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+1
+00:00:00,160 --> 00:00:04,640
+<font color="white" size=".72c">are nfts a scam or are they the next big</font>
+
+2
+00:00:02,639 --> 00:00:07,600
+<font color="white" size=".72c">thing legally speaking it's a question</font>
+
+3
+00:00:04,640 --> 00:00:09,200
+<font color="white" size=".72c">between uber and theranos uber was able</font>
+
+4
+00:00:07,600 --> 00:00:10,639
+<font color="white" size=".72c">to sidestep regulation to become a</font>
+
+5
+00:00:09,200 --> 00:00:13,040
+<font color="white" size=".72c">billion dollar company and basically is</font>
+
+6
+00:00:10,639 --> 00:00:15,040
+<font color="white" size=".72c">interwoven into the fabric of society</font>
+
+7
+00:00:13,040 --> 00:00:17,039
+<font color="white" size=".72c">whereas theranose tried to fake it until</font>
+
+8
+00:00:15,040 --> 00:00:19,760
+<font color="white" size=".72c">they made it but they ran up against</font>
+
+9
+00:00:17,039 --> 00:00:21,199
+<font color="white" size=".72c">physics and biology and were just a</font>
+
+10
+00:00:19,760 --> 00:00:23,600
+<font color="white" size=".72c">giant fraud</font>
+
+11
+00:00:21,199 --> 00:00:25,199
+<font color="white" size=".72c">nfts are probably somewhere in the</font>
+
+12
+00:00:23,600 --> 00:00:27,199
+<font color="white" size=".72c">middle they're certainly not unicorns</font>
+
+13
+00:00:25,199 --> 00:00:29,199
+<font color="white" size=".72c">that are going to solve all problems but</font>
+
+14
+00:00:27,199 --> 00:00:31,359
+<font color="white" size=".72c">they're probably not all completely</font>
+
+15
+00:00:29,199 --> 00:00:34,000
+<font color="white" size=".72c">useless and either way they raise</font>
+
+16
+00:00:31,359 --> 00:00:35,760
+<font color="white" size=".72c">fundamental issues of law so today we're</font>
+
+17
+00:00:34,000 --> 00:00:37,840
+<font color="white" size=".72c">going to cover only the legal problems</font>
+
+18
+00:00:35,760 --> 00:00:39,840
+<font color="white" size=".72c">associated with nfts others have</font>
+
+19
+00:00:37,840 --> 00:00:41,840
+<font color="white" size=".72c">explained the non-legal issues for</font>
+
+20
+00:00:39,840 --> 00:00:44,000
+<font color="white" size=".72c">example dan olsen at folding ideas did a</font>
+
+21
+00:00:41,840 --> 00:00:45,600
+<font color="white" size=".72c">fantastic video called the line goes up</font>
+
+22
+00:00:44,000 --> 00:00:47,600
+<font color="white" size=".72c">which is not to say that the technology</font>
+
+23
+00:00:45,600 --> 00:00:49,920
+<font color="white" size=".72c">can't overcome these problems but right</font>
+
+24
+00:00:47,600 --> 00:00:52,480
+<font color="white" size=".72c">now there are some fundamental issues of</font>
+
+25
+00:00:49,920 --> 00:00:54,320
+<font color="white" size=".72c">law with the way that nfts are used now</font>
+
+26
+00:00:52,480 --> 00:00:56,480
+<font color="white" size=".72c">and i see three main categories of</font>
+
+27
+00:00:54,320 --> 00:00:58,320
+<font color="white" size=".72c">issues with nfts on-chain problems</font>
+
+28
+00:00:56,480 --> 00:01:01,520
+<font color="white" size=".72c">off-chain problems and what i call</font>
+
+29
+00:00:58,320 --> 00:01:03,760
+<font color="white" size=".72c">innovation so mundane no one should care</font>
+
+30
+00:01:01,520 --> 00:01:05,920
+<font color="white" size=".72c">now to get to those issues with nfts we</font>
+
+31
+00:01:03,760 --> 00:01:07,760
+<font color="white" size=".72c">first have to define what an nft is</font>
+
+32
+00:01:05,920 --> 00:01:11,039
+<font color="white" size=".72c">because i think almost everyone gets it</font>
+
+33
+00:01:07,760 --> 00:01:13,760
+<font color="white" size=".72c">wrong an nft is a non-fungible token it</font>
+
+34
+00:01:11,039 --> 00:01:15,520
+<font color="white" size=".72c">is an entry on a decentralized ledger</font>
+
+35
+00:01:13,760 --> 00:01:17,280
+<font color="white" size=".72c">called a blockchain a blockchain is a</font>
+
+36
+00:01:15,520 --> 00:01:19,439
+<font color="white" size=".72c">permanent unchangeable digital ledger</font>
+
+37
+00:01:17,280 --> 00:01:21,759
+<font color="white" size=".72c">that's used to record transactions in</font>
+
+38
+00:01:19,439 --> 00:01:23,759
+<font color="white" size=".72c">blocks of computer code that are time</font>
+
+39
+00:01:21,759 --> 00:01:25,360
+<font color="white" size=".72c">stamped and linked together the code</font>
+
+40
+00:01:23,759 --> 00:01:26,880
+<font color="white" size=".72c">will reveal the history of a digital</font>
+
+41
+00:01:25,360 --> 00:01:28,720
+<font color="white" size=".72c">asset where it originated who purchased</font>
+
+42
+00:01:26,880 --> 00:01:30,400
+<font color="white" size=".72c">it and any subsequent transfers and in</font>
+
+43
+00:01:28,720 --> 00:01:32,720
+<font color="white" size=".72c">the digital world the token can be</font>
+
+44
+00:01:30,400 --> 00:01:34,079
+<font color="white" size=".72c">assigned specific uses and properties</font>
+
+45
+00:01:32,720 --> 00:01:36,320
+<font color="white" size=".72c">now it's non-functional because it is</font>
+
+46
+00:01:34,079 --> 00:01:38,799
+<font color="white" size=".72c">said to be unique unlike something like</font>
+
+47
+00:01:36,320 --> 00:01:40,479
+<font color="white" size=".72c">bitcoin where every single bitcoin is</font>
+
+48
+00:01:38,799 --> 00:01:42,960
+<font color="white" size=".72c">interchangeable with another one it's</font>
+
+49
+00:01:40,479 --> 00:01:44,720
+<font color="white" size=".72c">like a dollar bill every dollar bill</font>
+
+50
+00:01:42,960 --> 00:01:46,720
+<font color="white" size=".72c">that you possess effectively does the</font>
+
+51
+00:01:44,720 --> 00:01:49,360
+<font color="white" size=".72c">exact same thing as another dollar bill</font>
+
+52
+00:01:46,720 --> 00:01:51,200
+<font color="white" size=".72c">same with a bitcoin however an nft is</font>
+
+53
+00:01:49,360 --> 00:01:53,200
+<font color="white" size=".72c">said to be unique so they are not</font>
+
+54
+00:01:51,200 --> 00:01:54,399
+<font color="white" size=".72c">fungible with each other but at this</font>
+
+55
+00:01:53,200 --> 00:01:56,240
+<font color="white" size=".72c">point let me turn it over to someone</font>
+
+56
+00:01:54,399 --> 00:01:58,479
+<font color="white" size=".72c">more technically minded my friend steve</font>
+
+57
+00:01:56,240 --> 00:02:00,560
+<font color="white" size=".72c">mold to explain how an nft actually</font>
+
+58
+00:01:58,479 --> 00:02:03,680
+<font color="white" size=".72c">operates because it's illuminating so</font>
+
+59
+00:02:00,560 --> 00:02:07,040
+<font color="white" size=".72c">steve how does an nft work nfts work in</font>
+
+60
+00:02:03,680 --> 00:02:09,598
+<font color="white" size=".72c">a very similar way to bitcoins we track</font>
+
+61
+00:02:07,040 --> 00:02:11,760
+<font color="white" size=".72c">who owns what bitcoin on a distributed</font>
+
+62
+00:02:09,598 --> 00:02:14,080
+<font color="white" size=".72c">ledger as you mentioned in the case of</font>
+
+63
+00:02:11,760 --> 00:02:17,440
+<font color="white" size=".72c">bitcoin that distributed ledger is</font>
+
+64
+00:02:14,080 --> 00:02:19,440
+<font color="white" size=".72c">called the bitcoin blockchain but nfts</font>
+
+65
+00:02:17,440 --> 00:02:22,079
+<font color="white" size=".72c">exist on a different blockchain</font>
+
+66
+00:02:19,440 --> 00:02:24,720
+<font color="white" size=".72c">typically the ethereum blockchain the</font>
+
+67
+00:02:22,079 --> 00:02:26,800
+<font color="white" size=".72c">difference between bitcoin and ethereum</font>
+
+68
+00:02:24,720 --> 00:02:29,520
+<font color="white" size=".72c">is that the ethereum blockchain is</font>
+
+69
+00:02:26,800 --> 00:02:32,079
+<font color="white" size=".72c">programmable you can write programs and</font>
+
+70
+00:02:29,520 --> 00:02:33,680
+<font color="white" size=".72c">publish them to the ethereum blockchain</font>
+
+71
+00:02:32,079 --> 00:02:36,480
+<font color="white" size=".72c">these aren't programs that you would run</font>
+
+72
+00:02:33,680 --> 00:02:38,319
+<font color="white" size=".72c">on your computer these programs run on</font>
+
+73
+00:02:36,480 --> 00:02:40,640
+<font color="white" size=".72c">the blockchain and they interact with</font>
+
+74
+00:02:38,319 --> 00:02:41,760
+<font color="white" size=".72c">transactions on the blockchain for</font>
+
+75
+00:02:40,640 --> 00:02:44,000
+<font color="white" size=".72c">example</font>
+
+76
+00:02:41,760 --> 00:02:46,319
+<font color="white" size=".72c">you could write a program and publish it</font>
+
+77
+00:02:44,000 --> 00:02:49,200
+<font color="white" size=".72c">to the ethereum blockchain that launches</font>
+
+78
+00:02:46,319 --> 00:02:50,640
+<font color="white" size=".72c">a new cryptocurrency to rival bitcoin</font>
+
+79
+00:02:49,200 --> 00:02:52,480
+<font color="white" size=".72c">but it's not just limited to</font>
+
+80
+00:02:50,640 --> 00:02:54,560
+<font color="white" size=".72c">cryptocurrency you could use the</font>
+
+81
+00:02:52,480 --> 00:02:57,440
+<font color="white" size=".72c">ethereum programming language to do all</font>
+
+82
+00:02:54,560 --> 00:03:00,000
+<font color="white" size=".72c">sorts of things including for example</font>
+
+83
+00:02:57,440 --> 00:03:02,640
+<font color="white" size=".72c">making nfts these programs are called</font>
+
+84
+00:03:00,000 --> 00:03:04,560
+<font color="white" size=".72c">smart contracts which is misleading</font>
+
+85
+00:03:02,640 --> 00:03:06,800
+<font color="white" size=".72c">because look here's an example of a</font>
+
+86
+00:03:04,560 --> 00:03:09,040
+<font color="white" size=".72c">smart contract there's no legal language</font>
+
+87
+00:03:06,800 --> 00:03:10,959
+<font color="white" size=".72c">in there it doesn't function as a legal</font>
+
+88
+00:03:09,040 --> 00:03:12,720
+<font color="white" size=".72c">document though i can see why they</font>
+
+89
+00:03:10,959 --> 00:03:15,680
+<font color="white" size=".72c">wanted to call them smart contracts</font>
+
+90
+00:03:12,720 --> 00:03:17,599
+<font color="white" size=".72c">because they enforce transactional rules</font>
+
+91
+00:03:15,680 --> 00:03:20,000
+<font color="white" size=".72c">on the blockchain just like normal</font>
+
+92
+00:03:17,599 --> 00:03:21,599
+<font color="white" size=".72c">software once you publish a smart</font>
+
+93
+00:03:20,000 --> 00:03:24,239
+<font color="white" size=".72c">contract to the blockchain you can</font>
+
+94
+00:03:21,599 --> 00:03:26,560
+<font color="white" size=".72c">interact with it by sending it commands</font>
+
+95
+00:03:24,239 --> 00:03:28,959
+<font color="white" size=".72c">for example you could send a command</font>
+
+96
+00:03:26,560 --> 00:03:31,440
+<font color="white" size=".72c">telling it to mint a new nfd or you</font>
+
+97
+00:03:28,959 --> 00:03:33,680
+<font color="white" size=".72c">could send a command to change the owner</font>
+
+98
+00:03:31,440 --> 00:03:35,760
+<font color="white" size=".72c">of an nft smart contracts can be used</font>
+
+99
+00:03:33,680 --> 00:03:37,840
+<font color="white" size=".72c">for much more than just cryptocurrency</font>
+
+100
+00:03:35,760 --> 00:03:40,319
+<font color="white" size=".72c">and nfds for example you could write a</font>
+
+101
+00:03:37,840 --> 00:03:43,040
+<font color="white" size=".72c">smart contract that acts as an escrow</font>
+
+102
+00:03:40,319 --> 00:03:45,599
+<font color="white" size=".72c">between people buying and selling nfts</font>
+
+103
+00:03:43,040 --> 00:03:48,319
+<font color="white" size=".72c">the definition of an nft is quite strict</font>
+
+104
+00:03:45,599 --> 00:03:50,560
+<font color="white" size=".72c">by consensus we've agreed that if a</font>
+
+105
+00:03:48,319 --> 00:03:53,360
+<font color="white" size=".72c">smart contract behaves in certain</font>
+
+106
+00:03:50,560 --> 00:03:55,120
+<font color="white" size=".72c">specific ways as defined by a standard</font>
+
+107
+00:03:53,360 --> 00:03:58,720
+<font color="white" size=".72c">called erc721</font>
+
+108
+00:03:55,120 --> 00:04:00,560
+<font color="white" size=".72c">and one other then we call that an nft</font>
+
+109
+00:03:58,720 --> 00:04:03,599
+<font color="white" size=".72c">smart contract so how does all this</font>
+
+110
+00:04:00,560 --> 00:04:06,080
+<font color="white" size=".72c">relate to digital art well let's have a</font>
+
+111
+00:04:03,599 --> 00:04:08,560
+<font color="white" size=".72c">look at the most expensive board ape</font>
+
+112
+00:04:06,080 --> 00:04:11,200
+<font color="white" size=".72c">ever sold that's board ape number two</font>
+
+113
+00:04:08,560 --> 00:04:13,599
+<font color="white" size=".72c">zero eight seven let's head over to</font>
+
+114
+00:04:11,200 --> 00:04:15,920
+<font color="white" size=".72c">etherscan a website for exploring the</font>
+
+115
+00:04:13,599 --> 00:04:18,478
+<font color="white" size=".72c">ethereum blockchain this is the address</font>
+
+116
+00:04:15,920 --> 00:04:20,358
+<font color="white" size=".72c">of the smart contract that mints board</font>
+
+117
+00:04:18,478 --> 00:04:23,520
+<font color="white" size=".72c">ape nfts</font>
+
+118
+00:04:20,358 --> 00:04:25,919
+<font color="white" size=".72c">erc721 contracts can be queried in</font>
+
+119
+00:04:23,520 --> 00:04:28,960
+<font color="white" size=".72c">certain ways for example i can use the</font>
+
+120
+00:04:25,919 --> 00:04:33,600
+<font color="white" size=".72c">owner of query to find out who owns a</font>
+
+121
+00:04:28,960 --> 00:04:36,880
+<font color="white" size=".72c">particular nft so board ape 2087 is</font>
+
+122
+00:04:33,600 --> 00:04:39,199
+<font color="white" size=".72c">owned by this person the erc721 standard</font>
+
+123
+00:04:36,880 --> 00:04:43,199
+<font color="white" size=".72c">also includes something called the token</font>
+
+124
+00:04:39,199 --> 00:04:46,240
