- This file was automatically generated by VIMEO 0 00:00:00.135 --> 00:00:02.805 Thank you very much for having me on. 1 00:00:03.065 --> 00:00:06.045 And for that question, as you mentioned, 2 00:00:07.005 --> 00:00:08.125 I run de banked. 3 00:00:08.385 --> 00:00:11.645 We are small business finance and FinTech trade media. 4 00:00:11.825 --> 00:00:15.005 We also run the United States', uh, 5 00:00:15.005 --> 00:00:17.525 largest small business finance conferences. 6 00:00:17.905 --> 00:00:19.645 We do several of them per year. 7 00:00:19.905 --> 00:00:22.885 And so I'm pretty entrenched in the small business finance 8 00:00:22.915 --> 00:00:25.765 community, and that's what I've been doing for a long time. 9 00:00:26.465 --> 00:00:28.885 What's unique about that particular industry 10 00:00:28.885 --> 00:00:31.805 and community is that they're used to dealing 11 00:00:31.805 --> 00:00:32.965 with assets when they're, 12 00:00:33.115 --> 00:00:35.725 when they're analyzing small business owners for a loan, 13 00:00:36.115 --> 00:00:38.605 they evaluate different aspects 14 00:00:38.605 --> 00:00:40.005 of collateral they might have, 15 00:00:40.005 --> 00:00:41.485 they might ask about real estate, 16 00:00:41.835 --> 00:00:43.245 they might ask about equipment. 17 00:00:43.245 --> 00:00:44.285 They might ask about 18 00:00:44.625 --> 00:00:47.005 how much revenue they're generating each month 19 00:00:47.025 --> 00:00:49.685 or each year to try to determine if they're able 20 00:00:49.685 --> 00:00:51.365 to offer them any type of capital. 21 00:00:51.825 --> 00:00:54.405 And that collateral is generally the security. 22 00:00:55.765 --> 00:00:58.825 But the problem is they never ask about anything digital. 23 00:00:59.405 --> 00:01:01.905 And that's because something like a domain name, 24 00:01:01.905 --> 00:01:04.825 while most people respect as a digital asset, 25 00:01:05.485 --> 00:01:09.145 has never really had any type of mechanism to be able to 26 00:01:10.225 --> 00:01:13.225 transfer it from one party to another in an automated 27 00:01:14.245 --> 00:01:15.345 secure fashion. 28 00:01:15.725 --> 00:01:18.265 So it's not really something that's ever been considered. 29 00:01:19.165 --> 00:01:22.105 You may see things like domain names, uh, 30 00:01:22.325 --> 00:01:26.785 appear in UCC statements where it's a blanket lien 31 00:01:26.785 --> 00:01:29.465 where they say, Hey, we secure a loan against all assets, 32 00:01:29.525 --> 00:01:30.665 and the domain name is listed, 33 00:01:31.205 --> 00:01:32.905 but it's, it's never singled out. 34 00:01:34.045 --> 00:01:37.805 And generally speaking, when we talk about the value 35 00:01:37.805 --> 00:01:41.005 of domain names or even using domain names as collateral, 36 00:01:41.675 --> 00:01:43.725 most people assume we're talking about the 37 00:01:43.725 --> 00:01:45.005 value of the domain name. 38 00:01:45.055 --> 00:01:48.725 Inherently the, the value of a domain name in that 39 00:01:48.745 --> 00:01:51.925 of itself completely detached from a business. 40 00:01:52.745 --> 00:01:56.045 The idea that domain names could be a multi-billion dollar 41 00:01:56.045 --> 00:01:57.565 market is not a new idea. 42 00:01:57.665 --> 00:01:59.485 And so I don't wanna sound like someone 43 00:01:59.585 --> 00:02:01.725 who just discovered domain names and, 44 00:02:01.745 --> 00:02:04.525 and thought, oh my goodness, these could be worth a lot. 45 00:02:04.945 --> 00:02:07.685 You know, these could be worth money as collateral 46 00:02:07.825 --> 00:02:11.005 for a loan while the rest of the domainers in the world say, 47 00:02:11.315 --> 00:02:13.125 yeah, yeah, yeah, we've tried that. 48 00:02:13.155 --> 00:02:14.765 It's never really picked up any steam. 49 00:02:15.625 --> 00:02:18.725 And the reason for that is because domain investors 50 00:02:19.025 --> 00:02:21.925 or domainers are typically looking at the inherent value 51 00:02:21.925 --> 00:02:23.805 of a domain detached from the business. 52 00:02:24.745 --> 00:02:27.885 And so what I I see is something entirely different. 53 00:02:28.885 --> 00:02:32.805 I see a domain name as part of an actual business, 54 00:02:33.595 --> 00:02:36.885 something that can be used as collateral for a loan 55 00:02:36.945 --> 00:02:39.005 to a business owner, because what is the domain name? 56 00:02:39.005 --> 00:02:43.125 At the end of the day, it's really the digital storefront 57 00:02:43.545 --> 00:02:44.605 for a business. 58 00:02:45.505 --> 00:02:49.085 And that possesses enormous value for any business. 59 00:02:49.265 --> 00:02:51.285 It would be hard for anyone 60 00:02:51.285 --> 00:02:54.045 to lose their domain name if their website is a major part 61 00:02:54.045 --> 00:02:57.245 of how they generate sales or, or traffic or attention. 62 00:02:58.065 --> 00:03:01.645 And similarly, similarly, people seem to forget 63 00:03:01.645 --> 00:03:04.205 that domain names are connected to email addresses. 64 00:03:05.025 --> 00:03:06.935 So your email address 65 00:03:06.995 --> 00:03:10.055 and every employee's email address of a company is connected 66 00:03:10.315 --> 00:03:11.455 to that domain name. 67 00:03:11.835 --> 00:03:13.655 So there's a lot of value to a business. 68 00:03:13.655 --> 00:03:16.855 And having that domain name beyond just the inherent value 69 00:03:17.235 --> 00:03:20.055 of what a domain name is worth, people think, oh, it has 70 00:03:20.055 --> 00:03:21.575 to be a really good word. 71 00:03:21.795 --> 00:03:23.175 It has to be a memorable name. 72 00:03:23.445 --> 00:03:27.015 Well, what if it's just a domain name that generates tens 73 00:03:27.015 --> 00:03:28.295 of thousands, hundreds of thousands 74 00:03:28.295 --> 00:03:30.255 or millions of dollars in revenue per year 75 00:03:30.255 --> 00:03:31.775 because it has the website and 76 00:03:31.775 --> 00:03:33.735 because it has email addresses connected to it? 77 00:03:34.525 --> 00:03:37.135 Well, now all of a sudden we have an asset 78 00:03:37.135 --> 00:03:39.015 that a business really can't part with. 79 00:03:39.755 --> 00:03:41.615 It really needs to have its domain name and, 80 00:03:41.635 --> 00:03:43.055 and continued access to it. 81 00:03:43.355 --> 00:03:45.695 And so all of a sudden it could be used as collateral 82 00:03:46.475 --> 00:03:49.615 for a loan because the lender has something 83 00:03:49.755 --> 00:03:52.215 to hold over the borrower's head saying, you really need 84 00:03:52.215 --> 00:03:55.335 to pay because the domain name is at stake. 85 00:03:55.335 --> 00:03:56.975 You can't lose your website address, 86 00:03:56.995 --> 00:03:58.255 you can't lose your email address. 87 00:03:59.175 --> 00:04:02.495 Everyone has an email. Every, every employee probably has 88 00:04:02.495 --> 00:04:04.295 that email address connected to some service 89 00:04:04.365 --> 00:04:05.815 that they just can't part with. 90 00:04:06.875 --> 00:04:08.255 And so this conversation would 91 00:04:08.255 --> 00:04:10.175 otherwise not really ever be had. 92 00:04:10.435 --> 00:04:13.535 And that's because the mechanism to transfer domain names 93 00:04:14.075 --> 00:04:15.175 has never really been there. 94 00:04:15.645 --> 00:04:19.255 That is until recently when companies like yourselves when 95 00:04:19.445 --> 00:04:22.615 Nafi has begun to tokenize domain names. 96 00:04:22.755 --> 00:04:25.055 And let's just quantify what that means 97 00:04:25.055 --> 00:04:27.855 because there's a lot of, a lot of news happening at once. 98 00:04:28.045 --> 00:04:31.455 Most people on this particular space recognize that recently 99 00:04:32.045 --> 00:04:33.895 GoDaddy did some type of integration 100 00:04:33.895 --> 00:04:35.255 with the Ethereum name service, 101 00:04:35.755 --> 00:04:37.615 but that had nothing to do with tokenization. 102 00:04:37.635 --> 00:04:41.855 That's just about providing a name to your wallet address. 103 00:04:42.045 --> 00:04:44.855 What name five is doing in particular is tokenizing the 104 00:04:44.855 --> 00:04:48.215 domain, or as some domainers, make sure 105 00:04:48.215 --> 00:04:51.415 to tell me their tokenizing control of the domain, 106 00:04:51.415 --> 00:04:52.735 which fine, okay, sure. 107 00:04:52.735 --> 00:04:55.575 Tokenizing control and access to the domain. 108 00:04:55.955 --> 00:04:58.535 Either way, it's almost the same effect. 109 00:04:59.475 --> 00:05:02.095 And because that possibility now exists, 110 00:05:02.315 --> 00:05:05.255 we can now enter into the conversation of, well, if it's, 111 00:05:05.255 --> 00:05:08.935 if it's easy to transfer control of a domain to escrow 112 00:05:09.435 --> 00:05:14.335 and easy to transfer domain from, from escrow to a lender, 113 00:05:14.685 --> 00:05:16.895 well now all of a sudden we can have that conversation 114 00:05:16.895 --> 00:05:19.535 of using a domain name as collateral 115 00:05:19.875 --> 00:05:21.175 for a small business loan. 116 00:05:21.685 --> 00:05:23.695 Something that has never really been talked about before. 