1 00:00:00.155 --> 00:00:00.615 You bought 2 00:00:00.615 --> 00:00:01.615 Land. Yeah. 3 00:00:01.615 --> 00:00:04.455 So yeah. Sean Murray at De Bank bought land. 4 00:00:04.755 --> 00:00:06.775 Not very much land. Very little land. 5 00:00:07.005 --> 00:00:10.695 It's 0.2, two acres in the desert of California. 6 00:00:10.835 --> 00:00:14.095 So I just wanna clarify, I'm not some big, rich landowner. 7 00:00:14.455 --> 00:00:17.415 I bought a very small piece of land in a very remote town. 8 00:00:17.645 --> 00:00:20.255 It's in California City. You can read on California City. 9 00:00:20.255 --> 00:00:22.015 It, it's not the most thriving place. 10 00:00:22.155 --> 00:00:24.255 But why did you buy it? So, I, 11 00:00:24.335 --> 00:00:25.975 I bought it really, to be honest with you. 12 00:00:26.055 --> 00:00:27.255 I bought it for the experience. 13 00:00:27.525 --> 00:00:28.615 Okay. Okay. Because 14 00:00:28.875 --> 00:00:30.415 Are you saying how much it, how much 15 00:00:31.075 --> 00:00:32.175 the purchase was in total? 16 00:00:32.455 --> 00:00:34.415 Y So what's interesting, it's all on chain. 17 00:00:34.415 --> 00:00:35.815 It's on the blockchain. Okay. 18 00:00:35.815 --> 00:00:39.135 So if you'd like to find out, you know, the big baller 19 00:00:39.135 --> 00:00:40.895 that I am, you can research how much I, 20 00:00:41.055 --> 00:00:42.615 I spent on this little piece of land. 21 00:00:42.635 --> 00:00:44.215 But I, I did it for the experience 22 00:00:44.525 --> 00:00:47.455 because I think it's a little known, uh, product 23 00:00:47.645 --> 00:00:50.415 that had actual real world utility. 24 00:00:50.605 --> 00:00:52.935 Because anyone can buy land that's not new. 25 00:00:53.315 --> 00:00:55.775 That's the, you know, real estate that's own huge, 26 00:00:56.285 --> 00:00:57.335 massive industry. 27 00:00:57.395 --> 00:00:58.855 The whole world knows about it since the 28 00:00:58.855 --> 00:01:00.055 beginning of the earth. 29 00:01:00.755 --> 00:01:01.975 What's different is 30 00:01:02.315 --> 00:01:05.815 how I bought it, how I bought it. 31 00:01:05.955 --> 00:01:09.855 So did you buy it in coins? Did you buy it in dollars? 32 00:01:09.995 --> 00:01:11.375 You said you bought it on the blockchain. 33 00:01:11.375 --> 00:01:14.215 Explain that to me. 'cause everyone's probably surprised 34 00:01:14.215 --> 00:01:17.455 that you can buy land with the blockchain. 35 00:01:17.845 --> 00:01:21.495 Yeah, so what I did is I bought it as an NFT. Okay. 36 00:01:23.045 --> 00:01:26.815 What most people think of NFTs as picture files Yep. 37 00:01:26.845 --> 00:01:28.815 That they can see on their phone or on a computer. 38 00:01:29.115 --> 00:01:31.975 That's how NFTs have been branded over the last few years. 39 00:01:33.075 --> 00:01:37.135 But an NFT is just a non fungible token 40 00:01:37.135 --> 00:01:39.695 that contains data inside it. 41 00:01:39.715 --> 00:01:43.335 Mm-Hmm. These NFTs contain the ownership 42 00:01:43.475 --> 00:01:47.855 or grant control to the owner of a specific piece of land. 43 00:01:47.915 --> 00:01:52.895 So built into this, NFT is the specific, uh, 44 00:01:52.965 --> 00:01:56.335 address and plot lines and coordinates of real property. 45 00:01:56.755 --> 00:01:59.935 If you own this NFT, you control 46 00:01:59.995 --> 00:02:04.215 and own an actual piece of land in real life. 47 00:02:05.035 --> 00:02:06.215 Now, how did this work? 48 00:02:06.915 --> 00:02:09.535 The original owner of the property had 49 00:02:09.535 --> 00:02:12.095 to place the property in a trust. 