1 00:00:00,030 --> 00:00:02,910 Keith: I think this is a really important podcast. 2 00:00:02,989 --> 00:00:07,600 I actually think this is the single most important podcast in the space for education. 3 00:00:08,580 --> 00:00:09,990 I'm Keith Grossman. 4 00:00:10,020 --> 00:00:12,180 I am the president of TIME. 5 00:00:12,360 --> 00:00:16,560 Tiffany: We're excited to have Keith on our podcast and episode number three. 6 00:00:17,700 --> 00:00:18,190 Keith: How are you? 7 00:00:18,190 --> 00:00:18,900 Are you back home? 8 00:00:19,250 --> 00:00:20,160 Alexis: I am. 9 00:00:20,160 --> 00:00:21,730 I was on dad duty. 10 00:00:23,180 --> 00:00:26,570 Busy house these days had to leave early. 11 00:00:26,669 --> 00:00:27,299 Keith: How is Olympia? 12 00:00:27,299 --> 00:00:27,900 Alexis: She's doing well. 13 00:00:27,900 --> 00:00:29,260 She should be napping right now. 14 00:00:30,220 --> 00:00:34,184 Tiffany: Is she going to make a cameo one of these days or what? 15 00:00:34,275 --> 00:00:34,795 Alexis: She will. 16 00:00:35,035 --> 00:00:42,985 This is- you all haven't even seen the like hardcore set up I have back in Florida, but, she'll stumble through. 17 00:00:43,005 --> 00:00:46,515 She helps me with all of my NFT investments. 18 00:00:46,515 --> 00:00:47,125 Keith: Hold on. 19 00:00:47,695 --> 00:00:49,555 You and I had this conversation I think on Twitter. 20 00:00:49,815 --> 00:00:51,855 Ellie, my daughter who's turning eight- 21 00:00:51,855 --> 00:00:52,125 Alexis: Yes! 22 00:00:52,224 --> 00:00:52,745 She helps you. 23 00:00:52,745 --> 00:00:53,015 Yeah. 24 00:00:53,184 --> 00:01:00,240 Keith: She literally walked in one day and I had OpenSea up and I had the Cool Cats up and she's like, "I love those!" 25 00:01:00,600 --> 00:01:02,760 And then I'm like, "What do you love about them?" 26 00:01:03,060 --> 00:01:05,550 And she's like, "They're just so cute." 27 00:01:05,730 --> 00:01:14,010 And then all of a sudden in my mind like it went, "Wow, there's going to be so much great IP that comes out of this NFT space, like no other." 28 00:01:14,220 --> 00:01:14,670 Right? 29 00:01:14,730 --> 00:01:18,509 And it's like you see it and then all of a sudden I'm like, "What do you think of these?" 30 00:01:18,509 --> 00:01:21,550 And I open up the Robotos and she's like, "I love those." 31 00:01:21,690 --> 00:01:23,835 And then all of a sudden I'm like, "What do you love about them?" 32 00:01:24,255 --> 00:01:26,115 And she's like, "It reminds me of math." 33 00:01:26,324 --> 00:01:26,684 Right? 34 00:01:26,684 --> 00:01:29,604 And it's like- and science and so I'm like, "Oh my God." 35 00:01:29,914 --> 00:01:34,875 I started thinking about this and it's really incredible when you start to see it. 36 00:01:34,875 --> 00:01:39,255 And that was actually like one of the big impetuses of it, because I was like, "Huh." 37 00:01:39,764 --> 00:01:46,110 Like, there's an NFT play that Time could do with the Cool Cats, which we ultimately did. 38 00:01:46,139 --> 00:01:52,119 But, then there's a bigger IP play that we could do with them as it relates to TIME Studios and TIME for Kids. 39 00:01:52,130 --> 00:01:56,759 And, I just look at this space- And then you look at Aku, right? 40 00:01:56,759 --> 00:01:57,990 And like Micah Johnson. 41 00:01:58,350 --> 00:02:05,070 And you're just like, wow, like this is transformative in terms of the ability to get great content out. 42 00:02:05,639 --> 00:02:09,059 You know, community endorsed content from the get-go. 43 00:02:09,674 --> 00:02:16,334 Alexis: And it's wild because it is de-risked in that you already have this community of people who are interested. 44 00:02:16,334 --> 00:02:17,234 To your point, right? 45 00:02:17,234 --> 00:02:17,954 It's endorsed. 46 00:02:18,375 --> 00:02:21,405 But then the community also has a stake in it. 47 00:02:22,364 --> 00:02:22,605 Right? 48 00:02:22,605 --> 00:02:32,475 The community actually is doubly incentivized to see it be successful not just because it feels good or because they like it, but because they actually own a portion of it, right. 49 00:02:32,475 --> 00:02:33,225 That's upside. 50 00:02:33,255 --> 00:02:35,595 That is meaningful. 51 00:02:35,625 --> 00:02:38,204 And we've seen that psychology work. 52 00:02:39,165 --> 00:02:43,355 My entire NFT NYC talk was, these are all the same feelings of Reddit. 53 00:02:43,355 --> 00:02:52,995 And I see we cross paths there, Keith, and It's all the same feelings except the best tools I had back then in 2005 were lessons. 54 00:02:52,995 --> 00:02:57,755 I learned running a phpBB forum through high school and college. 55 00:02:57,755 --> 00:03:03,079 Tiffany: Thats like before my time, I don't even know what the words you just said were Alexis... 56 00:03:03,679 --> 00:03:04,929 Alexis: Message board software. 57 00:03:04,950 --> 00:03:06,279 That is humbling. 58 00:03:06,570 --> 00:03:12,839 But it was just a janky message board that I ran and I saw the power of community between the strangers to talk about news and what was going on. 59 00:03:12,899 --> 00:03:16,950 But then in designing everything from like the upvotes and the down votes to karma score. 60 00:03:16,950 --> 00:03:26,079 And then I was inspired by Goldeneye the N64 game for the awards at the end of every match, and that's how I came up with the daily awards on Reddit. 61 00:03:26,170 --> 00:03:35,290 And all those internet points were enough to convince people, to create something that now has, you know, billions of dollars of value in hundreds of millions of users in addition to community. 62 00:03:35,709 --> 00:03:43,330 But now with web three, we know the community thing is a given everyone now knows you can build these things online at scale. 63 00:03:43,640 --> 00:03:45,825 But now there's ownership. 64 00:03:45,885 --> 00:03:48,024 And so those internet points are really real! 65 00:03:48,024 --> 00:03:50,984 And that will change everything. 66 00:03:51,065 --> 00:03:54,105 Keith: First off, Tiffany, since you're like, I'm not going there. 67 00:03:54,105 --> 00:03:55,424 I don't know what you're talking about, Alexis. 68 00:03:55,424 --> 00:03:58,364 Like, have you ever watched Alexis's Ted talk? 69 00:03:58,515 --> 00:03:58,614 Alexis: Mr. 70 00:03:58,614 --> 00:03:59,054 Splashy Pants? 71 00:03:59,054 --> 00:03:59,404 Wow, throwback. 72 00:03:59,734 --> 00:04:00,075 Keith: Yeah, Mr. 73 00:04:00,765 --> 00:04:01,355 Spashy Pants. 74 00:04:01,554 --> 00:04:05,234 Have you ever seen Mr. 75 00:04:05,234 --> 00:04:05,704 Splashy Pants? 76 00:04:05,724 --> 00:04:11,874 Alexis: Tiffany is too cool to watch Ted talks. 77 00:04:11,914 --> 00:04:12,044 Tiffany: Haha. 78 00:04:12,044 --> 00:04:12,904 I watch TikToks, not Ted talks. 79 00:04:12,904 --> 00:04:15,660 Keith: Tiffany, if you promise me one thing, this is this right? 80 00:04:15,720 --> 00:04:24,990 I've made people watch this one a hundred times over in every place I've been at Wired, at Bloomberg at TIME. 81 00:04:25,370 --> 00:04:27,810 And like, it's a very simple story. 82 00:04:27,870 --> 00:04:30,300 Alexis keep me sort of kosher on this one. 83 00:04:30,330 --> 00:04:40,015 Like, Greepeace came out and they did a vote on how they were going to sort of preserve whaling in Japan and like help the whales in Japan. 84 00:04:40,015 --> 00:04:41,965 And they put out these like four names. 85 00:04:42,025 --> 00:04:45,775 One was like this beautiful name that translated to like harmony. 86 00:04:45,775 --> 00:04:49,224 And one was this like, incredible name that translated to like peace. 87 00:04:49,315 --> 00:04:53,664 One was beautifully thought out named that translated to like tranquility. 88 00:04:53,875 --> 00:04:54,655 And then like one was Mr. 89 00:04:54,835 --> 00:04:55,625 Splashy Pants. 90 00:04:55,924 --> 00:04:59,940 And the internet voted for Mr. 91 00:05:00,109 --> 00:05:00,830 Splashy Pants. 92 00:05:01,550 --> 00:05:02,289 Tiffany: Of course. 93 00:05:02,690 --> 00:05:04,099 Keith: But Greenpeace wasn't ready for it. 94 00:05:04,640 --> 00:05:07,789 And so they said, you know what we are going to do, we're going to extend the voting. 95 00:05:08,270 --> 00:05:16,505 And all that did was it got the internet really riled up and like community started to form around the idea of getting Mr. 96 00:05:16,505 --> 00:05:17,075 Splashy Pants. 97 00:05:17,075 --> 00:05:18,145 So they extended it and Mr. 98 00:05:18,145 --> 00:05:19,685 Splashy Pants was even further. 99 00:05:19,985 --> 00:05:22,445 And then all of a sudden Greenpeace was like, we can't do Mr. 100 00:05:22,445 --> 00:05:23,375 Splashy Pants, so Mr. 101 00:05:23,375 --> 00:05:25,265 Splashy Pants became like an angry Mr. 102 00:05:25,265 --> 00:05:27,794 Splashy Pants. 103 00:05:28,755 --> 00:05:40,669 I bring this example up because like Web2- Farrokh Surmont had this great speech and it goes Web2 was platform creator, community. 104 00:05:40,669 --> 00:05:43,190 Web3 is, community creator platform. 105 00:05:43,190 --> 00:05:43,489 Right? 106 00:05:43,940 --> 00:05:54,375 And so all of a sudden you see this thing shift, but what you just said to me is like the best, because we are moving from being online renters to online owners. 107 00:05:54,435 --> 00:06:03,224 And that transition is the biggest tectonic shift you can even wrap your head around because when you own something, you have a vested interest in it. 108 00:06:03,255 --> 00:06:04,275 It's a badge, right? 109 00:06:04,799 --> 00:06:07,950 Becomes an asset of yours that you want to start to promote it. 110 00:06:07,950 --> 00:06:11,609 Lift it at a level that is so genuine to who you are, right, as a person. 111 00:06:12,239 --> 00:06:23,619 And then add that in to how human behavior acts and you all of a sudden are going to see, I think more Web3 companies over the next few years buy Web2 companies, right? 112 00:06:23,619 --> 00:06:24,559 Tiffany: Of course. 