117 00:05:24.555 --> 00:05:26.855 And as you mentioned earlier, 118 00:05:27.715 --> 00:05:29.655 my background is in small business finance, 119 00:05:30.055 --> 00:05:31.255 FinTech, and also in crypto. 120 00:05:31.915 --> 00:05:34.935 So it's kind of like two worlds over time have 121 00:05:34.935 --> 00:05:36.135 finally converged. 122 00:05:36.325 --> 00:05:37.855 That wasn't possible before. 123 00:05:37.885 --> 00:05:39.575 It's the tokenization of domains 124 00:05:39.645 --> 00:05:42.775 that is now making this industry possible. 125 00:05:45.445 --> 00:05:48.025 Thanks, John. That's like great points. 126 00:05:48.245 --> 00:05:52.745 Uh, you mentioned that, um, domain names are websites 127 00:05:52.765 --> 00:05:56.345 and which in your words, storefront for a business 128 00:05:56.645 --> 00:05:58.245 and domain names are emails. 129 00:05:58.465 --> 00:06:01.405 So if you lose your domain, you could lose your emails, 130 00:06:01.635 --> 00:06:04.125 your, your business contacts, right? 131 00:06:04.665 --> 00:06:08.365 And that's why when lenders hold them, you can't lose them. 132 00:06:08.365 --> 00:06:13.005 That's a very like, uh, reliable assets to kind 133 00:06:13.005 --> 00:06:14.205 of take lateral on. 134 00:06:14.665 --> 00:06:18.085 Um, you specifically mentioned that it's you, 135 00:06:18.085 --> 00:06:19.165 you are a very humble person. 136 00:06:19.185 --> 00:06:21.565 You said like, you're not trying to sound like it's you 137 00:06:21.585 --> 00:06:23.245 who discover, oh, this is a huge thing. 138 00:06:23.625 --> 00:06:26.965 The this, this concept has been people were talking about 139 00:06:26.965 --> 00:06:30.165 maybe like the visionary person has been, people are talk, 140 00:06:30.315 --> 00:06:31.885 have been thinking about this for a while, 141 00:06:31.905 --> 00:06:34.445 and then you are mount those visional person. 142 00:06:35.285 --> 00:06:36.845 I agree. Are you being very humble? 143 00:06:37.405 --> 00:06:40.245 I like to press on the points where I think not many 144 00:06:40.465 --> 00:06:42.325 of the people, even with the amount 145 00:06:42.325 --> 00:06:45.605 of visionary persons have think about or thought 146 00:06:45.625 --> 00:06:48.485 or talk about the facts that what's lacking there. 147 00:06:48.485 --> 00:06:52.925 And then you pointed out the the capability of, uh, 148 00:06:52.995 --> 00:06:56.445 automatic transfer of like tokenizing access to 149 00:06:56.865 --> 00:06:58.685 or control to domains is actually 150 00:06:58.685 --> 00:07:00.325 lacking to make it possible. 151 00:07:00.325 --> 00:07:01.725 And then you are speaking from a 152 00:07:01.725 --> 00:07:02.965 financial background, right? 153 00:07:02.985 --> 00:07:04.965 It not, it's not like you just come up 154 00:07:04.965 --> 00:07:07.045 and say, okay, here's what I think instead. 155 00:07:07.105 --> 00:07:12.045 You have this expertise in financial by financial background 156 00:07:12.465 --> 00:07:13.805 to actually make that point. 157 00:07:13.825 --> 00:07:15.165 Can you tell us a little bit more, 158 00:07:15.165 --> 00:07:18.205 because I think, I think there's like great audience here. 159 00:07:18.645 --> 00:07:21.845 Everyone has their background. You bring a very specific 160 00:07:22.025 --> 00:07:23.045 as a perspective. 161 00:07:23.145 --> 00:07:26.405 Can you talk to, uh, press a little bit more on why 162 00:07:27.145 --> 00:07:30.805 is the automatic transfer capability, why is 163 00:07:31.155 --> 00:07:34.085 that particular tokenization tokenizing control, 164 00:07:34.465 --> 00:07:37.485 the lacking part and in, 165 00:07:37.545 --> 00:07:40.565 in making it a available collateral assets? 166 00:07:43.675 --> 00:07:47.725 Okay, so let's just talk about what normally happens in, 167 00:07:47.785 --> 00:07:49.285 in the small business loan world 168 00:07:49.285 --> 00:07:51.005 currently outside of a bank. 169 00:07:51.215 --> 00:07:52.445 Let's, let's all agree that 170 00:07:53.285 --> 00:07:55.885 business bank loans are a little old fashioned, 171 00:07:56.025 --> 00:07:58.805 and there's actually a gigantic industry outside 172 00:07:58.805 --> 00:07:59.845 of business bank loans. 173 00:08:00.225 --> 00:08:04.525 One that's generating probably about $20 billion a year in 174 00:08:05.035 --> 00:08:08.805 unsecured small business loans through companies 175 00:08:08.805 --> 00:08:12.485 that some would call non-bank or alternative lenders, 176 00:08:12.505 --> 00:08:14.525 but have nothing to do with crypto at all. 177 00:08:14.665 --> 00:08:16.205 So there's already a huge market, 178 00:08:16.205 --> 00:08:18.085 $20 billion a year at least 179 00:08:18.625 --> 00:08:21.045 in small business loans happening outside of banks. 180 00:08:21.505 --> 00:08:23.525 And a lot of this is done, it's done two ways. 181 00:08:24.385 --> 00:08:26.365 One, it's done somewhat manually. 182 00:08:26.365 --> 00:08:29.125 There's a middleman, a broker who's working 183 00:08:29.155 --> 00:08:32.165 with a small business owner over the phone who's asking 184 00:08:32.455 --> 00:08:33.565 diagnostic questions. 185 00:08:33.945 --> 00:08:35.645 Do you have equipment? Do you have real estate? 186 00:08:35.825 --> 00:08:37.445 Do you have collateral? Do you have revenue? 187 00:08:38.065 --> 00:08:40.485 And they're making a checklist of assets they have 188 00:08:40.485 --> 00:08:41.805 that they might be able to lend against. 189 00:08:42.185 --> 00:08:44.605 And if they don't have any assets they do in like an 190 00:08:44.605 --> 00:08:47.885 unsecured loan or some type of unsecured financing option, 191 00:08:48.835 --> 00:08:51.525 they offer all the products that they have available. 192 00:08:51.585 --> 00:08:52.725 If there were other products 193 00:08:52.725 --> 00:08:54.445 that they could offer, they would offer them. 194 00:08:54.575 --> 00:08:57.365 Their job is to get the business owner the best deal 195 00:08:57.685 --> 00:09:00.005 possible and or the most money possible. 196 00:09:00.585 --> 00:09:01.845 The other way to do it, 197 00:09:01.935 --> 00:09:06.285 which is has become more common since 2014, is more 198 00:09:06.285 --> 00:09:08.165 of an automated online checkout. 199 00:09:08.315 --> 00:09:11.925 There's a large company called OnDeck, publicly traded under 200 00:09:12.465 --> 00:09:13.845 the E Nova brand. 201 00:09:13.905 --> 00:09:17.525 You can look them up on deck as part of Enova that does 202 00:09:17.525 --> 00:09:19.725 that, does an automated online checkout 203 00:09:19.785 --> 00:09:22.285 for a business loan business owner goes onto to the website, 204 00:09:22.695 --> 00:09:23.925 fills out a bunch of fields, 205 00:09:24.315 --> 00:09:27.005 they connect their bank account, uh, via plaid 206 00:09:27.005 --> 00:09:28.245 or something like, like that, 207 00:09:28.665 --> 00:09:31.285 and they're able to get approved for a loan in seconds 208 00:09:31.705 --> 00:09:34.405 and potentially even funded the same day. 209 00:09:35.625 --> 00:09:39.245 Now there are, there are plenty of business owners 210 00:09:39.385 --> 00:09:41.805 who either don't get the amount that they're looking for 211 00:09:42.105 --> 00:09:45.285 or don't find the appropriate product that they want. 212 00:09:45.655 --> 00:09:48.845 Maybe they, they wanted more money, maybe they didn't want 213 00:09:48.845 --> 00:09:51.045 to use their real estate as collateral. 214 00:09:51.295 --> 00:09:53.525 Maybe the amount they were looking for was quite small, 215 00:09:54.025 --> 00:09:56.205 but they didn't qualify for something unsecured. 216 00:09:56.825 --> 00:10:00.885 So having another tool like a domain name would be 217 00:10:01.075 --> 00:10:02.205 immensely valuable. 218 00:10:02.425 --> 00:10:05.685 And one thing I have learned just in doing this over time is 219 00:10:05.685 --> 00:10:08.085 that business owners, they will jump through hoops 220 00:10:08.745 --> 00:10:10.885 to get funding for their business. 221 00:10:10.895 --> 00:10:11.965 Their business is important. 222 00:10:11.965 --> 00:10:13.245 They have employees to pay, 223 00:10:13.315 --> 00:10:15.005 they have customers to take care of. 224 00:10:15.545 --> 00:10:18.645 If you tell them something is a little bit complicated, many 225 00:10:18.645 --> 00:10:20.725 of them will do it if there's no other alternative. 