nfts on bitcoin what there's nfts on bitcoin
that is the Talk of the Town as of this week we are going to go deep into what does it mean to
have nfts on bitcoin and what are they there's something called ordinals that people are talking
about we are seeing crypto punks being sold on the Bitcoin blockchain for tens of thousands
of dollars are they Originals should you be buying them and a whole bunch of other crazy stuff
happening with this new innovation called ordinals and we're going to cover all of this and more
on today's episode of goats and the metaverse and of course I'm joined by none other than my
esteemed colleague Stanley how are you my friend are you buying Bitcoin nfts you know just when
I think I wrap my head around of what's going on in the market and what to buy what not to buy
what does the future look like curveballs get thrown and I'm boom boom I have no idea I I am
lost this is a this is an educational show for me just like it is for you uh or the audience or
if the audience knows please let us know in the comments uh give us more insights about it but
uh I'm interested to discuss explore learn um but let's before we do that let's take a look at
what the market is doing what is the market doing what is the market doing let's see Market is down
uh we had each touching close to a thousand seven hundred dollars down to one thousand four hundred
and eighty six dollars eight point holding around about the five odd dollar level and Solana down
to 20 daughters uh we're having downward pressure across the board we are seeing some movements from
the SEC coming after a whole bunch of companies like Kraken settling with Kraken uh on their
earn program canceling or getting busd taking off um and say giving them uh documents saying that
busd is a security so definitely a lot of stuff happening in the regulatory environment and that
is putting down some pressure on crypto prices let's see what does that mean for our fancy nfts
our lovely jpegs pretty much down across the board as well interesting to see that uh generally when
we see some downward movements in the um you know crypto pairing prices we see nfts holding strong
so we are still in a pretty skittish Market we're still in a wouldn't say we're in a full-bone bear
Market but we're certainly not in a bull market we are still people are still a little cautious
Stan what do you think yeah and I think that we're not seeing a lot of movement from anybody
right like there's not that many things happening um I think we all got used to kind of that quick
satisfaction and like constantly things happening and there's not that many things happening
right these brands are taking their time to grow um and when they do make announcements
it moves very very very very very slight um so what does that mean I don't know uh um
but if you're looking at it from a long-term perspective this might be a buying opportunity
or maybe this is the height we don't know Bobby for a doodle four and a half e for a clonex where
are you putting your money my friend me personally b-a-y-c-m-a-y-c um those weren't the options five eats for a
doodle or four and a half each four clinics you're not buying either I'm not buying you know
and it's funny because I always I was I'm not a clonex holder I'm a Doodles holder and I've
been looking at clonex for a while and I'm like price seems cheap right Nike Nike but it's
I don't know they can't put it together they can't get it they can't get it together maybe
it'll happen uh if I pick one I'll pick clonex because I do believe they have more upside
even though the Doodles Community is stronger um but I just haven't seen enough out of Doodles
across the board for me to get excited about them what about you Doodles did make the big
announcement that they are moving on to the flow blockchain so that they could have
far more cost effective transactions uh met with some skepticism and some excitement uh from
that community and but we've seen some downward pressure in the Doodles processing so we'll have
to see what is coming from the Doodles team it was a big announcement for a project of their
size to be saying they're moving off ethereum and talking about moving off chains onto other
chains the biggest news of the last week and really this happened on Friday so this is brand
spanking new stuff is the launch of ordinals and if you don't know what that is I'm not
surprised ordinals is a way to inscribe inscribe transactions on the Bitcoin chain and
people are inscribing jpegs onto the Bitcoin chain so it's been called the nfts of Bitcoin and
how does that work well ordinals what they do is they use a mechanism within the Bitcoin contract
within the Bitcoin smart um the Bitcoin consensus protocol uh within Bitcoin you have satoshi's
there are a hundred million satoshi's behind every Bitcoin think of them as cents to your US dollar
there's a hundred cents to a dollar there are a hundred million satoshi's to a Bitcoin and you can
inscribe information onto a particular Satoshi and what ordinals does what this technology does is
it allows you to inscribe a JPEG onto a Satoshi so think of it this way every dollar bill that
you have or maybe every penny that you have has a unique number on it and if someone could inscribe
an image onto that penny that penny is no longer just an ordinary Penny it is a penny with an
image on it or if you think of a dollar bill dollar bill has a unique number on it if I was to