50 00:02:12.445 --> 00:02:14.935 Okay. They researched this, the company called Fabrica. 51 00:02:15.045 --> 00:02:16.855 Okay. They researched how to do this. 52 00:02:16.885 --> 00:02:18.495 This is not, this is not a gimmick. 53 00:02:18.805 --> 00:02:21.135 It's not a gimmick, which is why I wanted to try it. Yeah. 54 00:02:21.135 --> 00:02:23.815 Because I want, is this gimmicky? Yeah. Yeah. Is it real? 55 00:02:24.455 --> 00:02:27.135 I, you know, I talked to them previously, 56 00:02:27.875 --> 00:02:30.535 you know about the idea, maybe Deep Bank could write a story 57 00:02:30.535 --> 00:02:33.455 and I said, it's hard to write about this without being able 58 00:02:33.475 --> 00:02:34.615 to see it for myself. 59 00:02:34.615 --> 00:02:36.415 Yeah. Because it, it's a it's a little far. 60 00:02:36.605 --> 00:02:37.815 Yeah. Yeah. It, it's, it's, 61 00:02:37.935 --> 00:02:40.175 I buy and I own the land in real life, you know. 62 00:02:40.175 --> 00:02:41.735 Okay. Let see how it works. But like, 63 00:02:41.735 --> 00:02:42.735 So lemme ask you this. Like, so you have 64 00:02:42.735 --> 00:02:43.775 all the documents, 65 00:02:43.775 --> 00:02:46.535 you have like everything it's under you. 66 00:02:47.725 --> 00:02:51.175 Yeah. So the, the trust when it was created 67 00:02:51.275 --> 00:02:53.815 by the original, you know, the owner put the property in 68 00:02:53.815 --> 00:02:57.295 trust and says whoever owns this specific NFT 69 00:02:58.455 --> 00:02:59.565 controls the trust. 70 00:02:59.835 --> 00:03:02.925 Okay. Okay. So the trust is the owner 71 00:03:02.985 --> 00:03:05.125 of it on file with like the county. 72 00:03:05.475 --> 00:03:10.205 Okay. Whoever owns the NFT controls the trust itself. Okay. 73 00:03:10.225 --> 00:03:13.085 So in a way to get to kind of maintain an, an owner Yeah. 74 00:03:13.085 --> 00:03:14.165 Yeah. In a central location. 75 00:03:14.175 --> 00:03:16.565 Uhhuh, but who controls who, you know, 76 00:03:16.565 --> 00:03:19.925 who is really the real owner is whoever owns the NFT. 77 00:03:20.185 --> 00:03:23.205 So that's sort of the basic way Okay. Of, of how it works. 78 00:03:23.345 --> 00:03:25.845 I'm sure tons of lawyers would love to weigh in about, 79 00:03:26.265 --> 00:03:28.645 you know, their own opinion and so on and so forth. 80 00:03:28.785 --> 00:03:30.445 But this is basically the setup. 81 00:03:30.625 --> 00:03:34.565 So let me ask you this. So is the real estate gonna turn 82 00:03:34.565 --> 00:03:36.005 into an NFT now 83 00:03:37.745 --> 00:03:38.745 In all real estate? 84 00:03:38.985 --> 00:03:40.205 No. Like in this scenario? 85 00:03:40.505 --> 00:03:42.125 So it already has. Okay. 86 00:03:42.265 --> 00:03:44.925 So when they put the property in trust, okay. 87 00:03:45.105 --> 00:03:47.045 And the trust is governed by the fact 88 00:03:47.515 --> 00:03:50.965 that whoever owns this NFT controls the trust 89 00:03:51.155 --> 00:03:52.155 Okay. Means 90 00:03:52.155 --> 00:03:54.205 that ownership of the land is determined by 91 00:03:54.205 --> 00:03:57.365 who owns, owns the NFT t It's very actually pretty simple. 92 00:03:57.995 --> 00:04:01.285 Okay. Um, at the end, at the end of the day. Yeah. Yeah. Now 93 00:04:01.385 --> 00:04:04.685 And then, so, but the NFT, could it be used for collateral 94 00:04:04.825 --> 00:04:06.165 for a loan or something like that? 95 00:04:07.225 --> 00:04:08.445 So let's you, you know, you're, 96 00:04:08.445 --> 00:04:09.885 think you're thinking like two, two steps. 