226 00:10:20.865 --> 00:10:22.965 Now I have a firsthand experience in doing, 227 00:10:22.975 --> 00:10:24.765 doing this a long time ago. 228 00:10:25.345 --> 00:10:27.525 In order to get funding for your business 229 00:10:28.185 --> 00:10:30.645 and you couldn't get it from a bank, you would actually have 230 00:10:30.645 --> 00:10:33.485 to tell the business owner to reprogram their 231 00:10:33.485 --> 00:10:34.565 credit card machine. 232 00:10:34.695 --> 00:10:36.365 You'd have to actually connect them 233 00:10:36.425 --> 00:10:38.725 to a technician over the phone who would tell 'em how 234 00:10:38.725 --> 00:10:40.125 to reprogram their credit card machine 235 00:10:40.785 --> 00:10:42.965 and reprogram it to a new credit card processor 236 00:10:43.345 --> 00:10:45.805 and then have them process transaction to 237 00:10:46.085 --> 00:10:47.525 that processor for two days. 238 00:10:47.945 --> 00:10:49.205 And then after that happens, 239 00:10:49.675 --> 00:10:50.965 then you could fund them the money. 240 00:10:51.425 --> 00:10:53.125 So they will, they will do things 241 00:10:53.125 --> 00:10:54.405 that are a little bit complicated, 242 00:10:54.545 --> 00:10:56.805 but of course they would like to do things that are easy. 243 00:10:57.585 --> 00:11:01.205 And that's where the whole tokenization aspect comes in 244 00:11:01.205 --> 00:11:04.085 because there's now a process that's automated, 245 00:11:04.705 --> 00:11:06.485 but you know, could have a few things 246 00:11:06.485 --> 00:11:08.685 that are a little bit difficult, that could be smoothed, 247 00:11:08.685 --> 00:11:09.685 that could be smoothed over. 248 00:11:10.345 --> 00:11:11.445 For one, it's not hard 249 00:11:11.465 --> 00:11:14.085 to transfer a domain name from one registrar to another. 250 00:11:14.315 --> 00:11:16.405 I've transferred several as you know, from 251 00:11:16.955 --> 00:11:19.285 registrar web two registrars to name five. 252 00:11:19.475 --> 00:11:20.885 This is something I did that wasn't hard. 253 00:11:21.305 --> 00:11:22.525 You unlock the domain, 254 00:11:22.905 --> 00:11:26.285 you get your transfer authorization code, it transfers over 255 00:11:26.285 --> 00:11:27.765 to name five, it's done. 256 00:11:28.105 --> 00:11:31.845 You guys tokenize it, it's automatic. That part is not hard. 257 00:11:31.905 --> 00:11:33.685 It wouldn't be hard for a small business owner 258 00:11:33.745 --> 00:11:35.525 and it definitely wouldn't be hard if they had a broker 259 00:11:35.525 --> 00:11:36.605 guiding them over the phone. 260 00:11:37.235 --> 00:11:39.205 Even a broker who had no knowledge 261 00:11:39.205 --> 00:11:41.245 of crypto could tell somebody how 262 00:11:41.245 --> 00:11:42.805 to log into their registrar 263 00:11:43.065 --> 00:11:44.845 and get a transfer authorization code. 264 00:11:45.075 --> 00:11:48.005 That part is not hard. The hard part is what you guys do. 265 00:11:48.315 --> 00:11:50.285 It's the tokenization, which is great 266 00:11:50.285 --> 00:11:52.725 because nobody in the small business finance world really 267 00:11:52.725 --> 00:11:54.950 knows, needs to know how to do any of that part. 268 00:11:55.065 --> 00:11:56.325 You take care of the hard part. 269 00:11:56.785 --> 00:12:00.485 Now, once it's tokenized, your domain is an NFT, right? 270 00:12:00.585 --> 00:12:02.325 So what did I do 271 00:12:03.025 --> 00:12:05.365 the first time I tokenized the domain on your platform? 272 00:12:05.445 --> 00:12:08.845 I said, it's an NFT, it's recognized universally 273 00:12:08.845 --> 00:12:09.925 across Ethereum. 274 00:12:10.265 --> 00:12:13.045 So I went on to an NFT lending platform 275 00:12:13.105 --> 00:12:15.085 and I pledged it as collateral for a loan. 276 00:12:15.705 --> 00:12:17.405 And of course it worked. 277 00:12:17.925 --> 00:12:20.405 I was also the borrower to that loan, as many people know. 278 00:12:20.405 --> 00:12:22.365 But I was trying to prove proof of concept. 279 00:12:23.565 --> 00:12:28.085 I used a tokenized domain name as collateral for a loan. 280 00:12:28.905 --> 00:12:31.285 And what I did, even though it sounds daunting, 281 00:12:31.585 --> 00:12:32.725 wasn't really that hard 282 00:12:32.725 --> 00:12:34.325 because the hard part, as I mentioned 283 00:12:34.325 --> 00:12:35.365 before, is what nafie did. 284 00:12:35.365 --> 00:12:36.725 You did the tokenization stuff. 285 00:12:37.505 --> 00:12:40.445 The business owners don't need to know how to, how to do any 286 00:12:40.445 --> 00:12:41.485 of this fancy stuff. 287 00:12:41.995 --> 00:12:44.605 They only need to know how to perhaps transfer a domain. 288 00:12:44.985 --> 00:12:46.125 Um, that's it. 289 00:12:46.265 --> 00:12:48.365 And a broker could guide them on how to do that. 290 00:12:48.985 --> 00:12:53.125 The tokenization is what makes this whole transfer process 291 00:12:53.685 --> 00:12:56.405 possible, which was otherwise not possible before. 292 00:12:56.865 --> 00:12:59.365 And there's already an entire market that, 293 00:12:59.365 --> 00:13:02.125 that would be willing to sell this particular product. 294 00:13:02.625 --> 00:13:06.045 And a, I'm sure an audience, small business owners 295 00:13:06.185 --> 00:13:08.805 who would gladly use their domain names as collateral. 296 00:13:09.185 --> 00:13:12.365 And I think domain names are sufficient as security 297 00:13:12.425 --> 00:13:15.085 as collateral because it'd be hard to lose your domain name. 298 00:13:15.325 --> 00:13:17.245 I know I, I said it before and you repeated it, 299 00:13:17.585 --> 00:13:19.405 but I run d banks.com. 300 00:13:19.675 --> 00:13:22.085 It's a website I've run since 2010. 301 00:13:23.025 --> 00:13:27.365 If I were to use that as collateral, I have to pay. Why? 302 00:13:27.715 --> 00:13:30.525 Because it would be devastating to my business to lose it. 303 00:13:30.545 --> 00:13:32.525 All of our revenue is generated online. 304 00:13:33.005 --> 00:13:35.925 I can't lose the domain. Some might say, well, perhaps 305 00:13:36.465 --> 00:13:39.205 you could just set up a new domain and what's the big deal? 306 00:13:39.205 --> 00:13:41.005 Well, I lose all my search engine optimization. 307 00:13:41.205 --> 00:13:42.525 I lose my key enter traffic, 308 00:13:43.025 --> 00:13:44.885 but more importantly, I lose access 309 00:13:44.885 --> 00:13:46.125 to all my email addresses. 310 00:13:46.125 --> 00:13:47.965 And our email addresses are connect, are connected 311 00:13:47.965 --> 00:13:50.125 to all our services, including our bank accounts. 312 00:13:50.605 --> 00:13:53.485 I have to pay that loan. This is sufficient collateral. 313 00:13:53.705 --> 00:13:54.925 And I know this firsthand 314 00:13:55.075 --> 00:13:56.885 because think about what type 315 00:13:56.885 --> 00:13:58.325 of collateral is used elsewhere. 316 00:13:58.905 --> 00:14:01.325 If you borrow money against a car, 317 00:14:01.625 --> 00:14:03.885 you really don't wanna lose your car if you take your 318 00:14:03.885 --> 00:14:05.005 car to work, right? 319 00:14:05.185 --> 00:14:06.845 You don't wanna get your car repossessed. 320 00:14:07.145 --> 00:14:08.925 If you finance a machine 321 00:14:08.985 --> 00:14:10.885 and you use the machine to run your business, 322 00:14:10.985 --> 00:14:12.565 you really can't afford to lose the machine. 323 00:14:12.945 --> 00:14:14.085 It makes the machine go. 324 00:14:14.465 --> 00:14:17.525 So the domain name is sufficient collateral, I'm sure of it. 325 00:14:17.745 --> 00:14:21.725 And now we have tokenization as the, the mechanism 326 00:14:21.875 --> 00:14:23.085 that can make this market. 327 00:14:26.045 --> 00:14:28.985 Wow, that's profound understanding of this. 328 00:14:30.225 --> 00:14:32.745 I think it touched, uh, let me recap this. 329 00:14:32.775 --> 00:14:34.345 What you mentioned is that, uh, 330 00:14:34.345 --> 00:14:35.785 back then it wasn't available. 331 00:14:35.925 --> 00:14:38.225 And then, uh, you have firsthand experience 332 00:14:38.245 --> 00:14:40.425 and also of course you're providing loans 333 00:14:40.605 --> 00:14:42.385 to other people from the other side. 334 00:14:42.385 --> 00:14:45.585 Uh, from you, you have sit at both side of the, of the table 335 00:14:46.165 --> 00:14:47.545 and you know that business owners, 336 00:14:47.615 --> 00:14:50.225 they need money when they need money to pay, uh, 337 00:14:50.225 --> 00:14:52.405 like pay their vendor, pay their employees. 338 00:14:52.675 --> 00:14:56.845 They can go beyond like regular hardship to kind of find way 339 00:14:56.865 --> 00:15:01.165 to if, if like, uh, lending were not available 340 00:15:01.265 --> 00:15:02.925 to them in in bank, they can actually, 341 00:15:02.925 --> 00:15:05.285 they can go very far trying to kind of find the, 342 00:15:05.285 --> 00:15:08.005 find the funding for, for their business just to sustain 343 00:15:08.025 --> 00:15:10.005 and, and can continue to compete. 