Johny Fernandez: So NFT. We spoke about that on our last
episode. And over the weekend, yeah, deBanked. Officially, I
guess you could say opened an NFT.
Sean Murray: We did minted is the term. Minted. Minted NFTs,
that's all right, I'm I'm just learning the terminology myself.
Johny Fernandez: So it'd be deBanked mints NFT.
Sean Murray: That's right.
Johny Fernandez: All right. I gotta be honest with you, I
think. After learning how NFT works.
Sean Murray: Hold on, I want to hear I want to hear what you
thought.
Johny Fernandez: Okay, I thought, you know, you would,
you know, you, you get the account, you know you get the
specific wallet, so you can start buying things. And I
thought there's an option to cash out and get the items that
you've purchased and mailed to you. So, you know, we spoke
about professional baseball players last week. So it's like,
hey, if I buy a bat on NFT, and it's signed, I would want that
mailed to me. Honestly, like, I would want that. And, and if for
some reason, in my mind, I thought there was an option to
get things mailed to you. And today I find I found out that
that is no option. Yeah. So everything is strictly.
Sean Murray: It's digital. Yeah.
It's digital. Yeah.
So Johny isn't alone. I think what's interesting or and
confusing about the NFT phenomenon, especially when we
were talking about autographed at IO, that's where you can buy
digital autographs from Derek Jeter, Tom Brady, Wayne Gretzky,
you know, etc. Is that you get what looks like a card, but you
know like like a baseball card looking thing, but it's an
animated GIF file or a JPEG file. And I think that are there
probably is a population, like Johny originally thought that
believes that, yes, you're getting this picture in your
phone, but that you're also gonna get. Cash out and get.
You're gonna yeah that it's backed by a physical asset,
there's an actual card somewhere like a physical card that they
can mail to you when you want it. Or maybe they're holding it
on on. Cause. Holding it for you. But that's not not the
case.
Johny Fernandez: I'm like, 70 years old, and I want that
Batman, it's my house signed, I can put it in my memorabilia
wall and have it at home.
Sean Murray: Yeah, well, this this is the perfect example of
kind of like, why people kind of hate on the NFT market because,
you know what is an NFT? You know, here there are some people
who believe it's just kind of a digital represent digital
representation of something physical that perhaps they can
get it at a later date. But it isn't that at all. It's a
digital representation of nothing. Yeah. It's just a
digital representation. Yeah. And it's just it's just an image
file that that's literally a file not like a picture that you
can print. You know, I guess you could print it out on your
printer if you wanted to. But there is no like, actual card or
actual bat or, you know, actual crypto punk or whatever is
selling now or actual rocks that people are making NFTs of it's
just the picture file. That's what the NFT is it isn't
anything else.
Johny Fernandez: And what blows my mind is that whether you're
putting it you know, on the market, you created your own NFT
you're buying it all of this is costing money. For a picture
that's like this big.
Sean Murray: Well, yeah, well, it depends on how big your
screen is. You know, if you're opening it up on your desktop,
desktop computer, I suppose it could be a large a large
picture.
Johny Fernandez: You're paying money. And it's not like $10
It's like, couple hundreds.
Sean Murray: Yeah, but you know, here's an example though. What
if Derek Jeter opened up an image of himself in Photoshop,
and with his hand in Photoshop, signed his name saved it and
then turned it into an NFT? Would that be worth anything to
you?
Johny Fernandez: I need it mailed to my house.
Sean Murray: You need it mailed to your house?
Johny Fernandez: I want like to, like I want the marker to like,
be fresh. And I can smell the ink.
Sean Murray: So if he did it in Photoshop.
Johny Fernandez: No, it doesn't count cause I can do that.
Sean Murray: So that's worth zero.
Johny Fernandez: Zero.
Sean Murray: That's worth zero. So some people will pay 150
grand for that.
Johny Fernandez: I'm sorry. I just don't agree with that.
Cause anyone can do that, anyone can literally do that online.
Sean Murray: So this is this is a this is a great a great kind
of example of how wild the crypto market is because it
shows that there's a divide on what the value is of an NFT.
Johny Fernandez: Like I'm okay with like buying it but I would
want it in my hands. Whether it's a picture whether it's
memorabilia, whether it's a bat, a baseball, I want it in my
hands. But that again, I'm like 70 years old inside I I'm like
seven years old inside. So again, I don't trust the
internet so much because you might steal my identity.
Sean Murray: Well, you know, I would say that, you know,
perhaps NFT's aren't for the older, older minded, you know,
older minded individuals. And I totally get it I think that some
of some of the value assigned NFTs comes into a lack of
understanding as to you know, what they are and how they work.
You know.
Johny Fernandez: Let me ask you this. So when you have it what
is the purpose of you having something that you can't even
have, like in your hands.
Sean Murray: All right, so I'll tell you, I'll give you an
example. We have a lot of stock photos on our website that I
don't have the physical copies of yet I pay to license those so
that I can use them on the site. Now I'm not paying 150 grand to
license the stock photo, I might spend like $1. Right? It could
be a picture of like, it could be a picture of like the New
York City skyline or a picture of like a public official.