113 00:06:24,559 --> 00:06:30,359 Web3 companies are going to buy Web2 companies and Web3 companies are going to buy other Web3 companies. 114 00:06:30,390 --> 00:06:31,260 That's what we're going to see. 115 00:06:31,880 --> 00:06:33,980 Keith: I didn't realize this but look at my mug. 116 00:06:37,270 --> 00:06:39,610 Tiffany: Its so cute. 117 00:06:40,359 --> 00:06:41,460 Is that your Cool Cat? 118 00:06:41,650 --> 00:06:48,990 Keith: No, so a really dear friend of mine Amir Soleymani, who goes by mondoir has what's called the NFT Guild. 119 00:06:49,020 --> 00:06:50,039 This is his Cool Cat. 120 00:06:50,070 --> 00:06:54,615 It's his colors, and it's a disguise NFT Guild member. 121 00:06:55,125 --> 00:06:56,755 I normally have my TIME mug. 122 00:06:56,835 --> 00:07:00,975 I normally have everything else, but this is how it's actually penetrated into my life. 123 00:07:01,065 --> 00:07:06,415 And, I'm just purely now marketing the Cool Cats on your podcast. 124 00:07:06,415 --> 00:07:06,695 Tiffany: Keith is GMI. 125 00:07:07,065 --> 00:07:10,120 Everyone, Keith is GMI. 126 00:07:11,610 --> 00:07:23,550 Alexis: This is so heartening, okay, so traditional media, I mean, the story of Reddit's initial acquisition was common asked, acquiring this thing that they didn't really fully understand in 2006. 127 00:07:23,550 --> 00:07:24,720 I had my reasons for selling. 128 00:07:24,720 --> 00:07:29,430 I won't go under those here clearly sold very early, but I got a second chance in 2014. 129 00:07:29,430 --> 00:07:30,270 So don't feel bad for me. 130 00:07:30,460 --> 00:07:33,470 But, the first fight- 131 00:07:34,560 --> 00:07:37,910 Keith: [laughs] "Don't feel bad for me." 132 00:07:38,455 --> 00:07:44,715 Alexis: The first fight that I had with my co-founder Steve, building Reddit, was like two months in. 133 00:07:44,775 --> 00:07:50,415 I wanted to create merch to sell to our users because I saw these people in the comments. 134 00:07:50,415 --> 00:07:56,100 And I really believed like if someone would be willing to put on a shirt or something, to represent us, it would care. 135 00:07:56,230 --> 00:08:00,120 It would build this community even faster because like, this is valuable real estate, right? 136 00:08:00,120 --> 00:08:02,430 Your torso, like that's your walking billboard. 137 00:08:02,880 --> 00:08:03,850 It was a huge fight. 138 00:08:04,490 --> 00:08:05,550 Thankfully I won. 139 00:08:05,550 --> 00:08:10,620 At the end of the day the CEO gets to make those tough calls about whether or not to buy merch. 140 00:08:11,310 --> 00:08:19,770 And I printed like 500 t-shirts, Reddit t-shirts, and at the time it was really hard to sell stuff on the internet, cause there was no Stripe. 141 00:08:19,800 --> 00:08:20,760 There was no Shopify. 142 00:08:20,790 --> 00:08:26,665 I had to find- I used PayPal code to do a janky like credit card acceptance page. 143 00:08:26,665 --> 00:08:27,505 Anyway, put it up. 144 00:08:27,955 --> 00:08:29,094 Sold out within a day. 145 00:08:29,125 --> 00:08:32,455 And I went to the post office the next day with a giant garbage bag. 146 00:08:32,485 --> 00:08:33,655 I packed every one of them myself. 147 00:08:33,655 --> 00:08:36,414 That giant garbage bags, full of shirts that were mailing out. 148 00:08:36,835 --> 00:08:45,865 What it showed me in that moment was even for this tiny site, it was two dudes in an apartment like people in 2005 cared enough to have the sense of indentity. 149 00:08:46,305 --> 00:08:58,290 So while I'm watching this stuff unfold around these PFPs, I feel like I'm flashing back to 16 years ago, except now every one of those community members has something of real, tangible value. 150 00:08:58,320 --> 00:09:02,250 Now, no offense, if someone owns that shirt, maybe you could flip it on eBay for something like maybe- 151 00:09:02,370 --> 00:09:08,310 Tiffany: I mean, you have to tie the shirt, the limited edition, or OG shirt to an NFT now, Alexis. 152 00:09:08,580 --> 00:09:15,380 And that's like a badge of honor for people who are so early, they bought the first batch of merch. 153 00:09:15,430 --> 00:09:15,910 Right? 154 00:09:17,110 --> 00:09:19,300 Alexis: And they were so valuable, but you all can actually- 155 00:09:19,479 --> 00:09:22,069 Tiffany: The POAPs. 156 00:09:22,089 --> 00:09:29,880 Keith: This is a real POAP and other people were wearing them. 157 00:09:30,210 --> 00:09:33,310 And he gave me a bag of them for like- he give me 300 of them. 158 00:09:33,310 --> 00:09:34,689 I didn't know what was going to happen. 159 00:09:35,110 --> 00:09:36,550 I went around with them in my pocket. 160 00:09:36,550 --> 00:09:37,640 And then at NFT NYC. 161 00:09:37,969 --> 00:09:39,069 This is the last one I have. 162 00:09:39,550 --> 00:09:44,190 You go to the back, then all of a sudden it can be scanned into your digital wallet. 163 00:09:45,990 --> 00:09:52,260 And I'm like, it's amazing because this POAP gives somebody the ability to physically badge. 164 00:09:52,560 --> 00:09:56,670 Then they promote- they self-promote and they feel like they have ownership stake in it. 165 00:09:57,000 --> 00:10:01,890 It's a beautiful piece of organic endorsements and marketing at the same time. 166 00:10:02,520 --> 00:10:02,850 Alexis: Yes. 167 00:10:02,850 --> 00:10:06,360 And just for, for folks who are listening, right, this is like, this is a piece of paper. 168 00:10:07,079 --> 00:10:11,969 That has, I mean, some art on it, but essentially it's a proof of attendance protocol. 169 00:10:12,944 --> 00:10:13,155 Keith: Yeah. 170 00:10:13,204 --> 00:10:16,334 Alexis: And here's the digital incarnation of the ticket stuff. 171 00:10:16,365 --> 00:10:27,435 It's the digital- and you can see right in the analog world, you can find graded ticket stubs from like the first rolling stones concert or, you know, LeBron's first game in the NBA. 172 00:10:28,204 --> 00:10:37,834 We as a species already go out of our way to try to find the physical version of this thing to have values, so if you think this is weird, it's not, we've been doing this for awhile. 173 00:10:38,105 --> 00:10:44,704 The user experience was terrible before and now it just got a whole hell of a lot better and, Keith, you're doing it. 174 00:10:44,735 --> 00:10:49,015 Bridging a brand like TIME, which is as old as time. 175 00:10:49,665 --> 00:10:50,074 Tiffany: Ha. 176 00:10:50,305 --> 00:10:50,994 Good one. 177 00:10:51,685 --> 00:10:52,135 Alexis: I had to. 178 00:10:52,525 --> 00:10:57,225 An old school media brand- dude, Keith, like how did you get this? 179 00:10:57,485 --> 00:11:02,234 Like, did- Benioff is also the owner of TIME now, right? 180 00:11:02,814 --> 00:11:02,925 Keith: Yes. 181 00:11:03,505 --> 00:11:05,344 Alexis: Did you tell Mark? 182 00:11:05,344 --> 00:11:06,564 Like, "Hey Mark. 183 00:11:06,564 --> 00:11:09,125 I got a crazy idea trust me." 184 00:11:09,225 --> 00:11:19,135 Keith: Trust me did come across the words, but Mark and Lynn bought TIME three years ago. 185 00:11:19,555 --> 00:11:19,925 Right? 186 00:11:19,925 --> 00:11:22,395 I've been at time for a little over two years. 187 00:11:22,485 --> 00:11:25,964 And when I joined, I asked him, why did you buy this brand? 188 00:11:26,115 --> 00:11:45,495 And they said, they felt that the world was becoming increasingly divisive, and they didn't like the state of media, and they wanted to make sure that a brands that had sort of objective purpose could navigate, you know, the next few years, and they want it to be able to put it in a position to be able to survive another a hundred years. 189 00:11:45,525 --> 00:11:54,225 That way people would be around for another hundred years, and they realized that it wouldn't just be, you know, the same way that it existed for 98 years. 190 00:11:54,225 --> 00:11:57,795 Because, if you think about, like, just take in any company that's been a hundred years old. 191 00:11:57,795 --> 00:12:02,365 Like a GE or an IBM, like, they've reinvented themselves numerous times. 192 00:12:02,425 --> 00:12:05,235 TIME has not reinvented itself in 98 years. 193 00:12:05,265 --> 00:12:05,565 Right? 194 00:12:05,565 --> 00:12:06,975 Like, it's always been TIME magazine. 195 00:12:07,990 --> 00:12:12,370 How do we start to think about what the next sort of 98 years will look like? 196 00:12:12,400 --> 00:12:22,839 And so, you know a lot sort of let up and I wish I could be like, I had this brilliant foresight to bring crypto into TIME, but there was no plan for that. 197 00:12:22,900 --> 00:12:33,210 It really comes from a few things one- and this is why I actually love being invited onto this podcast, and Alexis, you knowing me from like essentially 2004. 198 00:12:33,480 --> 00:12:49,814 Tiffany, I'm just this dorky Jewish guy who likes technology and business and art and crypto and I, I've loved the crypto space since 2013, when Wired started to write about it Ars Technica started to write about it, and I started to see the merge in Reddit. 199 00:12:49,814 --> 00:12:50,064 Tiffany: Yeah. 200 00:12:50,585 --> 00:12:51,905 Keith: And I always liked it. 201 00:12:51,995 --> 00:13:01,735 But what brought TIME into it was a note from Mark one night and the note was- it started off it said, "I have a crazy idea. 202 00:13:01,765 --> 00:13:02,964 Did you see this?" 203 00:13:03,505 --> 00:13:09,025 And he sent a link to the Nyan Cat sale that took place. 204 00:13:09,025 --> 00:13:14,005 So this is actually what brought TIME into the space. 205 00:13:14,925 --> 00:13:17,295 I'm looking at the article and I had seen it and I just looked at it. 206 00:13:17,295 --> 00:13:19,905 And you know, when all of a sudden everything in your mind clicks. 