27-02-2023
What does NFT Wine taste like? | Project: Evinco
[00:00:00] today, this week on all about affordable NFTs. Well, look, you can see us, or maybe you can't. It depends on this comes up, right? But the big feature is we're gonna drink an nft. That's gonna happen. That's a real thing that's gonna happen. Uh, but first, what do we see in the news? What's going. Yeah. Also, hello in person.
[00:00:20] Yes, this is, this is good to, good to read you. Yeah. Metaverse you. That's ran. And uh, by the way, this is some, uh, hot three A N F T swag. Uh, we don't sell it cuz we don't really care about monetizing anything. By the way, we should note that, uh, Nico's not sponsoring this cause again. Look, we're too lazy.
[00:00:40] What? No, we're just, look, we we're pre-revenue. Okay. , this podcast is pre-revenue. We make all our money on affordable NFTs, right? Yeah, right. Just look at our project. We're only down 20% year over year, which is not bad. I'm gonna open this. What do we have in the news? Yeah, why don't you get this bottle open.
[00:00:58] We'll get to some news here. So, uh, one, let's see the first article that we've got here, first. Item is about unis. Swabb SWA has enabled traders to buy NFTs, uh, via their aggregator using any, uh, token, any Ethereum token. Uh, as, as most opens, sea traders may know, uh, there are limited options of what you can transact with on, uh, on the seat platform.
[00:01:24] And it is limited to what the, uh, the lister actually. Um, when they list the item, this is enabling people to use any token, unis swap, mostly known as a decentralized exchange. Uh, we'll actually do the exchange, exchange the tokens, and then make the purpose for you. Do you wanna say one thing to look out for you here?
[00:01:46] Especially in, uh, sort of those long tail tokens that have a lot of liquidity, you gotta watch out for, uh, for how much the price may change. Um, Is, um, as your token is, or as the token is purchased. So just check out what the price is. You know, you should be able to get a preview before you enable it, but I think this is a cool, uh, a cool feature that you can sort of bypass the, the step of having to go change your tokens into Ethereum to then buy the token or buy the NFT that you want.
[00:02:17] You can go straight from, from your, uh, doge. to an NFT now. So bypass, uh, the, you know, make it a little bit easier. Well, hold on. I think there's another phase here that I think is important, which is the fact that as a Doge holder, , and one that is technically positive on the trade, I don't have to realize a capital gain.
[00:02:38] Mind you going, unless there's something I'm missing in how this transaction works, this capital gain moment where I'm like, oh, I'm gonna move. Doge win into something so I can finally bone up on those moon cats. It's a good point. I, I think this would happen within the unis swap contract. It's not happening on your wallet.
[00:02:54] So that isn't hap that isn't changed just as long as Uncle Sam can't see this, like in inter step, whatever. I mean, there's still liquidity moment, but there's not like two of them between like that like realization moment. So maybe I don't fully, I mean, again, that gain is realized as soon as I transfer that into the nft, but it's not a step and then a step which can make it extra.
[00:03:13] All right, and speaking of regulation, we've got some news about an MBA top shot, uh, lawsuit. Um, that's a case that's moving forward. Uh, the judge here has decided that these NFTs, the top shot NFTs, can be considered securities because the flow blockchain is, uh, privately owned. Um, but. Uh, expectation of profit there.
[00:03:39] So, uh, interesting. This case is moving forward. It's not decided yet, but, uh, you know, doesn't look good for , uh, for, for the top shot NFTs. And, um, you know, basically non, um, maybe non-public blockchains, non-public centralized blockchains with tight control essentially have, I think this type of liability that is always undercurrent because again, if it's.
[00:04:05] Decentralized, the security enabled by the sheer existence of it. Gasbys paying for that. You know, like obviously we're Ethereum Max's, I'm, I'm huge on, uh, the old polygon. But again, with with flow company fail chain fail, that is unnerving to me. Yeah. Yeah. . Um, yeah, I think I'll continue to stay away from there.
[00:04:29] Although to be fair, that's what got you started this whole it did thing. Yeah. It got me in. I have some top shots rolling around somewhere. Alright. Blur is continuing their airdrop, the, the NFT marketplace that is in a major battle with open seat right now. So they're now offering, this is the season two of their air traffic.
[00:04:50] They're now. Uh, rewards for not just using their platform, but for actually de-listing on the open C platform. . Yeah, so it's it's, hold on, hold on. If I have something currently listed on just hypothetical confer, take not Gameness, but Gameness I de-list from Open Sea and then I re-list on, on Blur. Yeah. I think that's, that's what the, that's what they're, they're trying to test the loyalty I have.
