Name: Reggie Watts Explains NFT's to Joe
Uploaded: 2021-05-08T17:31:47.000Z
Description: Watch the stand-up comedy video 'Reggie Watts Explains NFT's to Joe' from PowerfulJRE on Comedy Buff. Published 2021-05-08. Transcript available.

Watch the stand-up comedy video 'Reggie Watts Explains NFT's to Joe' from PowerfulJRE on Comedy Buff. Published 2021-05-08. Transcript available.

- The Joe Rogan experience.
- It was insane, and I couldn't believe it.
And so I'm like, well now I need to do a performance
with that, and now I'm gonna do a performance with,
because the guy who did his name's Young Orb Seer,
he was the guy showing his NFTs in the gallery.
He used to work, or I guess he still works for 3D Live,
but he used to be behind the scenes,
now he's like made his own installation, he's NFTs.
- Hold, hold, please. - Yeah.
- Explain NFTs to people
that don't know what you're talking about,
because I don't know what you're talking about.
I do, but I don't. - Right.
- I know it's a non-fungible token.
- Yes. - I'm not exactly sure what that means.
- Yeah, yeah, yeah, yeah.
Well, it's just not very fungible.
You know how tokens are super fungible?
- Got it. - These aren't very fungible.
- I don't even know if I could, if I was on Jeopardy,
what is fungible? - Fungible, fungible, fungible.
I don't even know fungible. - What does fungible mean?
- Okay, let's Google it. - I think it's duplicatable.
- Fuckwithable? - Yeah, like duplicatable,
maybe, or something. - Let's Google it.
- Yeah, Google it. - What is the--
Go to DuckDuckGo, so they'll give you the truth.
- Yeah, yeah, yeah, give me the truth.
- Okay, here it goes. - It's an economic term.
- Oh, of goods connected for, without an individual specimen,
being specified, able to replace, or be replaced
by another identical item, mutually interchangeable.
It is by no means the world's only fungible commodity.
Okay, I know it. - Oh, yeah.
- I understand it even less now.
- Yeah, I have heard fungible, like, used in economics.
But yeah. - So, but you can't replicate--
- So, yeah, non-fungible.
So, basically, it's like, I have, I've made a little video
of me, or, yeah, I've made a video of me,
a 30-second video of me, like, running around, you know,
a park or something like that.
If I want to make that non-fungible, then I mint it.
And by minting, you use a minting service like Foundation
or Zora, there's many others.
And you get a crypto wallet, and you get the crypto wallet
set up, you put money in it, it's converted into
the crypto of your choice.
So, let's say ETH, which is very popular.
- What? - Ethereum.
- That's a very popular crypto?
Do you know about that? - Yeah, yeah, ETH.
- Fucking nerds. - ETH, actually, it's,
but yeah, so these are some NFTs that we created.
So, see that one on the very top left?
That's the looking glass holographic display.
- Oh, wow.
- And so, that device, we made an NFT,
me and my friend Panther Modern, his name is Brady Keen.
Check out his music, it's fucking disgusting.
But, so he made the 3D motion graphics and the TVs
and designed all of that stuff with the wires.
We shot a bunch of video of me doing the thing.
He inserted them on the TV screens, and then we formatted it.
It's on a loop, it's got music with it,
and that is then put into this device.
And so, I'm trying to push this phrase called "phigital,"
meaning the convergence of physical and digital media.
So, that's like a perfect representation,
because it's, the NFT is sold with the device.
So, when you bid on it, you know, you win it or whatever,
that device is sent to you.
There's laser etching on the back
that says the name of the piece, who made it, and so forth.
But technically, it's that unit with the hologram.
So, it's the world's first holographic NFT, which was bought by Lee.
What's his name?
Charlie Lee?
Charlie Lee, who created Litecoin, another cryptocurrency.
He bought it for almost nothing, and so he now has the physical unit that has
the hologram
in it, and you could ostensibly just put it on a shelf and call it good, or you
can use
the display to upload more holographic stuff if you want to.
So, that was the first holographic NFT.
Those other videos that you saw cycling were just standard, "Here's a video.
We've made it an NFT."
But then, someone can't replicate that video?
Exactly.
They hold the license to it.
Right.
But if you just replicate it and have it on your laptop, how's someone going to
stop you?
I mean, I guess if you're trying to make money from it, then you couldn't.
Right, but you wouldn't.
Yeah.
Something like that.
Right.
You wouldn't be able to make money off of it.
You wouldn't be able to make money off of it.
I mean, technically, you could screenshot it.
You could screen capture it.
You know, if it's a video.
In this case, it's a hologram, so you would have to have a looking glass device
and then
you'd have to get the file in order to see it, which it is available.
But it's stunning when you hear guys like Beeple.
Like, Beeple sold an NFT for what, $59 million?
$69 million?
Yeah.
He's got a little more with his package, though.
You get a hair sample.
Oh, yeah.
You get his own hair?
Is that his pubes?
It could be.
I hope so.
I don't know if he's...
He's got very long, luscious pubes.
So, what do you get?
He sends a whole package when you get his NFT.
Okay.
So, you get an image.
I think this is like an iPad with the image on it.
The one that sold for a bunch, I believe, was all of them together.
Yeah, all of them.
In one video, sort of.
All of the art for a year.
It's like 5,000 pieces.
Yeah.
Yeah.
I mean...
Someone bought it for $69 million in, what, Bitcoin or what?
Mmm.
Yeah.
I think ETH.
They have to buy the auction is in ETH.
So, Christie's, you know, it's like it was auctioned by Christie's.
It was like ETH.
It was...
I think it was in ETH.
And then, how would you go about being actually rich with this?
How does Beeple go from this to being a baller?
Oh, well, I mean, well, you know, they bid, whoever bids, you know, just like a
regular
auction.
And then, they bid using crypto.
And the crypto is transferred before they transfer the file to the...
So, the $69 million in ETH, he could actually put into his account.
Yes.
With the $69 actual million.
You convert it.
Yeah.
You just convert it.
And then, you can get a Ferrari.
Yeah.
You could get one Ferrari for $69 million.
The thing with ETH, though, with some of these contracts, like, I don't know
specifically
which one, as I heard him mention this, he has a...
It's built into the contract.
So, if the person who bought it for $69 million sells it for $100 million, 10%
of that goes back
to his wallet.
Oh, yeah.
That's right.
So, he'll get $10 million from that sale.
Oh, my God.
Yeah.
You set the resale.
So, like, on ours, we did 15%, which is the average.
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