potential just for just...

734
00:46:44.216 --> 00:46:47.358
palatability and like an understanding in the market.

735
00:46:47.738 --> 00:46:55.662
And so like having an NFT launch pad where like liquidity is there, no matter what that NFT is or what it does, I think it's actually pretty bullish.

736
00:46:55.922 --> 00:46:57.543
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739
00:47:09.450 --> 00:47:10.590
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740
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745
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746
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748
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749
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750
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751
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752
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753
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754
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755
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756
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757
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758
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759
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760
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761
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762
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763
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764
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765
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766
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767
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768
00:48:39.865 --> 00:48:42.467
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769
00:48:42.528 --> 00:48:45.590
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770
00:48:45.730 --> 00:48:47.292
There's a new episode waiting for you now.

771
00:48:47.532 --> 00:48:49.272
Adam, what's next for FWA?

772
00:48:49.313 --> 00:48:52.813
When we shut down this podcast here in a bit, where are you going to go work on?

773
00:48:53.234 --> 00:48:54.974
What's the short-term roadmap?

774
00:48:55.054 --> 00:49:01.756
I just got the contract back for the FWARE launch stuff, so I kind of got to come to the auditor, go through, make the changes that need to.

775
00:49:02.256 --> 00:49:04.957
Seemed pretty good, but they had some recommendations.

776
00:49:05.057 --> 00:49:05.777
Just trying to get that out.

777
00:49:06.357 --> 00:49:12.379
And then FWARE launch zero, and then hopefully FWARE launch one, hopefully Sterling, and then...

778
00:49:13.756 --> 00:49:18.497
another thing I want to kind of work on and kind of take my hands off as much as possible is that the entities that are added to the main pool.

779
00:49:18.737 --> 00:49:20.258
I don't really love that.

780
00:49:20.318 --> 00:49:22.738
I can pick and choose.

781
00:49:23.298 --> 00:49:32.281
And just like if FWA holders think 10,000 tokens are bad for the ecosystem, like maybe they should be able to kind of take them out.

782
00:49:32.381 --> 00:49:39.103
And so brainstorming that a lot of it is just like sitting on the changes more than actually doing them.

783
00:49:39.223 --> 00:49:40.283
That's like what feels right.

784
00:49:40.383 --> 00:49:40.823
What, um,

785
00:49:41.982 --> 00:49:44.443
you know, the mechanisms itself, like how do we tweak these?

786
00:49:44.563 --> 00:49:51.184
And that's kind of a hard, like if I sit down and really try to think about mechanisms, like I can't, but they'll kind of just like come to you.

787
00:49:51.244 --> 00:49:55.746
And so just kind of keep chugging along on that.

788
00:49:55.846 --> 00:50:00.567
It's nice that, you know, we have a pretty like solid short-term roadmap.

789
00:50:00.727 --> 00:50:02.207
And so it's just always something to work on.

790
00:50:03.648 --> 00:50:06.028
But, you know, got to throw a podcast in here and there.

791
00:50:06.709 --> 00:50:06.909
Yeah.

792
00:50:07.689 --> 00:50:08.849
Oh, we appreciate it.

793
00:50:08.909 --> 00:50:11.390
The podcasters appreciate you throwing a podcast in here and there.

794
00:50:12.170 --> 00:50:17.952
What's interesting here is just all the building on top and the composability of Ethereum just showing being very beneficial.

795
00:50:18.032 --> 00:50:26.376
Like we're seeing a lot of, I don't know if David, you've seen Emblem Vault, but essentially this is a thing that you can wrap NFTs from other chains and bring over.

796
00:50:26.416 --> 00:50:28.616
So like that's how the Pokemon cards are coming over, right?

797
00:50:28.676 --> 00:50:29.597
Most of these are on...

798
00:50:30.257 --> 00:50:36.402
Solana or other chains, you can now wrap them, bring them over to Ethereum, put them in FWA.

799
00:50:36.422 --> 00:50:42.046
So I think this is driving a lot of innovation around composability across chains and real world assets.

800
00:50:42.066 --> 00:50:48.651
I mean, I have a hot take that in like two years, most of the most valuable assets on fake world assets are going to be real world assets.

801
00:50:48.751 --> 00:50:56.036
I just think if you can pitch to like quote unquote normies, I hate the term, but if you can pitch to them, hey, like,

802
00:50:57.317 --> 00:51:02.039
Instead of, oh, you can get this NFT, which maybe they don't like NFTs, they've heard bad things about NFTs.