344 00:15:10.625 --> 00:15:13.565 Um, and then back then there wasn't available. 345 00:15:13.785 --> 00:15:17.405 That's, uh, like domain names are not a available for them 346 00:15:17.505 --> 00:15:19.085 as a secured assets. 347 00:15:19.785 --> 00:15:22.045 Um, that's great points, very profound. 348 00:15:22.065 --> 00:15:24.165 And then we happened to name find 349 00:15:24.165 --> 00:15:26.165 and I, I also give kudos to other people 350 00:15:26.165 --> 00:15:29.205 who was also doing it, tokenize it, make it easier 351 00:15:29.345 --> 00:15:33.805 for platforms like Teller, NF tfi, um, they to kind 352 00:15:33.805 --> 00:15:35.485 of run this loan for, for people. 353 00:15:35.785 --> 00:15:37.125 And then you were the first one. 354 00:15:37.185 --> 00:15:40.605 By the way, that's the one one reason we really call you VIP 355 00:15:40.885 --> 00:15:45.325 customer, uh, or Genius Web Webify, God, uh, uh, Sean, uh, 356 00:15:45.325 --> 00:15:48.605 is because you are the first one that actually educated us, 357 00:15:49.265 --> 00:15:51.725 not just the possibility of doing, 358 00:15:51.785 --> 00:15:54.045 you can actually do it today, uh, 359 00:15:54.045 --> 00:15:55.805 with platforms like Teller. 360 00:15:56.145 --> 00:15:58.125 I'm meeting with them, uh, later today 361 00:15:58.145 --> 00:15:59.925 and trying to see if we can do even more. 362 00:16:00.025 --> 00:16:03.285 Our goal is to kind of make the whole ecosystem work 363 00:16:03.705 --> 00:16:05.165 for name five customers. 364 00:16:06.385 --> 00:16:10.725 Um, I wanna kind of mention that, uh, you, uh, 365 00:16:10.915 --> 00:16:14.165 inspire me to think about a point back then. 366 00:16:15.785 --> 00:16:18.325 Domain names in your, in your words is actually kind 367 00:16:18.325 --> 00:16:21.125 of like it's identity, it's a business identity. 368 00:16:21.125 --> 00:16:23.805 It's the store storefront is actually how people, 369 00:16:24.345 --> 00:16:25.765 um, come to you, right? 370 00:16:25.905 --> 00:16:27.685 And, and how people discover you. 371 00:16:27.755 --> 00:16:30.525 Like when you lose it, you lose all your, uh, search engine. 372 00:16:31.745 --> 00:16:34.085 You, you lose all your search engine optimization, 373 00:16:34.145 --> 00:16:37.725 you lose links towards you, you lose your emails that you, 374 00:16:37.825 --> 00:16:39.965 you will be able to use in bank accounts 375 00:16:39.965 --> 00:16:43.285 and maybe your clients are using that to contact you. 376 00:16:43.305 --> 00:16:45.045 So you lose all of them. You can't lose them. 377 00:16:45.705 --> 00:16:49.805 Uh, on the other hand, just like the, the the car metaphor, 378 00:16:50.615 --> 00:16:53.565 maybe it's important for you to keep the car, 379 00:16:53.625 --> 00:16:57.085 but if the car, if the bank sell the car, um, 380 00:16:57.865 --> 00:17:00.245 the car would not be worthy of that much of amount 381 00:17:00.305 --> 00:17:01.445 of amounts. 382 00:17:01.945 --> 00:17:05.885 It seems to me this is one of the first time that 383 00:17:06.485 --> 00:17:07.645 a thing is more important 384 00:17:07.705 --> 00:17:09.885 to you than the bank could sold it for. 385 00:17:10.675 --> 00:17:13.805 It's like business goodwill. What's your view on that? 386 00:17:13.905 --> 00:17:15.605 Is that going to create a different, uh, 387 00:17:16.605 --> 00:17:18.685 a discrepancy in the kind of money 388 00:17:18.715 --> 00:17:20.725 that people were expecting when taking out 389 00:17:20.725 --> 00:17:21.765 the long using block? 390 00:17:21.765 --> 00:17:24.525 Uh, domains versus the bank are willing to, 391 00:17:24.525 --> 00:17:27.165 because if it, at the end of the day, if you go out 392 00:17:27.165 --> 00:17:30.325 of business, the the, the bank would not be able to sell, 393 00:17:30.325 --> 00:17:32.725 usually not be able to sell the, the, the domain for 394 00:17:32.725 --> 00:17:33.765 that as as much. 395 00:17:34.185 --> 00:17:37.805 Do you see? Do you think there's gonna be a discrepancies in 396 00:17:37.925 --> 00:17:39.765 expectation of how much money they can 397 00:17:39.765 --> 00:17:40.885 take out of from the loan? 398 00:17:42.585 --> 00:17:45.045 What's really interesting about your question is that 399 00:17:45.785 --> 00:17:50.245 web 2D NS investors think exactly like a bank. 400 00:17:50.395 --> 00:17:53.405 They think about the inherent resale value of the domain. 401 00:17:53.555 --> 00:17:55.765 It's a one dimensional valuation. 402 00:17:56.035 --> 00:17:59.205 They think if it's a a good clean name, well, 403 00:17:59.205 --> 00:18:00.285 what could I sell it for? 404 00:18:00.475 --> 00:18:02.605 They don't think about what could I use it for? 405 00:18:02.785 --> 00:18:04.045 How can I monetize it? 406 00:18:04.115 --> 00:18:06.045 They just think about the resale value 407 00:18:06.515 --> 00:18:07.765 just like a bank would. 408 00:18:08.145 --> 00:18:10.525 The, the bank says, oh, I don't wanna foreclose on the house 409 00:18:10.525 --> 00:18:12.085 because then I have to sell the house. 410 00:18:12.465 --> 00:18:15.925 If I, if I repo the car now I gotta resell the car. 411 00:18:15.925 --> 00:18:17.805 They're not thinking about like, oh, I'm gonna repo the car 412 00:18:17.805 --> 00:18:20.165 and drive the car around and take my kids to school in it. 413 00:18:20.265 --> 00:18:21.405 Or I'm gonna start it in an, 414 00:18:21.405 --> 00:18:23.325 I turn it into an ice cream truck and monetize it. 415 00:18:23.945 --> 00:18:27.125 But that's what a lender in my opinion would be thinking 416 00:18:27.125 --> 00:18:29.605 about because in, in the world that I come from, 417 00:18:29.665 --> 00:18:33.205 the very first question I'm, I would get is, okay, 418 00:18:33.745 --> 00:18:36.005 say it's sufficient collateral in your mind, 419 00:18:36.585 --> 00:18:37.725 but at the end of the day, 420 00:18:38.065 --> 00:18:40.245 you're still gonna have borrowers that don't pay. 421 00:18:40.245 --> 00:18:41.885 You're gonna have lenders who are stuck 422 00:18:41.955 --> 00:18:44.005 with domain names as collateral. 423 00:18:44.345 --> 00:18:47.085 And now you're back to the, well, what do you do now? 424 00:18:47.355 --> 00:18:49.085 What is the value of these domain names? 425 00:18:49.225 --> 00:18:50.485 Was it really all worth it? 426 00:18:50.785 --> 00:18:53.205 And that's where part two comes in. 427 00:18:53.275 --> 00:18:56.685 It's about being able to monetize those domain names, 428 00:18:56.985 --> 00:18:58.565 not just thinking about the resale value. 429 00:18:59.005 --> 00:19:01.005 I would be thinking about what can I do 430 00:19:01.005 --> 00:19:02.485 to make money with the domain? 431 00:19:02.835 --> 00:19:05.725 Does the domain name have good search engine optimization? 432 00:19:06.505 --> 00:19:10.485 Can I re-skin that domain name, point it to my own server 433 00:19:10.945 --> 00:19:11.965 and monetize it? 434 00:19:12.335 --> 00:19:14.645 Maybe it's, it's something as simple as, you know, 435 00:19:14.645 --> 00:19:16.965 Google AdSense where you just have, uh, 436 00:19:17.025 --> 00:19:18.605 pay per click ads on there and stuff. 437 00:19:18.945 --> 00:19:22.845 Or maybe you set up some type of e-commerce site. 438 00:19:22.845 --> 00:19:25.885 What if it's an e-commerce business that's operating? 439 00:19:26.625 --> 00:19:28.365 Can you re-skin it in such a way 440 00:19:28.675 --> 00:19:31.365 that you could monetize the traffic that it brings in 441 00:19:31.465 --> 00:19:34.645 and actually generate revenue from e-commerce sales? 442 00:19:35.345 --> 00:19:39.005 Now, I'm anticipating that this type of, uh, asset 443 00:19:39.065 --> 00:19:41.205 as collateral wouldn't give you the right 444 00:19:41.345 --> 00:19:43.725 to operate under the company's brand name. 445 00:19:43.825 --> 00:19:45.405 So you'd have to re-skin it entirely 446 00:19:45.505 --> 00:19:46.565 and you couldn't pretend 447 00:19:46.565 --> 00:19:48.005 that you were the previous business. 448 00:19:48.265 --> 00:19:51.525 You're not technically inheriting their website per se, 449 00:19:51.665 --> 00:19:54.525 you're only inheriting the domain name, but that's okay. 450 00:19:54.905 --> 00:19:56.885 You can evaluate what their niche is 451 00:19:57.225 --> 00:19:59.925 and then determine if I'm stuck with this domain, 452 00:20:00.305 --> 00:20:01.525 how do I monetize it? 453 00:20:01.945 --> 00:20:05.045 So if I was a lender, I would be thinking about an entire 454 00:20:05.055 --> 00:20:07.765 other aspect of when I end up with a domain name, 455 00:20:07.985 --> 00:20:09.445 how am I making money with it? 456 00:20:09.625 --> 00:20:13.165 Is it as easy as becoming an an Amazon reseller 457 00:20:13.165 --> 00:20:14.565 where I'm just making commissions? 