[00:05:21] Some rumors that there, that may not be entirely, uh, up to par with, with laws, um, in that you can't, you can't necessarily disincentivize the use of competitors, from what I understand. Not, not my area of expertise at all, just what I've heard from other, from some others. Um, so interesting man. But this is, I love to see in the every day there's something new between these.
[00:05:47] Look, the, the day has finally come. We've talked about the negative side of how I'd say open C frankly, you know, phoned it in for a number of years in terms of what they were really value delivering. Right? What kind of upside for the two point x percent that they were taking, like, Uh, my big thing is like no manner of insurance or protection on, you know, what they're putting on that platform, allowing these scam projects on.
[00:06:15] I know it's impossible to police everything, but you know, it's impossible taking millions and millions of dollars of profit and not like providing top level service. And guess what? That's the beauty of competition and to the other side. Like, I'm sure blur's gonna have other things that are gonna bug the shit out of me.
[00:06:30] Yeah. And so if you have this anti Yeah, like, Anti-monopoly type of undercurrents going on. Can Microsoft technically pay people to go stop using search and go use that? I mean, yeah, I could see some problems maybe. Yeah, that's, it's definitely interesting how Val's going about it. I, uh, you know, I think that they are, I mean, they're, they're, they said as much that they're really targeting the, the high volume, the, the high end or the, the top, uh, users in the FT space.
[00:07:02] You know, it looks like there's really about 500 traders that are making up a big, big chunk of their volume, and they are offering the tools that those traders want right now. And like you said, opens seat has, uh, you know, they've kind of fumbled that leap. They haven't done much to, to capitalize on, on that huge market share advantage that they had.
[00:07:21] And now Open, I mean, blur has seen up to 70% of the volume recently, uh, after the. Uh, asterisk con volume. Anytime we talk about volume, it kind of drives me nuts because of, I mean, you had our guest on about wash trading and the ability to look at it, and you're doing some analytics on this, but yeah, this is, this is taking up wash trading.
[00:07:41] I mean, again, it's, it's small number of users. Um, it's a small number of users. They're really going after the, you know, those, those high volume users. And hey, we know the, the space is relatively small, so you can get 500 of those top traders. It's sign. In the, uh, market share and, and the volume overall.
[00:08:00] All right. Let's see what else we got here. We've got, oh man, Bitcoin still, still going with these, the, the, uh, the nft. Have you checked this out yet? Have you gotten back into Bitcoin or, or into Bitcoin at all with, based on these ordinals, I have not gotten, here's the thing, I, I don't even think I'd own any Bitcoin at all.
[00:08:20] I think I did back in the. Uh, when I probably should have held it, but I am a little turned off by the toxic nature of that particular community. I'm excited the fact that they're trying to see if this can be used for another purpose, but I think betraying the north star of what that platform was built for is going to cause incredible amounts of problems on the network, but maybe force them to do more intelligent things with the lightning.
[00:08:50] I don't even know what that really means, , to be honest. I'm like, I don't know. Yeah, I, I don't know enough about that yet. More space on block, but right now, those blocks were not built for the JPEGs. Yeah, I know. There, I mean, it seems like there are wallets coming along to make, to be more ready for trading NFTs on the Bitcoin network.
[00:09:09] It still seems like it's, it's not really the ideal place to be doing this. It's, there's also, there's a lot. , uh, a volume going through, uh, emblem vaults, which are basically bridging these nft, these Bitcoin NFTs back to Ethereum and wrapping them. So that's, then you can trade these. So that's what cross layer one bridges for NFTs or something we've talked about in the past.
[00:09:41] That makes sense ish to me. And there's like some sort of like, To go. I mean, look, I think some of the, one of the most ridiculous ones I think was seeing like a board aid being bored. A being burned to go to, to make it an ordinal, to then be wrapped as, as a RA token to be able to be traded on open city.
[00:10:03] That's a human being who's got a little bit too much money. Yeah. Or I don't know. Who knows? But yeah, it's, it's, there is technology coming along, so I don't think it's going. , uh, let's see. This is, oh, this is one. We, we, big one, we've got YouTube. The new CEO has been named and the CEO is big on Metaverse. On NFTs.
[00:10:26] Um, you know, we've, we've seen, uh, this, the Polygon, uh, the head of gaming at Polygon came from YouTube, um, and. Uh, you know, wasn't sure, we weren't sure exactly, you know, how involved they may be in this space, but this, uh, new CEO is talking pretty big about NFTs and, and the metaverse. So, um, you know, we're seeing that convergence of web two and web three, and I, I think this is, uh, going in line with that.