sign in that dollar bill with my signature it'd be worth a couple of more dollars in my books uh or
if Michael Jordan was to come along and sign that dollar bill well that dollar bill is no longer
just a regular dollar bill it is a dollar bill signed by Michael Jordan and now worth far more
money now that is what is happening with Bitcoin and satoshi's people are now able to inscribe
onto a Satoshi a particular image character or anything and that is what's happening here with
for the first time you have this ability to have Bitcoin nfts uh by using the native Bitcoin
script so what is interesting about this it means it's all Unchained it means that this is now
permanently on the Bitcoin blockchain and whatever is inscribed is inscribed there for life so we've
seen a lot of copycats we've seen a lot of people saying okay well I'm gonna take crypto function
I'm going to put them on the Bitcoin blockchain I'm going to take peppers and put them on the
Bitcoin blockchain Moon Birds Etc all going on to the Bitcoin blockchain with this kind of idea that
we want to be one of the first 1000 inscriptions and we are seeing things like Bitcoin Punk selling
for tens of thousands of dollars one of the first projects called ordinal punks came on to the
scene 100 Punks on the Bitcoin blockchain selling for 2.2 Bitcoin 50 000 and a new all-time high
sale of nine and a half Bitcoin 250 000 happened on Friday Stanley's got a question so there's a
thousand punks that are now on the blockchain so okay and what about if I wanted to create
my own Punk and put her on the blockchain can I do that you can you can well that is the
thing these are not the original punks this is not coming from lava lab this is not coming from
yoga labs this is somewhere I get it who just said so why does it make it so interesting why is
it interesting well I don't think it's actually interesting that punks are on on the Bitcoin
blockchain and I think people who are buying and speculating in the 30 stages are going to
lose a lot of money by trading ordinal Punks on uh on bitcoin but what is interesting is that
this now opens up the entire Bitcoin Community the entire Bitcoin Market of which there are
many more people who hold Bitcoin than they are who hold ethereum and now they have the ability
to collect jpegs collect contracts to inscribe certain attributes onto the Bitcoin Network the
most secure decentralized network that we know to date that isn't controlled by any entity or any
individuals uh now has this ability and capability built into that now that is pretty interesting not
I don't think for something like putting Punks on it or Moon birds or anything like that anyone
going into that I believe six months down the line those things are going to be worth zero but
there's going to be new Innovations coming out of this technology so it's important to experiment
and to learn it and to understand it right now it's very clunky to actually use those people
are trading using spreadsheets and doing OTC deals there's no marketplaces for this there's no
open C equivalent what people are actually doing is they're they're minting on an ordinal block
they're creating an ordinal drop and then they are um bridging that onto ethereum or wrapping that
in ethereum and trading it on an e token don't worry about the complexity of it but in essence
it's so so early that there is no infrastructure to support this but very rarely it could be
something really interesting happening so not to be the pessimist but I do want to play Devil's
Advocate so we're at a point where you know we're we always talk about it we're still so early
into this industry we're in the first inning we're nowhere close you know we have people to come on
all the time talk about it and I do believe that does it complicate growth because you know the
common the average Joe who maybe is interested in learning more about jpegs and is trying to get
onboarded now somebody's saying well now you could do it on bitcoin and now there's all these other
Punk and you're kind of like and that person's like whoa how do we go from you know ethereum is
the network this is where everything's gonna be now we're going to bitcoin there could be jpegs on
here there's no trading platforms there's all this complexity that most people don't understand does
it over complicate like growth for the industry because somebody's like I'm trying to figure out
metamask I'm trying to figure out a hard wallet I'm trying to figure out open C and now you're
making things even more and more and more complex what are your thoughts there certainly adds
complexity and this would not be the starting point if I was new to the world of crypto new
to the world of nfts I'm not sure I would start with Bitcoin ordinals although you would be very
early so if you do immerse yourself in the world of Bitcoin ordinals you can become a pro you
can become an expert faster than anyone else because it's literally four days old so there's
new innovation happening that you could become at the Forefront of and be an expert in this space
if it's in the ecosystem well there's a lot of people that are already in the ecosystem looking
at different Tech Etc so that might be your Edge that might be well many people don't understand
this let me be the person who understands this I heard a story of an individual who had never used
Bitcoin before a little bit of a developer so I had some scripting knowledge heard of ordinals