207 00:13:20,445 --> 00:13:22,455 I go, "We could do that." 208 00:13:22,515 --> 00:13:24,075 And Mark and Ed were like, what do you mean? 209 00:13:24,075 --> 00:13:34,545 And I said, "Let me ask you guys, do you understand why a cat, the body of a Poptart, farting a rainbow just sold for 600,000, and everyone was like, "No." 210 00:13:34,545 --> 00:13:36,635 And I said, we could do this. 211 00:13:36,635 --> 00:13:48,439 And coincidentally, a week earlier I was on Twitter and somebody had sent me a tweet from somebody in New Jersey that said, I just got all these TIME magazines. 212 00:13:48,650 --> 00:13:51,230 I inherited all these magazines, I don't know what to do with them. 213 00:13:51,320 --> 00:13:52,430 And I don't want to throw them away. 214 00:13:52,430 --> 00:13:56,270 And they're from like the 1940s up through, you know, 1980. 215 00:13:56,390 --> 00:13:59,270 And so I wrote back to the person, I go, I'll take them off your hands. 216 00:13:59,270 --> 00:14:02,660 And the person could have believed that the president of TIME would write that on Twitter to them. 217 00:14:03,080 --> 00:14:04,310 And so I drove out. 218 00:14:04,310 --> 00:14:07,070 I just was, so I was so sick of being in the city. 219 00:14:07,070 --> 00:14:12,145 I drove out to New Jersey, and I picked up these and I gave the guy just a free subscription to TIME in return from him. 220 00:14:12,775 --> 00:14:19,645 And I take all of these issues back and they're like in our apartment and they're on my floor in my home office, in this room. 221 00:14:19,985 --> 00:14:23,015 Which Alexis, hopefully it makes you smile when you see what's behind me, like- 222 00:14:23,325 --> 00:14:24,085 Alexis: Quality. 223 00:14:26,085 --> 00:14:30,765 Keith: I'm looking at it and I go, I know exactly what we have to launch with. 224 00:14:30,795 --> 00:14:36,195 We have to launch with the collection, and the collection has to be something that was iconic. 225 00:14:36,285 --> 00:14:36,735 Right? 226 00:14:37,045 --> 00:14:41,205 And so I was looking at the Is God Dead cover from 1965. 227 00:14:41,775 --> 00:14:43,694 It has to have multiples. 228 00:14:43,694 --> 00:14:46,275 So there was, Is Truth Dead from 2012. 229 00:14:46,275 --> 00:14:47,444 And then I went to D.W. 230 00:14:47,444 --> 00:14:51,314 Pine and I said, would you create a special cover, is Fiat Dead? 231 00:14:51,405 --> 00:14:51,974 And like. 232 00:14:54,015 --> 00:14:56,694 and so we launched with this collection on SuperRare. 233 00:14:57,015 --> 00:15:09,425 And, you know, in honestly like the person who was the most help- there were three people that were really helpful in helping me shape my thinking on this was Gaia Sierra, Mark Cuban, and Anthony Pompliano. 234 00:15:09,760 --> 00:15:09,990 Right? 235 00:15:09,990 --> 00:15:14,780 And they all kept on telling me to think more than just the one-off art collections. 236 00:15:14,810 --> 00:15:22,590 So on March 23rd, I said, we're going to do a SuperRare auction of these one-on-one pieces. 237 00:15:22,640 --> 00:15:28,140 And then I said within 30 days, we're going to accept cryptocurrency on time.com. 238 00:15:28,250 --> 00:15:30,870 And and we did it within 28 days. 239 00:15:31,300 --> 00:15:32,930 People were like, why did you do that? 240 00:15:33,080 --> 00:15:33,350 Alexis: Right. 241 00:15:33,620 --> 00:15:36,770 Keith: And my argument was, think about the funnel, right, that we have. 242 00:15:37,315 --> 00:15:37,645 Right? 243 00:15:37,645 --> 00:15:48,625 Like right now, if you're a traditional media company, the only way that you can accept payments is cash, if it's at a retail, credit card, or check and believe it or not. 244 00:15:48,625 --> 00:15:51,925 As crazy as it sounds, a lot of people still pay for subscriptions and check. 245 00:15:51,985 --> 00:15:57,415 So our funnels like this big and for people who are listening on the podcast my hands are about two inches apart. 246 00:15:57,925 --> 00:15:58,785 When you accept the- 247 00:15:58,815 --> 00:16:00,045 Alexis: Its a small funnel. 248 00:16:00,215 --> 00:16:02,425 A very small funnel. 249 00:16:02,444 --> 00:16:12,765 Keith: But when you all of a sudden say, I'm willing to accept 32 different cryptocurrencies for digital subscriptions, then all of a sudden that funnel expands from two inches apart to about 12 inches apart. 250 00:16:12,795 --> 00:16:20,444 And you just open it up and what you do when you're a brand like TIME is you're validating a space just as much as you are opening up your funnel. 251 00:16:20,594 --> 00:16:36,165 And so the third thing I said in this article in March 23rd with Julio Laroche wrote, was we're going to use the technology of NFTs and a blockchain and figure out how to change the consumer relationship. 252 00:16:36,495 --> 00:16:39,975 And I have no clue how, but that was the beginning of TIME Pieces. 253 00:16:40,005 --> 00:16:40,365 Right? 254 00:16:40,365 --> 00:16:50,574 Was the idea was how can we use a token to all of a sudden create a better user experience and give people more of an ownership feeling as it relates to TIME? 255 00:16:50,694 --> 00:17:00,670 And so when that came out I got more texts, and Alexis, I think you've been in this space before where I got more texts from people in the industry asking if it was an April fool's joke. 256 00:17:01,250 --> 00:17:01,520 Alexis: [Laughs] 257 00:17:02,380 --> 00:17:04,750 Keith: I'm curious because it came out on March 23rd. 258 00:17:05,020 --> 00:17:07,120 People were like, you see, did you lose your mind? 259 00:17:07,730 --> 00:17:16,209 Then on Wednesday that night somebody said to me, if you make more than $5,000 on the sale I'll buy you lunch. 260 00:17:16,459 --> 00:17:21,750 That evening we did $440,000 in sales. 261 00:17:21,750 --> 00:17:27,599 And then that following week we did another million and that sort of started us down this one-on-one path. 262 00:17:27,899 --> 00:17:33,509 And then I just sat in Clubhouse rooms and in Spaces rooms, and I started to listen to the community and absorb. 263 00:17:33,855 --> 00:17:48,345 One day, it just dawned on me how TIME Pieces could come about and start to evolve and that's- and it was really the community and listening to people like, you know, artists pulling people up and was what inspired the idea of inviting artists in. 264 00:17:48,345 --> 00:17:51,135 And then all of a sudden you let that artist invite person in. 265 00:17:51,465 --> 00:18:00,705 It was watching certain people come into the space and do money grabs that that inspired the in split with the creatives that we have with TIME Pieces. 266 00:18:00,705 --> 00:18:06,705 I don't know if you know that, but like we split all revenues primary and secondary sales, 50 50 with all of the creatives. 267 00:18:07,135 --> 00:18:27,814 And then it was just the idea of putting a connect to your wallet feature on time.com, and allowing it to access whether or not you have a TIME Piece that I was like, wow, this could actually provide frictionless sort of interaction to a Web2 ecosystem using Web3, and that bridge is going to be important for quite some time. 268 00:18:28,054 --> 00:18:30,754 Alexis: I mean it is special. 269 00:18:31,205 --> 00:18:39,129 I mean, now we might take it for granted now that McDonald's has a Mc Rib NFT, but it's great for the ecosystem. 270 00:18:39,129 --> 00:18:41,010 Look, at the end of the day, you all work. 271 00:18:42,629 --> 00:18:46,720 Keith: Nike's announcement was huge for that. 272 00:18:47,820 --> 00:18:48,510 Alexis: Big. 273 00:18:48,510 --> 00:18:50,170 But, y'all were thoughtful about it. 274 00:18:50,170 --> 00:18:51,280 And I appreciate it. 275 00:18:51,280 --> 00:18:57,670 Especially whether it's the revenue split with the artists that you invited for the collabs, or even just taking the time to listen. 276 00:18:58,000 --> 00:19:01,680 Cause like the reality is a lot of people hit me up. 277 00:19:01,960 --> 00:19:02,804 I know Tiffany to. 278 00:19:03,014 --> 00:19:04,455 Try to say, hey, I want to get into this. 279 00:19:04,455 --> 00:19:04,905 What do I do? 280 00:19:04,905 --> 00:19:05,355 What do I do? 281 00:19:05,355 --> 00:19:08,685 And they're they're thinking which short-term greed a lot of them. 282 00:19:09,165 --> 00:19:11,855 And I tell them straight up, I'm like, be long-term greed. 283 00:19:12,115 --> 00:19:19,825 That is how you win, because if you're creating long-term value for everyone of the community, for everyone, who's part of your product. 284 00:19:19,825 --> 00:19:23,950 Holistically, long-term, you will actually make more money. 285 00:19:23,980 --> 00:19:29,230 You will actually build an empire, but people get so tempted to go for the quick and the short term. 286 00:19:29,230 --> 00:19:33,420 And they don't want to sit and listen and they don't want to actually understand the community, but it's like- 287 00:19:33,950 --> 00:19:36,580 Tiffany: And join the community is you got to like immerse yourself. 288 00:19:36,580 --> 00:19:37,720 And I think Keith did a good job. 289 00:19:38,420 --> 00:19:40,930 And so have you and Gary Vee too right? 290 00:19:40,990 --> 00:19:46,480 Joining these Twitter Spaces, joining the Clubhouse rooms, it's long-term games with long-term people. 291 00:19:46,480 --> 00:19:47,610 Everyone needs to think that way. 292 00:19:47,760 --> 00:19:50,660 Keith: I have to give Gary Vee credit. 293 00:19:50,680 --> 00:20:01,340 I sent him a text message three weeks before TIME Pieces came out and I said, I've spent the last two weeks studying all of these communities on Excel spreadsheets. 294 00:20:01,540 --> 00:20:03,180 This is how dorky I am. 295 00:20:03,180 --> 00:20:08,845 I broke them all down on Excel spreadsheets to understand how all the communities worked with no emotion. 296 00:20:08,905 --> 00:20:17,635 And I said, I've spent the past two weeks studying all these communities numerically and I really studied to VeeFriends, and what you did. 297 00:20:17,735 --> 00:20:20,095 I find it so impressive. 298 00:20:20,125 --> 00:20:25,465 And I'm going to steal a lot of what you did and I'm going to implement it myself, but I'm going to always give you credit, which is what I want to do now. 299 00:20:25,465 --> 00:20:27,145 I want to just give Gary Vee credit. 