97 00:04:10.505 --> 00:04:12.605 Two steps ahead. Let's just, let's just back up. Okay. 98 00:04:12.605 --> 00:04:14.845 Alright. It's a little bit because I, I 99 00:04:14.885 --> 00:04:16.445 I I, this is like fascinating. 100 00:04:16.445 --> 00:04:17.605 Yeah. But it, it's so unique. 101 00:04:18.185 --> 00:04:19.525 Any skeptic, any, 102 00:04:19.845 --> 00:04:21.485 everyone should go into it with a skeptic mark. 103 00:04:21.555 --> 00:04:22.885 Okay. Right. Uh, 104 00:04:22.885 --> 00:04:24.765 and not all I did was document my experience. 105 00:04:24.765 --> 00:04:28.165 Yeah. I'm not saying that this is 100% legally, you know, 106 00:04:28.335 --> 00:04:29.965 legit and all that stuff because I'm not an attorney. 107 00:04:30.235 --> 00:04:33.285 Okay. But I did do go through this experience myself. 108 00:04:33.825 --> 00:04:35.165 Um, you have to think about, 109 00:04:35.635 --> 00:04:37.645 well if you own land, what comes with that? 110 00:04:37.715 --> 00:04:40.765 Yeah. One property taxes. Yep. So, whoa. 111 00:04:40.875 --> 00:04:43.445 Sean, did you think about property taxes? I did. 112 00:04:43.985 --> 00:04:45.085 So here's what happens. 113 00:04:46.065 --> 00:04:49.845 The property tax bills are sent to, you know, the, 114 00:04:49.845 --> 00:04:51.365 the trust, the name on file. 115 00:04:52.065 --> 00:04:55.045 And that is sent to whomever owns the NFT. 116 00:04:55.865 --> 00:05:00.165 So the organization that put this land into the trust, 117 00:05:00.755 --> 00:05:02.005 they need my information. 118 00:05:02.585 --> 00:05:04.885 I'm not anonymous. I could be anonymous if I wanted, 119 00:05:04.885 --> 00:05:06.045 but I'm gonna fall out of compliance 120 00:05:06.105 --> 00:05:07.325 and default to my property taxes 121 00:05:07.625 --> 00:05:09.165 and the land's gonna get repossessed. 122 00:05:09.585 --> 00:05:11.125 So I need to disclose who I am. 123 00:05:11.125 --> 00:05:13.245 This is not some anonymous shadowy system. 124 00:05:13.355 --> 00:05:14.525 Yeah, yeah. This is legit. 125 00:05:14.795 --> 00:05:17.925 This is legit. Yeah. Yeah. So my contact info is on file. 126 00:05:17.955 --> 00:05:20.925 When property taxes come due, it's going to be sent 127 00:05:20.925 --> 00:05:24.205 to the real me where I actually have to pay 128 00:05:24.345 --> 00:05:25.525 to remain in compliance. 129 00:05:26.225 --> 00:05:29.325 You also are now subject to whatever local rules 130 00:05:29.425 --> 00:05:31.565 and regulations that are in place 131 00:05:32.185 --> 00:05:33.685 for this particular piece of land. 132 00:05:33.745 --> 00:05:36.325 You know, I may not be able to use it for any purpose. 133 00:05:36.385 --> 00:05:38.165 Mm-Hmm. I want, I have to comply 134 00:05:38.165 --> 00:05:40.805 with the local zoning regulations and so forth. 135 00:05:40.805 --> 00:05:42.005 You know, there's liabilities they come 136 00:05:42.005 --> 00:05:45.325 with owning actual land in, in, in the real world. 137 00:05:45.325 --> 00:05:47.925 Yeah. So this is a real land purchase 138 00:05:48.755 --> 00:05:51.605 that was just facilitated by an NFT. 139 00:05:51.665 --> 00:05:54.005 The process was that I went online, you get 140 00:05:54.005 --> 00:05:55.365 to look at all the different properties. 141 00:05:55.625 --> 00:05:57.445 You had the nice little story about all of them. 142 00:05:57.465 --> 00:05:58.485 It tells you, you know, where 143 00:05:58.485 --> 00:05:59.685 it's located and all this stuff. 