+<font color="white" size=".72c">uri if i put 2087 in here i get this</font>
+
+125
+00:04:43,199 --> 00:04:48,560
+<font color="white" size=".72c">this is a uri on the public internet for</font>
+
+126
+00:04:46,240 --> 00:04:51,120
+<font color="white" size=".72c">anyone to see it's an ipfs address so</font>
+
+127
+00:04:48,560 --> 00:04:52,960
+<font color="white" size=".72c">let's head over to the brave browser and</font>
+
+128
+00:04:51,120 --> 00:04:55,199
+<font color="white" size=".72c">see where that takes us this is some</font>
+
+129
+00:04:52,960 --> 00:04:57,280
+<font color="white" size=".72c">machine readable json code but let's</font>
+
+130
+00:04:55,199 --> 00:04:59,600
+<font color="white" size=".72c">make it a bit easier to read for humans</font>
+
+131
+00:04:57,280 --> 00:05:01,919
+<font color="white" size=".72c">and look you can see that's the uri for</font>
+
+132
+00:04:59,600 --> 00:05:04,160
+<font color="white" size=".72c">the ape image itself and here are some</font>
+
+133
+00:05:01,919 --> 00:05:06,880
+<font color="white" size=".72c">attributes of the ape for example its</font>
+
+134
+00:05:04,160 --> 00:05:09,600
+<font color="white" size=".72c">mouth is bored cigarette the background</font>
+
+135
+00:05:06,880 --> 00:05:10,639
+<font color="white" size=".72c">is purple the fur is trippy the eyes are</font>
+
+136
+00:05:09,600 --> 00:05:12,560
+<font color="white" size=".72c">angry</font>
+
+137
+00:05:10,639 --> 00:05:14,720
+<font color="white" size=".72c">let's grab this image uri and stick it</font>
+
+138
+00:05:12,560 --> 00:05:17,280
+<font color="white" size=".72c">back into the brave browser and there it</font>
+
+139
+00:05:14,720 --> 00:05:20,080
+<font color="white" size=".72c">is so when you buy an nft that's linked</font>
+
+140
+00:05:17,280 --> 00:05:22,160
+<font color="white" size=".72c">to a digital artwork you're buying a</font>
+
+141
+00:05:20,080 --> 00:05:25,840
+<font color="white" size=".72c">unique location on the ethereum</font>
+
+142
+00:05:22,160 --> 00:05:27,120
+<font color="white" size=".72c">blockchain that points to a text file on</font>
+
+143
+00:05:25,840 --> 00:05:29,199
+<font color="white" size=".72c">the internet</font>
+
+144
+00:05:27,120 --> 00:05:31,600
+<font color="white" size=".72c">for everyone to see inside that text</font>
+
+145
+00:05:29,199 --> 00:05:34,479
+<font color="white" size=".72c">file is another uri that points to the</font>
+
+146
+00:05:31,600 --> 00:05:36,960
+<font color="white" size=".72c">image itself again on the internet for</font>
+
+147
+00:05:34,479 --> 00:05:39,840
+<font color="white" size=".72c">everyone to see believe me there are a</font>
+
+148
+00:05:36,960 --> 00:05:41,759
+<font color="white" size=".72c">bunch of weird technical details that</font>
+
+149
+00:05:39,840 --> 00:05:44,320
+<font color="white" size=".72c">need to be talked about associated with</font>
+
+150
+00:05:41,759 --> 00:05:46,159
+<font color="white" size=".72c">nfts i cover all of that over on my</font>
+
+151
+00:05:44,320 --> 00:05:49,360
+<font color="white" size=".72c">channel but the bottom line is when you</font>
+
+152
+00:05:46,159 --> 00:05:51,600
+<font color="white" size=".72c">buy crypto art you're buying a line in a</font>
+
+153
+00:05:49,360 --> 00:05:54,560
+<font color="white" size=".72c">tamper-proof ledger that points to a</font>
+
+154
+00:05:51,600 --> 00:05:56,479
+<font color="white" size=".72c">publicly hosted image file</font>
+
+155
+00:05:54,560 --> 00:05:59,520
+<font color="white" size=".72c">so at the end of the day to summarize i</font>
+
+156
+00:05:56,479 --> 00:06:02,000
+<font color="white" size=".72c">think the best analogy for an nft is not</font>
+
+157
+00:05:59,520 --> 00:06:04,160
+<font color="white" size=".72c">digital property as a lot of people like</font>
+
+158
+00:06:02,000 --> 00:06:07,600
+<font color="white" size=".72c">to claim i think the best analogy for</font>
+
+159
+00:06:04,160 --> 00:06:11,120
+<font color="white" size=".72c">what an nft actually is is a receipt it</font>
+
+160
+00:06:07,600 --> 00:06:13,280
+<font color="white" size=".72c">is a receipt of some transaction a buyer</font>
+
+161
+00:06:11,120 --> 00:06:16,000
+<font color="white" size=".72c">and seller interacted in some way and an</font>
+
+162
+00:06:13,280 --> 00:06:18,160
+<font color="white" size=".72c">nft is a receipt of that transaction</font>
+
+163
+00:06:16,000 --> 00:06:21,199
+<font color="white" size=".72c">that receipt often links to something</font>
+
+164
+00:06:18,160 --> 00:06:23,759
+<font color="white" size=".72c">off-chain often that is a jpeg but the</font>
+
+165
+00:06:21,199 --> 00:06:25,919
+<font color="white" size=".72c">receipt itself doesn't really tell you</font>
+
+166
+00:06:23,759 --> 00:06:27,440
+<font color="white" size=".72c">what the transaction was to know what</font>
+
+167
+00:06:25,919 --> 00:06:30,000
+<font color="white" size=".72c">happened in that transaction you have to</font>
+
+168
+00:06:27,440 --> 00:06:32,080
+<font color="white" size=".72c">look at the terms of the original sale</font>
+
+169
+00:06:30,000 --> 00:06:35,120
+<font color="white" size=".72c">the contract you also have to look at</font>
+
+170
+00:06:32,080 --> 00:06:38,479
+<font color="white" size=".72c">the reference work often that's a jpeg</font>
+
+171
+00:06:35,120 --> 00:06:40,639
+<font color="white" size=".72c">but the nft itself is simply a entry in</font>
+
+172
+00:06:38,479 --> 00:06:42,479
+<font color="white" size=".72c">a digital ledger that's kind of like a</font>
+
+173
+00:06:40,639 --> 00:06:43,840
+<font color="white" size=".72c">receipt in the real world okay so with</font>
+
+174
+00:06:42,479 --> 00:06:45,600
+<font color="white" size=".72c">that understanding i think we can get to</font>
+
+175
+00:06:43,840 --> 00:06:47,280
+<font color="white" size=".72c">the first category of legal problems</font>
+
+176
+00:06:45,600 --> 00:06:50,159
+<font color="white" size=".72c">associated with nfts which are the</font>
+
+177
+00:06:47,280 --> 00:06:51,919
+<font color="white" size=".72c">problems that are inherent on chain and</font>
+
+178
+00:06:50,159 --> 00:06:54,720
+<font color="white" size=".72c">for that i'm afraid we're going to have</font>
+
+179
+00:06:51,919 --> 00:06:56,240
+<font color="white" size=".72c">to talk about the fundamental contract</font>
+
+180
+00:06:54,720 --> 00:06:57,759
+<font color="white" size=".72c">theory honestly i didn't think that this</font>
+
+181
+00:06:56,240 --> 00:07:00,000
+<font color="white" size=".72c">video was going to require me to get</font>
+
+182
+00:06:57,759 --> 00:07:01,360
+<font color="white" size=".72c">back to first principles of contract law</font>
+
+183
+00:07:00,000 --> 00:07:04,160
+<font color="white" size=".72c">the kind of thing that you learned in</font>
+
+184
+00:07:01,360 --> 00:07:05,759
+<font color="white" size=".72c">your first year of law school and yet</font>
+
+185
+00:07:04,160 --> 00:07:08,000
+<font color="white" size=".72c">here we are and we need to understand</font>
+
+186
+00:07:05,759 --> 00:07:09,919
+<font color="white" size=".72c">how a contract works how it binds the</font>
+
+187
+00:07:08,000 --> 00:07:11,840
+<font color="white" size=".72c">parties and what the limitations of</font>
+
+188
+00:07:09,919 --> 00:07:13,759
+<font color="white" size=".72c">contracts are and i know that sounds</font>
+
+189
+00:07:11,840 --> 00:07:16,080
+<font color="white" size=".72c">super boring but i'm going to explain</font>
+
+190
+00:07:13,759 --> 00:07:18,800
+<font color="white" size=".72c">that with wrestler and renaissance man</font>
+
+191
+00:07:16,080 --> 00:07:20,639
+<font color="white" size=".72c">john cena because in 2017 john cena</font>
+
+192
+00:07:18,800 --> 00:07:23,840
+<font color="white" size=".72c">contracted with the ford motor company</font>
+
+193
+00:07:20,639 --> 00:07:26,160
+<font color="white" size=".72c">to buy the new ford gt the new hottest</font>
+
+194
+00:07:23,840 --> 00:07:28,560
+<font color="white" size=".72c">sports car at the time in order for him</font>
+
+195
+00:07:26,160 --> 00:07:31,039
+<font color="white" size=".72c">to buy that car he formed a contract</font>
+
+196
+00:07:28,560 --> 00:07:32,560
+<font color="white" size=".72c">with ford he offered to pay them</font>
+
+197
+00:07:31,039 --> 00:07:35,039
+<font color="white" size=".72c">hundreds of thousands of dollars and</font>
+
+198
+00:07:32,560 --> 00:07:37,199
+<font color="white" size=".72c">ford offered to give him</font>
+
+199
+00:07:35,039 --> 00:07:39,440
+<font color="white" size=".72c">a ford gt but in particular there was</font>
+
+200
+00:07:37,199 --> 00:07:42,240
+<font color="white" size=".72c">one term that ford included in the sales</font>
+
+201
+00:07:39,440 --> 00:07:45,039
+<font color="white" size=".72c">contract john cena had to agree not to</font>
+
+202
+00:07:42,240 --> 00:07:46,720
+<font color="white" size=".72c">sell his ford gt for two years and that</font>
+
+203
+00:07:45,039 --> 00:07:48,720
+<font color="white" size=".72c">has a perfectly enforceable sale</font>
+
+204
+00:07:46,720 --> 00:07:50,800
+<font color="white" size=".72c">contract ford doesn't have to sell that</font>
+
+205
+00:07:48,720 --> 00:07:52,560
+<font color="white" size=".72c">to anyone and so to make sure that john</font>
+
+206
+00:07:50,800 --> 00:07:54,560
+<font color="white" size=".72c">cena didn't turn around flip the car for</font>
+
+207
+00:07:52,560 --> 00:07:56,319
+<font color="white" size=".72c">hundreds of thousands of dollars they</font>
+
+208
+00:07:54,560 --> 00:07:58,639
+<font color="white" size=".72c">made him promise not to sell the car for</font>
+
+209
+00:07:56,319 --> 00:08:00,400
+<font color="white" size=".72c">two years what did john cena do he</font>
+
+210
+00:07:58,639 --> 00:08:01,840
+<font color="white" size=".72c">turned around and flipped the car almost</font>
+
+211
+00:08:00,400 --> 00:08:03,759
+<font color="white" size=".72c">immediately and made hundreds of</font>
+
+212
+00:08:01,840 --> 00:08:05,919
+<font color="white" size=".72c">thousands of dollars so</font>
+
+213
+00:08:03,759 --> 00:08:07,759
+<font color="white" size=".72c">what could ford motor company do ford</font>
+
+214
+00:08:05,919 --> 00:08:09,680
+<font color="white" size=".72c">could sue john cena for hundreds of</font>
+
+215
+00:08:07,759 --> 00:08:11,520
+<font color="white" size=".72c">thousands of dollars and in fact they</font>
+
+216
+00:08:09,680 --> 00:08:13,280
+<font color="white" size=".72c">did sue him and they settled for an</font>
+
+217
+00:08:11,520 --> 00:08:15,360
+<font color="white" size=".72c">undisclosed amount but the really</font>
+
+218
+00:08:13,280 --> 00:08:17,120
+<font color="white" size=".72c">interesting question is what can ford do</font>
+
+219
+00:08:15,360 --> 00:08:19,680
+<font color="white" size=".72c">against the person that bought the car</font>
+
+220
+00:08:17,120 --> 00:08:22,400
+<font color="white" size=".72c">from john cena and the answer is</font>
+
+221
+00:08:19,680 --> 00:08:24,879
+<font color="white" size=".72c">absolutely nothing because there's no</font>
+
+222
+00:08:22,400 --> 00:08:27,440
+<font color="white" size=".72c">contract between ford and the person</font>
+
+223
+00:08:24,879 --> 00:08:30,319
+<font color="white" size=".72c">that bought the car from john cena</font>
+
+224
+00:08:27,440 --> 00:08:33,599
+<font color="white" size=".72c">the secondary buyer is said to not be in</font>
+
+225
+00:08:30,319 --> 00:08:35,519
+<font color="white" size=".72c">privity with ford john cena and ford are</font>
+
+226
+00:08:33,599 --> 00:08:37,279
+<font color="white" size=".72c">in privity they have an actual contract</font>
+
+227
+00:08:35,519 --> 00:08:40,080
+<font color="white" size=".72c">but there's nothing linking forward in</font>
+
+228
+00:08:37,279 --> 00:08:43,039
+<font color="white" size=".72c">the downstream purchaser so what in the</font>
+
+229
+00:08:40,080 --> 00:08:44,560
+<font color="white" size=".72c">world does this have to do with nfts</font>
+
+230
+00:08:43,039 --> 00:08:46,480
+<font color="white" size=".72c">well here's the thing we talked about</font>
+
+231
+00:08:44,560 --> 00:08:48,480
+<font color="white" size=".72c">how an nft doesn't really have any</font>
+
+232
+00:08:46,480 --> 00:08:50,640
+<font color="white" size=".72c">attributes in and of itself when you're</font>
+
+233
+00:08:48,480 --> 00:08:52,720
+<font color="white" size=".72c">buying an nft the real thing that you're</font>
+
+234
+00:08:50,640 --> 00:08:55,360
+<font color="white" size=".72c">buying is bound by the contract between</font>
+
+235
+00:08:52,720 --> 00:08:58,240
+<font color="white" size=".72c">the buyer and the seller those are the</font>
+
+236
+00:08:55,360 --> 00:09:00,000
+<font color="white" size=".72c">primary purchaser and seller there are</font>
+
+237
+00:08:58,240 --> 00:09:01,920
+<font color="white" size=".72c">some times when there is no contract</font>
+
+238
+00:09:00,000 --> 00:09:04,640
+<font color="white" size=".72c">we'll talk about that but theoretically</font>
+
+239
+00:09:01,920 --> 00:09:06,720
+<font color="white" size=".72c">at least the value of the nft is decided</font>
+
+240
+00:09:04,640 --> 00:09:08,640
+<font color="white" size=".72c">by the contract terms between the buyer</font>
+
+241
+00:09:06,720 --> 00:09:10,399
+<font color="white" size=".72c">and the seller of the nft but one of the</font>
+
+242
+00:09:08,640 --> 00:09:12,720
+<font color="white" size=".72c">huge fundamental problems that we'll</font>
+
+243
+00:09:10,399 --> 00:09:14,560
+<font color="white" size=".72c">talk about a lot in a second is that in</font>
+
+244
+00:09:12,720 --> 00:09:16,640
+<font color="white" size=".72c">practice there's rarely any contract</font>
+
+245
+00:09:14,560 --> 00:09:18,560
+<font color="white" size=".72c">between the initial primary buyer and</font>
+
+246