[00:10:52] Adam, no, no comment on this. I'm particularly interested in the next news item, so I'm just excited for this next one coming up. Actually, I've just been like waiting for this one. All right, well, here we go. So you were appoint to go to the, the. The Proof conference. The proof conference. Were you, let's call, let's freaking call man.
[00:11:08] Let's moon bur Oh no. Oh boy. Oh, no. Conference canceled. What's going on, George? What have you. This is, this is what you've been so excited about. I, I, alright, hold on, hold on, hold on. First off, I never am excited about somebody who has put energy excited to talk about into a project. I am actually deeply sad about this because it is a project that I thought had originally the potential to rival.
[00:11:32] The Yuga Empire. Right. And I am, I'm all about that. And competitors, and I actually didn't mind Kevin Rose as far as like his content and his approach to the community seemed genuine. And there may be things that I like along the way we would've like done differently. I think though, with his conference, the rubbers meet in the road a little bit.
[00:11:53] And essentially what happened is the conference put out there for proof coming up in May has been officially canceled. They were charging 1.5 E. For non moon bird holders, 0.75 eth for moon bird holders. Notice the not zero number there. So with um, with things like I think the most successful one, Gary Vs.
[00:12:17] Right. V Friends, you got three years of conferences up front and he is, he delivers. Wow. That's freaking delivers. You pay zero, you go to. That's now that, that's fine. But what his initial sales were looking like were, were not anywhere near maybe where he needed them. Now, here's the thing also, like, you know, we're, we're recording this in February, March, April, may.
[00:12:42] The, the truth is when you run a conference and I've had sort of like windows into conferences is like you're in the trough of sorrow, despair, and confusion. Right about now when you're like, when is everyone gonna buy it ticket? No one's gonna. . And to be honest, I'm also smelling a little bit of crisis of faith with Kevin Rose.
[00:13:01] Not like totally understandable, he just had his entire account for the most part, except for some old crypto punks totally scanned. He kind of, I, I think morale is low. And this kind of comes back to when you are buying an NFT project built on cult of personality. Understand what you. understand where the point of failure is, and it is a single human being.
[00:13:30] Their motivation, energy, and willingness like that is what so many projects are built on. The willingness of a leader to push forward. And that is a single point of failure. And like somebody who had, I'll just say this, not gotten their entire bag stolen. may have said, I'm gonna double down and change some things like, I don't know, maybe offer free entry for anyone with a moon.
[00:13:54] and suddenly you've got people in the room, what can you do? Figure out other sponsors and ways to monetize. Like, I I just say, like speaking as an entrepreneur, I have a separate world where I have a company and when things don't go well, I try harder. like, you know, I, I, yeah. It's, it's surprising, uh, you know, on the latest podcast, uh, he, he didn't, um, Kevin Rose wasn't on that one, and it seems like maybe he has, he isn't quite as, uh, invested in.
[00:14:23] In this space or in the company. Understand it was, and you know, I understand from a personal perspective that is difficult to have those, you know, have those assets taken. And I also think it's, you know, it's wrong to say that that's, that it's because of the space. You know, we know that there are. Issues here, but you know, it is, I I would certainly be, uh, feeling let down as a holder.
[00:14:46] I mean, we've, we were looking at the price there and those proof prices have come down. I think they're a little over 15 e Yeah, they start the year at around 40 E They're down there. The moon birds are now hovering about six E or so. Looking at another telling thing is number of moon birds un nest. has dropped by like 600 or so, which doesn't sound maybe like a lot, but considering how high that previously was, it's like, it, it's, it's tough because once the foot dominoes start to fall, it takes a, a real sort of hard momentum shift to, to move it back.
[00:15:21] So we'll see. Um, we'll see. Yeah, absolutely. All right, well we got, we got through our, our new pieces. Um, all right. So look, uh, I don't know. I don't have an affordable, affordable projects of Inca. How about that? Look, we'll decide, right? There's still minting. You can get one for 0.3 as far as I saw on the website, right?
[00:15:43] Yeah. Well, secondary, you can give one point 17. Uh, but hold on with, with the unclaimed wine point ones seven. With unclaimed wine, this is important because we have claimed our wine . There are 7.07 if you were to go for this. Be careful. Yeah, yeah. Yep, yep. Be careful because I think outside of that, we, we have essentially what with ACO bought into a light, like, you know, a wine club.
[00:16:10] It was a wine club, right? Yeah. We're we're Wine Club. Wine Club. We're wine Club , NFT owners, wine club members. But frankly, they, they showed up. I had two bottles show up. Um, I, you know, I staked them, put 'em there. This is a 2013 from Russian River, NFT bottle number. 48. Yeah. You notice that this is, it's a three digit.