That's better than the Wikipedia one. Yeah. There's a picture of
Derek Jeter on our site, at least the back of him that cost
me like two or three bucks, right? Yeah. I don't have the
physical copy. Nobody sent me anything in the mail. But it had
value to me, I licensed it so that I could use it on our site.
Now that that's just one example of where I have only the digital
representation of something. And I don't have the physical.
Johny Fernandez: But here is my rebuttal to that. I can just
screenshot that crop out any signature, deBanked logo, and
use it as my own.
Sean Murray: Okay, but you can't really because at the end of the
day, people are going to people we're going to wonder if you
have a license to use that art. It's all about copy copyright.
Yeah. And so they're gonna wonder, yes, you screenshotted
it. Yes, it's on your computer. Yes. Hahaha, you know, you have
a copy right? But can you put it on your website, you might not
be able to if you try to use it with with any type of commercial
purpose you could actually end up getting in trouble you could
you could be liable and so it's supposed to, I think represent
ownership at the end of the day at this particular one is
assigned and accounted for and is legitimate right and started
here and it's definitely real to copy that that one here. And so
you know, like I said, we already do that with stock
photos on a much cheaper basis. But now now I think about
whether or not I went to the same stock photo account and and
if I had the option to get signed Photoshop signed Derek
Jeter stock photos, and they were like 150 grand. I'm just
using 150 grand. Yeah. Maybe it's not even 150 grand. Yeah. I
just like throwing out a ridiculous number. But there
were some NFTs on autograph going for like more than 150
Johny Fernandez: I'm like old school. I want to wait outside.
Sean Murray: And meet the player. Woah, you're so old
fashion. Yeah. Okay, boomer, he will he wants to meet the player
in person, have the players sign a paper. What's paper? What's
pen? I don't know any of those.
Johny Fernandez: Like a wild? Like, yeah, I'll bring a sharpie
too, I'll bring my hat.
Sean Murray: Boomer mentality over here.
Johny Fernandez: In my mind, we're still living in like 1998.
Sean Murray: Yeah, waiting for Derek Jeter to actually, you
know, come out come home off the field.
Johny Fernandez: And then go home happy.
Sean Murray: And then go home happy.
Johny Fernandez: And then I can I can. And then I can resell it
on eBay.
Sean Murray: And then you wake up and realize it's just an NFT.
But actually, so you can resell them. It doesn't mean you can't
resell them. And they are legitimate and they are
accounted for. Like it's you can avoid getting a fake one, so to
speak, if you because you can watch the transaction history of
the NFT on the blockchain itself. So you can avoid getting
you can avoid getting a fake. There might be value in that how
many fakes autograph items are there in the world? I'll be
honest, I own a few books of which they are autographed by
authors that are that have died 100 years ago. I don't know.
100% know for sure if it was time with that person, right?
I'm actually the person who sold it to me certified it bought. I
don't know you know what I mean, like.
Johny Fernandez: So you're speculative. Okay.
Right.
So you're speculating about that.
Sean Murray: But I can't trace imagine if that author could
have signed it with their private key and then I could
have watched the ownership change on the blockchain for all
time. And by the time I get it, I know 100%. See now I'm arguing
in favor of NFT's now it can trace ownership. So let's say
2000 years, 1000 years from now.
Johny Fernandez: You know how I know it's real ownership, and
I'm waiting for Derek Jeter outside Yankee Stadium.
Sean Murray: Okay, but what if 1000 years from now, somebody
wants a Derek Jeter sign thing. And then someone's like, oh,
this is totally signed by Derek Jeter and you're like he died
1000 years ago. How could there's no way this is real.
This is fake. Like, there's no way it's preserved that well,
but if it was on the blockchain, the blockchain survived 1000
years you can trace. You can trace the autograph for 1000
years and be like holy crap, this really was signed by
digitally signed by Derek Jeter 1000 years ago, that is way more
foolproof than a card or a piece of paper signed 1000 years
earlier, which by the way, is going to degrade and turn into
nothing 1000 years from now.
Johny Fernandez: But what if.
Sean Murray: You could have real Derek Jeter signed merchandise,
digitally signed merchandise 1000 years from now.
Johny Fernandez: Anyone could sign Derek Jeter NFT and say
it's Derek Jeter.
Sean Murray: Actually, so not as well. Yes and no, right. So if
Derek Jeter tells us his private he tells us his public key today
if he told us his public key we'll, we'll know if it's, we'll
know it's originated from Derek Jeter if you tell this is public
key.
Johny Fernandez: So let me ask you this. So you got like an
NFT, can you print it out? Can you print out the picture? All
right, and then are you gonna frame it?
Sean Murray: You can, you can if you want to.
Johny Fernandez: I guess.
Sean Murray: But how you know, but how do you prove ownership?
It's gonna be the NFT.
Johny Fernandez: Little pixelated pictures with your
fresh marker.