458 00:20:14.745 --> 00:20:19.325 Is it as easy as assets? Um, is it as easy as drop shipping? 459 00:20:19.905 --> 00:20:24.125 Uh, is it as easy as making commissions for referrals? 460 00:20:24.275 --> 00:20:27.325 Like when you look for a contractor online 461 00:20:27.425 --> 00:20:30.725 to do work on your home, oftentimes you'll find that a lot 462 00:20:30.725 --> 00:20:32.965 of the sites you click on are just, they're just, um, 463 00:20:33.565 --> 00:20:34.885 referral farms, right? 464 00:20:34.955 --> 00:20:37.645 It's a huge SEO game where you click on it 465 00:20:37.645 --> 00:20:38.925 and you're being referred somewhere else 466 00:20:38.985 --> 00:20:41.325 and they're generating revenue from that. 467 00:20:41.675 --> 00:20:46.285 Perhaps you could participate in a, in a, a, uh, similar way 468 00:20:46.595 --> 00:20:47.725 that you could refer 469 00:20:47.725 --> 00:20:50.485 that traffic somewhere else and monetize it. 470 00:20:50.955 --> 00:20:54.245 That is how I, as a lender, if I were to do this myself, 471 00:20:54.315 --> 00:20:55.445 that is what I would be doing. 472 00:20:55.785 --> 00:20:57.525 And that's really the secret to the whole thing. 473 00:20:57.745 --> 00:20:59.605 That's where this idea 474 00:20:59.995 --> 00:21:02.645 that this could be a billion dollar market departs from 475 00:21:02.715 --> 00:21:04.445 what traditional domainers think, 476 00:21:04.625 --> 00:21:07.445 who are only thinking about resale values of domains. 477 00:21:07.985 --> 00:21:10.925 My background in small business lending requires me 478 00:21:10.925 --> 00:21:14.085 to think differently When I get this particular collateral. 479 00:21:14.585 --> 00:21:16.445 How am I monetizing that collateral? 480 00:21:16.575 --> 00:21:18.005 Let's pretend I couldn't even sell it. 481 00:21:18.095 --> 00:21:20.325 Let's pretend there was no resale value of the domain. 482 00:21:20.945 --> 00:21:22.685 Do I know enough about domains? 483 00:21:22.825 --> 00:21:26.085 Do I know enough about the web that I could monetize it 484 00:21:26.085 --> 00:21:29.605 and not only get, uh, not only get paid back 485 00:21:29.605 --> 00:21:30.965 what my initial investment was? 486 00:21:31.135 --> 00:21:34.645 Could I ha turn it into an, an ongoing revenue stream? 487 00:21:34.695 --> 00:21:36.965 Could I actually long-term profit off of this? 488 00:21:37.055 --> 00:21:38.565 Could I turn this into its own business? 489 00:21:39.175 --> 00:21:41.485 These are things that would, that would go into 490 00:21:41.485 --> 00:21:43.005 my own analysis. 491 00:21:43.345 --> 00:21:45.485 And if you're purely a domain name investor, 492 00:21:45.665 --> 00:21:47.405 all this stuff sounds really daunting, 493 00:21:47.425 --> 00:21:48.725 and it sounds like a lot of work 494 00:21:49.035 --> 00:21:51.685 because who wants to think about all 495 00:21:51.685 --> 00:21:54.845 that other stuff when you really just have a good domain 496 00:21:54.845 --> 00:21:57.045 name that you just wanna sell, who's gonna sit there 497 00:21:57.045 --> 00:21:59.685 and think about niches and referral commissions 498 00:21:59.745 --> 00:22:03.605 and, uh, monetizing domains and turning into a business? 499 00:22:03.795 --> 00:22:05.005 Well, guess what? 500 00:22:05.225 --> 00:22:06.925 You know who likes to think about that stuff? 501 00:22:07.195 --> 00:22:09.885 Wall Street does. They think about billion dollar markets. 502 00:22:10.105 --> 00:22:12.605 And so they're willing to think beyond just, 503 00:22:12.625 --> 00:22:15.325 how do I resell a domain for a quick profit? 504 00:22:15.355 --> 00:22:16.605 They think about the long game. 505 00:22:16.985 --> 00:22:19.685 And so they would be looking at domain names 506 00:22:20.265 --> 00:22:22.965 as collateral in terms of how can they actually, 507 00:22:23.305 --> 00:22:25.005 if they're stuck with these domains, 508 00:22:25.385 --> 00:22:28.605 how can they turn them into a revenue generating asset, 509 00:22:28.635 --> 00:22:30.365 something that could build an empire 510 00:22:30.425 --> 00:22:34.445 for them if a default inevitably and regrettably occurs. 511 00:22:37.775 --> 00:22:39.315 That's very, very inspiring. 512 00:22:39.655 --> 00:22:43.275 You just reminded me that domains is not just for resale, 513 00:22:43.735 --> 00:22:47.395 uh, value, but also, uh, the capability of monetizing it. 514 00:22:47.395 --> 00:22:51.355 Because your perspective coming from, uh, a lender 515 00:22:51.495 --> 00:22:55.075 or a loan, uh, businessman for, uh, for small 516 00:22:55.095 --> 00:22:56.635 and medium businesses, right? 517 00:23:01.885 --> 00:23:04.465 That's right. I mean, there, there are plenty of people 518 00:23:04.485 --> 00:23:09.345 who have levels of expertise where if they end up 519 00:23:09.345 --> 00:23:11.545 with the asset that they lent against that they know how 520 00:23:11.545 --> 00:23:12.625 to monetize the asset. 521 00:23:13.005 --> 00:23:15.185 So if this were to be a billion dollar market, 522 00:23:16.125 --> 00:23:18.785 the lender who's facilitating that market has 523 00:23:18.785 --> 00:23:21.385 to be an expert, has to be well equipped 524 00:23:21.605 --> 00:23:24.385 to monetize the collateral beyond resale, 525 00:23:24.385 --> 00:23:26.625 because that is the key to this whole thing. 526 00:23:28.805 --> 00:23:30.625 That's very inspiring because I, 527 00:23:30.825 --> 00:23:33.505 I think when you present the question and, 528 00:23:33.505 --> 00:23:37.025 and the problem of how to monetize them, we happen 529 00:23:37.085 --> 00:23:40.545 to realize that we are in good position like NFI 530 00:23:40.605 --> 00:23:42.065 and whoever vendors 531 00:23:42.245 --> 00:23:44.185 or part ecosystem partners we can work 532 00:23:44.185 --> 00:23:46.285 with are actually in a good position 533 00:23:46.305 --> 00:23:48.805 to actually help customers of name five 534 00:23:49.385 --> 00:23:52.125 or name fires to monetize their domains 535 00:23:52.125 --> 00:23:53.205 with a lot of automation. 536 00:23:53.225 --> 00:23:56.805 For one, we, unlike other registrars, 537 00:23:56.865 --> 00:24:00.565 we have your a a a way to pay you from day one, right? 538 00:24:00.665 --> 00:24:03.085 We know if you log in with your, your wallet address, 539 00:24:03.085 --> 00:24:05.925 you have a bank account that we can send money to. 540 00:24:06.425 --> 00:24:09.045 So if there's a good way we can help you monetize, 541 00:24:09.045 --> 00:24:12.205 let's say there's a button, you turn it on, it, it's parked, 542 00:24:12.505 --> 00:24:15.165 not just parked, but it also start earning revenues from 543 00:24:15.165 --> 00:24:17.805 like traffic or referral business, uh, 544 00:24:17.875 --> 00:24:22.685 both a referral associate income, then we can give that, uh, 545 00:24:22.745 --> 00:24:25.725 uh, that money to you just by paying to, 546 00:24:25.745 --> 00:24:26.925 to the account you have. 547 00:24:27.465 --> 00:24:31.285 And that's, that could be one thing interesting, doable for 548 00:24:32.425 --> 00:24:35.005 NFI and all tokenizing platforms. 549 00:24:35.705 --> 00:24:37.765 Is that a good directions, uh, 550 00:24:37.765 --> 00:24:40.085 to think about from your perspective? 551 00:24:40.265 --> 00:24:42.325 Our with with I gar, God, 552 00:24:45.595 --> 00:24:48.315 I mean, I'm, I'm a little selfish in pursuing this 553 00:24:48.315 --> 00:24:51.075 particular avenue because it's really a blending 554 00:24:51.075 --> 00:24:55.195 of two areas that I am somewhat knowledgeable in. 555 00:24:55.575 --> 00:24:59.235 So if it's a, it's a direction you want to pursue further, 556 00:24:59.615 --> 00:25:03.955 it will obviously continue to pique my, uh, 557 00:25:04.315 --> 00:25:05.515 interest and excitement. 558 00:25:05.855 --> 00:25:07.635 Um, ultimately, I'm sure there, 559 00:25:07.765 --> 00:25:10.075 there are many more use cases obviously, 560 00:25:10.695 --> 00:25:13.955 but I'm just blending two things that I know well, 561 00:25:14.535 --> 00:25:16.835 and I think there's an opportunity just there. 562 00:25:17.295 --> 00:25:19.635 And I'm sure, by the way, I don't want 563 00:25:19.635 --> 00:25:22.475 to make it seem like I am downplaying 564 00:25:23.855 --> 00:25:25.955 domain name investors in that of itself. 565 00:25:26.115 --> 00:25:28.715 I keep talking about the inherent value of a domain name 566 00:25:29.375 --> 00:25:32.035 not being worth what, what I think it's worth, 567 00:25:32.215 --> 00:25:34.195 but there's still an entire market for that. 568 00:25:34.655 --> 00:25:37.275 And the ability to lend against the domain name, just 569 00:25:37.275 --> 00:25:40.195 because it's a clean name, is also a market opportunity. 570 00:25:40.775 --> 00:25:43.715 And what's great about Web3 is that there are incredible 571 00:25:44.395 --> 00:25:46.675 peer-to-peer lending rails available. 