803
00:51:02.079 --> 00:51:03.280
Everyone wants a punk, I guess.

804
00:51:03.320 --> 00:51:06.201
But other NFTs, who knows where that's going.

805
00:51:06.361 --> 00:51:15.585
If you can pitch, hey, you can spend for $50 and win a $100,000 Pokemon card, or you can win a Rolex, or you can win a title, whatever.

806
00:51:15.665 --> 00:51:16.846
Things could get weird, right?

807
00:51:16.886 --> 00:51:17.346
I don't know.

808
00:51:18.047 --> 00:51:18.367
I think...

809
00:51:19.207 --> 00:51:26.534
Luxury good sellers, like, I don't know, a Louis Vuitton or a Prada or something, um, could tokenize authenticity.

810
00:51:26.594 --> 00:51:33.861
And we could see those going to insured vaults on Crypt Collect, like, and you could spin and you could win a Louis Vuitton bag.

811
00:51:33.881 --> 00:51:37.025
Like, I don't know, there's just so many things that could happen with this, um,

812
00:51:37.585 --> 00:51:39.946
real-world asset layer that are being tokenized.

813
00:51:40.006 --> 00:51:41.827
And of course, there's an element of trust there.

814
00:51:41.887 --> 00:51:49.470
But as someone like Collector Crypt gets bigger, you know, and more trustworthy, like at the time hardens that stuff, right?

815
00:51:49.630 --> 00:51:56.112
But, you know, all these like new things that are popping up like M-Vault and just you can bring them over to Ethereum.

816
00:51:56.132 --> 00:52:00.154
And then, you know, Adam, I'm sure you guys have, I've talked to you a little bit about going to Robinhood.

817
00:52:00.194 --> 00:52:02.115
I'm sure you guys have plans for other chains too.

818
00:52:02.235 --> 00:52:04.816
But just be able to bring these assets from chain to chain.

819
00:52:04.836 --> 00:52:06.577
Because I think, like I love...

820
00:52:07.497 --> 00:52:08.397
Mainnet Ethereum, right?

821
00:52:08.437 --> 00:52:12.479
Like in my heart, that's where I started and I still got a soft spot for it.

822
00:52:12.499 --> 00:52:16.420
But there's no denying like the UX of layer two chains is way better, right?

823
00:52:16.520 --> 00:52:17.240
Fees are cheaper.

824
00:52:17.680 --> 00:52:21.181
But like FWA had to launch on Mainnet Ethereum because that's where punks live.

825
00:52:21.201 --> 00:52:22.882
That's where high value NFTs live.

826
00:52:23.282 --> 00:52:30.106
But if we slowly start talking about composability layers and wrapping vaults to bring over to other chains, that opens a whole other aspect here.

827
00:52:30.186 --> 00:52:33.328
Because now all of a sudden, NFTs don't have to live on one chain.

828
00:52:33.368 --> 00:52:35.109
I can bring my punk over to Robinhood.

829
00:52:35.149 --> 00:52:36.770
There's an FWA on Robinhood.

830
00:52:37.350 --> 00:52:38.191
It's cheaper.

831
00:52:39.452 --> 00:52:40.112
It's quicker.

832
00:52:40.592 --> 00:52:41.413
All these things.

833
00:52:42.133 --> 00:52:48.337
To me, there's unlimited potential here that go well beyond just spending for NFTs that are on the Ethereum.

834
00:52:48.357 --> 00:52:48.597
Yeah.

835
00:52:48.837 --> 00:52:50.600
And I'm not against moving it to a different chain.

836
00:52:50.680 --> 00:52:57.111
Like, I mean, we're obviously, like I said, main net makes sense for the home of the token and the protocol because that's where the entities are.

837
00:52:57.847 --> 00:53:04.469
Um, but also, like, I mean, just like people are building on top of us, like we built on top of, um, on Chainlink and on Uniswap V4.

838
00:53:04.949 --> 00:53:17.192
And so like anywhere there's like a Uniswap V4, actually, I don't even think we need Uniswap V4 on the chains that we deployed, but we'll need Chainlink, um, cause you can just, we can bridge the token over, um, with like layer zero.

839
00:53:17.332 --> 00:53:18.332
We've seen many people do that.

840
00:53:18.372 --> 00:53:20.873
Like, um, Adam from, um.

841
00:53:21.713 --> 00:53:23.296
very surf code repeat is his Twitter.

842
00:53:23.657 --> 00:53:29.406
Um, but he launched friend pet like years ago and he's since brinsed it over to main net and has renamed the token on main net.