300 00:20:27,490 --> 00:20:32,440 Like, I'm going to always give you credit for it, because I think that he set a really good path forward. 301 00:20:32,500 --> 00:20:43,690 And I actually on my screen right now, and Alexis, I'm just bringing this up because I think it's super important with TIME Pieces in our Discord channel on every week we hold a town hall where we give an update on where we're going. 302 00:20:43,740 --> 00:20:46,870 And I said, this is exactly what I said today. 303 00:20:46,930 --> 00:20:51,280 So I first started off in the TIME Piece Discord where I said, I'm not going to talk about price. 304 00:20:51,280 --> 00:20:52,540 I'm not going to talk about for price. 305 00:20:52,570 --> 00:20:56,060 I'm not gonna go to celebrities and ask for tweets. 306 00:20:56,060 --> 00:20:58,810 I'm not going to market it. 307 00:20:58,969 --> 00:21:00,690 I'm going to organically grow it. 308 00:21:00,690 --> 00:21:05,250 And we're going to think very long-term and the team is very small. 309 00:21:05,610 --> 00:21:11,650 It's myself, an individual that Alexis knows who's one of the smartest people on the planet, Maya Draisin. 310 00:21:12,110 --> 00:21:12,690 Alexis: Maya!? 311 00:21:12,750 --> 00:21:14,550 Maya is amazing! 312 00:21:15,030 --> 00:21:19,580 Keith: Maya runs the community. 313 00:21:19,850 --> 00:21:22,350 Alexis: Of course she does. 314 00:21:22,380 --> 00:21:26,090 Keith: You see like that reaction, of course she does, yes. 315 00:21:26,480 --> 00:21:33,830 It's me, Maya Draisin, our CTO Bharat Krish, who has more degrees than I have family members I'd like to say. 316 00:21:34,270 --> 00:21:46,200 And an individual on our team who, you know, because she's always super capable of doing everything, she just got pulled into it and has done an amazing job named Lane Little. 317 00:21:46,560 --> 00:21:49,610 But what I said today was this is my exact thing. 318 00:21:49,610 --> 00:22:00,000 I said, after chatting throughout the past week with everyone more convinced than ever before, that value based communities are the ones that are going to win in the long-term. 319 00:22:00,420 --> 00:22:14,534 And that if you're going to look at what's important to survive in the long-term my advice to you as a TIME Piece member is to consider three things which is the founders, the community, and the values of the community. 320 00:22:14,895 --> 00:22:17,115 And that's why the organic build is important to us. 321 00:22:17,175 --> 00:22:24,405 And I think that I could wax poetic about all the good of this ecosystem. 322 00:22:24,405 --> 00:22:29,415 I think is I think this is the biggest shift from Web2 to Web3 that, that I've ever seen in my entire life. 323 00:22:29,445 --> 00:22:31,294 It makes me so excited every day. 324 00:22:31,835 --> 00:22:35,625 But at the same time, there's a lot of bad in the ecosystem. 325 00:22:35,715 --> 00:22:35,985 Right? 326 00:22:36,014 --> 00:22:38,084 There's a lot of short term greed. 327 00:22:38,595 --> 00:22:39,045 Right? 328 00:22:39,105 --> 00:22:47,745 And you see a lot of things emerging, and you see tribalism beginning to emerge and people sort of doing what happens when you have vested interest. 329 00:22:47,985 --> 00:22:53,025 But I think at the end of the day, the good in this is just so good. 330 00:22:53,055 --> 00:22:55,225 You know, it makes me so happy. 331 00:22:55,605 --> 00:22:56,905 Alexis: It's special. 332 00:22:57,004 --> 00:22:57,824 It is special. 333 00:22:58,024 --> 00:23:01,985 And I'm curious, Keith, cause we, hinted at it. 334 00:23:02,195 --> 00:23:03,875 I started around 2005. 335 00:23:04,054 --> 00:23:07,084 We get acquired in 2006, become a part of Conde Nast. 336 00:23:07,415 --> 00:23:08,645 You know, I stuck around for three years. 337 00:23:08,735 --> 00:23:09,985 I gave it a college try. 338 00:23:10,054 --> 00:23:11,824 Did my very best. 339 00:23:11,845 --> 00:23:14,245 But I knew I wasn't going to be able to be in it long term. 340 00:23:14,635 --> 00:23:16,435 But I met some really cool people there. 341 00:23:16,735 --> 00:23:23,935 And what's wild is there's a whole Federation of- around that time period people who have gone off to do really dope stuff. 342 00:23:24,385 --> 00:23:32,715 So, help us understand sort of how you got here and maybe why- how did this all come about Keith? 343 00:23:32,865 --> 00:23:40,095 Keith: Well, in fairness, so what people don't realize is Reddit, ArsTechnica, and Wired all sat on the same floor. 344 00:23:40,145 --> 00:23:48,095 And so, like we were all incestuous in the fact that like, we would walk back and forth and talk to each other and we all liked each other. 345 00:23:48,615 --> 00:23:51,195 I hope you liked me. 346 00:23:51,195 --> 00:23:52,095 I liked you, Alexis. 347 00:23:52,095 --> 00:23:53,065 Alexis: I hope they liked us. 348 00:23:53,845 --> 00:23:56,085 We weren't the easiest to work with in our little terrarium. 349 00:23:56,475 --> 00:24:02,805 Keith: Look, like Ken Fisher in my mind is like one of the smartest people on the planet. 350 00:24:02,805 --> 00:24:08,535 Right now what we're doing actually with our community and TIME Pieces, I've taken from the Ars Technica playbook. 351 00:24:08,535 --> 00:24:16,770 Which is Mark gave us a few hires from an engineering perspective to build out the team and then from a community perspective to build out the community management. 352 00:24:16,770 --> 00:24:18,940 And I said, we were only going to hire from the community. 353 00:24:19,020 --> 00:24:28,320 And I love that idea of just only hiring from the community that supports or builds you, because they know what you want to do. 354 00:24:28,320 --> 00:24:30,590 That's what Ars Technica used to do with their writers. 355 00:24:30,590 --> 00:24:31,920 People didn't realize that, right? 356 00:24:32,500 --> 00:24:34,500 The writers out of the community. 357 00:24:35,010 --> 00:24:41,535 The easiest way I can describe it is if you've ever seen, Tiffany, have you ever seen the movie Zoolander? 358 00:24:42,365 --> 00:24:43,225 Tiffany: Yes I have. 359 00:24:43,245 --> 00:24:43,485 Keith: Okay. 360 00:24:43,485 --> 00:24:43,695 Awesome. 361 00:24:45,024 --> 00:24:46,845 Alexis you've seen the movie right? 362 00:24:48,165 --> 00:24:48,495 Alexis: I think so. 363 00:24:48,495 --> 00:24:51,475 I feel like it's a movie I've seen on the plane at least once. 364 00:24:51,995 --> 00:24:52,344 Tiffany: Come on. 365 00:24:52,475 --> 00:24:56,634 Alexis: If Ben Stiller is listening to this he is really mad right now. 366 00:24:56,634 --> 00:25:02,865 Tiffany: Come on the blue steel Alexis, even I know that. 367 00:25:03,135 --> 00:25:12,545 Keith: But I used to describe the Wired, Ars Technica, and Reddit group, right on the 19th floor of 4 Times Square as like us hand models are different than the back and body boys. 368 00:25:12,935 --> 00:25:13,265 Right? 369 00:25:13,325 --> 00:25:17,285 Like were a little like weird east. 370 00:25:17,285 --> 00:25:25,985 And like, what's really interesting is like on that floor, you had Maya Draisin who's with me right now doing this. 371 00:25:25,985 --> 00:25:30,245 You had Josh Stinchcomb who is running The Wallstreet journal right now. 372 00:25:30,245 --> 00:25:34,145 You have Jay Walsh who ran Ports and is now running Charter. 373 00:25:34,145 --> 00:25:35,575 You had Alexis Ohanian. 374 00:25:35,975 --> 00:25:40,430 You had- It was just like, I mean, completely amazing to see. 375 00:25:41,159 --> 00:25:45,179 How sort of the world went off into all these different directions. 376 00:25:45,179 --> 00:25:51,810 I could name so many more people, and they percolated through the media ecosystem. 377 00:25:51,810 --> 00:26:13,070 And then I watch like the ethos of this group of people who very early on felt like the crazy people on the hilltop screaming technology's changing the world, like really beginning to take on serious roles and, you know, I think we've all been- a lot of the media industry is east coast space. 378 00:26:13,100 --> 00:26:21,919 It has an east coast based mentality and Reddit, you know, ours and a Wired really have a west coast based mentality and they're very different mentalities. 379 00:26:22,040 --> 00:26:25,300 And when you have a bunch of those things collide on a floor- 380 00:26:25,300 --> 00:26:30,580 like I think you had just like a really good recipe for more inspiration. 381 00:26:30,580 --> 00:26:37,150 And like, I mean, so much of the decisions that I make come from what I grew up, sort of learning and reading. 382 00:26:37,360 --> 00:26:44,440 The power of the community from Reddit, the power of the community from ours, the long tale from Wired, the power of crowdsourcing from Wired. 383 00:26:44,440 --> 00:26:53,670 I mean like the idea of radical transparency from Wired, like these were things that, you know, people we're not talking about before, but like, we were watching them develop. 384 00:26:53,670 --> 00:26:59,430 And I think that that development led to a lot of how I look at things today. 385 00:27:00,149 --> 00:27:03,375 I just feel like it very special not to get emotional Alexis. 386 00:27:03,415 --> 00:27:04,055 Alexis: No, please. 387 00:27:04,345 --> 00:27:06,554 The more emotionally you get the better the ratings. 388 00:27:06,825 --> 00:27:07,304 Keith: Really? 389 00:27:07,395 --> 00:27:07,875 This is the- 390 00:27:07,935 --> 00:27:08,985 Tiffany: Alexis is right. 391 00:27:09,645 --> 00:27:10,095 It's good. 392 00:27:10,125 --> 00:27:11,175 Let's go deep guys. 393 00:27:12,564 --> 00:27:12,955 Keith: Yeah. 394 00:27:13,245 --> 00:27:16,685 So what else- I mean, like what's exciting the two of you right now? 395 00:27:16,764 --> 00:27:19,304 If I could take TIME Pieces somewhere, where should I take it? 396 00:27:19,425 --> 00:27:20,995 You see the world, both of you. 397 00:27:23,035 --> 00:27:29,804 Tiffany: I mean, when I think about TIME and where you're taking TIME to the next level to this next Web3 world. 