572 00:25:47.055 --> 00:25:49.355 So if you are an average person listening 573 00:25:49.375 --> 00:25:53.235 to this particular conversation, you could, if you wanted, 574 00:25:53.855 --> 00:25:55.955 become a lender against a domain name, 575 00:25:56.285 --> 00:25:57.515 maybe it's a domain name 576 00:25:57.705 --> 00:26:00.715 that you would really like to have yourself. 577 00:26:00.895 --> 00:26:02.555 And so if you end up stuck with it 578 00:26:02.575 --> 00:26:05.275 and the borrower defaults, it's not such a bad thing. 579 00:26:05.735 --> 00:26:10.115 Or maybe you have a very particular, um, uh, 580 00:26:10.525 --> 00:26:13.915 level of expertise in a certain field where if you got stuck 581 00:26:13.915 --> 00:26:15.995 with a domain name, you did a peer-to-peer loan, 582 00:26:15.995 --> 00:26:18.595 maybe a couple thousand bucks, maybe a couple hundred bucks, 583 00:26:18.975 --> 00:26:20.515 and you got stuck with it, you could say, Hey, 584 00:26:20.595 --> 00:26:22.075 I could, I could monetize this. 585 00:26:22.145 --> 00:26:23.755 This is, this is something I know about. 586 00:26:23.895 --> 00:26:25.715 It could be anything in the world. 587 00:26:26.535 --> 00:26:28.155 The world is sort, sort of your oyster. 588 00:26:28.825 --> 00:26:31.995 Once anyone is able to participate in this market, 589 00:26:32.335 --> 00:26:35.035 it doesn't have to be a wall streete dominated market. 590 00:26:35.135 --> 00:26:37.715 You could just have a couple dot coms that you could use 591 00:26:37.715 --> 00:26:40.235 to borrow against, or you could have a couple thousand bucks 592 00:26:40.505 --> 00:26:44.085 that you could start using to lend against dot coms. 593 00:26:44.625 --> 00:26:46.325 Anyone can participate in this market 594 00:26:47.065 --> 00:26:48.205 and it's something that I think 595 00:26:48.205 --> 00:26:49.765 will continue to grow over time. 596 00:26:51.685 --> 00:26:54.135 Yeah, Sean, by no means we we're not like trying 597 00:26:54.135 --> 00:26:55.495 to do the same business with you. 598 00:26:55.875 --> 00:26:58.735 Uh, what we said is this is direction that we can kind 599 00:26:58.735 --> 00:27:00.135 of, uh, support. 600 00:27:00.395 --> 00:27:03.415 So for example, if in your case you are already doing this, 601 00:27:03.415 --> 00:27:05.095 then we can send customers your way. 602 00:27:05.445 --> 00:27:08.015 Like we can say, okay, if you want to know how 603 00:27:08.015 --> 00:27:09.975 to monetize it, or if you want to have a button 604 00:27:09.975 --> 00:27:13.215 that turn it on and then you get monetized, we can send you 605 00:27:13.395 --> 00:27:14.935 to Sean service 606 00:27:15.595 --> 00:27:18.615 and then like, maybe you'll share revenue with Sean, 607 00:27:19.035 --> 00:27:21.375 you will share a piece to us some, something like that. 608 00:27:21.475 --> 00:27:24.695 But like the, the fact that this capability, this is, 609 00:27:25.285 --> 00:27:30.015 this possibility exists is what we really feel interesting, 610 00:27:30.285 --> 00:27:31.415 like inspired by you 611 00:27:32.315 --> 00:27:34.495 and name five is definitely not there to do everything. 612 00:27:34.495 --> 00:27:38.735 Like we didn't intend to start a NFT market be, uh, so long 613 00:27:38.855 --> 00:27:42.655 as there are good NFT markets out there, um, I, we, 614 00:27:42.675 --> 00:27:45.095 we have been pointing people to kind of open see 615 00:27:45.435 --> 00:27:46.575 and other NFT markets, 616 00:27:46.755 --> 00:27:48.895 and I would certainly not in the business of doing lending 617 00:27:48.995 --> 00:27:51.895 as well, like, uh, tellers there, NFT, Pfizer, 618 00:27:52.185 --> 00:27:53.335 other platforms are there. 619 00:27:53.335 --> 00:27:55.375 We're trying to kind of be the ecosystem players. 620 00:27:55.595 --> 00:27:58.735 We send people to every ecosystem, um, 621 00:27:59.125 --> 00:28:00.815 that we can inter integrate with. 622 00:28:00.835 --> 00:28:03.175 That's kind of our philosophy from day one. 623 00:28:06.975 --> 00:28:09.485 Right now I am not personally lending against 624 00:28:10.305 --> 00:28:12.125 any domain names, but I certainly 625 00:28:12.125 --> 00:28:13.245 have an interest in doing it. 626 00:28:13.985 --> 00:28:16.325 And so perhaps down the road, 627 00:28:16.505 --> 00:28:18.405 and I don't know how long, maybe it was sooner rather than 628 00:28:18.405 --> 00:28:21.445 later, there might be a certain niche where if 629 00:28:22.125 --> 00:28:23.845 a certain type of domain name owner, 630 00:28:23.935 --> 00:28:26.965 maybe they're a business owner is looking for a loan, 631 00:28:27.295 --> 00:28:29.925 there could be a referral to me and maybe me 632 00:28:29.945 --> 00:28:33.605 and maybe a group of people would all love to participate 633 00:28:33.705 --> 00:28:36.005 and doing exactly what I've been describing. 634 00:28:36.135 --> 00:28:38.565 Everything that I'm talking about is not theoretical. 635 00:28:39.085 --> 00:28:41.885 I have, I have firsthand experience with all, all 636 00:28:41.885 --> 00:28:43.165 of the things I'm talking about. 637 00:28:43.905 --> 00:28:45.885 And I just mentioned peer-to-peer lending 638 00:28:45.905 --> 00:28:48.125 before that concept isn't new either. 639 00:28:48.325 --> 00:28:51.925 Peer-to-peer lending was really started in, what, 2009 640 00:28:52.025 --> 00:28:55.365 or so, but two companies known as Lending Club and Prosper. 641 00:28:55.475 --> 00:28:57.445 They pioneered the peer-to-peer lending space. 642 00:28:57.475 --> 00:29:00.045 This is before crypto. And guess what? 643 00:29:00.645 --> 00:29:04.725 I used both platforms. I made loans to individuals. 644 00:29:05.225 --> 00:29:07.365 Uh, at that time anonymous, you didn't get to know 645 00:29:07.365 --> 00:29:10.165 who they were, but these were crowdfunded loans 646 00:29:10.375 --> 00:29:11.525 where you would get a return. 647 00:29:11.625 --> 00:29:12.885 And by the way, they were unsecured. 648 00:29:12.885 --> 00:29:14.045 There was no collateral at all. 649 00:29:14.585 --> 00:29:16.805 And I made, I guess you could say, 650 00:29:16.925 --> 00:29:19.285 I think the number is more than a hundred thousand dollars, 651 00:29:19.865 --> 00:29:24.525 uh, worth of these loans, um, in tiny increments of $25. 652 00:29:24.825 --> 00:29:27.095 So these were crowdfunded loans 653 00:29:27.095 --> 00:29:29.015 where you could put in $25 per loan. 654 00:29:29.835 --> 00:29:33.885 And obviously both programs were very successful. 655 00:29:33.885 --> 00:29:35.565 Lending Club went on to become a bank. 656 00:29:35.825 --> 00:29:37.125 Anyone can look up Lending Club 657 00:29:37.125 --> 00:29:39.005 and see that they're, they're a huge bank now. 658 00:29:39.235 --> 00:29:40.565 Prosper is still around. 659 00:29:41.225 --> 00:29:44.005 So the whole peer-to-peer lending model definitely, 660 00:29:44.295 --> 00:29:45.885 definitely has merit to it. 661 00:29:46.145 --> 00:29:48.325 And I would be more than happy to participate in it 662 00:29:48.325 --> 00:29:50.925 because I did it before with both of those platforms. 663 00:29:51.345 --> 00:29:53.605 And so, yeah, down the road I'd be happy 664 00:29:53.665 --> 00:29:57.685 to potentially pioneer, um, lending against domain names 665 00:29:57.755 --> 00:30:00.725 that are in a niche that I feel comfortable with 666 00:30:01.025 --> 00:30:02.845 and probably speak to what I said 667 00:30:02.845 --> 00:30:06.445 before where there is a, a monetization aspect to 668 00:30:06.445 --> 00:30:08.045 what I could do with the domain names. 669 00:30:10.895 --> 00:30:13.645 Thanks, Sean. Go ahead, sunny. 670 00:30:14.015 --> 00:30:17.005 Thank you. Thank you, John, for your inspirational speech. 671 00:30:17.745 --> 00:30:19.245 And I, I, I think 672 00:30:19.245 --> 00:30:21.925 for nfi it's providing the blockchain expertise 673 00:30:22.105 --> 00:30:25.965 and on your side you are really, uh, merging Tri fi and, 674 00:30:26.865 --> 00:30:30.525 and the blockchain space together, you know how much, uh, 675 00:30:30.625 --> 00:30:35.285 the extent of which, um, blockchain can bring to transform 676 00:30:36.035 --> 00:30:40.845 domains from like a seller reseller market to a, 677 00:30:41.565 --> 00:30:43.445 a completely new paradigm. 678 00:30:44.025 --> 00:30:47.005 Um, and, and that's, that's very impressive. 679 00:30:47.545 --> 00:30:51.165 And, and now we have a few, like 10 minutes for, 680 00:30:51.505 --> 00:30:53.325 for our audience to ask questions. 681 00:30:53.745 --> 00:30:57.245 So if you have any questions, please raise your hand 682 00:30:57.825 --> 00:30:59.165 and, um, we can, 683 00:30:59.515 --> 00:31:02.125 Sean can answer your questions, uh, individually. 