+00:09:16,640 --> 00:09:20,880
+<font color="white" size=".72c">the secondary buyers and then all of the</font>
+
+247
+00:09:18,560 --> 00:09:23,200
+<font color="white" size=".72c">downstream buyers later on and on top of</font>
+
+248
+00:09:20,880 --> 00:09:24,880
+<font color="white" size=".72c">that there is zero contractual privity</font>
+
+249
+00:09:23,200 --> 00:09:28,160
+<font color="white" size=".72c">between secondary buyers and the</font>
+
+250
+00:09:24,880 --> 00:09:30,080
+<font color="white" size=".72c">original issuer of the nft that's a real</font>
+
+251
+00:09:28,160 --> 00:09:32,480
+<font color="white" size=".72c">problem when the only value associated</font>
+
+252
+00:09:30,080 --> 00:09:34,160
+<font color="white" size=".72c">with an nft comes from the initial sale</font>
+
+253
+00:09:32,480 --> 00:09:36,160
+<font color="white" size=".72c">terms so let's talk about an example of</font>
+
+254
+00:09:34,160 --> 00:09:38,320
+<font color="white" size=".72c">this in practice many people are</font>
+
+255
+00:09:36,160 --> 00:09:41,200
+<font color="white" size=".72c">familiar with nba top shots which was</font>
+
+256
+00:09:38,320 --> 00:09:43,839
+<font color="white" size=".72c">designed by dapper labs nba top shots is</font>
+
+257
+00:09:41,200 --> 00:09:47,279
+<font color="white" size=".72c">an nba platform that purports to allow</font>
+
+258
+00:09:43,839 --> 00:09:50,240
+<font color="white" size=".72c">you to own moments that happen in the</font>
+
+259
+00:09:47,279 --> 00:09:53,600
+<font color="white" size=".72c">nba often small snippets of videos</font>
+
+260
+00:09:50,240 --> 00:09:55,600
+<font color="white" size=".72c">related to nba plays now when you buy in</font>
+
+261
+00:09:53,600 --> 00:09:57,040
+<font color="white" size=".72c">nba top shot nft the transactions are</font>
+
+262
+00:09:55,600 --> 00:09:59,200
+<font color="white" size=".72c">registered on the flow blockchain which</font>
+
+263
+00:09:57,040 --> 00:10:01,120
+<font color="white" size=".72c">was basically created out of whole cloth</font>
+
+264
+00:09:59,200 --> 00:10:04,079
+<font color="white" size=".72c">by dapper labs to facilitate the</font>
+
+265
+00:10:01,120 --> 00:10:06,240
+<font color="white" size=".72c">transactions of nba top shots when you</font>
+
+266
+00:10:04,079 --> 00:10:09,120
+<font color="white" size=".72c">initially buy an nba top shot you get</font>
+
+267
+00:10:06,240 --> 00:10:12,079
+<font color="white" size=".72c">limited rights to use and view the nba</font>
+
+268
+00:10:09,120 --> 00:10:14,320
+<font color="white" size=".72c">top shot only within the nba top shots</font>
+
+269
+00:10:12,079 --> 00:10:17,360
+<font color="white" size=".72c">platform but here's the thing nba top</font>
+
+270
+00:10:14,320 --> 00:10:19,519
+<font color="white" size=".72c">shots is a private marketplace the nfts</font>
+
+271
+00:10:17,360 --> 00:10:22,240
+<font color="white" size=".72c">only have any real value when you use</font>
+
+272
+00:10:19,519 --> 00:10:24,720
+<font color="white" size=".72c">the walled garden of nba top shots you</font>
+
+273
+00:10:22,240 --> 00:10:27,360
+<font color="white" size=".72c">have to use their app or their website</font>
+
+274
+00:10:24,720 --> 00:10:29,120
+<font color="white" size=".72c">for the nft to have any functionality at</font>
+
+275
+00:10:27,360 --> 00:10:31,200
+<font color="white" size=".72c">all but in a way it works because</font>
+
+276
+00:10:29,120 --> 00:10:33,680
+<font color="white" size=".72c">everyone is on the same platform</font>
+
+277
+00:10:31,200 --> 00:10:36,720
+<font color="white" size=".72c">effectively nba top shots is simply a</font>
+
+278
+00:10:33,680 --> 00:10:38,720
+<font color="white" size=".72c">normal web 2.0 website where you're</font>
+
+279
+00:10:36,720 --> 00:10:41,200
+<font color="white" size=".72c">allowed to buy and sell things only</font>
+
+280
+00:10:38,720 --> 00:10:43,519
+<font color="white" size=".72c">within their specific platform and the</font>
+
+281
+00:10:41,200 --> 00:10:46,079
+<font color="white" size=".72c">terms of sale travel with the particular</font>
+
+282
+00:10:43,519 --> 00:10:49,519
+<font color="white" size=".72c">nfts because everyone is buying into the</font>
+
+283
+00:10:46,079 --> 00:10:52,399
+<font color="white" size=".72c">same system if you somehow got an nba</font>
+
+284
+00:10:49,519 --> 00:10:54,959
+<font color="white" size=".72c">top shot nft and was able to sell it on</font>
+
+285
+00:10:52,399 --> 00:10:57,040
+<font color="white" size=".72c">a different blockchain well odds are the</font>
+
+286
+00:10:54,959 --> 00:10:59,200
+<font color="white" size=".72c">terms and conditions don't flow and you</font>
+
+287
+00:10:57,040 --> 00:11:00,959
+<font color="white" size=".72c">have an nft that has zero value at all</font>
+
+288
+00:10:59,200 --> 00:11:03,839
+<font color="white" size=".72c">because it won't even work with the</font>
+
+289
+00:11:00,959 --> 00:11:06,000
+<font color="white" size=".72c">original nba top shots platform so if</font>
+
+290
+00:11:03,839 --> 00:11:08,640
+<font color="white" size=".72c">you're not nba top shots and you're not</font>
+
+291
+00:11:06,000 --> 00:11:11,200
+<font color="white" size=".72c">forcing everyone to use the same walled</font>
+
+292
+00:11:08,640 --> 00:11:13,120
+<font color="white" size=".72c">garden how do you bind secondary</font>
+
+293
+00:11:11,200 --> 00:11:15,279
+<font color="white" size=".72c">purchasers how do you even know what</font>
+
+294
+00:11:13,120 --> 00:11:17,839
+<font color="white" size=".72c">you're buying when you're buying an nft</font>
+
+295
+00:11:15,279 --> 00:11:19,760
+<font color="white" size=".72c">well that is incredibly controversial</font>
+
+296
+00:11:17,839 --> 00:11:22,320
+<font color="white" size=".72c">now another famous example is the board</font>
+
+297
+00:11:19,760 --> 00:11:25,519
+<font color="white" size=".72c">ape yacht club that is famous for</font>
+
+298
+00:11:22,320 --> 00:11:28,000
+<font color="white" size=".72c">selling nfts of monkey cartoons now you</font>
+
+299
+00:11:25,519 --> 00:11:30,560
+<font color="white" size=".72c">can buy a board ape nft on openc which</font>
+
+300
+00:11:28,000 --> 00:11:32,959
+<font color="white" size=".72c">is a large marketplace for nfts when you</font>
+
+301
+00:11:30,560 --> 00:11:35,040
+<font color="white" size=".72c">do the board ape yacht club says that</font>
+
+302
+00:11:32,959 --> 00:11:37,120
+<font color="white" size=".72c">you get access to certain perks these</font>
+
+303
+00:11:35,040 --> 00:11:39,600
+<font color="white" size=".72c">include getting access to their discord</font>
+
+304
+00:11:37,120 --> 00:11:41,760
+<font color="white" size=".72c">server of like-minded purchasers of</font>
+
+305
+00:11:39,600 --> 00:11:44,079
+<font color="white" size=".72c">board apes but for the most part those</font>
+
+306
+00:11:41,760 --> 00:11:46,560
+<font color="white" size=".72c">are perks that are offered off chain and</font>
+
+307
+00:11:44,079 --> 00:11:48,800
+<font color="white" size=".72c">by the originator of the nfts</font>
+
+308
+00:11:46,560 --> 00:11:50,320
+<font color="white" size=".72c">board could change their mind because</font>
+
+309
+00:11:48,800 --> 00:11:52,560
+<font color="white" size=".72c">it's questionable whether the terms and</font>
+
+310
+00:11:50,320 --> 00:11:55,360
+<font color="white" size=".72c">conditions travel with the downstream</font>
+
+311
+00:11:52,560 --> 00:11:57,120
+<font color="white" size=".72c">purchasers of every single board ape if</font>
+
+312
+00:11:55,360 --> 00:11:58,639
+<font color="white" size=".72c">those terms and conditions legally fail</font>
+
+313
+00:11:57,120 --> 00:12:00,399
+<font color="white" size=".72c">say board ape says they're not in</font>
+
+314
+00:11:58,639 --> 00:12:02,959
+<font color="white" size=".72c">privity with all of those downstream</font>
+
+315
+00:12:00,399 --> 00:12:05,519
+<font color="white" size=".72c">purchasers and then they decide to cut</font>
+
+316
+00:12:02,959 --> 00:12:08,720
+<font color="white" size=".72c">off access to maybe some bad actors who</font>
+
+317
+00:12:05,519 --> 00:12:10,959
+<font color="white" size=".72c">were spamming the the board ape discord</font>
+
+318
+00:12:08,720 --> 00:12:12,959
+<font color="white" size=".72c">well then those purchasers who spent</font>
+
+319
+00:12:10,959 --> 00:12:15,279
+<font color="white" size=".72c">hundreds of thousands of dollars may</font>
+
+320
+00:12:12,959 --> 00:12:17,600
+<font color="white" size=".72c">have zero recourse because if they're</font>
+
+321
+00:12:15,279 --> 00:12:19,519
+<font color="white" size=".72c">not in contractual privity there's</font>
+
+322
+00:12:17,600 --> 00:12:21,920
+<font color="white" size=".72c">nothing that binds board ape to provide</font>
+
+323
+00:12:19,519 --> 00:12:23,760
+<font color="white" size=".72c">those things long term they may in fact</font>
+
+324
+00:12:21,920 --> 00:12:26,160
+<font color="white" size=".72c">provide those things but they might not</font>
+
+325
+00:12:23,760 --> 00:12:27,760
+<font color="white" size=".72c">legally be required to now if you're a</font>
+
+326
+00:12:26,160 --> 00:12:29,920
+<font color="white" size=".72c">normal website you'd probably provide</font>
+
+327
+00:12:27,760 --> 00:12:31,760
+<font color="white" size=".72c">what's called a click wrap agreement</font>
+
+328
+00:12:29,920 --> 00:12:33,440
+<font color="white" size=".72c">that's one of those contracts that you</font>
+
+329
+00:12:31,760 --> 00:12:36,079
+<font color="white" size=".72c">kind of scroll through and then click i</font>
+
+330
+00:12:33,440 --> 00:12:38,399
+<font color="white" size=".72c">agree well that provides a whole bunch</font>
+
+331
+00:12:36,079 --> 00:12:41,279
+<font color="white" size=".72c">of terms and conditions sometimes those</font>
+
+332
+00:12:38,399 --> 00:12:43,680
+<font color="white" size=".72c">bind the users sometimes that binds the</font>
+
+333
+00:12:41,279 --> 00:12:45,920
+<font color="white" size=".72c">platform itself now when it comes to</font>
+
+334
+00:12:43,680 --> 00:12:47,839
+<font color="white" size=".72c">nfts you could provide a click wrap</font>
+
+335
+00:12:45,920 --> 00:12:49,839
+<font color="white" size=".72c">agreement i don't see that being done</font>
+
+336
+00:12:47,839 --> 00:12:52,320
+<font color="white" size=".72c">very much but there's a fundamental</font>
+
+337
+00:12:49,839 --> 00:12:55,040
+<font color="white" size=".72c">problem the agreement isn't necessarily</font>
+
+338
+00:12:52,320 --> 00:12:57,440
+<font color="white" size=".72c">linked to the nft itself you could also</font>
+
+339
+00:12:55,040 --> 00:12:59,839
+<font color="white" size=".72c">theoretically put the terms of sale in</font>
+
+340
+00:12:57,440 --> 00:13:02,399
+<font color="white" size=".72c">the reference work that's held off chain</font>
+
+341
+00:12:59,839 --> 00:13:04,800
+<font color="white" size=".72c">but again that is something that is not</font>
+
+342
+00:13:02,399 --> 00:13:07,279
+<font color="white" size=".72c">necessarily connected to the nft itself</font>
+
+343
+00:13:04,800 --> 00:13:09,440
+<font color="white" size=".72c">it can change over time and you still</font>
+
+344
+00:13:07,279 --> 00:13:10,959
+<font color="white" size=".72c">have no guarantee that the buyer has</font>
+
+345
+00:13:09,440 --> 00:13:12,720
+<font color="white" size=".72c">read the terms when the sale is</font>
+
+346
+00:13:10,959 --> 00:13:14,399
+<font color="white" size=".72c">consummated and as you have more and</font>
+
+347
+00:13:12,720 --> 00:13:15,839
+<font color="white" size=".72c">more secondary purchasers and you get</font>
+
+348
+00:13:14,399 --> 00:13:17,760
+<font color="white" size=".72c">further and further away from the</font>
+
+349
+00:13:15,839 --> 00:13:20,000
+<font color="white" size=".72c">initial sale the problems just get</font>
+
+350
+00:13:17,760 --> 00:13:22,480
+<font color="white" size=".72c">harder and harder to make sure that all</font>
+
+351
+00:13:20,000 --> 00:13:25,279
+<font color="white" size=".72c">of the downstream purchasers</font>
+
+352
+00:13:22,480 --> 00:13:28,160
+<font color="white" size=".72c">saw an assented to all of the contract</font>
+
+353
+00:13:25,279 --> 00:13:30,480
+<font color="white" size=".72c">terms and to make sure that the prior</font>
+
+354
+00:13:28,160 --> 00:13:32,959
+<font color="white" size=".72c">sellers and the original mentor are</font>
+
+355
+00:13:30,480 --> 00:13:35,600
+<font color="white" size=".72c">bound by the same terms to provide the</font>
+
+356
+00:13:32,959 --> 00:13:38,399
+<font color="white" size=".72c">thing that was originally provided when</font>
+
+357
+00:13:35,600 --> 00:13:40,480
+<font color="white" size=".72c">the nft was minted and the fundamental</font>
+
+358
+00:13:38,399 --> 00:13:42,800
+<font color="white" size=".72c">question if you buy an nft that doesn't</font>
+
+359
+00:13:40,480 --> 00:13:44,320
+<font color="white" size=".72c">have any sale terms whatsoever</font>
+
+360
+00:13:42,800 --> 00:13:47,120
+<font color="white" size=".72c">what have you purchased</font>
+
+361
+00:13:44,320 --> 00:13:49,279
+<font color="white" size=".72c">the answer is probably nothing at least</font>
+
+362
+00:13:47,120 --> 00:13:50,800
+<font color="white" size=".72c">nothing that the law can protect we'll</font>
+
+363
+00:13:49,279 --> 00:13:52,480
+<font color="white" size=".72c">talk about this later but one of the off</font>
+
+364
+00:13:50,800 --> 00:13:54,560
+<font color="white" size=".72c">chain problems with nfts is that the</font>
+
+365
+00:13:52,480 --> 00:13:55,760
+<font color="white" size=".72c">reference work can change you can get</font>
+
+366
+00:13:54,560 --> 00:13:58,240
+<font color="white" size=".72c">rug pulled</font>
+
+367
+00:13:55,760 --> 00:14:00,320
+<font color="white" size=".72c">and if you don't have a contract that</font>
+
+368