398 00:27:29,835 --> 00:27:35,804 It's really about how you can have the community involved in as many aspects of the business as possible. 399 00:27:35,835 --> 00:27:36,215 Right? 400 00:27:36,215 --> 00:27:37,615 And it's very scary. 401 00:27:37,635 --> 00:27:47,655 It's a big leap coming from a legacy kind of business, but it's like how can you help the community have as much say or have as much stake as possible. 402 00:27:47,685 --> 00:27:49,905 And like, I'm curious on how you are thinking about that. 403 00:27:49,905 --> 00:27:52,125 I have a friend of mine had this one idea. 404 00:27:52,935 --> 00:27:56,915 for TIME, which is in 2006, you guys did person the year as you. 405 00:27:56,975 --> 00:28:02,705 Now, 2022 it should be the same, but you can only solidify your status as TIME's person of the year. 406 00:28:02,705 --> 00:28:07,875 If you figure out how to mint an NFT, do an open edition mint through 2022. 407 00:28:08,255 --> 00:28:20,055 And so everyone is the person of the year, but you have to own an NFT to actually be to flex that, which would be pretty cool of the ownership like you feel like you're part of that year, Right? 408 00:28:20,055 --> 00:28:22,425 Like you actually are part of the year instead of 2006. 409 00:28:22,665 --> 00:28:31,215 Sure, you can claim people joke in their Twitter bio that there were 2006 TIME person of the year, but are you actually, so now you can actually show that you were. 410 00:28:31,495 --> 00:28:33,055 Alexis: That is a great idea. 411 00:28:33,075 --> 00:28:36,425 Keith: By the way can you see I'm writing notes... 412 00:28:36,765 --> 00:28:37,995 Tiffany: Just free juice here. 413 00:28:39,830 --> 00:28:40,400 Alexis: That's good. 414 00:28:41,850 --> 00:28:45,560 Keith: You know, one of the things, Tiffany, that I learned more than anything else I say to people. 415 00:28:45,560 --> 00:28:52,460 I studied this industry for six months before I launced TIME Pieces, and TIME Pieces has been live for five weeks. 416 00:28:52,490 --> 00:28:55,970 And I've learned this industry in the past five weeks. 417 00:28:55,970 --> 00:28:56,150 Right? 418 00:28:56,150 --> 00:29:01,550 So I have studied it, but I learned it in the past five weeks and the two are two totally different things. 419 00:29:01,550 --> 00:29:04,640 And what I learned was the power of the community. 420 00:29:04,730 --> 00:29:06,260 And what's really interesting. 421 00:29:06,260 --> 00:29:08,030 And we were joking Alexis before you got on. 422 00:29:08,030 --> 00:29:11,980 A Great business would just be Discord without the sound. 423 00:29:12,050 --> 00:29:13,900 Without that boop. 424 00:29:14,800 --> 00:29:17,990 Alexis: For all of our sanity. 425 00:29:18,080 --> 00:29:18,290 Keith: Right. 426 00:29:18,290 --> 00:29:25,660 And like I learned from our community so much and they literally told me when I've been wrong, and we've changed. 427 00:29:25,660 --> 00:29:26,860 Like we change on the spot. 428 00:29:27,140 --> 00:29:33,040 I would actually say that the community has guided TIME Pieces more than we've guided the community. 429 00:29:33,070 --> 00:29:37,030 We've just set the values for the community to adhere to. 430 00:29:37,120 --> 00:29:38,590 And that's what we're trying to build. 431 00:29:38,870 --> 00:29:43,690 It's unbelievable to watch and can I tell like the craziest story? 432 00:29:43,690 --> 00:29:45,230 Alexis: Of course. 433 00:29:46,040 --> 00:29:46,740 Tiffany: Yes. 434 00:29:47,200 --> 00:29:49,190 Keith: The craziest- this is the craziest web- 435 00:29:49,220 --> 00:29:50,740 Tiffany: The crazier, the better Keith. 436 00:29:50,740 --> 00:29:52,209 By the way, the crazier the better. 437 00:29:52,209 --> 00:29:55,939 Keith: The craziest Web3- like this is why I love Web3. 438 00:29:56,185 --> 00:29:59,514 So we launched and it's a small team, right? 439 00:29:59,514 --> 00:30:05,094 We have a lot of people helping like here and there do around like the core team it's just four of us doing this. 440 00:30:05,185 --> 00:30:09,294 And we launch, and we have these meetings every morning. 441 00:30:09,385 --> 00:30:16,465 And we just talk about like what we have to change, what we saw in the suggestions, like what has to evolve, what we did right, what we did wrong. 442 00:30:17,140 --> 00:30:30,460 And like one of the things that like people were frustrated with was that we didn't have a Discord channel and right after the minting that we should've had the Discord channel before the meeting, but we were doing- we were balancing so much and we're so resource constrained, we didn't do it. 443 00:30:30,610 --> 00:30:42,344 And so I actually, if you look back at tweets said, we're going to have a Discord channel within a week of launch, and we actually had a Discord channel within the next 24 hours of that tweet. 444 00:30:42,405 --> 00:30:50,625 What happened was the next morning we were planning to talk about who we were going to contract to help us build the Discord channel very quickly. 445 00:30:50,804 --> 00:30:57,495 And Bharat Krish comes to our meeting 15 minutes late, and he's like, hey, I'm really sorry I'm late. 446 00:30:57,554 --> 00:30:59,475 I have to tell you the craziest thing. 447 00:30:59,625 --> 00:31:00,405 And I said, what? 448 00:31:00,495 --> 00:31:10,855 And he goes, a TIME Piece owner in Malaysia, built our discord channel for us, reached out to me and hand me over the code, everything. 449 00:31:10,915 --> 00:31:14,365 And I've just spent the morning checking it for security flaws in it. 450 00:31:14,485 --> 00:31:16,014 And there's no security flaws in it. 451 00:31:16,075 --> 00:31:16,794 He just built it. 452 00:31:16,794 --> 00:31:18,775 So we're actually live for this afternoon. 453 00:31:19,970 --> 00:31:20,840 And I said what? 454 00:31:20,960 --> 00:31:24,040 And he said, yeah, it's this individual. 455 00:31:24,400 --> 00:31:27,820 He, refuses to tell me his name, he identifies as Zikes. 456 00:31:28,100 --> 00:31:31,970 And so I started looking into- so I reached out to him and I said, can I pay you? 457 00:31:32,180 --> 00:31:33,620 He says, no, I don't want anything. 458 00:31:33,680 --> 00:31:34,570 And I said, why'd you do it? 459 00:31:34,580 --> 00:31:36,860 Because I I'm a TIME Piece owner, I like what you're doing. 460 00:31:36,860 --> 00:31:38,090 I just want you to succeed. 461 00:31:38,180 --> 00:31:43,304 And I said, I need you to do something- I need you to let me do something for you. 462 00:31:43,365 --> 00:31:44,595 I don't like this, right? 463 00:31:44,595 --> 00:31:45,945 Like, and he's like, no, no, no. 464 00:31:45,975 --> 00:31:47,235 I just want you to succeed. 465 00:31:47,235 --> 00:31:50,505 And then I found out that Zikes actually works on Nouns DAO. 466 00:31:50,865 --> 00:31:51,305 Tiffany: Massive. 467 00:31:51,305 --> 00:31:58,435 Keith: And so I reached out to 4156 and I said to him, I hear Zikes works for you. 468 00:31:58,475 --> 00:32:00,075 I have two questions. 469 00:32:00,465 --> 00:32:01,875 One, is that true? 470 00:32:01,875 --> 00:32:03,084 And two are you Zikes? 471 00:32:03,135 --> 00:32:12,460 Because 4156 who has always remained anonymous to me has also given me very good advice over the months, and never asked for anything in return. 472 00:32:12,550 --> 00:32:13,940 And he said, I'm not Zikes. 473 00:32:14,060 --> 00:32:17,470 And that sounds just like something Zikes would do. 474 00:32:17,560 --> 00:32:22,030 And it was going to bed one night and I was so frustrated that this guy was so nice. 475 00:32:22,150 --> 00:32:25,810 This individual was so nice and he wouldn't let me do anything. 476 00:32:26,450 --> 00:32:37,100 And I said something to either 4156 or someone else that they said something about Zikes is an artist in his free time. 477 00:32:37,430 --> 00:32:40,760 And so I started searching for Zikes' work as far as I could find. 478 00:32:41,060 --> 00:32:46,590 And I found that he had a piece on Foundation for sale, but he wouldn't tell me about it. 479 00:32:46,669 --> 00:32:57,870 And I looked deep into the metadata and the data said all proceeds from this sale is going to support education for kids in needy countries to program. 480 00:32:58,044 --> 00:32:58,495 Right? 481 00:32:58,915 --> 00:33:04,375 And so I'm like, this is a really interesting guy and it was 3 ETH, 3.5 ETH, and a happy for this piece. 482 00:33:04,375 --> 00:33:06,385 And it was the world's smallest NFT. 483 00:33:06,385 --> 00:33:13,764 It's just a dot and I bought it and I didn't tell him I was going to buy it. 484 00:33:13,764 --> 00:33:18,475 So then all of a sudden Zikes reaches out to me and I bought it with my own money personally, not with TIME's money with my own. 485 00:33:18,804 --> 00:33:19,764 Zikes, reaches out to me. 486 00:33:19,764 --> 00:33:20,544 He goes, why did you buy? 487 00:33:21,254 --> 00:33:26,145 And I said, cause you wouldn't let me give you anything in return, so I wanted to actually show you how much I appreciated you. 488 00:33:26,445 --> 00:33:38,564 I go, the only thing is, is you're never going to get a secondary sale off of this because I'm never going to sell it for my entire life, because I love this beast so much because it shows me the goodwill of the Web3 community in a way that I never want to forget. 489 00:33:39,585 --> 00:33:46,125 That story like to this day just blows my mind and I have 50 others like that. 490 00:33:46,185 --> 00:33:49,605 That I've seen from the TIME Piece community and from Web3 in general. 491 00:33:50,235 --> 00:33:56,895 But like that one always gives me sort of the, like, I can't believe an individual in Malaysia, right? 