144 00:05:59.985 --> 00:06:01.445 And you just click it and you pay 145 00:06:01.445 --> 00:06:03.805 with your crypto wallet and it's done. 146 00:06:04.225 --> 00:06:05.605 And you just own it. And it appears 147 00:06:05.605 --> 00:06:06.685 that the nice little picture, 148 00:06:06.875 --> 00:06:08.405 cool little picture in a crypto wallet. 149 00:06:08.425 --> 00:06:10.965 You can look at it on online and say, that's my land. 150 00:06:11.105 --> 00:06:13.245 But guess what? You can go there. It's a real place. 151 00:06:14.115 --> 00:06:18.805 It's all right. 152 00:06:18.825 --> 00:06:19.825 I'm gonna try that today. 153 00:06:21.315 --> 00:06:22.765 Okay. So, you know, there, these, 154 00:06:22.835 --> 00:06:24.245 this land is not free, right. 155 00:06:24.825 --> 00:06:27.645 And there's only, there's a limited, uh, availability. 156 00:06:28.125 --> 00:06:30.925 A limited available land to get, 157 00:06:31.115 --> 00:06:35.325 because think about it first, the owner of, of the land has 158 00:06:35.345 --> 00:06:39.565 to go through this process to put land they own in the trust 159 00:06:40.155 --> 00:06:42.165 that is then governed by the NFT. 160 00:06:42.265 --> 00:06:43.525 Now this company, Fabrica, 161 00:06:43.525 --> 00:06:45.645 which I mentioned will do this all for you. 162 00:06:45.905 --> 00:06:47.085 So if you are a landowner 163 00:06:47.085 --> 00:06:48.165 and you're like, I've been trying 164 00:06:48.165 --> 00:06:49.525 to sell my land, there's no takers. 165 00:06:50.095 --> 00:06:51.805 Maybe the, the, you know, the crypto market 166 00:06:52.465 --> 00:06:54.485 has more opportunity for me to sell. 167 00:06:54.785 --> 00:06:57.045 You could go to Fabrica, you type in all the information, 168 00:06:57.045 --> 00:06:58.365 they will walk you through the process 169 00:06:58.505 --> 00:07:00.085 of putting the property in trust 170 00:07:00.105 --> 00:07:02.445 and then having the NFP government who owns it. 171 00:07:02.585 --> 00:07:04.925 And you can sell it on something like open sea next 172 00:07:04.925 --> 00:07:06.245 to one of those silly pictures. 173 00:07:06.245 --> 00:07:07.725 You literally, you go in the same marketplace 174 00:07:07.725 --> 00:07:08.925 where you buy the silly pictures 175 00:07:09.225 --> 00:07:11.365 and you can buy real land in a real place. 176 00:07:11.905 --> 00:07:13.525 That's how easy it is. That's so crazy. 177 00:07:14.065 --> 00:07:15.645 And then to get to your point 178 00:07:15.645 --> 00:07:19.125 before you mentioned, could I use it as collateral Yeah. 179 00:07:19.345 --> 00:07:22.485 For a loan. Yeah. So, you know, you have 180 00:07:22.485 --> 00:07:23.565 to be able to think about that. 181 00:07:23.585 --> 00:07:27.525 If I own land, can I, can I use it beyond just being able 182 00:07:27.525 --> 00:07:30.045 to look at the picture beyond being able to go there, 183 00:07:30.105 --> 00:07:33.165 beyond being able to maybe build a house on the land. 184 00:07:33.165 --> 00:07:34.285 This is residential land. 185 00:07:34.835 --> 00:07:36.565 It's actually funny 'cause it's actually right across the 186 00:07:36.565 --> 00:07:39.965 street from a gigantic 80,000 square foot cannabis facility. 187 00:07:40.305 --> 00:07:42.885 Oh, okay. So it's remote and it's rural, 188 00:07:43.065 --> 00:07:45.685 but it's not like a, it's not completely nowhere as well. 189 00:07:46.075 --> 00:07:47.605 Okay. So's an interesting little place. 190 00:07:47.625 --> 00:07:49.645 And it, you can actually walk to, there's an airport there 191 00:07:49.645 --> 00:07:50.645 and you can walk to the airport. 