+00:13:58,240 --> 00:14:02,720
+<font color="white" size=".72c">says you are entitled to one specific</font>
+
+369
+00:14:00,320 --> 00:14:04,320
+<font color="white" size=".72c">thing well the nft doesn't tell you what</font>
+
+370
+00:14:02,720 --> 00:14:07,519
+<font color="white" size=".72c">the thing was that you were supposed to</font>
+
+371
+00:14:04,320 --> 00:14:10,800
+<font color="white" size=".72c">buy in a way an nft is like a hyperlink</font>
+
+372
+00:14:07,519 --> 00:14:12,800
+<font color="white" size=".72c">and you can't own a hyperlink so if you</font>
+
+373
+00:14:10,800 --> 00:14:14,560
+<font color="white" size=".72c">buy an nft that doesn't have contract</font>
+
+374
+00:14:12,800 --> 00:14:17,360
+<font color="white" size=".72c">terms it doesn't define what you have</font>
+
+375
+00:14:14,560 --> 00:14:19,279
+<font color="white" size=".72c">purchased and you aren't familiar with</font>
+
+376
+00:14:17,360 --> 00:14:21,519
+<font color="white" size=".72c">the terms of conditions and you want to</font>
+
+377
+00:14:19,279 --> 00:14:24,000
+<font color="white" size=".72c">try and enforce that nft against someone</font>
+
+378
+00:14:21,519 --> 00:14:25,600
+<font color="white" size=".72c">that you purchased it from i'm afraid to</font>
+
+379
+00:14:24,000 --> 00:14:28,480
+<font color="white" size=".72c">tell you that i think you own about as</font>
+
+380
+00:14:25,600 --> 00:14:30,959
+<font color="white" size=".72c">much as a hyperlink which is to say you</font>
+
+381
+00:14:28,480 --> 00:14:34,320
+<font color="white" size=".72c">can't own that many people claim that</font>
+
+382
+00:14:30,959 --> 00:14:37,519
+<font color="white" size=".72c">nfts supplant copyright law entirely and</font>
+
+383
+00:14:34,320 --> 00:14:40,560
+<font color="white" size=".72c">unfortunately that's not even close nfts</font>
+
+384
+00:14:37,519 --> 00:14:43,360
+<font color="white" size=".72c">are a product of contract law extremely</font>
+
+385
+00:14:40,560 --> 00:14:45,120
+<font color="white" size=".72c">fundamental ideas of contract law and</font>
+
+386
+00:14:43,360 --> 00:14:47,279
+<font color="white" size=".72c">there are real problems when it comes to</font>
+
+387
+00:14:45,120 --> 00:14:49,360
+<font color="white" size=".72c">enforcing those contracts and creating</font>
+
+388
+00:14:47,279 --> 00:14:51,360
+<font color="white" size=".72c">privity between the original mentor and</font>
+
+389
+00:14:49,360 --> 00:14:53,040
+<font color="white" size=".72c">downstream purchasers now one of the</font>
+
+390
+00:14:51,360 --> 00:14:54,639
+<font color="white" size=".72c">things that nfts can do is that they can</font>
+
+391
+00:14:53,040 --> 00:14:56,720
+<font color="white" size=".72c">be attributed with some basic</font>
+
+392
+00:14:54,639 --> 00:14:58,240
+<font color="white" size=".72c">programming so-called smart contracts</font>
+
+393
+00:14:56,720 --> 00:15:00,160
+<font color="white" size=".72c">now and these smart contracts are</font>
+
+394
+00:14:58,240 --> 00:15:03,040
+<font color="white" size=".72c">basically contracts in the same sense</font>
+
+395
+00:15:00,160 --> 00:15:05,279
+<font color="white" size=".72c">that a microchip is a contract it's it's</font>
+
+396
+00:15:03,040 --> 00:15:07,440
+<font color="white" size=".72c">not a legally binding document it just</font>
+
+397
+00:15:05,279 --> 00:15:08,880
+<font color="white" size=".72c">has a bit of programming to do things</font>
+
+398
+00:15:07,440 --> 00:15:10,720
+<font color="white" size=".72c">when certain conditions are met and</font>
+
+399
+00:15:08,880 --> 00:15:12,800
+<font color="white" size=".72c">these smart contracts seem to do well</font>
+
+400
+00:15:10,720 --> 00:15:15,519
+<font color="white" size=".72c">when they are based on internet native</font>
+
+401
+00:15:12,800 --> 00:15:17,120
+<font color="white" size=".72c">occurrences and simple transactions the</font>
+
+402
+00:15:15,519 --> 00:15:19,519
+<font color="white" size=".72c">kind of thing like an escrow account</font>
+
+403
+00:15:17,120 --> 00:15:21,680
+<font color="white" size=".72c">where you don't release funds until</font>
+
+404
+00:15:19,519 --> 00:15:23,360
+<font color="white" size=".72c">certain conditions precedent are met but</font>
+
+405
+00:15:21,680 --> 00:15:25,600
+<font color="white" size=".72c">these smart contracts these tiny</font>
+
+406
+00:15:23,360 --> 00:15:28,480
+<font color="white" size=".72c">programs are not real contracts they</font>
+
+407
+00:15:25,600 --> 00:15:29,600
+<font color="white" size=".72c">don't bind the downstream purchasers and</font>
+
+408
+00:15:28,480 --> 00:15:32,320
+<font color="white" size=".72c">in fact</font>
+
+409
+00:15:29,600 --> 00:15:33,600
+<font color="white" size=".72c">as we've seen they can break over time</font>
+
+410
+00:15:32,320 --> 00:15:35,040
+<font color="white" size=".72c">there are no legal rights that are</font>
+
+411
+00:15:33,600 --> 00:15:37,199
+<font color="white" size=".72c">created as a result of the smart</font>
+
+412
+00:15:35,040 --> 00:15:40,000
+<font color="white" size=".72c">contracts themselves so for better or</font>
+
+413
+00:15:37,199 --> 00:15:41,920
+<font color="white" size=".72c">worse lawyers exist for a reason and</font>
+
+414
+00:15:40,000 --> 00:15:44,160
+<font color="white" size=".72c">programmers are really really bad at</font>
+
+415
+00:15:41,920 --> 00:15:46,240
+<font color="white" size=".72c">planning for contingencies and they're</font>
+
+416
+00:15:44,160 --> 00:15:48,079
+<font color="white" size=".72c">also really bad at understanding</font>
+
+417
+00:15:46,240 --> 00:15:50,560
+<font color="white" size=".72c">contract law in general</font>
+
+418
+00:15:48,079 --> 00:15:53,600
+<font color="white" size=".72c">so the bottom line is that nfts are a</font>
+
+419
+00:15:50,560 --> 00:15:55,600
+<font color="white" size=".72c">product of contract the terms under</font>
+
+420
+00:15:53,600 --> 00:15:57,519
+<font color="white" size=".72c">which you bought them so for all of</font>
+
+421
+00:15:55,600 --> 00:15:58,880
+<font color="white" size=".72c">those who purchased in nfts i'm sure</font>
+
+422
+00:15:57,519 --> 00:16:01,040
+<font color="white" size=".72c">that you all checked the terms and</font>
+
+423
+00:15:58,880 --> 00:16:04,240
+<font color="white" size=".72c">conditions before you purchased right</font>
+
+424
+00:16:01,040 --> 00:16:05,600
+<font color="white" size=".72c">you got terms and conditions right</font>
+
+425
+00:16:04,240 --> 00:16:08,240
+<font color="white" size=".72c">and that brings us to copyright because</font>
+
+426
+00:16:05,600 --> 00:16:11,120
+<font color="white" size=".72c">nfts do not supplant copyright law not</font>
+
+427
+00:16:08,240 --> 00:16:13,839
+<font color="white" size=".72c">even close nfts are bound by normal</font>
+
+428
+00:16:11,120 --> 00:16:15,920
+<font color="white" size=".72c">everyday rules of copyright when you buy</font>
+
+429
+00:16:13,839 --> 00:16:18,320
+<font color="white" size=".72c">an nft sometimes you get the copyright</font>
+
+430
+00:16:15,920 --> 00:16:20,639
+<font color="white" size=".72c">but most of the times you don't again it</font>
+
+431
+00:16:18,320 --> 00:16:23,040
+<font color="white" size=".72c">entirely depends on the original terms</font>
+
+432
+00:16:20,639 --> 00:16:25,360
+<font color="white" size=".72c">of sale related to the nft</font>
+
+433
+00:16:23,040 --> 00:16:28,160
+<font color="white" size=".72c">nba top shots for example does not give</font>
+
+434
+00:16:25,360 --> 00:16:30,560
+<font color="white" size=".72c">you a copyright in the original video to</font>
+
+435
+00:16:28,160 --> 00:16:33,839
+<font color="white" size=".72c">the nba they give you an extremely</font>
+
+436
+00:16:30,560 --> 00:16:36,079
+<font color="white" size=".72c">limited license to use that video in</font>
+
+437
+00:16:33,839 --> 00:16:37,759
+<font color="white" size=".72c">extremely limited places and nothing</font>
+
+438
+00:16:36,079 --> 00:16:38,880
+<font color="white" size=".72c">more some other famous examples where</font>
+
+439
+00:16:37,759 --> 00:16:41,279
+<font color="white" size=".72c">people think they're buying the</font>
+
+440
+00:16:38,880 --> 00:16:43,680
+<font color="white" size=".72c">copyright but aren't include cryptos and</font>
+
+441
+00:16:41,279 --> 00:16:44,959
+<font color="white" size=".72c">board ape yacht club with cryptos they</font>
+
+442
+00:16:43,680 --> 00:16:47,680
+<font color="white" size=".72c">basically operate under the creative</font>
+
+443
+00:16:44,959 --> 00:16:50,800
+<font color="white" size=".72c">commons zero license where if you buy a</font>
+
+444
+00:16:47,680 --> 00:16:52,320
+<font color="white" size=".72c">cryptos jpeg they allow you to do</font>
+
+445
+00:16:50,800 --> 00:16:54,720
+<font color="white" size=".72c">basically whatever you want with them</font>
+
+446
+00:16:52,320 --> 00:16:57,040
+<font color="white" size=".72c">but again cryptos hangs on to the</font>
+
+447
+00:16:54,720 --> 00:16:59,600
+<font color="white" size=".72c">original copyright they simply license</font>
+
+448
+00:16:57,040 --> 00:17:01,920
+<font color="white" size=".72c">it to downstream purchasers same thing</font>
+
+449
+00:16:59,600 --> 00:17:04,640
+<font color="white" size=".72c">with the board ape yacht club</font>
+
+450
+00:17:01,920 --> 00:17:07,760
+<font color="white" size=".72c">they offer a fairly expansive license</font>
+
+451
+00:17:04,640 --> 00:17:09,760
+<font color="white" size=".72c">but again they hold the ips centrally</font>
+
+452
+00:17:07,760 --> 00:17:11,599
+<font color="white" size=".72c">and you're just simply given a license</font>
+
+453
+00:17:09,760 --> 00:17:14,799
+<font color="white" size=".72c">you are not buying the copyright</font>
+
+454
+00:17:11,599 --> 00:17:16,720
+<font color="white" size=".72c">associated with the board ape</font>
+
+455
+00:17:14,799 --> 00:17:19,119
+<font color="white" size=".72c">cartoon that you purchased and with</font>
+
+456
+00:17:16,720 --> 00:17:21,280
+<font color="white" size=".72c">board ape the license is held off-chain</font>
+
+457
+00:17:19,119 --> 00:17:23,039
+<font color="white" size=".72c">which means that that license might</font>
+
+458
+00:17:21,280 --> 00:17:24,959
+<font color="white" size=".72c">change over time and you might never</font>
+
+459
+00:17:23,039 --> 00:17:26,880
+<font color="white" size=".72c">even know about it and often this has</font>
+
+460
+00:17:24,959 --> 00:17:30,320
+<font color="white" size=".72c">very little to do with copyright at all</font>
+
+461
+00:17:26,880 --> 00:17:32,240
+<font color="white" size=".72c">if you buy an nba top shot let's say of</font>
+
+462
+00:17:30,320 --> 00:17:34,080
+<font color="white" size=".72c">a particular clip of something that</font>
+
+463
+00:17:32,240 --> 00:17:36,000
+<font color="white" size=".72c">happened in the nba</font>
+
+464
+00:17:34,080 --> 00:17:38,240
+<font color="white" size=".72c">you can't enforce that against someone</font>
+
+465
+00:17:36,000 --> 00:17:39,520
+<font color="white" size=".72c">who is displaying that piece of video</font>
+
+466
+00:17:38,240 --> 00:17:42,160
+<font color="white" size=".72c">somewhere else</font>
+
+467
+00:17:39,520 --> 00:17:44,640
+<font color="white" size=".72c">and on top of that the nba can prevent</font>
+
+468
+00:17:42,160 --> 00:17:46,720
+<font color="white" size=".72c">you from displaying that particular</font>
+
+469
+00:17:44,640 --> 00:17:48,880
+<font color="white" size=".72c">video clip if you're displaying it in a</font>
+
+470
+00:17:46,720 --> 00:17:51,280
+<font color="white" size=".72c">way that conflicts with the license that</font>
+
+471
+00:17:48,880 --> 00:17:53,840
+<font color="white" size=".72c">was purchased through nba top shots</font>
+
+472
+00:17:51,280 --> 00:17:55,440
+<font color="white" size=".72c">which again is incredibly restrictive</font>
+
+473
+00:17:53,840 --> 00:17:56,640
+<font color="white" size=".72c">and the issue of copyright is incredibly</font>
+
+474
+00:17:55,440 --> 00:17:59,679
+<font color="white" size=".72c">important because when you're talking</font>
+
+475
+00:17:56,640 --> 00:18:02,559
+<font color="white" size=".72c">about digital art that's often the only</font>
+
+476
+00:17:59,679 --> 00:18:04,240
+<font color="white" size=".72c">right that the law recognizes if you</font>
+
+477
+00:18:02,559 --> 00:18:06,640
+<font color="white" size=".72c">don't have the copyright then you</font>
+
+478
+00:18:04,240 --> 00:18:09,039
+<font color="white" size=".72c">effectively have nothing and that's</font>
+
+479
+00:18:06,640 --> 00:18:10,960
+<font color="white" size=".72c">important because in the context of nfts</font>
+
+480
+00:18:09,039 --> 00:18:12,160
+<font color="white" size=".72c">a lot of the art that is being bought</font>
+
+481
+00:18:10,960 --> 00:18:14,559
+<font color="white" size=".72c">and sold</font>
+
+482
+00:18:12,160 --> 00:18:17,440
+<font color="white" size=".72c">probably doesn't have a copyright at all</font>
+
+483
+00:18:14,559 --> 00:18:19,120
+<font color="white" size=".72c">it's uncopyrightable the ultimate irony</font>
+
+484
+00:18:17,440 --> 00:18:21,679
+<font color="white" size=".72c">is that when it comes to digital art</font>
+
+485
+00:18:19,120 --> 00:18:24,080
+<font color="white" size=".72c">that does have a copyright ironically</font>
+
+486
+00:18:21,679 --> 00:18:26,880
+<font color="white" size=".72c">the copyright is a scarce resource</font>
+
+487
+00:18:24,080 --> 00:18:28,400
+<font color="white" size=".72c">there's only one sure you can license it</font>
+
+488
+00:18:26,880 --> 00:18:31,200
+<font color="white" size=".72c">an infinite number of times</font>
+
+489
+00:18:28,400 --> 00:18:32,080
+<font color="white" size=".72c">or you can assign the copyright</font>
+
+490
+00:18:31,200 --> 00:18:34,640
+<font color="white" size=".72c">but</font>
+
+491
+00:18:32,080 --> 00:18:35,760