492 00:33:56,925 --> 00:34:06,405 No relationship with- through- other than a common belief system and where we believe the world could go with ownership online and communities would do something like that. 493 00:34:06,615 --> 00:34:07,395 Tiffany: That's incredible. 494 00:34:07,755 --> 00:34:18,665 I mean, people aren't, people on the internet are amazing, especially people in the NFT world, but I would say Keith you're like the full-time president of TIME and you're like a part-time detective. 495 00:34:19,475 --> 00:34:22,945 Internet detective from this conversation is like is what I gathered? 496 00:34:23,205 --> 00:34:35,355 Keith: Yes, it's a lot but I will say Alexis has known me forever and it teases a great business crypto and NFTs and Web3 is great for insomniac workaholics. 497 00:34:37,154 --> 00:34:39,344 Alexis: Yeah, don't forget to take care of yourself. 498 00:34:39,794 --> 00:34:41,895 Cause it is a mighty rabbit hole. 499 00:34:41,895 --> 00:34:47,114 It is an infinite rabbit hole and it just, it makes me so excited to hear this. 500 00:34:47,205 --> 00:34:58,865 These are the stories that I think I might have taken for granted as we were building Reddit, because, I mean, I saw so many acts of kindness from people behind a username who, I didn't know who didn't want me to compensate. 501 00:34:58,865 --> 00:35:02,134 Who were just trying to help us back when I was just some random kid starting a company. 502 00:35:02,165 --> 00:35:06,605 And it's so hard, man, because now it is happening obviously at a much bigger scale. 503 00:35:06,964 --> 00:35:11,464 And these people aren't getting a reward in a sense because they are owners. 504 00:35:11,464 --> 00:35:16,375 And as long as they hold they see the value grow for the work they put in. 505 00:35:17,400 --> 00:35:30,350 What you're experiencing too, is going to be the default for every business leader in Web3, because I used to tell people that running Reddit was as much being ahead of state as it was ahead of a company. 506 00:35:30,459 --> 00:35:38,980 And you had to understand, you have a constituency, you have to make, you have to always be sort of balancing business decisions with your community. 507 00:35:40,380 --> 00:35:43,350 It's not like 90% business, 10% community. 508 00:35:43,350 --> 00:35:47,040 It's like 51% 49%. 509 00:35:47,040 --> 00:35:49,424 It's a very delicate relationship. 510 00:35:49,545 --> 00:35:53,205 And the new CEO is going to take this for granted. 511 00:35:53,415 --> 00:35:56,685 I believe because these are muscles that you're going to have to exercise. 512 00:35:56,835 --> 00:35:57,575 I think it's good. 513 00:35:57,585 --> 00:36:02,435 Cause it'll mean companies will default be more beholden to their users, to their customers, to their community. 514 00:36:02,955 --> 00:36:04,715 But it's radical, man. 515 00:36:04,835 --> 00:36:07,305 There's no textbook for this. 516 00:36:07,665 --> 00:36:09,975 Keith: It's going to change everything. 517 00:36:10,424 --> 00:36:12,475 I think everything actually changes. 518 00:36:12,695 --> 00:36:15,375 Somebody brought up a great example last night. 519 00:36:15,645 --> 00:36:16,875 I would love your opinion. 520 00:36:18,015 --> 00:36:29,805 Like, I don't know how to solve what will happen when it comes to the traditional business model of let's say marketing and brands and athletes. 521 00:36:30,194 --> 00:36:30,765 Okay. 522 00:36:31,035 --> 00:36:34,640 Let's pretend an athlete is sponsored by Nike. 523 00:36:35,900 --> 00:36:36,560 Alexis: Empathetical. 524 00:36:37,930 --> 00:36:38,339 Alright. 525 00:36:38,339 --> 00:36:38,589 Tiffany: Yes. 526 00:36:39,069 --> 00:36:39,950 I wonder who? 527 00:36:40,009 --> 00:36:41,350 Keith: No, no, no. 528 00:36:41,379 --> 00:36:42,200 Let's use a different one. 529 00:36:42,200 --> 00:36:42,770 I don't want to do that. 530 00:36:42,799 --> 00:36:45,790 Let's pretend an athlete sponsored by Adidas. 531 00:36:46,350 --> 00:36:48,970 I'm just choosing any athlete. 532 00:36:49,879 --> 00:36:55,725 Then let's pretend that that athlete takes on a PFP as their avatar. 533 00:36:55,775 --> 00:37:00,845 So they have now all of a sudden endorsed a PFP as their avatar. 534 00:37:00,905 --> 00:37:04,895 They're part of the community and that's their identity on all of their social media. 535 00:37:04,895 --> 00:37:07,715 So the brand of them is that avatar. 536 00:37:07,835 --> 00:37:15,075 You look at these avatars and you look at these PFPs, and there's no way that they stay solely in the NFT space. 537 00:37:15,075 --> 00:37:20,295 There's no way Cryptopunks or Bored Apes or Cool Cats stay just here. 538 00:37:20,355 --> 00:37:24,405 Like, they're moving into mainstream and every level, and we're going to see them in different areas. 539 00:37:24,825 --> 00:37:40,335 Then let's say the PFP strikes a partnership with a brand that's competitive with the brand that the athlete has signed an endorsement with, but the athlete is endorsed by Adidas. 540 00:37:40,335 --> 00:37:43,544 And then let's say the Bored Apes are endorsed by Nike. 541 00:37:43,825 --> 00:37:44,650 What happens in that? 542 00:37:44,680 --> 00:37:47,380 Tiffany: This is a very, very tricky predicament. 543 00:37:49,480 --> 00:37:51,380 Keith: I don't- somebody brought it up to me last night. 544 00:37:51,890 --> 00:37:55,620 An individual that I met through the community, his name nizer.eth. 545 00:37:56,080 --> 00:37:58,090 Like I love being a .eth by the way. 546 00:37:58,180 --> 00:38:00,150 It's a great family to be part of right. 547 00:38:00,150 --> 00:38:05,055 The .eth fam, but nizer.eth brought it up to me last night. 548 00:38:05,145 --> 00:38:09,645 And I have been thinking about this for the past 24 hours. 549 00:38:09,735 --> 00:38:14,325 It was like a riddle in my mind of, I don't know how that works. 550 00:38:14,385 --> 00:38:17,175 And I thought the two of you could help me solve that. 551 00:38:18,015 --> 00:38:18,615 Alexis: Okay. 552 00:38:18,795 --> 00:38:26,255 I think, you know, I very publicly displayed one of the seven Cryptopunks that I bought that looked like my wife. 553 00:38:26,535 --> 00:38:32,970 And part of my thinking behind that was she has for her entire career. 554 00:38:33,675 --> 00:38:37,515 Imbued other brands like a swoosh with her value. 555 00:38:37,515 --> 00:38:40,365 The swoosh collected all those wins, all those grants themselves. 556 00:38:40,555 --> 00:38:43,335 Cryptopunks already had a core fan base. 557 00:38:43,365 --> 00:38:46,665 I couldn't find one that looked like me, which was a weird experience as a white dude with a beard. 558 00:38:46,665 --> 00:38:48,105 Cause everything's designed to look like me. 559 00:38:50,105 --> 00:38:57,615 And then I found this one that looked like her and I thought, okay, perfect. 560 00:38:57,675 --> 00:39:00,980 Gifted her one, grabbed another to hang on to. 561 00:39:01,040 --> 00:39:14,030 And I realized, okay, by making this statement, she is now going to confer that value of like her reputation, her brand now married to this like core foundational piece of art. 562 00:39:14,570 --> 00:39:25,220 That's powerful because now that asset stays in our family for generations and for generations, she has something that doesn't belong to Nike shareholders. 563 00:39:25,220 --> 00:39:27,170 It belongs to her, it belongs to our family. 564 00:39:27,200 --> 00:39:41,384 But so in the event of this sneaker scenario, like I actually think brands in the future end up making deals with the individual, as well as with the avatar version of that individual. 565 00:39:41,745 --> 00:39:44,924 And we just get comfortable understanding that there are two cells. 566 00:39:45,345 --> 00:39:52,635 And eventually, longer term- and this was a question I remember of a famous VC asked when I was fundraising. 567 00:39:52,635 --> 00:39:57,195 Like, what is the thing about the world that you don't understand or that you know, that no one else understands yet? 568 00:39:57,225 --> 00:40:13,154 And it was that even on Reddit, it was clear to me that people cared more about their username than their government name, and it would be inevitable that we would all eventually care as much or more about a totally constructed artificial name, identity, et cetera. 569 00:40:13,634 --> 00:40:24,945 And now, as we're seeing more and more use cases, I think you're going to- sport is one area where it's still, outside of e-sports right you're you're going to have to be a physical person running on a court or doing a thing. 570 00:40:25,005 --> 00:40:38,115 So you'll still have, I think, sort of personal value or sort of identity value in your physical self, but in the vast majority of arenas where people are going to build a reputation and built following a built cloud, it's going to be digital. 571 00:40:38,205 --> 00:40:43,035 And then it'll come down to the rights because the Bored Apes program gives the copyright owners. 572 00:40:43,065 --> 00:40:46,785 Like if you own the Bored Ape you own the copyright, do whatever the hell you want with you can strike your own brand deal. 573 00:40:47,145 --> 00:40:50,644 Whereas like Larva Labs, they own the rights to the Cryptopunks. 574 00:40:51,225 --> 00:41:03,875 If Larva Labs does a deal, when punk's going to metaverse with Adidas, then the Serena punk is wearing Adidas because Nike didn't sign a deal with the Serina punk, Nike signed to Serena the human. 575 00:41:04,294 --> 00:41:06,144 And so that's going to go into contracts for sure. 576 00:41:06,144 --> 00:41:13,475 And I'm sure there'll be some messiness in between, but long-term, you know, the Serena avatar doesn't ever need to take a day off. 577 00:41:13,515 --> 00:41:16,745 The Serena avatar, it lives forever. 578 00:41:16,745 --> 00:41:26,745 The Serena avatar can be anywhere you could Telegraph, teleporter, like way more value in the avatar version in the next 10, 20, 50, 100 years. 