192 00:07:51.505 --> 00:07:53.885 So it's a real place. So if it's a real land 193 00:07:53.885 --> 00:07:55.685 that has real value, and I have the NFT 194 00:07:55.685 --> 00:07:56.925 that represents the ownership. 195 00:07:57.355 --> 00:08:01.845 Whoever owns the NFT controls the land period. Right. 196 00:08:02.145 --> 00:08:05.605 So what does that mean? Certainly I could use it in some 197 00:08:05.605 --> 00:08:07.845 type of transaction, perhaps like a loan. 198 00:08:07.905 --> 00:08:10.885 It could be my collateral. Maybe I wanna borrow against it. 199 00:08:11.115 --> 00:08:13.765 Okay. Maybe I wanna buy more land. I don't know. Yeah, yeah. 200 00:08:13.945 --> 00:08:16.445 But say, you know what, I'd really love to offer this 201 00:08:16.445 --> 00:08:18.645 as pledge as collateral for a loan. 202 00:08:18.865 --> 00:08:20.445 Can I do that? You can. 203 00:08:20.935 --> 00:08:22.845 There are marketplaces that already exist 204 00:08:22.845 --> 00:08:24.965 where you can borrow money against NFTs. 205 00:08:25.355 --> 00:08:26.845 They were originally developed 206 00:08:26.845 --> 00:08:29.485 to facilitate borrowing against these pictures, 207 00:08:29.655 --> 00:08:32.365 these facility picture files, bored aid, yacht club, 208 00:08:32.365 --> 00:08:34.765 crypto punks, pudgy penguins, 209 00:08:34.765 --> 00:08:36.085 and all of the other, you know, 210 00:08:36.375 --> 00:08:37.765 weird stuff that's out there. 211 00:08:38.585 --> 00:08:41.605 But guess what, they'll also lend against real stuff 212 00:08:41.605 --> 00:08:43.325 because the main part of it at the end 213 00:08:43.325 --> 00:08:45.085 of the day is the NFT. 214 00:08:45.085 --> 00:08:47.845 Because the smart contract can determine 215 00:08:48.425 --> 00:08:50.085 how this transaction flows. 216 00:08:50.275 --> 00:08:52.325 Yeah. If I borrow money, 217 00:08:52.455 --> 00:08:55.485 let's say I pledge this collateral on a platform, a lot 218 00:08:55.485 --> 00:08:57.165 of these platforms are peer-to-peer lending base. 219 00:08:57.165 --> 00:08:58.605 Yeah. It's not a direct lender. 220 00:08:58.605 --> 00:08:59.965 There's people who will lend against 221 00:09:00.405 --> 00:09:01.485 whatever it is you have as collateral. 222 00:09:01.825 --> 00:09:03.165 And they're used to these picture files. 223 00:09:03.185 --> 00:09:05.645 But if I go and say, Hey, I love to pledge my land in, 224 00:09:05.645 --> 00:09:08.605 in California city, how much would you give me for it? 225 00:09:08.605 --> 00:09:10.325 It might not be much. It's probably gonna be very low. 226 00:09:10.525 --> 00:09:14.285 'cause this is a new un, you know, sort of untested market, 227 00:09:14.545 --> 00:09:15.565 but it's real land. 228 00:09:15.945 --> 00:09:17.765 So surely it's, it's worth something. 229 00:09:18.395 --> 00:09:22.045 What would happen is, uh, they, we would agree on terms, 230 00:09:22.425 --> 00:09:23.685 we would both click a button 231 00:09:24.225 --> 00:09:27.325 and the land, the NFT will go into a smart 232 00:09:27.645 --> 00:09:28.765 contract escrow address. 233 00:09:28.955 --> 00:09:30.245 It's automatic, it's facilitated. 234 00:09:30.325 --> 00:09:32.125 I don't need a third party broker. Broker. 235 00:09:32.125 --> 00:09:35.285 The smart contract takes my NFT puts it into escrow. 236 00:09:35.945 --> 00:09:37.405 If I don't pay the loan 237 00:09:37.945 --> 00:09:40.605 by the time it's due, I'm in default. 238 00:09:41.065 --> 00:09:42.325 And I don't get to say like, 239 00:09:42.325 --> 00:09:43.805 and I don't get to argue about anything. 