+<font color="white" size=".72c">the copyright itself is inherently</font>
+
+492
+00:18:34,640 --> 00:18:37,360
+<font color="white" size=".72c">scarce</font>
+
+493
+00:18:35,760 --> 00:18:39,760
+<font color="white" size=".72c">and maybe we never needed to solve the</font>
+
+494
+00:18:37,360 --> 00:18:41,440
+<font color="white" size=".72c">digital scarcity question at all because</font>
+
+495
+00:18:39,760 --> 00:18:43,280
+<font color="white" size=".72c">it was already solved through regular</font>
+
+496
+00:18:41,440 --> 00:18:44,799
+<font color="white" size=".72c">copyright law because a lot of the</font>
+
+497
+00:18:43,280 --> 00:18:47,440
+<font color="white" size=".72c">reference art that's associated with the</font>
+
+498
+00:18:44,799 --> 00:18:49,919
+<font color="white" size=".72c">nft is called generative art it's art</font>
+
+499
+00:18:47,440 --> 00:18:52,080
+<font color="white" size=".72c">that's created by ai or programmatically</font>
+
+500
+00:18:49,919 --> 00:18:54,720
+<font color="white" size=".72c">through a computer you might have heard</font>
+
+501
+00:18:52,080 --> 00:18:57,120
+<font color="white" size=".72c">of the ninth circuit case naruto versus</font>
+
+502
+00:18:54,720 --> 00:18:59,840
+<font color="white" size=".72c">slater that is the monkey selfie case</font>
+
+503
+00:18:57,120 --> 00:19:02,240
+<font color="white" size=".72c">where the courts recognize that only a</font>
+
+504
+00:18:59,840 --> 00:19:04,480
+<font color="white" size=".72c">human can create art that has a</font>
+
+505
+00:19:02,240 --> 00:19:06,080
+<font color="white" size=".72c">copyright in that particular case there</font>
+
+506
+00:19:04,480 --> 00:19:08,960
+<font color="white" size=".72c">was a monkey that got a hold of a</font>
+
+507
+00:19:06,080 --> 00:19:10,720
+<font color="white" size=".72c">photographer's camera took a selfie and</font>
+
+508
+00:19:08,960 --> 00:19:12,799
+<font color="white" size=".72c">the photographer tried to exercise a</font>
+
+509
+00:19:10,720 --> 00:19:15,280
+<font color="white" size=".72c">copyright in that particular piece of</font>
+
+510
+00:19:12,799 --> 00:19:18,080
+<font color="white" size=".72c">artwork at the same time peta said that</font>
+
+511
+00:19:15,280 --> 00:19:19,840
+<font color="white" size=".72c">the the monkey owned the copyright to</font>
+
+512
+00:19:18,080 --> 00:19:21,520
+<font color="white" size=".72c">that particular photo and they</font>
+
+513
+00:19:19,840 --> 00:19:23,919
+<font color="white" size=".72c">intervened to try to exercise the</font>
+
+514
+00:19:21,520 --> 00:19:26,559
+<font color="white" size=".72c">monkeys rights on its behalf and the</font>
+
+515
+00:19:23,919 --> 00:19:29,440
+<font color="white" size=".72c">court found that no one had a copyright</font>
+
+516
+00:19:26,559 --> 00:19:31,679
+<font color="white" size=".72c">because only humans can have a copyright</font>
+
+517
+00:19:29,440 --> 00:19:34,160
+<font color="white" size=".72c">in art only humans can create art that</font>
+
+518
+00:19:31,679 --> 00:19:35,919
+<font color="white" size=".72c">is copyrightable so by extension if a</font>
+
+519
+00:19:34,160 --> 00:19:39,200
+<font color="white" size=".72c">machine is deemed to be the author of a</font>
+
+520
+00:19:35,919 --> 00:19:41,280
+<font color="white" size=".72c">work no one can exercise a copyright in</font>
+
+521
+00:19:39,200 --> 00:19:43,679
+<font color="white" size=".72c">that particular artwork and in the</font>
+
+522
+00:19:41,280 --> 00:19:45,600
+<font color="white" size=".72c">context of nfts there's untold numbers</font>
+
+523
+00:19:43,679 --> 00:19:48,160
+<font color="white" size=".72c">of works that are touted as being</font>
+
+524
+00:19:45,600 --> 00:19:51,039
+<font color="white" size=".72c">created by computers that's deemed to be</font>
+
+525
+00:19:48,160 --> 00:19:52,559
+<font color="white" size=".72c">a feature not a bug and if that's the</font>
+
+526
+00:19:51,039 --> 00:19:54,960
+<font color="white" size=".72c">case i don't think that there is a</font>
+
+527
+00:19:52,559 --> 00:19:57,200
+<font color="white" size=".72c">copyright there to begin with no one can</font>
+
+528
+00:19:54,960 --> 00:19:58,880
+<font color="white" size=".72c">exercise any rights associated with that</font>
+
+529
+00:19:57,200 --> 00:20:01,440
+<font color="white" size=".72c">uh artwork because</font>
+
+530
+00:19:58,880 --> 00:20:04,159
+<font color="white" size=".72c">no human created it even with the very</font>
+
+531
+00:20:01,440 --> 00:20:06,320
+<font color="white" size=".72c">famous bordeape yacht club it seems to</font>
+
+532
+00:20:04,159 --> 00:20:08,400
+<font color="white" size=".72c">be just a rehashing of the same elements</font>
+
+533
+00:20:06,320 --> 00:20:11,120
+<font color="white" size=".72c">over and over and over again which i</font>
+
+534
+00:20:08,400 --> 00:20:13,520
+<font color="white" size=".72c">believe were hashed by a computer rather</font>
+
+535
+00:20:11,120 --> 00:20:15,679
+<font color="white" size=".72c">than a person a person may have created</font>
+
+536
+00:20:13,520 --> 00:20:17,679
+<font color="white" size=".72c">the individual elements once upon a time</font>
+
+537
+00:20:15,679 --> 00:20:19,760
+<font color="white" size=".72c">but the individual artworks were created</font>
+
+538
+00:20:17,679 --> 00:20:22,159
+<font color="white" size=".72c">by a computer now there are some</font>
+
+539
+00:20:19,760 --> 00:20:24,720
+<font color="white" size=".72c">complicated issues related to copyrights</font>
+
+540
+00:20:22,159 --> 00:20:27,200
+<font color="white" size=".72c">of compilations and works for hire but</font>
+
+541
+00:20:24,720 --> 00:20:28,960
+<font color="white" size=".72c">there is an argument that some very very</font>
+
+542
+00:20:27,200 --> 00:20:32,159
+<font color="white" size=".72c">expensive nfts</font>
+
+543
+00:20:28,960 --> 00:20:34,480
+<font color="white" size=".72c">simply don't have a copyright at all</font>
+
+544
+00:20:32,159 --> 00:20:37,520
+<font color="white" size=".72c">now in fairness to nfts in the real</font>
+
+545
+00:20:34,480 --> 00:20:38,960
+<font color="white" size=".72c">world when you buy real art you buy a</font>
+
+546
+00:20:37,520 --> 00:20:41,200
+<font color="white" size=".72c">physical painting</font>
+
+547
+00:20:38,960 --> 00:20:43,360
+<font color="white" size=".72c">it's normal not to buy the copyright</font>
+
+548
+00:20:41,200 --> 00:20:46,400
+<font color="white" size=".72c">associated with that particular painting</font>
+
+549
+00:20:43,360 --> 00:20:49,039
+<font color="white" size=".72c">when you buy a novel you are not buying</font>
+
+550
+00:20:46,400 --> 00:20:51,919
+<font color="white" size=".72c">the copyright associated with that novel</font>
+
+551
+00:20:49,039 --> 00:20:54,559
+<font color="white" size=".72c">so it's not unusual in the art world to</font>
+
+552
+00:20:51,919 --> 00:20:57,679
+<font color="white" size=".72c">not get the copyright associated with a</font>
+
+553
+00:20:54,559 --> 00:20:59,840
+<font color="white" size=".72c">work and so in some sense it's normal</font>
+
+554
+00:20:57,679 --> 00:21:02,320
+<font color="white" size=".72c">not to get a copyright associated with</font>
+
+555
+00:20:59,840 --> 00:21:05,440
+<font color="white" size=".72c">digital art the issue here is that</font>
+
+556
+00:21:02,320 --> 00:21:06,480
+<font color="white" size=".72c">digital art doesn't have a physical</font>
+
+557
+00:21:05,440 --> 00:21:08,880
+<font color="white" size=".72c">token</font>
+
+558
+00:21:06,480 --> 00:21:10,480
+<font color="white" size=".72c">if you aren't getting the copyright</font>
+
+559
+00:21:08,880 --> 00:21:12,240
+<font color="white" size=".72c">associated with the digital art you're</font>
+
+560
+00:21:10,480 --> 00:21:14,720
+<font color="white" size=".72c">not really getting anything that is</font>
+
+561
+00:21:12,240 --> 00:21:17,280
+<font color="white" size=".72c">protectable under the law but of course</font>
+
+562
+00:21:14,720 --> 00:21:19,200
+<font color="white" size=".72c">in the real world you actually have a</font>
+
+563
+00:21:17,280 --> 00:21:20,880
+<font color="white" size=".72c">physical thing and that's associated</font>
+
+564
+00:21:19,200 --> 00:21:22,960
+<font color="white" size=".72c">with a legal doctrine called the first</font>
+
+565
+00:21:20,880 --> 00:21:24,559
+<font color="white" size=".72c">sale doctrine that when you buy a</font>
+
+566
+00:21:22,960 --> 00:21:26,480
+<font color="white" size=".72c">physical good whether it is a painting</font>
+
+567
+00:21:24,559 --> 00:21:28,960
+<font color="white" size=".72c">or a pair of nike shoes you can</font>
+
+568
+00:21:26,480 --> 00:21:31,280
+<font color="white" size=".72c">basically do whatever you want to that</font>
+
+569
+00:21:28,960 --> 00:21:33,440
+<font color="white" size=".72c">physical good you don't have necessarily</font>
+
+570
+00:21:31,280 --> 00:21:34,960
+<font color="white" size=".72c">the right to reproduce or otherwise use</font>
+
+571
+00:21:33,440 --> 00:21:36,640
+<font color="white" size=".72c">an image of the thing that you have</font>
+
+572
+00:21:34,960 --> 00:21:38,559
+<font color="white" size=".72c">purchased but you do have the right to</font>
+
+573
+00:21:36,640 --> 00:21:40,880
+<font color="white" size=".72c">basically do whatever you want with the</font>
+
+574
+00:21:38,559 --> 00:21:42,799
+<font color="white" size=".72c">physical good itself including selling</font>
+
+575
+00:21:40,880 --> 00:21:45,280
+<font color="white" size=".72c">it to somebody else physical works of</font>
+
+576
+00:21:42,799 --> 00:21:46,400
+<font color="white" size=".72c">art are almost inherently scarce as well</font>
+
+577
+00:21:45,280 --> 00:21:49,039
+<font color="white" size=".72c">a painting</font>
+
+578
+00:21:46,400 --> 00:21:52,000
+<font color="white" size=".72c">can only be painted by a human once and</font>
+
+579
+00:21:49,039 --> 00:21:54,240
+<font color="white" size=".72c">nfts are touted as solving the infinite</font>
+
+580
+00:21:52,000 --> 00:21:57,039
+<font color="white" size=".72c">reproducibility problem with digital</font>
+
+581
+00:21:54,240 --> 00:21:59,600
+<font color="white" size=".72c">works where legally speaking at least no</font>
+
+582
+00:21:57,039 --> 00:22:01,840
+<font color="white" size=".72c">nft can claim to have providence over an</font>
+
+583
+00:21:59,600 --> 00:22:04,080
+<font color="white" size=".72c">artwork that is itself legally</font>
+
+584
+00:22:01,840 --> 00:22:06,720
+<font color="white" size=".72c">infinitely reproducible so when it comes</font>
+
+585
+00:22:04,080 --> 00:22:09,120
+<font color="white" size=".72c">to digital art such as jpegs if you're</font>
+
+586
+00:22:06,720 --> 00:22:11,520
+<font color="white" size=".72c">not buying the copyright i'm not sure</font>
+
+587
+00:22:09,120 --> 00:22:14,000
+<font color="white" size=".72c">legally what you are buying and as a</font>
+
+588
+00:22:11,520 --> 00:22:16,000
+<font color="white" size=".72c">non-legal aside i know art is inherently</font>
+
+589
+00:22:14,000 --> 00:22:18,480
+<font color="white" size=".72c">subjective and there's no objectivity in</font>
+
+590
+00:22:16,000 --> 00:22:21,039
+<font color="white" size=".72c">art and claiming that something is good</font>
+
+591
+00:22:18,480 --> 00:22:23,039
+<font color="white" size=".72c">art or bad art is inherently in coheit</font>
+
+592
+00:22:21,039 --> 00:22:25,280
+<font color="white" size=".72c">but i mean just look at this stuff this</font>
+
+593
+00:22:23,039 --> 00:22:27,120
+<font color="white" size=".72c">is bad art and if you're claiming that</font>
+
+594
+00:22:25,280 --> 00:22:28,640
+<font color="white" size=".72c">this art is inherently worth hundreds of</font>
+
+595
+00:22:27,120 --> 00:22:30,720
+<font color="white" size=".72c">thousands of dollars apart from any</font>
+
+596
+00:22:28,640 --> 00:22:32,720
+<font color="white" size=".72c">speculative value</font>
+
+597
+00:22:30,720 --> 00:22:35,200
+<font color="white" size=".72c">i don't think you're good at art so that</font>
+
+598
+00:22:32,720 --> 00:22:37,039
+<font color="white" size=".72c">takes us to consumer protection issues</font>
+
+599
+00:22:35,200 --> 00:22:38,880
+<font color="white" size=".72c">we've seen that there is a vast gulf</font>
+
+600
+00:22:37,039 --> 00:22:40,640
+<font color="white" size=".72c">between what people think they are</font>
+
+601
+00:22:38,880 --> 00:22:43,039
+<font color="white" size=".72c">getting and what they're actually</font>
+
+602
+00:22:40,640 --> 00:22:46,240
+<font color="white" size=".72c">getting when it comes to nfts</font>
+
+603
+00:22:43,039 --> 00:22:47,760
+<font color="white" size=".72c">and these nfts are widely promoted by a</font>
+
+604
+00:22:46,240 --> 00:22:49,360
+<font color="white" size=".72c">wide variety of different people</font>
+
+605
+00:22:47,760 --> 00:22:51,440
+<font color="white" size=".72c">including the the people that are</font>
+
+606
+00:22:49,360 --> 00:22:53,760
+<font color="white" size=".72c">selling these things and people who are</font>
+
+607
+00:22:51,440 --> 00:22:55,760
+<font color="white" size=".72c">paid to promote them and it doesn't seem</font>
+
+608
+00:22:53,760 --> 00:22:58,559
+<font color="white" size=".72c">that anyone really knows exactly what</font>
+
+609
+00:22:55,760 --> 00:23:01,200
+<font color="white" size=".72c">they are receiving platforms like nba</font>
+
+610
+00:22:58,559 --> 00:23:03,919
+<font color="white" size=".72c">top shots who you can assume have</font>
+
+611
+00:23:01,200 --> 00:23:05,120
+<font color="white" size=".72c">legions of lawyers have actually changed</font>
+
+612
+00:23:03,919 --> 00:23:06,320
+<font color="white" size=".72c">a lot of the marketing language that</font>
+
+613
+00:23:05,120 --> 00:23:08,159
+<font color="white" size=".72c">they've used</font>
+
+614
+00:23:06,320 --> 00:23:10,640