579 00:41:27,415 --> 00:41:29,415 Keith: So, it's so funny that you say that. 580 00:41:29,775 --> 00:41:35,835 I think that one of the, I think there's moments in this evolution we'll look back at that are really pivotal moments. 581 00:41:36,575 --> 00:41:49,230 The other day, I thought when Patricio, the CEO of Co-op offered Richerd, the head of manifold, $9.5 million for his Cryptopunk, and Richerd said no. 582 00:41:50,980 --> 00:41:53,400 I felt that people fell into two camps. 583 00:41:53,430 --> 00:41:55,980 Those who are of course, he said, no. 584 00:41:56,130 --> 00:42:00,060 I felt like I'm like, of course he said, no, that's his entire brand is his identity. 585 00:42:00,480 --> 00:42:07,680 That would be like, that's like valuing Manifold at $9.5 million. 586 00:42:07,920 --> 00:42:09,300 And so of course he said, no. 587 00:42:09,420 --> 00:42:12,450 And then there were people who were like, what, how could he say no? 588 00:42:12,510 --> 00:42:13,710 That's crazy. 589 00:42:13,830 --> 00:42:15,330 I agreed with what you say there. 590 00:42:15,330 --> 00:42:27,865 But I think that that's one of those moments where like, I think people will look back at that offer, you know, and just say that was like, that's a really turning, defining moment and people realizing how important brand identity is and identity online is. 591 00:42:27,885 --> 00:42:31,485 Tiffany: Yeah, brand identity and provenance is going to be something really interesting right? 592 00:42:31,485 --> 00:42:36,825 It's going to be valuable if someone were to own the Richerd punk someday, right? 593 00:42:36,825 --> 00:42:39,625 Like that's a flex or an Alexis or Keith punk. 594 00:42:39,705 --> 00:42:42,725 Right, like my Cool Cat is a hundred percent tied to my identity now. 595 00:42:42,925 --> 00:42:44,964 All across the internet and everything I do. 596 00:42:44,995 --> 00:42:45,835 I would never sell it. 597 00:42:45,984 --> 00:42:46,254 Ever. 598 00:42:46,315 --> 00:42:54,024 Because it's just now my brand, my identity, if someone- like, if I sold it and someone takes my Cool Cat and uses it as their PFP people will think that's me talking. 599 00:42:54,055 --> 00:42:54,475 Right? 600 00:42:54,535 --> 00:43:02,154 And that's a brand identity thing to think about for people who are really thinking long-term about how they're branding themselves in the space. 601 00:43:02,234 --> 00:43:03,714 The space is just getting started. 602 00:43:04,674 --> 00:43:14,200 Keith: The one thing I always say to people is, is every day that goes by someone is converted into this space at a far higher ratio than someone is being converted out of this space. 603 00:43:14,470 --> 00:43:16,360 If anyone is even being converted out of the space. 604 00:43:16,360 --> 00:43:28,650 This space is one of those spaces that when you see it's so clear when it moves from sort of logical to emotional back to logical, then all of a sudden you're sort of there, and you got it. 605 00:43:28,740 --> 00:43:31,380 I mean, it's, it's so utterly fascinating. 606 00:43:31,650 --> 00:43:37,460 Tiffany: Keith, so our apprentice has this question- has this dying question for you, which is- 607 00:43:37,580 --> 00:43:38,240 Keith: Lulu? 608 00:43:39,430 --> 00:43:40,010 Tiffany: Lulu. 609 00:43:40,890 --> 00:43:48,630 She has this question, which is how did you get into NFTs, especially as a boomer, which I know you're not, but she's categorizing you as such. 610 00:43:48,720 --> 00:43:50,490 So she really wants to know. 611 00:43:50,580 --> 00:43:51,720 Keith: So I appreciate it. 612 00:43:51,780 --> 00:43:54,300 I, you know- first off Lulu I'm not a boomer. 613 00:43:54,330 --> 00:43:57,170 I'm what's technically called an aging millennial. 614 00:43:57,450 --> 00:43:57,900 Okay. 615 00:43:58,850 --> 00:44:03,240 Tiffany: Geriatrics millennial, the two of you? 616 00:44:03,240 --> 00:44:03,740 Keith: Okay. 617 00:44:03,779 --> 00:44:06,960 For the record, I'm totally fine with that. 618 00:44:08,490 --> 00:44:17,630 So I became very good friends with the individual who purchased the first TIME drop. 619 00:44:17,760 --> 00:44:19,260 His name's Amir Soleimani. 620 00:44:19,380 --> 00:44:24,120 And he sent me my first NFT ever. 621 00:44:24,620 --> 00:44:27,465 He sent it to me framed and I loved it. 622 00:44:27,705 --> 00:44:32,865 And then I started looking at it at the NFT space and I'll never forget this. 623 00:44:32,985 --> 00:44:37,425 I got a text from Farrokh and he said, you should check out the Cool Cats. 624 00:44:37,515 --> 00:44:45,825 And I bought a Cool Cat at like 0.78 ETH and the one I bought one that looks like me, my forever cat. 625 00:44:45,855 --> 00:44:46,275 Right? 626 00:44:46,275 --> 00:44:49,645 Like it had like was a big bushy hair, right? 627 00:44:49,645 --> 00:44:59,985 Like, you know, and it has a smirky face on it, and I'm with my daughter after I bought it and we're walking around the city and I'm reading on Twitter. 628 00:45:00,285 --> 00:45:03,825 Somebody being like, I just sold my Cool Cat to the president of TIME. 629 00:45:03,825 --> 00:45:06,735 What an idiot it's like 0.78 ETH, right? 630 00:45:06,765 --> 00:45:08,655 It was like, it's so funny. 631 00:45:08,655 --> 00:45:11,149 People were like, wow he overpaid. 632 00:45:11,149 --> 00:45:12,200 This is blah, blah, blah, blah, blah. 633 00:45:12,230 --> 00:45:17,629 And I'm sitting like, this is great, and then I started to really look at it. 634 00:45:17,629 --> 00:45:23,839 And one day I just kept on listening to- it was Clubhouse at the time. 635 00:45:23,839 --> 00:45:24,830 I was just listening to it. 636 00:45:24,830 --> 00:45:27,620 And a dear friend of mine who unfortunately passed. 637 00:45:27,620 --> 00:45:32,435 Jim, said you should speak to an artist named fvckrender. 638 00:45:32,865 --> 00:45:39,675 And I spoke to Fred on the phone and, I just asked him like, how should I think about the space? 639 00:45:39,675 --> 00:45:41,895 And he's like, you can't be an outsider. 640 00:45:42,315 --> 00:45:53,085 You have to just buy a piece to understand what it feels like to own a piece of art and to connect with an artist that you really respect. 641 00:45:53,515 --> 00:45:57,165 I was sitting there thinking like, which artists do I really respect? 642 00:45:57,545 --> 00:45:59,685 There's this artist named ThankYouX. 643 00:46:00,345 --> 00:46:01,214 His name is Ryan. 644 00:46:01,515 --> 00:46:22,965 And Ryan is a really special individual because the number of people that Ryan pulled up- so in TIME Pieces, we invited 20 artists in, and we said to the 20 artists, you as an invitee of TIME can pull in artists that I don't know or D.W. 645 00:46:22,965 --> 00:46:25,335 Doesn't know, and we will not stop you. 646 00:46:25,395 --> 00:46:28,305 And they will get all of the same benefits that you get. 647 00:46:28,635 --> 00:46:33,795 But we want to be able to build a better future by allowing you to pull up an artist. 648 00:46:34,125 --> 00:46:36,375 And that influence came from Ryan. 649 00:46:36,735 --> 00:46:43,365 It was Ryan and Jason Silva who really did it because I kept on hearing them say that about Ryan and I just liked Ryan's work so much. 650 00:46:43,365 --> 00:46:50,069 And I liked him as a human being so much, so I bought this piece of his and I just kept on staring at it on my screen. 651 00:46:50,069 --> 00:46:57,240 And what I realized was, wow, like I own a piece of art and it's gorgeous and I own it. 652 00:46:57,600 --> 00:47:08,100 And I all, and I know the artists, it's really a different relationship in this space where there's no more sort of barriers between creator and collector. 653 00:47:09,015 --> 00:47:21,684 And so I started to slowly- I mean, if you look at my wallet and I keep it public, I just buy pieces that talk to me that I respect the artists that I think, you know, like that have an emotional connection to me in one way or another. 654 00:47:22,174 --> 00:47:26,585 But what I love about this space is especially as it relates to art. 655 00:47:27,305 --> 00:47:29,685 Is there's this artist, his name's Billy Alter. 656 00:47:29,865 --> 00:47:31,815 He doesn't sell his art for that expensive. 657 00:47:31,995 --> 00:47:32,205 Right? 658 00:47:32,205 --> 00:47:33,265 It's not expensive at all. 659 00:47:34,775 --> 00:47:35,985 He's based out of Mexico. 660 00:47:36,075 --> 00:47:49,475 And prior to the Web3 sort of evolution Billy's work was probably relegated solely to local economies and local valuations, and local communities. 661 00:47:49,975 --> 00:47:57,975 But now he could revalue his work to global economies, global communities, and global collectors. 662 00:47:58,005 --> 00:48:02,745 And without me ever meeting really either- by the way, yesterday I met Billy for the first time in New York. 663 00:48:02,745 --> 00:48:07,485 And what I can tell you is in real life hugs are so much better than metaverse hugs. 664 00:48:07,485 --> 00:48:08,925 No matter how nice people are. 665 00:48:09,375 --> 00:48:15,629 Like yesterday I met Billy and it was such a great feeling because I love his work so much, but he's based out of Mexico. 666 00:48:15,629 --> 00:48:18,000 I would have never met him if it wasn't for this space. 667 00:48:18,299 --> 00:48:21,569 And I've gotten to know him as a person through spaces. 668 00:48:21,899 --> 00:48:33,630 And then I got to respect his art and understand the emotion that goes into the art, and like, owning Billy's work to me is sort of like owning a piece- there are pieces that I own that I would just never sell. 669 00:48:33,660 --> 00:48:33,930 Right? 670 00:48:33,930 --> 00:48:34,920 No matter how much they go up. 671 00:48:35,280 --> 00:48:38,040 With the PFPs though, completely different. 672 00:48:38,670 --> 00:48:42,390 I relate to PFPs based on the values of the communities. 673 00:48:42,390 --> 00:48:48,330 And so like, if you really look at the PFPs, I own- like, I own Cool Cats, I own Robotos and I own Dead Fellows. 