Sean Murray: You know, this is an interesting debate cause I
already feel like here we are. Here we are two people that I
totally don't I don't agree about what the value is, but I
do. Here I am kind of railing against them. But as as you're
also railing against them, I turn around and I defend them.
That's because imagine it would be impossible to to authenticate
a Derek Jeter NFT 1000, Derek Jeter signed handside, autograph
1000 years from now.
Johny Fernandez: You can't say it's hand sign because he did it
on like.
Sean Murray: No, you can say that it was signed by him that
it came from his public key, if he tells you, hey, you know,
this was.
Johny Fernandez: I want mail to my house.
Sean Murray: Well, you can only pass it down for so many
generations. At some point, it's gonna get lost where the NFT
could last for 1000 years, or even longer, it could last
forever till the end of the world. That's the power of
NFT's. All right. But all right. So the reason we're talking
about it is because deBanked, printed or minted, or, as you
say, opened some NFT's over the weekend. So deBanked deBanked
being me, I did it. We didn't we didn't have a whole team and I
worked on it by myself. But so I deployed a smart contract onto
the Ethereum blockchain. It's an NFT contract, it's a very simple
contract, you can find it on ether scan.io. The name of the
contract is deBanked. It might be difficult to find because we
only we only minted four tokens on there. So we have an NFT
smart contract. And I actually minted some NFT's I put the
deBanked logo on there. The deBanked logo is etched forever
for all time for 1000 years, not not printed out and not mailed
to you 1000 years on the blockchain assuming that the
Ethereum blockchain is still around 1000 years that's the
other hitch right all these tokens.
Johny Fernandez: When it's signed in person by Derek Jeter,
and he's signing it that will last, having been to for 1000
years.
Sean Murray: All right, 1000 years. I love I love to see if a
hand signed memorabilia can last 1000 years, I guess we'll find
out I suppose it can right because we find artifacts from
1000s of years ago.
Johny Fernandez: I don't know.
Sean Murray: I don't I don't know. I don't know if Derek
Jeter hand signed an autograph that will last 1000 years in
person but deBanked minted some actual NFT's you put the
deBanked logo on there. The Broker Fair 2021, 2021 logo,
register for Broker Fair, that's your cue. Yeah. Register for
Broker Fair brokerfair.org buy some tickets. December 6. I put
the first cover of deBanked's print magazine ever. I made that
an NFT. And I also because we were talking about it, put a
Photoshop hand signed original Sean Murray autographed photo
into the Ethereum blockchain. This is, this is original, I'm
going to show it to you right now. This is legit. Right now
you can go onto the Ethereum blockchain. And you can view the
Sean Murray autographed NFT. Legit. It's gonna last for more
than 1000 years. So yeah, if you'd like to buy it for $10
million, please, I will consider it. But.
Johny Fernandez: Let me see. Let me see. See, it's so small. See
I would want to print that.
Sean Murray: Because it's on the phone.
Johny Fernandez: I would want to print that and have it sent to
my house. So I can frame it.
Sean Murray: You could do that if you wanted. You know, maybe
some people are doing that. But I don't think that's what
everyone is doing. I think most people are really just using the
digital art or the photo is it's just the photo at the end of the
day. And I do want to say one other thing after having minted
NFTs is that the image itself isn't even what's on the
blockchain. It's a JSON file. It's basically a metadata file.
And in that metadata file, you put the URL of where the photo
is located somewhere else on the web, to be like, oh, it was this
picture over here. So these images, these NFT's, they're not
even on the blockchain itself, atleast not on not on ethereum,
there's just a link to them in the metadata file that's
connected to the token. So really, what you're getting is a
JSON file and a link to where a photo is, and hopefully it's
there forever, because if it's not, let's say, let's say it
links to the deBanked server, that image is on the deBanked
server. That's what that's where one of those photos is. And the
deBanked server doesn't exist 100 years from now, and people
are like check out my deBanked NFT well the deBanked server is
gone so is the image unless it was you know, let's move
somewhere else but that that token is gonna forever reference
that dead link.
Johny Fernandez: See, I just don't agree with that cause I
just want something signed. I would wait outside the Yankee
Stadium to get you know, my hat signed.
Sean Murray: It sounds like the only thing that will make Johny
feel better about NFT's if Derek Jeter if you're out there. He
really would appreciate a signed bat. Maybe a sign a hat maybe a
glove.
Johny Fernandez: Yeah. And shipped to my apartment.
Sean Murray: Ship it to his house. It has to be US Postal
Service. He doesn't accept it.
Johny Fernandez: No FedEx.
Sean Murray: Yeah no Amazon trucks or anything like that has
to be oh old guy. USPS only seven days. Snail mail shipping.
Johny Fernandez: And a letter, a handwritten letter.
Sean Murray: With a handwritten letter from Derek Jeter.
Johny Fernandez: Hey man. Thanks for ordering, have a great year.
Sean Murray: Thats what you want him to say all right Derek Jeter
that was Johny's special request for his non NFT, NFT.