+<font color="white" size=".72c">historically they used language like</font>
+
+615
+00:23:08,159 --> 00:23:12,799
+<font color="white" size=".72c">owning a moment but that probably</font>
+
+616
+00:23:10,640 --> 00:23:15,360
+<font color="white" size=".72c">doesn't line up with the idea of getting</font>
+
+617
+00:23:12,799 --> 00:23:17,520
+<font color="white" size=".72c">an extremely limited ip license to view</font>
+
+618
+00:23:15,360 --> 00:23:20,320
+<font color="white" size=".72c">and display the reference work almost</font>
+
+619
+00:23:17,520 --> 00:23:22,640
+<font color="white" size=".72c">exclusively on the top shots platform</font>
+
+620
+00:23:20,320 --> 00:23:26,240
+<font color="white" size=".72c">now they use language like scoring in</font>
+
+621
+00:23:22,640 --> 00:23:27,840
+<font color="white" size=".72c">nft or collecting in nft which to me is</font>
+
+622
+00:23:26,240 --> 00:23:30,240
+<font color="white" size=".72c">very very different than the idea of</font>
+
+623
+00:23:27,840 --> 00:23:32,400
+<font color="white" size=".72c">owning a moment and it almost goes</font>
+
+624
+00:23:30,240 --> 00:23:35,200
+<font color="white" size=".72c">without saying but i'll say it anyway</font>
+
+625
+00:23:32,400 --> 00:23:37,200
+<font color="white" size=".72c">you can't own a moment that is not a</font>
+
+626
+00:23:35,200 --> 00:23:39,679
+<font color="white" size=".72c">thing that the law recognizes that</font>
+
+627
+00:23:37,200 --> 00:23:40,799
+<font color="white" size=".72c">anyone can own you might as well try and</font>
+
+628
+00:23:39,679 --> 00:23:43,520
+<font color="white" size=".72c">buy</font>
+
+629
+00:23:40,799 --> 00:23:45,679
+<font color="white" size=".72c">a star in a faraway galaxy you can't own</font>
+
+630
+00:23:43,520 --> 00:23:47,279
+<font color="white" size=".72c">that and it seems like there is a huge</font>
+
+631
+00:23:45,679 --> 00:23:48,559
+<font color="white" size=".72c">amount of misperception</font>
+
+632
+00:23:47,279 --> 00:23:50,240
+<font color="white" size=".72c">in terms of what people think they're</font>
+
+633
+00:23:48,559 --> 00:23:52,400
+<font color="white" size=".72c">getting in terms of ownership and of</font>
+
+634
+00:23:50,240 --> 00:23:54,640
+<font color="white" size=".72c">course the false promises from the</font>
+
+635
+00:23:52,400 --> 00:23:56,960
+<font color="white" size=".72c">mentors are compounding that effect and</font>
+
+636
+00:23:54,640 --> 00:23:59,760
+<font color="white" size=".72c">whenever you have false promises from</font>
+
+637
+00:23:56,960 --> 00:24:02,799
+<font color="white" size=".72c">sellers and misperceptions of buyers you</font>
+
+638
+00:23:59,760 --> 00:24:06,080
+<font color="white" size=".72c">run into consumer protection issues if i</font>
+
+639
+00:24:02,799 --> 00:24:08,799
+<font color="white" size=".72c">was a mentor or a seller of nfts i'd</font>
+
+640
+00:24:06,080 --> 00:24:10,559
+<font color="white" size=".72c">make darn sure that every single person</font>
+
+641
+00:24:08,799 --> 00:24:13,120
+<font color="white" size=".72c">saw the terms and conditions so that</font>
+
+642
+00:24:10,559 --> 00:24:15,679
+<font color="white" size=".72c">there was no confusion as to what i was</font>
+
+643
+00:24:13,120 --> 00:24:17,520
+<font color="white" size=".72c">selling and what they were buying but</font>
+
+644
+00:24:15,679 --> 00:24:18,559
+<font color="white" size=".72c">that's just simply not happening in this</font>
+
+645
+00:24:17,520 --> 00:24:20,320
+<font color="white" size=".72c">industry</font>
+
+646
+00:24:18,559 --> 00:24:22,640
+<font color="white" size=".72c">and while many people would probably try</font>
+
+647
+00:24:20,320 --> 00:24:24,880
+<font color="white" size=".72c">and claim first amendment protection</font>
+
+648
+00:24:22,640 --> 00:24:28,000
+<font color="white" size=".72c">the first amendment does not extend</font>
+
+649
+00:24:24,880 --> 00:24:30,720
+<font color="white" size=".72c">nearly as much to buyers and sellers of</font>
+
+650
+00:24:28,000 --> 00:24:32,880
+<font color="white" size=".72c">goods when you have commercial sales and</font>
+
+651
+00:24:30,720 --> 00:24:34,240
+<font color="white" size=".72c">commercial speech the first amendment</font>
+
+652
+00:24:32,880 --> 00:24:36,240
+<font color="white" size=".72c">doesn't protect nearly as much as you'd</font>
+
+653
+00:24:34,240 --> 00:24:39,120
+<font color="white" size=".72c">think it would and as we discussed many</font>
+
+654
+00:24:36,240 --> 00:24:40,960
+<font color="white" size=".72c">nfts drop without any terms whatsoever</font>
+
+655
+00:24:39,120 --> 00:24:43,039
+<font color="white" size=".72c">and for those that do have terms it's</font>
+
+656
+00:24:40,960 --> 00:24:46,000
+<font color="white" size=".72c">not at all clear that those terms travel</font>
+
+657
+00:24:43,039 --> 00:24:48,400
+<font color="white" size=".72c">with downstream purchasers of those nfts</font>
+
+658
+00:24:46,000 --> 00:24:50,320
+<font color="white" size=".72c">nfts are also a product of programming</font>
+
+659
+00:24:48,400 --> 00:24:53,760
+<font color="white" size=".72c">and as we've seen time and time again</font>
+
+660
+00:24:50,320 --> 00:24:56,240
+<font color="white" size=".72c">those programs can fail an nft can be</font>
+
+661
+00:24:53,760 --> 00:24:58,000
+<font color="white" size=".72c">corrupted the reference work can be rug</font>
+
+662
+00:24:56,240 --> 00:25:01,120
+<font color="white" size=".72c">pulled you can change the the reference</font>
+
+663
+00:24:58,000 --> 00:25:02,080
+<font color="white" size=".72c">work even if you're pointing to an ipfs</font>
+
+664
+00:25:01,120 --> 00:25:03,840
+<font color="white" size=".72c">file</font>
+
+665
+00:25:02,080 --> 00:25:06,320
+<font color="white" size=".72c">that can change</font>
+
+666
+00:25:03,840 --> 00:25:07,840
+<font color="white" size=".72c">who's responsible if the nft isn't even</font>
+
+667
+00:25:06,320 --> 00:25:10,880
+<font color="white" size=".72c">delivering the things that it was</font>
+
+668
+00:25:07,840 --> 00:25:13,360
+<font color="white" size=".72c">supposed to deliver if those terms exist</font>
+
+669
+00:25:10,880 --> 00:25:16,640
+<font color="white" size=".72c">often nfts provide the division of</font>
+
+670
+00:25:13,360 --> 00:25:19,279
+<font color="white" size=".72c">royalties and revenue streams but those</font>
+
+671
+00:25:16,640 --> 00:25:20,640
+<font color="white" size=".72c">often only work if the blockchain is</font>
+
+672
+00:25:19,279 --> 00:25:22,559
+<font color="white" size=".72c">working you better hope that the</font>
+
+673
+00:25:20,640 --> 00:25:24,159
+<font color="white" size=".72c">blockchain doesn't fork that the</font>
+
+674
+00:25:22,559 --> 00:25:25,760
+<font color="white" size=".72c">programming works and that it provides</font>
+
+675
+00:25:24,159 --> 00:25:28,000
+<font color="white" size=".72c">for every single contingency that you</font>
+
+676
+00:25:25,760 --> 00:25:30,240
+<font color="white" size=".72c">can think of because those things break</font>
+
+677
+00:25:28,000 --> 00:25:32,400
+<font color="white" size=".72c">all the time and there are all kinds of</font>
+
+678
+00:25:30,240 --> 00:25:35,279
+<font color="white" size=".72c">laws that make sure that consumers are</font>
+
+679
+00:25:32,400 --> 00:25:38,000
+<font color="white" size=".72c">protected by contracts of adhesion there</font>
+
+680
+00:25:35,279 --> 00:25:40,480
+<font color="white" size=".72c">is the e-sign act that governs whether a</font>
+
+681
+00:25:38,000 --> 00:25:41,760
+<font color="white" size=".72c">click-wrap agreement on a website is</font>
+
+682
+00:25:40,480 --> 00:25:45,600
+<font color="white" size=".72c">enforceable</font>
+
+683
+00:25:41,760 --> 00:25:47,679
+<font color="white" size=".72c">both against the seller and to the buyer</font>
+
+684
+00:25:45,600 --> 00:25:49,440
+<font color="white" size=".72c">these are effectively the same kinds of</font>
+
+685
+00:25:47,679 --> 00:25:51,279
+<font color="white" size=".72c">issues that any kind of e-commerce</font>
+
+686
+00:25:49,440 --> 00:25:54,080
+<font color="white" size=".72c">website is going to have to deal with</font>
+
+687
+00:25:51,279 --> 00:25:57,039
+<font color="white" size=".72c">but effectively every single individual</font>
+
+688
+00:25:54,080 --> 00:25:59,039
+<font color="white" size=".72c">buyer and seller of an nft have to deal</font>
+
+689
+00:25:57,039 --> 00:26:01,679
+<font color="white" size=".72c">with the same thing and</font>
+
+690
+00:25:59,039 --> 00:26:04,159
+<font color="white" size=".72c">many people just aren't making sure that</font>
+
+691
+00:26:01,679 --> 00:26:06,320
+<font color="white" size=".72c">contract terms are enforceable is a</font>
+
+692
+00:26:04,159 --> 00:26:09,440
+<font color="white" size=".72c">known issue that all websites whether</font>
+
+693
+00:26:06,320 --> 00:26:12,240
+<font color="white" size=".72c">it's web 2.0 or web 3 have to deal with</font>
+
+694
+00:26:09,440 --> 00:26:14,080
+<font color="white" size=".72c">and you might try and put a contract on</font>
+
+695
+00:26:12,240 --> 00:26:16,480
+<font color="white" size=".72c">openc if that is the marketplace that</font>
+
+696
+00:26:14,080 --> 00:26:17,840
+<font color="white" size=".72c">you are trying to sell your nft but</font>
+
+697
+00:26:16,480 --> 00:26:19,760
+<font color="white" size=".72c">right now there's no guarantee that</font>
+
+698
+00:26:17,840 --> 00:26:21,919
+<font color="white" size=".72c">anyone's going to read it and if no</font>
+
+699
+00:26:19,760 --> 00:26:23,520
+<font color="white" size=".72c">one's reading the contract terms you've</font>
+
+700
+00:26:21,919 --> 00:26:25,600
+<font color="white" size=".72c">got big issues in terms of</font>
+
+701
+00:26:23,520 --> 00:26:26,880
+<font color="white" size=".72c">enforceability let alone privity and the</font>
+
+702
+00:26:25,600 --> 00:26:29,279
+<font color="white" size=".72c">bottom line is that you have to make</font>
+
+703
+00:26:26,880 --> 00:26:30,720
+<font color="white" size=".72c">sure that consumers are affirmatively</font>
+
+704
+00:26:29,279 --> 00:26:33,679
+<font color="white" size=".72c">consenting</font>
+
+705
+00:26:30,720 --> 00:26:36,159
+<font color="white" size=".72c">to the contract terms and if you can't</font>
+
+706
+00:26:33,679 --> 00:26:38,400
+<font color="white" size=".72c">prove that that might be your problem</font>
+
+707
+00:26:36,159 --> 00:26:40,880
+<font color="white" size=".72c">but it also might be the problem of the</font>
+
+708
+00:26:38,400 --> 00:26:42,480
+<font color="white" size=".72c">nft purchasers if they want to make sure</font>
+
+709
+00:26:40,880 --> 00:26:44,000
+<font color="white" size=".72c">that third parties are providing</font>
+
+710
+00:26:42,480 --> 00:26:45,600
+<font color="white" size=".72c">off-chain</font>
+
+711
+00:26:44,000 --> 00:26:47,600
+<font color="white" size=".72c">unlocked goods</font>
+
+712
+00:26:45,600 --> 00:26:49,360
+<font color="white" size=".72c">well you'd better have a contract that</font>
+
+713
+00:26:47,600 --> 00:26:50,480
+<font color="white" size=".72c">makes sure that they actually provide</font>
+
+714
+00:26:49,360 --> 00:26:52,320
+<font color="white" size=".72c">those things</font>
+
+715
+00:26:50,480 --> 00:26:54,799
+<font color="white" size=".72c">and then there's all kinds of securities</font>
+
+716
+00:26:52,320 --> 00:26:56,880
+<font color="white" size=".72c">related legal issues nfcs are being</font>
+
+717
+00:26:54,799 --> 00:26:58,880
+<font color="white" size=".72c">marketed mostly as art or collectibles</font>
+
+718
+00:26:56,880 --> 00:27:00,960
+<font color="white" size=".72c">but at the same time there is so much</font>
+
+719
+00:26:58,880 --> 00:27:03,120
+<font color="white" size=".72c">hype and so much speculation</font>
+
+720
+00:27:00,960 --> 00:27:04,799
+<font color="white" size=".72c">people tout them as incredible</font>
+
+721
+00:27:03,120 --> 00:27:07,440
+<font color="white" size=".72c">investment opportunities premised on the</font>
+
+722
+00:27:04,799 --> 00:27:09,520
+<font color="white" size=".72c">idea that they will always increase in</font>
+
+723
+00:27:07,440 --> 00:27:10,960
+<font color="white" size=".72c">value at the moment it's incredibly</font>
+
+724
+00:27:09,520 --> 00:27:13,279
+<font color="white" size=".72c">unclear but it's possible that the</font>
+
+725
+00:27:10,960 --> 00:27:15,840
+<font color="white" size=".72c">securities exchange commission the sec</font>
+
+726
+00:27:13,279 --> 00:27:18,320
+<font color="white" size=".72c">could classify certain nfts as security</font>
+
+727
+00:27:15,840 --> 00:27:20,320
+<font color="white" size=".72c">if they are classified as securities</font>
+
+728
+00:27:18,320 --> 00:27:22,480
+<font color="white" size=".72c">this triggers all kinds of regulatory</font>
+
+729
+00:27:20,320 --> 00:27:24,640
+<font color="white" size=".72c">issues with potential liabilities and</font>
+
+730
+00:27:22,480 --> 00:27:26,240
+<font color="white" size=".72c">while it's currently unclear courts will</font>
+
+731
+00:27:24,640 --> 00:27:28,000
+<font color="white" size=".72c">use what's called the howie test to</font>
+
+732
+00:27:26,240 --> 00:27:30,399
+<font color="white" size=".72c">determine whether these things are</font>
+
+733
+00:27:28,000 --> 00:27:32,880
+<font color="white" size=".72c">securities or not that stems from a</font>
+
+734
+00:27:30,399 --> 00:27:34,399
+<font color="white" size=".72c">supreme court case under this test a</font>
+
+735
+00:27:32,880 --> 00:27:36,640
+<font color="white" size=".72c">transaction is deemed an investment</font>
+
+736
+00:27:34,399 --> 00:27:38,799
+<font color="white" size=".72c">contract if a person quote invests his</font>
+
+737
+00:27:36,640 --> 00:27:40,640
+<font color="white" size=".72c">money in a common enterprise and is led</font>
+
+738
+00:27:38,799 --> 00:27:43,840