240 00:09:44.025 --> 00:09:45.965 The smart contract will just move the NFT from 241 00:09:46.085 --> 00:09:47.365 escrow from the lender. 242 00:09:47.905 --> 00:09:50.005 And by law of the trust, 243 00:09:50.235 --> 00:09:52.925 they will be the 100% owner of that property. 244 00:09:52.925 --> 00:09:54.645 There's no question about it. Yeah. 245 00:09:54.745 --> 00:09:57.125 You know, there's no middle man, there's no, well, ah, 246 00:09:57.265 --> 00:09:59.245 you know, I'll call and we'll make an exception. 247 00:09:59.505 --> 00:10:01.365 You can obviously work out something separately 248 00:10:01.365 --> 00:10:03.445 with the lender if you want, but the smart contract 249 00:10:03.445 --> 00:10:04.605 is gonna govern the flow. 250 00:10:04.675 --> 00:10:05.725 Yeah. Of how all this works. 251 00:10:07.005 --> 00:10:10.085 I will add, though, to this point, is that 252 00:10:10.315 --> 00:10:13.845 because we're de banked, I had to go and try that too. 253 00:10:13.955 --> 00:10:15.565 Okay. Is that, is that part real? 254 00:10:16.265 --> 00:10:20.205 Can you really borrow against your land, your NFT land? 255 00:10:20.925 --> 00:10:22.885 I did it, but I was a little, I'm not gonna lie, 256 00:10:22.885 --> 00:10:23.845 I was a little worried about 257 00:10:23.845 --> 00:10:25.125 using this land in California city. 258 00:10:25.245 --> 00:10:26.205 I got really attached to it, 259 00:10:26.205 --> 00:10:27.285 even though I've never been there before. 260 00:10:27.795 --> 00:10:28.805 I've never been there before. 261 00:10:28.805 --> 00:10:30.845 But I said I, I can't, I don't want to. Who is my land? 262 00:10:30.915 --> 00:10:33.645 This is my land. My, it's my my little town now. 263 00:10:33.885 --> 00:10:34.885 I wanna meet the neighbors. 264 00:10:35.485 --> 00:10:36.365 Actually, I'm gonna go in the fall. 265 00:10:36.385 --> 00:10:37.685 I'm not even, I'm not even lying. Are you? 266 00:10:37.685 --> 00:10:39.205 Are You serious? I'm gonna go in the fall. Yeah. 267 00:10:39.865 --> 00:10:41.005 All right. I have to see. Well, 268 00:10:41.005 --> 00:10:42.085 I mean, look, I have to see it through. 269 00:10:42.115 --> 00:10:44.165 Yeah. People are going to ask me about my experience. 270 00:10:44.165 --> 00:10:45.205 I've already posted it on there. 271 00:10:45.435 --> 00:10:48.245 Imagine I go there and it's, you know, it's, so you're 272 00:10:48.245 --> 00:10:49.885 Gonna say like, Hey, this is my land. 273 00:10:50.185 --> 00:10:51.485 Let me, in this point 20, 274 00:10:51.595 --> 00:10:52.725 It's, you know, it's, it's land. 275 00:10:52.725 --> 00:10:54.325 It's undeveloped land. It's not like a house 276 00:10:54.325 --> 00:10:56.165 where I'm gonna knock on a door and say, no. I know, 277 00:10:56.165 --> 00:10:59.165 But, so it's your like, okay, alright, I want, 278 00:10:59.275 --> 00:11:00.445 yeah, I wanna see this happen. 279 00:11:01.105 --> 00:11:03.445 So anyways, so once they told me like, yeah, 280 00:11:03.445 --> 00:11:04.685 there was actual marketplace 281 00:11:04.685 --> 00:11:06.725 where you can borrow against, against it. 282 00:11:07.185 --> 00:11:10.125 Um, I said, all right, well obviously you know me. 283 00:11:10.225 --> 00:11:11.125 I'm gonna try that too. 284 00:11:11.175 --> 00:11:12.485 We're gonna see if this is for real as 285 00:11:12.485 --> 00:11:13.485 Well. And so what did you find out 286 00:11:13.485 --> 00:11:13.925 if you 287 00:11:13.925 --> 00:11:14.925 Wanted? So I ended up, 288 00:11:14.925 --> 00:11:15.925 because I was scared 289 00:11:15.925 --> 00:11:17.845 of messing up the California city one, 290 00:11:17.845 --> 00:11:19.165 which I wanted to continue to use. 291 00:11:19.165 --> 00:11:21.485 And So you bought more land? I bought a second plot. Okay. 292 00:11:21.885 --> 00:11:24.045 I honestly, I can't remember exactly where it is. 293 00:11:24.075 --> 00:11:27.485 It's Navajo County, uh, Arizona. 