843
00:53:29.507 --> 00:53:33.213
And it's like a different project there, but it's the same token, which is pretty cool.

844
00:53:33.694 --> 00:53:33.874
Um,

845
00:53:34.567 --> 00:53:42.913
like there's no reason we couldn't bridge, um, FWA token to all these chains, have a deployment there and benefit from the speed.

846
00:53:43.053 --> 00:53:46.515
Cause that's probably the biggest thing too, is it takes about a minute to purchase.

847
00:53:46.915 --> 00:53:50.858
Um, cause we're waiting for some chain link callbacks and some other stuff behind the scenes.

848
00:53:50.938 --> 00:53:56.862
And so not the end of the world, but, uh, it could be way more fun to do it instantly.

849
00:53:57.082 --> 00:53:57.463
And, um,

850
00:53:58.502 --> 00:53:59.362
It's definitely there.

851
00:53:59.703 --> 00:54:02.304
Although I'm pretty firm on it won't leave the EVM.

852
00:54:02.624 --> 00:54:04.965
You know, it's like I'm not a big...

853
00:54:05.185 --> 00:54:06.125
I mean, Solana's fine.

854
00:54:06.185 --> 00:54:07.166
I trade on Solana.

855
00:54:07.226 --> 00:54:08.086
I participate in Solana.

856
00:54:08.146 --> 00:54:09.506
I like building on Ethereum.

857
00:54:09.526 --> 00:54:10.447
I think it just makes sense.

858
00:54:10.487 --> 00:54:12.608
And so we'll probably die on that hill.

859
00:54:12.788 --> 00:54:14.889
But yeah, I mean, think about the crazy stuff.

860
00:54:14.929 --> 00:54:18.290
I mean, you could, if it's a Robinhood, say, you know, there's tokenized stocks there.

861
00:54:18.310 --> 00:54:23.172
I saw today someone's like making a NVIDIA 3X long token on Robinhood chain.

862
00:54:23.192 --> 00:54:24.232
You can move along wallets.

863
00:54:24.252 --> 00:54:24.833
Like you could have...

864
00:54:25.673 --> 00:54:28.455
you know, stocks inside of this, theoretically, right?

865
00:54:28.475 --> 00:54:35.779
You could have a custom pool where you spend for, you know, top prizes, a thousand shares of Tesla and the bottom prize is one share of GME, right?

866
00:54:35.799 --> 00:54:38.641
And you're doing Gasha spins for stocks, right?

867
00:54:38.661 --> 00:54:41.043
Or like there's leverage stock tokens in there.

868
00:54:41.183 --> 00:54:46.206
It's like when you start thinking about what could actually go in here, it gets really interesting.

869
00:54:46.746 --> 00:54:49.827
Adam, thank you for building cool stuff on-chain.

870
00:54:50.328 --> 00:54:54.389
I think there's definitely a missing need for that these days.

871
00:54:54.509 --> 00:54:59.712
And hopefully this is the first of many apps like this, bringing fun back to on-chain stuff.

872
00:54:59.772 --> 00:55:01.072
And thank you for being the first.

873
00:55:01.693 --> 00:55:01.953
Awesome.

874
00:55:02.453 --> 00:55:05.254
Thank you for participating, everyone, and you guys for being interested.

875
00:55:05.274 --> 00:55:07.895
And we'll see what happens.

876
00:55:07.955 --> 00:55:08.896
It's pretty exciting so far.

877
00:55:10.484 --> 00:55:11.886
And Eric, it's good to talk to you, my man.

878
00:55:12.046 --> 00:55:15.269
I think we'll probably talk a lot more now that energy's back into the cryptosphere.

879
00:55:15.289 --> 00:55:16.791
So this is perhaps also the first of many.

880
00:55:17.192 --> 00:55:17.572
Definitely.

881
00:55:17.672 --> 00:55:18.213
Good to be back.

882
00:55:18.253 --> 00:55:18.673
Thanks, David.

883
00:55:18.913 --> 00:55:22.598
Bankless Nation, y'all know the deal crypto is risky, but not risky enough.

884
00:55:22.998 --> 00:55:25.241
The institutions are here, so we're going even further west.

885
00:55:25.561 --> 00:55:26.222
This is the frontier.

886
00:55:26.242 --> 00:55:28.444
It's not for everyone, but we are glad you're with us on the Bankless Journey.

887
00:55:28.584 --> 00:55:28.905
Thanks a lot.