+<font color="white" size=".72c">to expect profits solely from the</font>
+
+739
+00:27:40,640 --> 00:27:46,960
+<font color="white" size=".72c">efforts of the promoter or a third party</font>
+
+740
+00:27:43,840 --> 00:27:49,760
+<font color="white" size=".72c">this was a huge problem for the ico the</font>
+
+741
+00:27:46,960 --> 00:27:51,840
+<font color="white" size=".72c">initial coin offering boom of 2017</font>
+
+742
+00:27:49,760 --> 00:27:54,159
+<font color="white" size=".72c">because those initial coin offerings ran</font>
+
+743
+00:27:51,840 --> 00:27:56,399
+<font color="white" size=".72c">afoul of the howie test and were</font>
+
+744
+00:27:54,159 --> 00:27:58,080
+<font color="white" size=".72c">regulated as securities effectively</font>
+
+745
+00:27:56,399 --> 00:28:01,200
+<font color="white" size=".72c">people offered</font>
+
+746
+00:27:58,080 --> 00:28:03,760
+<font color="white" size=".72c">coins on a blockchain related to some</font>
+
+747
+00:28:01,200 --> 00:28:06,399
+<font color="white" size=".72c">enterprise for a thing that had not yet</font>
+
+748
+00:28:03,760 --> 00:28:08,080
+<font color="white" size=".72c">been created and as a result you rarely</font>
+
+749
+00:28:06,399 --> 00:28:10,720
+<font color="white" size=".72c">see initial coin offerings anymore at</font>
+
+750
+00:28:08,080 --> 00:28:13,440
+<font color="white" size=".72c">least not from companies that are trying</font>
+
+751
+00:28:10,720 --> 00:28:15,360
+<font color="white" size=".72c">to abide by the law but now the argument</font>
+
+752
+00:28:13,440 --> 00:28:17,039
+<font color="white" size=".72c">against nft's securities is that nfts</font>
+
+753
+00:28:15,360 --> 00:28:19,520
+<font color="white" size=".72c">are finished products not investment</font>
+
+754
+00:28:17,039 --> 00:28:20,880
+<font color="white" size=".72c">vehicles that need to be managed if nfts</font>
+
+755
+00:28:19,520 --> 00:28:23,600
+<font color="white" size=".72c">appreciate in value it's through</font>
+
+756
+00:28:20,880 --> 00:28:25,360
+<font color="white" size=".72c">principles like scarcity and just market</font>
+
+757
+00:28:23,600 --> 00:28:28,080
+<font color="white" size=".72c">forces not because of a third party's</font>
+
+758
+00:28:25,360 --> 00:28:30,480
+<font color="white" size=".72c">effort to enhance the nft's value and</font>
+
+759
+00:28:28,080 --> 00:28:32,960
+<font color="white" size=".72c">the sec's 2019 framework says quote</font>
+
+760
+00:28:30,480 --> 00:28:34,720
+<font color="white" size=".72c">price appreciation resulting solely from</font>
+
+761
+00:28:32,960 --> 00:28:37,039
+<font color="white" size=".72c">external market forces such as general</font>
+
+762
+00:28:34,720 --> 00:28:39,039
+<font color="white" size=".72c">inflationary trends or the economy</font>
+
+763
+00:28:37,039 --> 00:28:40,480
+<font color="white" size=".72c">impacting the supply and demand of an</font>
+
+764
+00:28:39,039 --> 00:28:42,720
+<font color="white" size=".72c">underlying asset generally is not</font>
+
+765
+00:28:40,480 --> 00:28:44,480
+<font color="white" size=".72c">considered profit under the howey test</font>
+
+766
+00:28:42,720 --> 00:28:47,039
+<font color="white" size=".72c">so an increase in value alone doesn't</font>
+
+767
+00:28:44,480 --> 00:28:48,880
+<font color="white" size=".72c">make something a security however some</font>
+
+768
+00:28:47,039 --> 00:28:50,720
+<font color="white" size=".72c">of the proposed uses of nfts are a much</font>
+
+769
+00:28:48,880 --> 00:28:52,399
+<font color="white" size=".72c">closer call and would probably be</font>
+
+770
+00:28:50,720 --> 00:28:54,640
+<font color="white" size=".72c">considered securities if push came to</font>
+
+771
+00:28:52,399 --> 00:28:56,640
+<font color="white" size=".72c">shove things like royalty payments to</font>
+
+772
+00:28:54,640 --> 00:28:59,440
+<font color="white" size=".72c">artists especially if the art hasn't</font>
+
+773
+00:28:56,640 --> 00:29:00,240
+<font color="white" size=".72c">been created yet would be a much closer</font>
+
+774
+00:28:59,440 --> 00:29:02,240
+<font color="white" size=".72c">call</font>
+
+775
+00:29:00,240 --> 00:29:03,440
+<font color="white" size=".72c">and even apart from securities related</font>
+
+776
+00:29:02,240 --> 00:29:05,120
+<font color="white" size=".72c">regulation</font>
+
+777
+00:29:03,440 --> 00:29:08,240
+<font color="white" size=".72c">there seems to be all kinds of just</font>
+
+778
+00:29:05,120 --> 00:29:11,279
+<font color="white" size=".72c">garden variety fraud the nft markets are</font>
+
+779
+00:29:08,240 --> 00:29:13,440
+<font color="white" size=".72c">rife with rug pulls and rick rolls</font>
+
+780
+00:29:11,279 --> 00:29:14,720
+<font color="white" size=".72c">people who are intentionally scamming</font>
+
+781
+00:29:13,440 --> 00:29:16,799
+<font color="white" size=".72c">other people out of hundreds of</font>
+
+782
+00:29:14,720 --> 00:29:18,880
+<font color="white" size=".72c">thousands if not millions of dollars not</font>
+
+783
+00:29:16,799 --> 00:29:21,039
+<font color="white" size=".72c">in the sense that nfts in general are a</font>
+
+784
+00:29:18,880 --> 00:29:23,520
+<font color="white" size=".72c">scam but literally these things are</font>
+
+785
+00:29:21,039 --> 00:29:25,279
+<font color="white" size=".72c">actual scams where they're</font>
+
+786
+00:29:23,520 --> 00:29:27,679
+<font color="white" size=".72c">making false promises knowing that they</font>
+
+787
+00:29:25,279 --> 00:29:29,760
+<font color="white" size=".72c">are false and then not providing on the</font>
+
+788
+00:29:27,679 --> 00:29:31,760
+<font color="white" size=".72c">thing that they promise to provide i</font>
+
+789
+00:29:29,760 --> 00:29:34,159
+<font color="white" size=".72c">mean that is just good old-fashioned</font>
+
+790
+00:29:31,760 --> 00:29:36,720
+<font color="white" size=".72c">fraud but don't take my word for it i</font>
+
+791
+00:29:34,159 --> 00:29:39,600
+<font color="white" size=".72c">turn to the foremost expert in crypto</font>
+
+792
+00:29:36,720 --> 00:29:41,600
+<font color="white" size=".72c">related scams coffeezilla to give me a</font>
+
+793
+00:29:39,600 --> 00:29:44,399
+<font color="white" size=".72c">recent salient example</font>
+
+794
+00:29:41,600 --> 00:29:46,240
+<font color="white" size=".72c">one example of what an nft project</font>
+
+795
+00:29:44,399 --> 00:29:49,360
+<font color="white" size=".72c">promised and then didn't deliver on what</font>
+
+796
+00:29:46,240 --> 00:29:52,640
+<font color="white" size=".72c">it said it would was de aaron fox's</font>
+
+797
+00:29:49,360 --> 00:29:54,399
+<font color="white" size=".72c">project called swipe of the fox deering</font>
+
+798
+00:29:52,640 --> 00:29:56,799
+<font color="white" size=".72c">is an nba player for the sacramento</font>
+
+799
+00:29:54,399 --> 00:30:00,159
+<font color="white" size=".72c">kings and he recently pulled in 1.5</font>
+
+800
+00:29:56,799 --> 00:30:02,240
+<font color="white" size=".72c">million dollars in nft sales in part due</font>
+
+801
+00:30:00,159 --> 00:30:03,840
+<font color="white" size=".72c">to a road map where he had promised some</font>
+
+802
+00:30:02,240 --> 00:30:06,720
+<font color="white" size=".72c">pretty extraordinary things which would</font>
+
+803
+00:30:03,840 --> 00:30:08,799
+<font color="white" size=".72c">give these nfts some real world utility</font>
+
+804
+00:30:06,720 --> 00:30:11,200
+<font color="white" size=".72c">for example one of the perks was going</font>
+
+805
+00:30:08,799 --> 00:30:13,600
+<font color="white" size=".72c">to be a metaverse basketball court five</font>
+
+806
+00:30:11,200 --> 00:30:16,559
+<font color="white" size=".72c">scholarships charity giveaways free</font>
+
+807
+00:30:13,600 --> 00:30:18,480
+<font color="white" size=".72c">merch even tickets to all-star games</font>
+
+808
+00:30:16,559 --> 00:30:21,039
+<font color="white" size=".72c">these all gave investors the impression</font>
+
+809
+00:30:18,480 --> 00:30:23,919
+<font color="white" size=".72c">that these nfts might have real world</font>
+
+810
+00:30:21,039 --> 00:30:25,840
+<font color="white" size=".72c">value and be worth buying however right</font>
+
+811
+00:30:23,919 --> 00:30:27,760
+<font color="white" size=".72c">after the money came in deer and fox</font>
+
+812
+00:30:25,840 --> 00:30:30,000
+<font color="white" size=".72c">issued a statement saying he was too</font>
+
+813
+00:30:27,760 --> 00:30:32,159
+<font color="white" size=".72c">busy with his mba career to make all</font>
+
+814
+00:30:30,000 --> 00:30:33,919
+<font color="white" size=".72c">that happen and was quitting the project</font>
+
+815
+00:30:32,159 --> 00:30:35,840
+<font color="white" size=".72c">no refunds of course</font>
+
+816
+00:30:33,919 --> 00:30:38,399
+<font color="white" size=".72c">apparently he wasn't too busy to start</font>
+
+817
+00:30:35,840 --> 00:30:39,760
+<font color="white" size=".72c">the nft just too busy to deliver on what</font>
+
+818
+00:30:38,399 --> 00:30:41,440
+<font color="white" size=".72c">he promised</font>
+
+819
+00:30:39,760 --> 00:30:44,159
+<font color="white" size=".72c">then of course there's all kinds of</font>
+
+820
+00:30:41,440 --> 00:30:46,080
+<font color="white" size=".72c">market manipulations many of the high</font>
+
+821
+00:30:44,159 --> 00:30:48,720
+<font color="white" size=".72c">dollar amount transactions related to</font>
+
+822
+00:30:46,080 --> 00:30:51,279
+<font color="white" size=".72c">very high ticket nfts are not conducted</font>
+
+823
+00:30:48,720 --> 00:30:54,799
+<font color="white" size=".72c">by arm's length transactions they might</font>
+
+824
+00:30:51,279 --> 00:30:58,320
+<font color="white" size=".72c">be wash sales where an individual sells</font>
+
+825
+00:30:54,799 --> 00:31:00,399
+<font color="white" size=".72c">an nft to themselves using a sock puppet</font>
+
+826
+00:30:58,320 --> 00:31:03,679
+<font color="white" size=".72c">or there might be coordination between</font>
+
+827
+00:31:00,399 --> 00:31:05,760
+<font color="white" size=".72c">two different people who agree to</font>
+
+828
+00:31:03,679 --> 00:31:07,279
+<font color="white" size=".72c">pay a high price for something to prop</font>
+
+829
+00:31:05,760 --> 00:31:08,840
+<font color="white" size=".72c">up the price</font>
+
+830
+00:31:07,279 --> 00:31:10,799
+<font color="white" size=".72c">because the blockchain is</font>
+
+831
+00:31:08,840 --> 00:31:12,880
+<font color="white" size=".72c">quasi-anonymous pseudonymous if you want</font>
+
+832
+00:31:10,799 --> 00:31:15,919
+<font color="white" size=".72c">to get technical it's very easy for</font>
+
+833
+00:31:12,880 --> 00:31:18,080
+<font color="white" size=".72c">people to create sock puppet accounts</font>
+
+834
+00:31:15,919 --> 00:31:21,039
+<font color="white" size=".72c">that they control so that they can show</font>
+
+835
+00:31:18,080 --> 00:31:23,600
+<font color="white" size=".72c">a price history of their nft being sold</font>
+
+836
+00:31:21,039 --> 00:31:25,679
+<font color="white" size=".72c">for lots and lots of money so that some</font>
+
+837
+00:31:23,600 --> 00:31:27,919
+<font color="white" size=".72c">unsuspecting downstream purchaser thinks</font>
+
+838
+00:31:25,679 --> 00:31:30,159
+<font color="white" size=".72c">well if that person paid this much then</font>
+
+839
+00:31:27,919 --> 00:31:31,519
+<font color="white" size=".72c">i'll pay even more and i'll be able to</font>
+
+840
+00:31:30,159 --> 00:31:34,080
+<font color="white" size=".72c">sell it to somebody else down the line</font>
+
+841
+00:31:31,519 --> 00:31:36,799
+<font color="white" size=".72c">for even more than that now this to me</font>
+
+842
+00:31:34,080 --> 00:31:39,039
+<font color="white" size=".72c">raises garden variety issues of fraud</font>
+
+843
+00:31:36,799 --> 00:31:40,399
+<font color="white" size=".72c">it's just out and out fraud and market</font>
+
+844
+00:31:39,039 --> 00:31:42,720
+<font color="white" size=".72c">manipulation</font>
+
+845
+00:31:40,399 --> 00:31:44,399
+<font color="white" size=".72c">it could even be a violation of the</font>
+
+846
+00:31:42,720 --> 00:31:46,640
+<font color="white" size=".72c">sherman antitrust act this is the kind</font>
+
+847
+00:31:44,399 --> 00:31:49,440
+<font color="white" size=".72c">of anti-competitive behavior</font>
+
+848
+00:31:46,640 --> 00:31:51,200
+<font color="white" size=".72c">that the doj and ftc likes to crack down</font>
+
+849
+00:31:49,440 --> 00:31:53,279
+<font color="white" size=".72c">on and often when you get into price</font>
+
+850
+00:31:51,200 --> 00:31:55,440
+<font color="white" size=".72c">manipulation among several different</font>
+
+851
+00:31:53,279 --> 00:31:58,080
+<font color="white" size=".72c">people well then you're getting into</font>
+
+852
+00:31:55,440 --> 00:32:00,159
+<font color="white" size=".72c">criminal liability under the the sherman</font>
+
+853
+00:31:58,080 --> 00:32:01,840
+<font color="white" size=".72c">act maybe there's an infinite supply of</font>
+
+854
+00:32:00,159 --> 00:32:03,919
+<font color="white" size=".72c">greater fools when the prices keep going</font>
+
+855
+00:32:01,840 --> 00:32:06,480
+<font color="white" size=".72c">up but as soon as any particular nft</font>
+
+856
+00:32:03,919 --> 00:32:08,640
+<font color="white" size=".72c">crashes and a buyer realizes that there</font>
+
+857
+00:32:06,480 --> 00:32:10,559
+<font color="white" size=".72c">was price manipulation before they</font>
+
+858
+00:32:08,640 --> 00:32:12,559
+<font color="white" size=".72c">purchased their nft they might come</font>
+
+859
+00:32:10,559 --> 00:32:14,399
+<font color="white" size=".72c">looking for some heads to roll and there</font>
+
+860
+00:32:12,559 --> 00:32:16,080
+<font color="white" size=".72c">might be some real civil and criminal</font>
+
+861
+00:32:14,399 --> 00:32:18,480
+<font color="white" size=".72c">liability associated with people who</font>