294 00:11:27.635 --> 00:11:31.205 It's literally near, you know, a Nava Navajo reservation. 295 00:11:31.705 --> 00:11:34.005 Um, and it's, this one's really rural. 296 00:11:34.365 --> 00:11:36.685 I just needed something like, it's not worth that much. 297 00:11:36.685 --> 00:11:38.685 Yeah. Okay. For the purpose of an experiment. Okay. 298 00:11:38.685 --> 00:11:39.765 So cheap. 299 00:11:39.935 --> 00:11:41.285 Right. Okay. So what happened? 300 00:11:41.745 --> 00:11:44.045 So I said, okay, I have this land, you know, 301 00:11:44.125 --> 00:11:45.805 I went onto the NFT loan marketplace 302 00:11:45.825 --> 00:11:49.205 and I was like, I'm looking for a small loan, very small, 303 00:11:49.915 --> 00:11:51.565 very small micro sub. 304 00:11:51.625 --> 00:11:56.445 1000, less than $1,000. I have land is collateral. 305 00:11:56.505 --> 00:11:58.885 If I don't pay you, you get real land in Arizona. 306 00:11:59.585 --> 00:12:02.005 Any takers? And I said, I sweetened the deal 307 00:12:02.005 --> 00:12:03.685 with a nice interest rate in case someone wanted 308 00:12:03.685 --> 00:12:05.045 to be like, nah, nah. 309 00:12:05.225 --> 00:12:06.405 You know what I mean? And 310 00:12:06.405 --> 00:12:09.045 of course I'm not anonymous in the crypto world, 311 00:12:09.045 --> 00:12:10.645 you could see that it was from Mariat 312 00:12:10.645 --> 00:12:11.765 Bank with the one doing it. 313 00:12:11.765 --> 00:12:13.165 So they could say, is Sean Murray from De 314 00:12:13.165 --> 00:12:14.205 Bank a default on me? 315 00:12:14.925 --> 00:12:17.885 Probably not. So I found that a counterparty was ready 316 00:12:17.905 --> 00:12:18.925 to do this deal with me. 317 00:12:19.395 --> 00:12:20.645 They accepted the offer 318 00:12:20.645 --> 00:12:23.405 that I put out my NFT went into escrow, 319 00:12:24.265 --> 00:12:26.325 and now I owe, I owe the, you know, the lender 320 00:12:26.345 --> 00:12:28.285 of the deal money, and if I don't pay, they, 321 00:12:28.355 --> 00:12:30.725 they become the owner of the land in, in Arizona. 322 00:12:31.065 --> 00:12:33.005 Wow. So this happened for real. Yeah. 323 00:12:33.285 --> 00:12:34.365 I haven't even paid it off yet. 324 00:12:34.365 --> 00:12:36.405 Like, I took the loan for the purpose of trying it out 325 00:12:36.405 --> 00:12:38.525 and I, I'm like, Hmm, we will see what happens here. 326 00:12:38.525 --> 00:12:39.645 You know, that's, 327 00:12:40.665 --> 00:12:41.665 Oh man. That, 328 00:12:41.665 --> 00:12:44.485 that's, I feel like that's a journey we have to like, 329 00:12:44.525 --> 00:12:45.605 I want to see the, like, 330 00:12:46.845 --> 00:12:48.365 I guess we're going to Arizona and California. 331 00:12:48.835 --> 00:12:50.725 There's a lot of implications of it. Yeah. 332 00:12:50.825 --> 00:12:54.005 If anyone is wondering, why did I 333 00:12:54.755 --> 00:12:56.805 take the time to do this? 334 00:12:57.035 --> 00:13:00.045 What did it have to do with brokering deals 335 00:13:00.105 --> 00:13:01.365 or helping a small business? 336 00:13:01.365 --> 00:13:05.445 And it's because it's an alternative form of finance. Yeah. 337 00:13:05.545 --> 00:13:07.005 And lastly, ultimately 338 00:13:07.005 --> 00:13:09.005 what I tried an alternative form of landing. 