674 00:48:48,420 --> 00:48:56,480 And when you look at the founders of those communities, I evaluate them as I would like a democratized series A. 675 00:48:56,900 --> 00:48:57,400 Right. 676 00:48:57,630 --> 00:49:04,500 So it's like, Evan, Tom, Link at Cool Cats, they're smart. 677 00:49:04,830 --> 00:49:05,670 They're strategic. 678 00:49:05,700 --> 00:49:11,460 They're thinking about this every day, like Pablo Stanley at Robotos, he's smart. 679 00:49:11,790 --> 00:49:14,040 And he's really, well-respected, he's thinking about this. 680 00:49:14,040 --> 00:49:17,189 He's surrounding himself with good people, Betty and Sike. 681 00:49:17,619 --> 00:49:20,745 If you've ever talked to Betty, I wouldn't bet against Betty. 682 00:49:20,865 --> 00:49:24,405 Tiffany: She has an incredible story from what I've seen on Twitter and- 683 00:49:24,765 --> 00:49:27,915 Keith: Incredible, and this is my point, right? 684 00:49:27,915 --> 00:49:30,375 Like I wouldn't bet against Betty. 685 00:49:30,795 --> 00:49:34,335 And so then all of a sudden I'm like, okay, look at the founders. 686 00:49:34,335 --> 00:49:34,575 Right? 687 00:49:34,575 --> 00:49:38,955 And this goes back to what I said in the beginning, longterm survival, based on founders, community and values. 688 00:49:38,985 --> 00:49:39,405 Right? 689 00:49:39,915 --> 00:49:40,515 And then. 690 00:49:41,380 --> 00:49:42,670 What's the communities? 691 00:49:42,910 --> 00:49:59,050 It's ironic, all three of those communities, the Cats, the Dead Fellows, and the Robotos, all optimistic, all positive, all have a give back or give first sort of perspective on how they work with each other, all provide constructive feedback to each other. 692 00:49:59,500 --> 00:50:07,770 And then, you know, you look at the values of these individuals, and they're just really stand up individuals with stand-up values as a community. 693 00:50:07,770 --> 00:50:09,779 And I might add the art is good. 694 00:50:09,960 --> 00:50:10,920 Like it's just fun. 695 00:50:11,100 --> 00:50:11,580 Right? 696 00:50:11,700 --> 00:50:18,569 And so I'm like, that's how I got into the PFPs, which is a completely different mindset than how I get into the art. 697 00:50:18,870 --> 00:50:19,810 If that makes sense. 698 00:50:22,440 --> 00:50:25,875 Alexis: I love this story, Keith. 699 00:50:25,995 --> 00:50:36,495 Cause I think there's a lot of people listening who probably feel a lot like you and that advice of just diving in and needing to experience it yourself is so crucial. 700 00:50:36,575 --> 00:50:39,944 And you don't have to go in and you don't have to start with a Cryptopunk, right? 701 00:50:39,975 --> 00:50:44,145 Spend some time on OpenSea, spend some time on these platforms and just find something that speaks to you. 702 00:50:44,145 --> 00:50:47,715 And is in a price range that you can get into. 703 00:50:48,095 --> 00:50:56,300 Tiffany: What is the first three things that you would suggest someone who doesn't own an NFT to do right now to immerse themselves into the community and to start understanding. 704 00:50:56,300 --> 00:51:00,010 Besides listening to this podcast, you are already listening to. 705 00:51:01,370 --> 00:51:44,865 Keith: Yeah, I would say, I mean, the first thing I would say is, is take an amount of money that you have just a small amount, convert it into Ethereum and don't do anything for two weeks and just watch what, like a two week flow of owning Ethereum is like, because that two weeks $20 could, all of a sudden become $24, $20 can become $12, $12 could become $28, but like just allow yourself to have the stomach to sort of go up and down and see and understand that that's a normal fluctuation within sort of this space. 706 00:51:44,865 --> 00:51:47,395 And that it's just a part of it. 707 00:51:47,615 --> 00:52:04,350 The second I would say is go on to spaces and just listen, like really listen and listen to why are they saying what they're saying? 708 00:52:04,350 --> 00:52:05,520 Like what's their bias. 709 00:52:05,600 --> 00:52:06,070 Right? 710 00:52:07,080 --> 00:52:17,050 I do think that like, we do need to implement in the space, some sort of code of ethics that's states at the highest level, right? 711 00:52:17,050 --> 00:52:21,395 Like if you are an owner of something you should disclose that you're an owner of something. 712 00:52:21,395 --> 00:52:25,075 If you're going to wax poetic about your ownership of something. 713 00:52:25,535 --> 00:52:30,745 I think that will eventually come, but I think that like, it should come sooner. 714 00:52:31,265 --> 00:52:40,254 But I think you should just listen to the spaces and you should hear if it's art that you want, or if it's, if it's one of the PFPs that you want, you should hear, what, what are those like? 715 00:52:41,225 --> 00:52:46,970 If it's a PFP you should be on in the Discord channel, just watching, what are those conversations like? 716 00:52:46,970 --> 00:52:48,860 Are these people that you want to associate with? 717 00:52:48,890 --> 00:52:49,130 Right? 718 00:52:49,130 --> 00:52:55,400 Because a lot of what this movement is about is reconnecting social circles on a global level. 719 00:52:55,990 --> 00:52:56,470 Right? 720 00:52:56,500 --> 00:52:58,630 With like-minded people who have like-minded values. 721 00:52:59,319 --> 00:53:00,310 It's not about the image. 722 00:53:00,339 --> 00:53:06,120 It's about the community below the image and that the image ultimately represents participation or status within the community. 723 00:53:06,589 --> 00:53:10,279 And then the third is whatever you buy expected it to go to zero. 724 00:53:10,299 --> 00:53:16,600 The reason I say that is, I very much worry about people who think that this will go up forever. 725 00:53:17,540 --> 00:53:18,740 This will not go up forever. 726 00:53:19,709 --> 00:53:25,725 There will be a moment where a correction will take place, and people have to brace for that. 727 00:53:25,755 --> 00:53:29,805 The reality is that the macro trend of Web3 is very real. 728 00:53:30,165 --> 00:53:36,705 Moving towards a ownership, sort of stayed on the internet, but along that way, there's going to be ups and downs. 729 00:53:36,924 --> 00:53:39,024 Out of it will come. 730 00:53:39,045 --> 00:53:41,265 great companies and great brands. 731 00:53:41,605 --> 00:53:45,005 So like, I think that this is long-term the greatest thing on the planet. 732 00:53:45,884 --> 00:53:50,865 I worry that there's so much fear of missing out that takes place sometimes. 733 00:53:50,924 --> 00:54:00,944 And the pace of Web3 is so fast that I would simply say, and whoever listens to this that knows me I know I'm going to get a text message afterwards being like you hypocrite. 734 00:54:01,125 --> 00:54:10,575 I would say, when you want to speed up and this in this space before you make your first purchase, actually slow down and just be like, do I want to make this, am I comfortable with it? 735 00:54:10,635 --> 00:54:12,495 And if it goes to zero, am I okay with it? 736 00:54:12,675 --> 00:54:14,025 I'll give you a real example. 737 00:54:14,625 --> 00:54:17,685 I bought a bunch of Yetis and they all went to zero, right? 738 00:54:17,685 --> 00:54:23,025 But I had five Yetis, all went to zero, but you know what I use the Yetis for ultimately, Tiffany? 739 00:54:23,525 --> 00:54:29,310 When I wanted to onboard people and show them what it was like to transfer between wallets I just kept on transferring the Yetis around. 740 00:54:29,550 --> 00:54:29,940 Right? 741 00:54:32,250 --> 00:54:34,420 Tiffany: That's like me and like four CryptoKitties. 742 00:54:34,440 --> 00:54:39,710 And I think Alexis also has like a bunch of CryptoKitties because we got to look at he's back in 2017, 2018. 743 00:54:40,230 --> 00:54:49,740 Keith: Oh, can I tell you the best statement that came out of a conversation in the TIME Pieces discord and the other day that I thought it was so funny and you reminded me of it earlier, Tiffany. 744 00:54:49,830 --> 00:54:54,000 Somebody had started to refer to NFTs based on their mintage. 745 00:54:54,210 --> 00:54:54,780 Okay. 746 00:54:54,840 --> 00:54:57,360 Not like wines have vintage. 747 00:54:57,510 --> 00:55:02,620 They're like I have this Vintage from 2018. 748 00:55:02,645 --> 00:55:04,415 And I was like, that's amazing. 749 00:55:04,655 --> 00:55:05,375 I love that. 750 00:55:05,975 --> 00:55:10,044 I just thought it was funny. 751 00:55:10,205 --> 00:55:10,685 Alexis: First. 752 00:55:10,865 --> 00:55:11,165 Keith: Did I? 753 00:55:11,195 --> 00:55:12,565 Did I satisfy Lulu? 754 00:55:12,895 --> 00:55:14,575 Lulu are you okay with that answer. 755 00:55:14,705 --> 00:55:15,355 Alexis: I think so. 756 00:55:15,385 --> 00:55:16,455 Tiffany: Yes, she is. 757 00:55:16,455 --> 00:55:17,185 Keith: Okay wonderful. 758 00:55:19,259 --> 00:55:26,190 Tiffany: So, if you- last question, if you're stuck on an Island and you have to bring one NFT, which NFT would you bring? 759 00:55:26,439 --> 00:55:27,439 Keith: Super easy. 760 00:55:27,470 --> 00:55:31,890 I own a FEWO piece called The Day I Decided To Fly. 761 00:55:31,950 --> 00:55:33,300 And I love that piece so much. 762 00:55:33,720 --> 00:55:34,110 Tiffany: Amazing. 763 00:55:34,430 --> 00:55:35,220 The next big artist. 764 00:55:35,460 --> 00:55:36,810 I mean already a big artist. 765 00:55:37,259 --> 00:55:39,990 It's crazy to see his trajectory this year. 766 00:55:40,120 --> 00:55:42,150 Keith: The Day I Decided To Fly. 767 00:55:43,860 --> 00:55:50,475 I look at that piece sometimes, and I just, I'm just blown away at his brilliance. 768 00:55:51,705 --> 00:55:52,365 Tiffany: That's a great one. 769 00:55:52,694 --> 00:55:54,955 Alexis: Thank you so much Keith. 770 00:55:54,955 --> 00:55:57,944 Keith: Have a wonderful one. 771 00:55:57,975 --> 00:55:58,395 Thank you. 772 00:55:58,395 --> 00:55:59,295 It was great to see you.