uh put up his own Bitcoin node and moved 100 Pepes onto the ordinals blockchain sold 50 of them
kept 50 made 350 000 in the process so if you're fast and you're moving there is innovation
happening there but to your bigger question these are networks and anything can go on to
these networks that can be scripted onto them so there is a market out there that says well
I want to be on the network well I want to put some kind of information that can be extremely
critical a picture of a JPEG may be not that critical but if it's my title if it's my property
uh if it is my ID maybe I want this inscribed on a chain like Bitcoin that to date has never been
hacked has no vitalik who could maybe change his mind on how things get done or a community of
people that have one way or another it's seen as the more secure chain now they may change
over time but that's the opportunity that is being presented here with something like Bitcoin
um so yes certainly more complicated but also Innovative in terms of what it enables you to
do I mean listen I I I love it I get it and I love the story of a guy making 350 000 that's
no idea what Bitcoin even is but he's early and I think you know from an entrepreneurial standpoint
of you this is all great stuff but at the same time if you're building a business you're not
you're not building you're trying to onboard right you're trying to capture who your customer
is you're trying to you know train that customer onboard that customer and now you're you didn't
even sell your first you know your first product you're already selling them the next three four
products and from from a business standpoint of you I think it hurts I think it hurts us right I
think these are things that somebody might be like I'm confused I I don't want to go down this route
anymore I was starting to finally Master this or finally feel comfortable with this now I'm but now
you're telling me ethereum is not the most secure network now there's Bitcoin now everything's
going to move to bitcoin do I really want to go what do I do with all my money that I have in here
this is the curse of technology and Innovation I remember when the internet came out I was like I
don't want to put my credit card on the internet like what what happens if something goes wrong I'm
never gonna buy online that was what people were saying and now you pick a button on your phone
and something delivers to your door or you're calling a car and if you're not at the edge of the
technology if you're if you're constantly uh kind of resisting then you're going to be left behind
and this is what this industry is showing that the industry does change and you do need to keep
abreast of it doesn't need to be your starting point I don't think so unless you want to be that
leaning on the innovator side of things but what we're talking about is that we have hundreds of
millions of Bitcoin wallet holders who now we've seen with ethereum we've seen what it looks
like when you have the ability to trade jpegs and you have the ability to do more interesting
things than just be a financial instrument how much activity that drives on the network Bitcoin
may now be getting that same type of innovation that drives a lot of activity on that Network
indirectly then making it a more sustainable Network we will see what happens but I'll
leave you with this with this one last thought and I I agree with you right like technology is
crazy we could literally buy something on our phones by pressing a button we don't even need
a credit card anymore we don't need anything but do you how easy it is to use is is
why we're using it right sure we're now trained that we could press a button on our
phone and buy anything we want in the world I think what's happening in crypto it's it's over
complicated like it's really it's not overcome it's hard it's really really hard to onboard
because I onboard people you know every week and there's nothing when they say this is hard
I don't want to go and remember this number and Seed phrase now you're telling me I need this
wallet and I need this hard wallet what is a hard wallet what is it called wallet can I do this
so now you're making it even more more complicated more I remember when when I first got an email I
had a telnet onto a server it was all plain text you had to know what time it was you need to
know what server you were logging on to what you're using in password is you ever knew how to
pipe through your email to be able to actually get to your email it was extremely complicated
but with the passage of time things got better and easier and that's where we're going like at
the same time things are getting easier there are applications there are tools this is the bleeding
edge of the Innovation uh spectrum and we are here to tell you about that full spectrum to tell you
about the bleeding edge and the Not So bleeding edge and where you should be paying attention
and focus and you can decide where you're gonna be putting your Bitcoin or your ethereum and
whether you're going to be buying any shiny jpegs on either Network and we'll be here to
tell you about everything that happens on both well I learned a lot and uh if you learned
something on the show leave a comment let us know if you're going to be buying nfts on
bitcoin or if you're not I hope everybody enjoyed the show and uh we'll see you guys
later this week have a great one everybody