[00:16:31] Yeah, that's a three digit. It's a three digit. I'm surprised he's willing to, to let us open it. I assume it's gonna, you know, have that little extra, and again, not sponsored by Vinco. No. Welcome. Any call. Go ahead. Call us up. You know where to find us. Three nft.com. Yeah. So if, if you, if we talked about this when these did come out, the aco, uh, nf.
[00:16:57] Does give you access to go to their, to a winery in the Napa area. We haven't been to that. Um, looks like it would be cool, but, you know, definitely takes a bit of, uh, extra coordination and, and time to, to do that versus just, uh, you know, cleaning the wine online. And so this is us drinking an nft. This is drinking an actual nft.
[00:17:22] I, I do, I'm excited about this simply because like, , I R l and there's an online component to it. It feels different. Um, although I'm gonna go ahead and say this is the most expensive bottle of wine. Yeah. Yeah. I mean, I have membership. Membership, right? It's a membership. I didn't buy this one, but hypothetically,
[00:17:41] Yeah. Like I said, we haven't been up to this winery, or we haven't, we haven't gotten any of the other perks out of this. I'm not, I'm not saying that this isn't worth it. We haven't tasted it. It is the most expensive wine that I have purchased. If we are just going based. , uh, how much the aft was in these two bottles of wine, so, okay.
[00:17:59] Uh, I'm not used to like explaining what I'm uh, doing, but that it's a Russian River Pinot Noir 2013. Hopefully that was a good year. I'll say words like smells, full body doesn't smell weak. Very robust. Pinot off the nose. Those are, those are good sounding words. Go along with life.
[00:18:22] let me see what chat g p t can tell me to say here about this wine. Okay, hold on. So I'm picking up, um, hints of blockchain, a little bit of I Ethereum. Oh, that's definitely me. Little bit . Do you know how long I've been waiting to make that joke? I'm so pleased with myself. Oh, man. Well, you know what's weird is it's a 2013, so, you know, I don't know if that's Yeah.
[00:18:46] Really feasible. Is this, so here's what's awesome. These grapes were essentially. put into this bottle before the sheer idea of NFC came about. Right? And so I have to hand it to them for sort of being like, Hey, uh, what if we went all in on this? They had actually coverage in Forbes about being the first n ft winery.
[00:19:09] And what's interesting is like, I, I like this, by the way, this is very too, I'll say more words about the wine, but it's good, frankly, it, it is what I expect for a high quality pinot noir, right? I mean, it performs close to like a cab in terms of flavor. I'm picking up. I I really can't tell you that I would, that I can tell the, there's very fine wine and a very, and a good wine, but know what wine.
[00:19:33] I know what a bad, like what a very bad one is. I can tell you that. And this is not bad. So this is, hold on, we'll show you. Chase, like we have video. I mean, if we choose to use the video.
[00:19:45] Yeah. There we go. I'm getting, I'm getting ransom in the, in the, the shot. So I've seen a number of other companies doing this. We've talked about, uh, The, uh, whiskey that you've, that you've got at your, your bar, your acting, oh, the monkey. I got my monkey shoulder, by the way, by my bags monkey shoulder, only 0.07 right now.
[00:20:08] I can claim that whenever I want. Right. And it is an interesting use, um, where the producer or you know, someone trusted it's holding the asset, um, while you get the nft, makes the asset tradable without actually needing to. Uh, possession of it, which also gives you a, I mean, it should, as long as the, the establishment know is, is trustworthy, it should give you a more peace of mind that you're actually getting what you say is, or what they say is on the, uh, , on the label.
[00:20:38] Um, it is a big pro, a problem with, uh, with, um, high-end wine with, with high-end liquors. Um, then it's often not, I think it's up to 40% of, uh, The, uh, the, some of the high end wines are actually counterfeit. So you can see why this could, uh, help or how this could help in, um, reducing the counterfeit wines out there.
[00:21:03] I'm just kind of going through the, uh, other benefits here. So, good thing IRL events, like, I don't know, our events, uh, members only tastings across the globe, so they're like putting those. I mean, Napa Valley is kind of like where I would probably go to, but they talk about having things in Bordeaux and you know, luckily for us it's not that far away.
[00:21:21] It's still, you know, it's still a, we have online educational wine site, virtual tastings. Hmm, okay. Perks. Uh, when it's minted discount price on wine library, discounts on hotels, concierge services, full access to VIP experiences at our properties in Napa Valley. I feel like we've gotta go over. I think we might have to, we might have to make a trip up there.