684 00:31:02.625 --> 00:31:07.285 Um, so while we're waiting for more questions, um, 685 00:31:07.585 --> 00:31:10.925 I'm, I'm curious to know that Jean, you are, um, 686 00:31:10.995 --> 00:31:13.045 very experienced in the tri space 687 00:31:13.705 --> 00:31:17.365 and, uh, since like fi, finance is finance 688 00:31:17.505 --> 00:31:18.565 and the web is the web. 689 00:31:19.105 --> 00:31:23.205 So currently in the, in the naming space, um, 690 00:31:23.555 --> 00:31:26.005 like Web3 naming space, um, 691 00:31:27.275 --> 00:31:31.005 what are the tri fi um, kind kind 692 00:31:31.005 --> 00:31:34.805 of domain knowledge we should learn like in Web3, uh, 693 00:31:34.875 --> 00:31:37.605 from the traditional or the legacy institutions? 694 00:31:38.285 --> 00:31:41.365 I know, um, some of them are using very obsolete systems, 695 00:31:41.705 --> 00:31:45.365 but a lot of, um, tri Fi, um, 696 00:31:45.435 --> 00:31:49.725 like theories are still can be applied today in, in our Web3 697 00:31:50.535 --> 00:31:52.365 space, especially in defi. 698 00:31:52.865 --> 00:31:57.325 And just curious to hear about your, um, insights in this. 699 00:32:00.815 --> 00:32:03.345 Yeah, I mean, it's kind of a broad question. 700 00:32:03.505 --> 00:32:06.385 I think one thing that I often have to think about 701 00:32:06.385 --> 00:32:09.745 and just comes with experience is that I think about, um, 702 00:32:10.725 --> 00:32:15.105 the inevitable ne necessity of compliance and defi. 703 00:32:15.625 --> 00:32:17.825 I think we all like to think that we can invent a world 704 00:32:18.295 --> 00:32:20.945 that operates outside of regulation and control. 705 00:32:21.085 --> 00:32:25.105 And to an extent, we obviously can create a product 706 00:32:25.175 --> 00:32:26.505 that we have full control over, 707 00:32:26.765 --> 00:32:30.465 but we may still be subject to regulations and laws 708 00:32:30.645 --> 00:32:32.025 and so on and so forth. 709 00:32:32.725 --> 00:32:35.425 Um, so any, any product in in Web3 710 00:32:35.605 --> 00:32:39.305 or defi, think about what the regulatory implications 711 00:32:40.335 --> 00:32:41.605 might be for it. 712 00:32:42.245 --> 00:32:46.685 I was on a space yesterday where I was talking about, uh, 713 00:32:46.885 --> 00:32:51.245 DNS domain names, and obviously the big topic right now is 714 00:32:51.245 --> 00:32:56.045 whether or not DNS in Web3, whether 715 00:32:56.045 --> 00:32:58.045 or not this eliminates the need 716 00:32:58.065 --> 00:33:02.725 for decentralized names in Web3, like ETH for example. 717 00:33:03.625 --> 00:33:07.445 And I think the, the obvious answer is no, and that's 718 00:33:07.445 --> 00:33:11.565 because of all the centralized control that is applied 719 00:33:11.625 --> 00:33:13.365 to the DNS space. 720 00:33:14.665 --> 00:33:18.205 We have to understand that when we use these DNS names, 721 00:33:18.505 --> 00:33:20.205 and I'm sure name fi is, 722 00:33:20.265 --> 00:33:21.805 has already thought about it greatly. 723 00:33:22.035 --> 00:33:25.325 When we use these names in Web3, we have to think about 724 00:33:25.715 --> 00:33:26.885 what we're doing with that. 725 00:33:27.305 --> 00:33:29.565 Are we acting in a way that's legal? 726 00:33:30.545 --> 00:33:33.045 Um, or are we kind of going off 727 00:33:33.045 --> 00:33:36.085 and doing stuff that may be in an area of gray? 728 00:33:36.345 --> 00:33:39.285 And if we operate in an area of gray, knowing 729 00:33:39.285 --> 00:33:41.645 that there are risk to your name, 730 00:33:42.665 --> 00:33:44.325 it could be at the registrar level, 731 00:33:44.585 --> 00:33:47.405 it could be at the legal level, you know, 732 00:33:47.405 --> 00:33:48.645 it could be at the ICAN level, 733 00:33:49.465 --> 00:33:51.605 but there could be restrictions 734 00:33:51.945 --> 00:33:54.805 or consequences to your name in particular 735 00:33:54.805 --> 00:33:57.525 where your name could potentially be rescinded. 736 00:33:58.065 --> 00:34:01.165 And so that is why names, like, 737 00:34:01.545 --> 00:34:04.245 that's why decentralized names like ETH 738 00:34:04.245 --> 00:34:05.365 will always have their place. 739 00:34:05.645 --> 00:34:08.245 'cause you get a little bit more, you're still subject 740 00:34:08.265 --> 00:34:09.525 to laws obviously, 741 00:34:09.705 --> 00:34:11.725 but you get a little bit more peace of mind 742 00:34:12.195 --> 00:34:13.645 that you're not gonna wake up tomorrow 743 00:34:13.985 --> 00:34:16.525 and realize that somebody, somebody decided 744 00:34:17.315 --> 00:34:19.005 that they didn't like what you were doing 745 00:34:19.105 --> 00:34:20.925 and you lose access to your name. 746 00:34:21.305 --> 00:34:22.445 So I think that's something 747 00:34:22.445 --> 00:34:24.125 that everyone should be keeping in mind. 748 00:34:25.045 --> 00:34:27.885 I have several decentralized names. 749 00:34:28.045 --> 00:34:31.205 I have a lot of dot e names now I, I've mentioned previously 750 00:34:31.205 --> 00:34:32.965 that I didn't buy them for, for resale. 751 00:34:33.485 --> 00:34:34.925 I bought them for personal use 752 00:34:34.985 --> 00:34:36.245 and I think they have great value. 753 00:34:36.845 --> 00:34:39.805 I like the idea that I can use a eth, it's even related 754 00:34:39.825 --> 00:34:41.245 to my brand and my trademark, 755 00:34:41.985 --> 00:34:45.445 and know that I'm not gonna run a foul of some somebody, 756 00:34:45.515 --> 00:34:47.285 some centralized person who's just gonna 757 00:34:47.285 --> 00:34:48.365 take it from me tomorrow. 758 00:34:48.625 --> 00:34:50.445 And so I can use it all over the blockchain 759 00:34:50.745 --> 00:34:53.325 and I'm not really putting it at risk, so to speak. 760 00:34:53.425 --> 00:34:56.645 I'm still subject to laws, but I'm not gonna lose my name. 761 00:34:57.305 --> 00:35:00.765 And so I think that is, uh, when it comes to 762 00:35:02.105 --> 00:35:05.765 web two and Web3, just think about that area 763 00:35:05.795 --> 00:35:10.175 because even in peer-to-peer lending, a long time ago 764 00:35:10.835 --> 00:35:12.615 it was new and it was funded with an exciting, 765 00:35:12.755 --> 00:35:15.335 you could even compare it to what Defi is thought of today. 766 00:35:15.955 --> 00:35:18.215 But ultimately people found that there was still, 767 00:35:18.215 --> 00:35:20.895 they were still subject, uh, to rules and, and regulations 768 00:35:20.915 --> 00:35:21.935 and so on and so forth. 769 00:35:22.395 --> 00:35:25.455 Um, that's something I personally have learned by being in, 770 00:35:25.455 --> 00:35:28.495 in traditional finance that you can't, you kind 771 00:35:28.495 --> 00:35:29.535 of can't escape the rules. 772 00:35:30.195 --> 00:35:33.705 Um, but there, there are certain features 773 00:35:33.805 --> 00:35:34.865 of decentralization 774 00:35:35.485 --> 00:35:38.645 and that is the ability to retain control of your asset 775 00:35:39.225 --> 00:35:42.165 if somebody doesn't want you to have it. 776 00:35:46.025 --> 00:35:47.695 Great. Thank you Jean. Um, 777 00:35:48.725 --> 00:35:51.495 Because this, Sean, you've, you've been in into the, 778 00:35:51.515 --> 00:35:53.695 the tradify space for a while, especially when it came 779 00:35:53.695 --> 00:35:58.015 to like lending and loans and, and collateral. 780 00:35:58.675 --> 00:36:01.735 And really for me, I, I don't think of anything 781 00:36:01.755 --> 00:36:02.855 as really property 782 00:36:03.275 --> 00:36:06.015 unless I could use it to do whatever I want with it, 783 00:36:06.015 --> 00:36:08.575 like rent it out or try to get a yield on it 784 00:36:08.715 --> 00:36:10.575 or try to use it for collateral. 785 00:36:11.395 --> 00:36:15.495 And I remember trying to get a, a, a loan for a domain 786 00:36:15.515 --> 00:36:16.935 or try to figure out if it, 787 00:36:16.955 --> 00:36:18.975 if it was even possible a couple years ago. 788 00:36:18.995 --> 00:36:21.415 And I think I had to email a couple of people 789 00:36:21.635 --> 00:36:24.775 and they would have to kind of like evaluate if it was the, 790 00:36:24.915 --> 00:36:27.615 the domain value was pristine 791 00:36:27.615 --> 00:36:29.295 or if there was any type of value 792 00:36:29.395 --> 00:36:31.455 or what they would be willing to loan for it. 793 00:36:32.075 --> 00:36:36.815 Um, so wanted to ask you how coming from 794 00:36:36.815 --> 00:36:40.095 that tread fly space, how easy is it, how hard is it to, 795 00:36:40.555 --> 00:36:42.335 to really get a loan from that space? 