339 00:13:09.275 --> 00:13:11.045 Yeah. You know, a lot of 340 00:13:11.685 --> 00:13:13.125 business loan products have collateral. 341 00:13:14.235 --> 00:13:17.285 Some people ask about property equipment, 342 00:13:17.285 --> 00:13:18.485 some of 'em ask about land. 343 00:13:19.035 --> 00:13:21.685 Well, here's, here's an example of where land is used 344 00:13:21.685 --> 00:13:22.805 as collateral for a loan. 345 00:13:22.915 --> 00:13:24.765 Very small. It was proof of concept. 346 00:13:25.125 --> 00:13:26.645 I wasn't the first one to do it, by the way. 347 00:13:26.705 --> 00:13:28.005 I'm not some revolutionary. 348 00:13:29.105 --> 00:13:33.445 And it was very easy if there was someone out there 349 00:13:33.505 --> 00:13:37.285 who said, I really just don't know how to sell this 350 00:13:37.305 --> 00:13:38.405 or borrow against it. 351 00:13:38.405 --> 00:13:40.005 Like, how do I do it quick and easy? 352 00:13:40.635 --> 00:13:43.525 This is the mechanism that could be used 353 00:13:44.185 --> 00:13:46.405 and the fact that it can be done so easily 354 00:13:46.585 --> 00:13:49.965 and efficiently, uh, on a, on a Web3 marketplace. 355 00:13:49.985 --> 00:13:51.685 And the same place where you could buy picture files. 356 00:13:51.695 --> 00:13:53.765 Maybe that's a bad thing. That's that easy. Yeah. 357 00:13:54.065 --> 00:13:55.445 But nevertheless, it's that easy. 358 00:13:56.265 --> 00:13:57.285 Um, I think 359 00:13:57.285 --> 00:14:01.165 that it has transformative implications for the world. 360 00:14:01.195 --> 00:14:02.405 Yeah. All alternative finance. 361 00:14:02.645 --> 00:14:04.325 I don't think all real estate in the world 362 00:14:04.345 --> 00:14:05.565 is gonna turn into NFTs. 363 00:14:05.905 --> 00:14:07.485 So don't think that's what I'm saying. 364 00:14:07.715 --> 00:14:09.445 It's all gonna be like this. You know what I mean? 365 00:14:09.565 --> 00:14:10.925 I don't think it's gonna be like that. 366 00:14:12.145 --> 00:14:15.645 But I do think that there will be a, a market 367 00:14:16.095 --> 00:14:19.005 where people do do that with their land. 368 00:14:19.005 --> 00:14:21.525 Yeah. Because it makes it super liquid. Yeah. 369 00:14:21.865 --> 00:14:25.125 And it's a lot easier to transact than trying 370 00:14:25.145 --> 00:14:26.285 to go on Zillow. 371 00:14:26.795 --> 00:14:28.845 Wait for the broker to call you. 372 00:14:29.385 --> 00:14:30.885 You know, it's just a whole back and forth. 373 00:14:31.205 --> 00:14:33.205 I gotta go to the county, I gotta do this. 374 00:14:33.605 --> 00:14:35.325 I gotta, you know, I gotta get the title 375 00:14:35.325 --> 00:14:36.565 with the that blah, blah, blah, blah. 376 00:14:36.745 --> 00:14:37.885 All this stuff has been figured 377 00:14:37.885 --> 00:14:39.045 out and you just gotta go the, 378 00:14:39.825 --> 00:14:40.825 That's Crazy. 379 00:14:41.105 --> 00:14:43.165 That's so amazing. So easy. Yeah. 380 00:14:43.305 --> 00:14:47.045 And so I feel like people would like to use that as a, 381 00:14:47.205 --> 00:14:48.445 a liquid form of trading. 382 00:14:48.445 --> 00:14:50.165 People, like trading things on the internet anyway. 383 00:14:50.165 --> 00:14:52.325 Yeah, a hundred percent. And I would, for me, 384 00:14:52.465 --> 00:14:54.565 if you're like, Sean, why do you mess around 385 00:14:54.565 --> 00:14:55.965 with NFTs and crypto and blockchain? 386 00:14:55.965 --> 00:14:58.205 Isn't it all silly pictures? No, no. 387 00:14:58.555 --> 00:15:00.125 It's, there's way more to it than that.