[00:21:45] Do another podcast from, there's gonna be a Dow of good old Dow governance. Hundred percent. Yeah. Gotta have a Dow. I'd be like, more wine please. Um, but coming up in q3, it seems, uh, they're crossing off these things. 2023, uh, there's a champagne release coming in. Q1 ship custom NFT wine label release distribute into three tier.
[00:22:11] Look, they've got a roadmap going all the way to 2024. There are some redacted pieces in here, so they're, you know, editing as they go. Do we ever get, uh, fanny packs or is that not on the line? , this is a deep cut. Sorry. . Are you, are you saying we don't, we can't keep, look, I'll just be honest. If Kevin Roser to send out some, some wine right now, that might smooth things.
[00:22:31] Talk about a momentum shift. Oh man. . But like, honestly, look, you could. a wine club, and like you come in, you buy a bunch of bottles of wine and like that's your entry fee. This, if I wanted to sell and get out of this, there is a marketplace for it. And guess what I mean? Assuming you don't use one of those royalty free, you know, no, no creator fees, like they would actually get money by transferring that subscription.
[00:22:55] However, the downside of this fluid subscription system, which makes me a little nervous, is the fact that if it. by new members only. So I want to cancel my subscription. Those are usually, that would be burning the NFT in i r L in real lane. Right. I get rid of my subscription. Some new, new comes along, they pay full, full freight up front.
[00:23:17] So there's that. Yeah, and we've seen this before. I think we've talked about this with the wgm i.io. Yeah. Model. You know, it is similar in the sense of, you know, you're selling something once upfront and then trying to just take a small cut. Of, of the, the trades after that, while most of the fees are really just going to the original holders or traders, it is a difficult model.
[00:23:40] Great. You know, it seems great as a holder, you know, that being said, the result is often the price is is going down. Yeah. One thing I will say, this is, this is excellent. Um, very smooth on the fruity side, performing well. Definitely enjoying this. Listen to you. You sound like a . I feel like I'm gonna say, so drink with wine.
[00:24:01] I'm drinking the, I'm drinking my NFT wine. I gotta say like for the NFTs that I had bought that like ultimately like go, go sideways. Like I have spent 0.3 eth, technically 1.5 ETH could 0.15 E cuz I could sell my subscription still for some amount. . Um, I've spent dumber beat. Oh, right. Yeah. I mean, we've got something.
[00:24:23] This is a real thing that happened cuz I click buttons on the blockchain. That's right. I kind of enjoy that . I kind of enjoy that. Here's what I will say, where, um, if Vinco ever watches this, here's where they're messing up because they haven't created scarcity and because it's like an open mint and still allowing it to go on.
[00:24:42] I feel like you could do a lot better with like, all right, there's a. There is, Hey, you have to buy on secondary and be like, oh gosh. And, and suddenly you can play with some of that, um, to build up, um, the, the aura of that membership. You know, you look at, yeah, I don't think that you need to tie those necessarily directly to the number of bottles that we're supposed to be allocated to members.
[00:25:07] There's a lot of ways that you could use the assets of the, the bottles and that limit the number of, uh, memberships. I think that that could add some value. , and frankly we've seen this with, with any mint that doesn't sell out quickly. It's hard to get momentum going after that. You know, there is a physical product and they are moving along and have something in it.
[00:25:27] But I also, I think you're right in that there isn't quite enough scarcity to the, the NFT portion of this at this point. Yeah. And I think that's because, you know, you're treating it like a, a, a wine club, right? Where you're able to kind of come in and say like, Hey, you can be part of this wine club if you.
[00:25:45] X number of bottles and pay your annual dues and that sort of thing. Like, I actually don't know. I, I don't join wine clubs. . Yeah, I . I don't either. As I've been told and based on a few Google searches, that's what's going on. So I, I think one I'd run, scarcity, I would say they're doing a lot with the, you know, community perks and things like that.
[00:26:07] Even the idea that like, oh, I could potentially go to this place. Like, I kind of like that and. . Yeah. Uh, it's good wine. I'm pleased withholding it. Uh, I'm not gonna buy any more. I'm gonna look for probably opportunities to see what kind of discounts it actually gets on it. Cause I currently, I think, own two of these
[00:26:30] Cause I, yeah, I have a buy two. Hey. All right. Well, uh, this has been a live episode. Anything else? Yeah, our first, our first we did, uh, video episode ta, you know, doing our wine tasting here. Oh, it's been fun. Subscribe cuz that's what people say on YouTube. Yeah. Yeah. And probably we're not gonna do many videos, so get used to that little bouncy line, uh, that, um, that shows our voices.
[00:26:54] But hey, thanks for listening. We appreciate it. All right. Bye everyone.