796 00:36:42.575 --> 00:36:44.295 'cause like you said, you would go through the assets 797 00:36:44.515 --> 00:36:46.215 and try to figure out if they were, 798 00:36:46.215 --> 00:36:47.375 they were eligible or not. 799 00:36:47.955 --> 00:36:52.655 Um, do you think that it will be do easier for people to try 800 00:36:52.655 --> 00:36:54.455 to assign the value for it now? 801 00:36:54.555 --> 00:36:57.655 Or do you think that the, the pro the, I would say the yes, 802 00:36:57.715 --> 00:36:59.375 the process seems more seamless, 803 00:36:59.955 --> 00:37:03.295 but do you think that there are going to be more people that 804 00:37:03.835 --> 00:37:06.095 are willing to actually do this? 805 00:37:06.095 --> 00:37:09.215 Because it, it seems like we get a, a little pushback from, 806 00:37:09.965 --> 00:37:12.015 from, from some domains that would be like, 807 00:37:12.015 --> 00:37:13.095 oh no, you can't do that. 808 00:37:13.485 --> 00:37:16.095 However, I, I've talked to a couple of domainers 809 00:37:16.095 --> 00:37:18.655 and they'll say, well, yeah, for maybe like a four digit, 810 00:37:18.955 --> 00:37:20.735 you know, that people are willing 811 00:37:20.835 --> 00:37:22.575 to take that as a collateral. 812 00:37:23.235 --> 00:37:26.255 So just, I just wanted your thoughts on the whole situation. 813 00:37:28.865 --> 00:37:30.075 Yeah, it's a great question. 814 00:37:30.175 --> 00:37:32.995 And it's the question that defines exactly 815 00:37:33.345 --> 00:37:34.395 what I'm talking about. 816 00:37:34.615 --> 00:37:37.515 If you talk to a domainer, they're thinking purely 817 00:37:38.645 --> 00:37:41.265 in regards to the inherent value of the domain name. 818 00:37:41.335 --> 00:37:43.465 They can't really see beyond it. 819 00:37:43.465 --> 00:37:46.305 Whereas I'm thinking purely from the aspect 820 00:37:46.685 --> 00:37:47.945 of a small business lender 821 00:37:48.045 --> 00:37:50.505 or a small business loan broker, 822 00:37:52.565 --> 00:37:54.185 I'm thinking about one, 823 00:37:54.235 --> 00:37:56.825 would a business owner take this particular product? 824 00:37:57.265 --> 00:37:58.865 I know that they would, I know 825 00:37:58.865 --> 00:38:01.265 that when they have limited options available, 826 00:38:01.415 --> 00:38:04.105 they're generally open to doing anything that there is. 827 00:38:04.565 --> 00:38:07.425 I'm someone firsthand as both an underwriter 828 00:38:07.565 --> 00:38:11.585 and a broker who has sold, uh, funding amounts as small 829 00:38:11.585 --> 00:38:14.025 as maybe $1,500 to $2,000. 830 00:38:14.635 --> 00:38:16.345 These are very small amounts of money 831 00:38:16.725 --> 00:38:19.265 and the terms are honestly not too good. 832 00:38:19.965 --> 00:38:23.425 But if it's a, if it's a, a situation 833 00:38:23.455 --> 00:38:25.945 that a business owner really can't avoid, 834 00:38:26.235 --> 00:38:28.505 maybe they have a piece of oven that's broken 835 00:38:28.605 --> 00:38:29.665 and they have to fix it, 836 00:38:29.925 --> 00:38:31.705 and there's just no options in the world for them. 837 00:38:31.735 --> 00:38:34.105 This is a real world scenario, you'll find 838 00:38:34.105 --> 00:38:37.205 that business owners are pretty much open to doing whatever 839 00:38:37.585 --> 00:38:41.325 as long as it's safe, secure, um, and somewhat easy. 840 00:38:41.745 --> 00:38:44.085 And so I know that the business owners would take it, 841 00:38:44.995 --> 00:38:46.165 that I'm not worried about. 842 00:38:46.505 --> 00:38:50.405 And then it comes down to, well, you know, would, would the, 843 00:38:50.455 --> 00:38:52.365 would the lenders do something like this? 844 00:38:52.865 --> 00:38:56.965 It would have to be a lender that understands the nature 845 00:38:57.025 --> 00:38:58.405 of the collateral itself 846 00:38:58.465 --> 00:39:00.925 and is able to monetize the collateral. 847 00:39:01.505 --> 00:39:04.885 If you talk to a domainer, they're going to tell you, 848 00:39:04.885 --> 00:39:06.365 like you just said, I think you just said like a, 849 00:39:06.405 --> 00:39:07.925 a four digit or, or something like that. 850 00:39:07.925 --> 00:39:09.205 They're thinking about whether 851 00:39:09.205 --> 00:39:11.565 or not someone else will buy the domain from them. 852 00:39:12.025 --> 00:39:13.285 I'm not thinking about that at all. 853 00:39:13.465 --> 00:39:16.125 I'm thinking about can I take this domain and, 854 00:39:16.145 --> 00:39:17.245 and make money with it? 855 00:39:17.425 --> 00:39:20.845 Can I, we gonna instantly, instantly start monetizing it. 856 00:39:21.645 --> 00:39:23.365 I know that the business owners will take it 857 00:39:23.585 --> 00:39:24.885 and it just takes the right lender 858 00:39:25.435 --> 00:39:27.365 that has the right expertise to do it. 859 00:39:32.835 --> 00:39:34.535 So Sean, my question is, 860 00:39:34.775 --> 00:39:36.295 'cause you, you are dealing with, uh, 861 00:39:36.305 --> 00:39:37.895 small medium business owners. 862 00:39:38.475 --> 00:39:42.375 So how, how, when you explain, um, domain names, 863 00:39:42.525 --> 00:39:44.895 like tokenized domain names to them as 864 00:39:45.655 --> 00:39:49.415 a possible collateral, what's their response like? 865 00:39:51.805 --> 00:39:54.175 Well, you know, I have not yet had this conversation 866 00:39:54.175 --> 00:39:55.615 with small business owners, right? 867 00:39:55.635 --> 00:39:58.015 So I, I am drawing a, a conclusion of 868 00:39:58.015 --> 00:39:59.135 how the conversation would go, 869 00:39:59.135 --> 00:40:02.415 but it's based upon prior experience in pitching products 870 00:40:02.415 --> 00:40:04.575 that were actually much more complicated than this one. 871 00:40:04.975 --> 00:40:08.055 I mentioned earlier that, uh, more than 10 years ago, 872 00:40:08.115 --> 00:40:10.575 you used to have to reprogram businesses, 873 00:40:10.575 --> 00:40:12.055 credit card machine over the phone. 874 00:40:12.115 --> 00:40:13.895 It would take an hour, sometimes it would break, 875 00:40:13.995 --> 00:40:16.455 and then it would take two days of monitoring 876 00:40:16.955 --> 00:40:18.455 to make sure that it, it worked. 877 00:40:18.515 --> 00:40:20.295 And then, then you could send them the money. 878 00:40:20.295 --> 00:40:22.575 Sometimes it actually required sending a technician 879 00:40:22.595 --> 00:40:24.415 to their business, who would tell 'em they had 880 00:40:24.415 --> 00:40:27.655 to close the store while they reprogrammed their POS system. 881 00:40:28.035 --> 00:40:31.535 So I know technologically that business owners, uh, 882 00:40:31.665 --> 00:40:33.895 would jump through these particular hoops. 883 00:40:33.895 --> 00:40:35.575 Obviously I have not had this conversation 884 00:40:35.575 --> 00:40:37.615 with business owners yet myself, 885 00:40:37.615 --> 00:40:40.495 because this is an entirely new, uh, concept 886 00:40:40.565 --> 00:40:43.015 that we're exploring on this particular call. 887 00:40:43.045 --> 00:40:47.335 However, I have relationship relationships with thousands 888 00:40:47.555 --> 00:40:50.855 of brokers around the country who do interface 889 00:40:50.855 --> 00:40:52.055 with the small business owners. 890 00:40:52.595 --> 00:40:54.215 In fact, if you look me up online, 891 00:40:54.815 --> 00:40:57.255 I just hosted something called the broker battle. 892 00:40:57.715 --> 00:41:01.655 And the broker battle was actual brokers demonstrating 893 00:41:01.965 --> 00:41:04.615 what it's like to be on a call with a small business owner 894 00:41:04.615 --> 00:41:06.575 and then being evaluated with judges. 895 00:41:07.075 --> 00:41:09.695 So this is the, this is the industry in which 896 00:41:09.855 --> 00:41:10.935 I am well acquainted with. 897 00:41:11.045 --> 00:41:13.455 They have a special diagnostic checklist 898 00:41:13.565 --> 00:41:15.175 that they go through on every call. 899 00:41:15.205 --> 00:41:17.695 They ask about how much revenue do you, 900 00:41:17.695 --> 00:41:19.095 do you per month at your business? 901 00:41:19.115 --> 00:41:20.495 How long have you been in business for? 902 00:41:20.685 --> 00:41:23.375 What is your credit score? Like, do you have any equipment? 903 00:41:23.835 --> 00:41:25.175 Do you have any real estate? 904 00:41:25.555 --> 00:41:28.815 And then they create basically a, you know, a a general idea 905 00:41:28.815 --> 00:41:30.815 of what the business owner might qualify for. 906 00:41:31.555 --> 00:41:34.365 And they go out and find out if they could get approved 907 00:41:34.545 --> 00:41:36.805 for any of them and they present the options 908 00:41:36.825 --> 00:41:37.845 to the business owner. 909 00:41:39.145 --> 00:41:42.685 The question of the day would be if a business owner had no 910 00:41:42.685 --> 00:41:45.765 options available, but they could take a loan out against 911 00:41:45.765 --> 00:41:47.285 their domain name, would they take it? 912 00:41:47.645 --> 00:41:50.045 I think the answer is 100% yes. 913 00:41:50.145 --> 00:41:51.845 And that is what matters at the end of the day.