+
+862
+00:32:16,080 --> 00:32:20,399
+<font color="white" size=".72c">were propping up the prices unfairly and</font>
+
+863
+00:32:18,480 --> 00:32:21,519
+<font color="white" size=".72c">then there's lots of just pump and dump</font>
+
+864
+00:32:20,399 --> 00:32:23,279
+<font color="white" size=".72c">schemes people who maybe aren't</font>
+
+865
+00:32:21,519 --> 00:32:26,159
+<font color="white" size=".72c">promoting an out and out scam but are</font>
+
+866
+00:32:23,279 --> 00:32:27,919
+<font color="white" size=".72c">looking to make a quick buck and there's</font>
+
+867
+00:32:26,159 --> 00:32:30,799
+<font color="white" size=".72c">right now a proposed class action</font>
+
+868
+00:32:27,919 --> 00:32:32,240
+<font color="white" size=".72c">against people who promoted ethereum max</font>
+
+869
+00:32:30,799 --> 00:32:34,240
+<font color="white" size=".72c">people like kim kardashian floyd</font>
+
+870
+00:32:32,240 --> 00:32:36,399
+<font color="white" size=".72c">mayweather paul pierce</font>
+
+871
+00:32:34,240 --> 00:32:37,760
+<font color="white" size=".72c">they promoted this token on their social</font>
+
+872
+00:32:36,399 --> 00:32:39,440
+<font color="white" size=".72c">media chains</font>
+
+873
+00:32:37,760 --> 00:32:42,000
+<font color="white" size=".72c">and right now there's a class action</font>
+
+874
+00:32:39,440 --> 00:32:44,080
+<font color="white" size=".72c">because it was clearly a pump and dump</font>
+
+875
+00:32:42,000 --> 00:32:45,919
+<font color="white" size=".72c">scheme and the ethereum max lawsuit</font>
+
+876
+00:32:44,080 --> 00:32:48,080
+<font color="white" size=".72c">doesn't rely on federal securities law</font>
+
+877
+00:32:45,919 --> 00:32:50,320
+<font color="white" size=".72c">it relies on pretty normal state-based</font>
+
+878
+00:32:48,080 --> 00:32:52,080
+<font color="white" size=".72c">causes of action like unjust enrichment</font>
+
+879
+00:32:50,320 --> 00:32:53,679
+<font color="white" size=".72c">violations of california's unfair</font>
+
+880
+00:32:52,080 --> 00:32:55,600
+<font color="white" size=".72c">competition law and the california</font>
+
+881
+00:32:53,679 --> 00:32:57,519
+<font color="white" size=".72c">consumer legal remedies act</font>
+
+882
+00:32:55,600 --> 00:33:00,000
+<font color="white" size=".72c">i don't know that we will ever know for</font>
+
+883
+00:32:57,519 --> 00:33:00,960
+<font color="white" size=".72c">certain how many nfts are sold in wash</font>
+
+884
+00:33:00,000 --> 00:33:02,320
+<font color="white" size=".72c">sales</font>
+
+885
+00:33:00,960 --> 00:33:04,799
+<font color="white" size=".72c">how many people are trying to drive up</font>
+
+886
+00:33:02,320 --> 00:33:07,039
+<font color="white" size=".72c">the price of these things but anyone who</font>
+
+887
+00:33:04,799 --> 00:33:09,519
+<font color="white" size=".72c">is manipulating the market here</font>
+
+888
+00:33:07,039 --> 00:33:10,559
+<font color="white" size=".72c">really faces some truly terrifying civil</font>
+
+889
+00:33:09,519 --> 00:33:13,600
+<font color="white" size=".72c">liability</font>
+
+890
+00:33:10,559 --> 00:33:15,600
+<font color="white" size=".72c">and maybe jail time and those are just</font>
+
+891
+00:33:13,600 --> 00:33:17,679
+<font color="white" size=".72c">the on-chain problems that takes us to</font>
+
+892
+00:33:15,600 --> 00:33:20,480
+<font color="white" size=".72c">the off-chain problems associated with</font>
+
+893
+00:33:17,679 --> 00:33:22,480
+<font color="white" size=".72c">nfts the first of which is you need to</font>
+
+894
+00:33:20,480 --> 00:33:25,039
+<font color="white" size=".72c">make sure that if you're selling an nft</font>
+
+895
+00:33:22,480 --> 00:33:27,440
+<font color="white" size=".72c">you have the rights to the reference</font>
+
+896
+00:33:25,039 --> 00:33:29,519
+<font color="white" size=".72c">work recently an nft mentor called hit</font>
+
+897
+00:33:27,440 --> 00:33:33,440
+<font color="white" size=".72c">piece purported to issue an nft related</font>
+
+898
+00:33:29,519 --> 00:33:35,120
+<font color="white" size=".72c">to every song on spotify's database so</font>
+
+899
+00:33:33,440 --> 00:33:37,279
+<font color="white" size=".72c">they would effectively take the album</font>
+
+900
+00:33:35,120 --> 00:33:40,480
+<font color="white" size=".72c">artwork and mint and nft related to the</font>
+
+901
+00:33:37,279 --> 00:33:42,720
+<font color="white" size=".72c">artist and name of the song</font>
+
+902
+00:33:40,480 --> 00:33:45,120
+<font color="white" size=".72c">it seems like that raises some very</font>
+
+903
+00:33:42,720 --> 00:33:47,120
+<font color="white" size=".72c">truly terrifying issues in terms of hit</font>
+
+904
+00:33:45,120 --> 00:33:50,000
+<font color="white" size=".72c">piece not owning any of the rights</font>
+
+905
+00:33:47,120 --> 00:33:50,799
+<font color="white" size=".72c">associated with any of the songs artists</font>
+
+906
+00:33:50,000 --> 00:33:53,679
+<font color="white" size=".72c">or</font>
+
+907
+00:33:50,799 --> 00:33:55,600
+<font color="white" size=".72c">album artwork associated with the nfts</font>
+
+908
+00:33:53,679 --> 00:33:57,840
+<font color="white" size=".72c">that they claim to be making now</font>
+
+909
+00:33:55,600 --> 00:34:00,000
+<font color="white" size=".72c">interestingly there is a novel issue of</font>
+
+910
+00:33:57,840 --> 00:34:02,559
+<font color="white" size=".72c">copyright here since the nft doesn't</font>
+
+911
+00:34:00,000 --> 00:34:04,399
+<font color="white" size=".72c">contain the musical work itself there's</font>
+
+912
+00:34:02,559 --> 00:34:07,440
+<font color="white" size=".72c">an open question whether these nfts</font>
+
+913
+00:34:04,399 --> 00:34:09,359
+<font color="white" size=".72c">violate the musical copyright i'd argue</font>
+
+914
+00:34:07,440 --> 00:34:11,599
+<font color="white" size=".72c">they probably do but that's a separate</font>
+
+915
+00:34:09,359 --> 00:34:14,719
+<font color="white" size=".72c">issue and on top of that there is no</font>
+
+916
+00:34:11,599 --> 00:34:17,839
+<font color="white" size=".72c">question that minting an nft related to</font>
+
+917
+00:34:14,719 --> 00:34:19,918
+<font color="white" size=".72c">a band and their song using all of those</font>
+
+918
+00:34:17,839 --> 00:34:22,800
+<font color="white" size=".72c">names and their album work certainly</font>
+
+919
+00:34:19,918 --> 00:34:25,119
+<font color="white" size=".72c">violate the trademark related to this</font>
+
+920
+00:34:22,800 --> 00:34:27,280
+<font color="white" size=".72c">particular band and song and probably a</font>
+
+921
+00:34:25,119 --> 00:34:29,119
+<font color="white" size=".72c">myriad of other attribution-related</font>
+
+922
+00:34:27,280 --> 00:34:31,359
+<font color="white" size=".72c">legal issues as well then there was</font>
+
+923
+00:34:29,119 --> 00:34:34,239
+<font color="white" size=".72c">another music-related nft project called</font>
+
+924
+00:34:31,359 --> 00:34:36,480
+<font color="white" size=".72c">streamer.fm that claimed that because</font>
+
+925
+00:34:34,239 --> 00:34:37,599
+<font color="white" size=".72c">you could stream music on spotify and</font>
+
+926
+00:34:36,480 --> 00:34:39,599
+<font color="white" size=".72c">youtube</font>
+
+927
+00:34:37,599 --> 00:34:42,480
+<font color="white" size=".72c">they were somehow allowed to mint these</font>
+
+928
+00:34:39,599 --> 00:34:44,639
+<font color="white" size=".72c">nfts and restream the music which is not</font>
+
+929
+00:34:42,480 --> 00:34:46,560
+<font color="white" size=".72c">how any of this works at all</font>
+
+930
+00:34:44,639 --> 00:34:48,320
+<font color="white" size=".72c">fundamentally here clearing the rights</font>
+
+931
+00:34:46,560 --> 00:34:50,960
+<font color="white" size=".72c">and making sure you have the rights to</font>
+
+932
+00:34:48,320 --> 00:34:53,679
+<font color="white" size=".72c">mint the nft in the first place goes</font>
+
+933
+00:34:50,960 --> 00:34:56,399
+<font color="white" size=".72c">back to old-fashioned boring concepts of</font>
+
+934
+00:34:53,679 --> 00:34:58,400
+<font color="white" size=".72c">contract and copyright law nft and</font>
+
+935
+00:34:56,399 --> 00:35:00,480
+<font color="white" size=".72c">blockchain technology not only doesn't</font>
+
+936
+00:34:58,400 --> 00:35:02,800
+<font color="white" size=".72c">supplant or replace</font>
+
+937
+00:35:00,480 --> 00:35:06,079
+<font color="white" size=".72c">those bedrock principles of law they</font>
+
+938
+00:35:02,800 --> 00:35:07,760
+<font color="white" size=".72c">often run headlong right into it and</font>
+
+939
+00:35:06,079 --> 00:35:11,520
+<font color="white" size=".72c">when it comes to</font>
+
+940
+00:35:07,760 --> 00:35:13,280
+<font color="white" size=".72c">this corpus of law and brand new nfts</font>
+
+941
+00:35:11,520 --> 00:35:16,720
+<font color="white" size=".72c">nfts are going to lose</font>
+
+942
+00:35:13,280 --> 00:35:19,760
+<font color="white" size=".72c">but there's all kinds of minting nfts</font>
+
+943
+00:35:16,720 --> 00:35:21,359
+<font color="white" size=".72c">without permission and often you have no</font>
+
+944
+00:35:19,760 --> 00:35:24,079
+<font color="white" size=".72c">way of knowing whether the original</font>
+
+945
+00:35:21,359 --> 00:35:26,880
+<font color="white" size=".72c">mentor had the rights and the clearances</font>
+
+946
+00:35:24,079 --> 00:35:29,599
+<font color="white" size=".72c">to mint the nfts that they are minting</font>
+
+947
+00:35:26,880 --> 00:35:31,599
+<font color="white" size=".72c">proponents of nfts claim that nfts can</font>
+
+948
+00:35:29,599 --> 00:35:34,079
+<font color="white" size=".72c">prove digital provenance related to</font>
+
+949
+00:35:31,599 --> 00:35:36,400
+<font color="white" size=".72c">works of art but the truth is often you</font>
+
+950
+00:35:34,079 --> 00:35:38,320
+<font color="white" size=".72c">have no idea if the original mentor has</font>
+
+951
+00:35:36,400 --> 00:35:40,480
+<font color="white" size=".72c">any of the rights associated with the</font>
+
+952
+00:35:38,320 --> 00:35:43,280
+<font color="white" size=".72c">work in the first place and</font>
+
+953
+00:35:40,480 --> 00:35:45,359
+<font color="white" size=".72c">there's absolutely no way to know except</font>
+
+954
+00:35:43,280 --> 00:35:47,440
+<font color="white" size=".72c">through conducting an investigation</font>
+
+955
+00:35:45,359 --> 00:35:49,119
+<font color="white" size=".72c">completely off chain this is actually</font>
+
+956
+00:35:47,440 --> 00:35:51,839
+<font color="white" size=".72c">one of the issues associated with the</font>
+
+957
+00:35:49,119 --> 00:35:53,839
+<font color="white" size=".72c">quentin tarantino and miramax case in</font>
+
+958
+00:35:51,839 --> 00:35:56,240
+<font color="white" size=".72c">that case quentin tarantino the director</font>
+
+959
+00:35:53,839 --> 00:35:58,400
+<font color="white" size=".72c">was trying to mint some nfts related to</font>
+
+960
+00:35:56,240 --> 00:36:00,000
+<font color="white" size=".72c">the film pulp fiction and it's a</font>
+
+961
+00:35:58,400 --> 00:36:02,320
+<font color="white" size=".72c">complete morass to try and figure this</font>
+
+962
+00:36:00,000 --> 00:36:04,560
+<font color="white" size=".72c">out because tarantino retains some</font>
+
+963
+00:36:02,320 --> 00:36:07,119
+<font color="white" size=".72c">rights to the screenplay of the movie</font>
+
+964
+00:36:04,560 --> 00:36:08,320
+<font color="white" size=".72c">pulp fiction but miramax retains almost</font>
+
+965
+00:36:07,119 --> 00:36:10,960
+<font color="white" size=".72c">all of the rights associated with the</font>
+
+966
+00:36:08,320 --> 00:36:13,200
+<font color="white" size=".72c">movie itself and it's going to take a</font>
+
+967
+00:36:10,960 --> 00:36:15,200
+<font color="white" size=".72c">lot of litigation to figure out who owns</font>
+
+968
+00:36:13,200 --> 00:36:17,359
+<font color="white" size=".72c">what rights and who has the right to</font>
+
+969
+00:36:15,200 --> 00:36:20,240
+<font color="white" size=".72c">make nfts related to either the</font>
+
+970
+00:36:17,359 --> 00:36:21,760
+<font color="white" size=".72c">screenplay or the movie itself and good</font>
+
+971
+00:36:20,240 --> 00:36:23,599
+<font color="white" size=".72c">luck if you think the nfc itself is</font>
+
+972
+00:36:21,760 --> 00:36:25,520
+<font color="white" size=".72c">going to prove the answer to either of</font>
+
+973
+00:36:23,599 --> 00:36:26,960
+<font color="white" size=".72c">those questions then of course there's</font>
+
+974
+00:36:25,520 --> 00:36:29,359
+<font color="white" size=".72c">all kinds of good old-fashioned</font>
+
+975
+00:36:26,960 --> 00:36:32,000
+<font color="white" size=".72c">regulatory risk a lot of people have</font>
+
+976
+00:36:29,359 --> 00:36:33,760
+<font color="white" size=".72c">explained that an nft or a blockchain</font>
+
+977
+00:36:32,000 --> 00:36:37,760
+<font color="white" size=".72c">might make perfect sense in the context</font>
+
+978
+00:36:33,760 --> 00:36:41,040
+<font color="white" size=".72c">of say real estate title where having a</font>
+
+979
+00:36:37,760 --> 00:36:42,880
+<font color="white" size=".72c">public decentralized blockchain of who</font>
+
+980
+00:36:41,040 --> 00:36:43,760
+<font color="white" size=".72c">buys and sells houses</font>
+
+981
+00:36:42,880 --> 00:36:45,440
+<font color="white" size=".72c">could</font>
+
+982
+00:36:43,760 --> 00:36:49,119
+<font color="white" size=".72c">actually be much better than the current</font>
+
+983
+00:36:45,440 --> 00:36:51,359
+<font color="white" size=".72c">system of a centralized title system but</font>
+
+984
+00:36:49,119 --> 00:36:54,400
+<font color="white" size=".72c">good luck trying to convince a state or</font>
+
+985
+00:36:51,359 --> 00:36:57,200
+<font color="white" size=".72c">municipality to adopt that and if your</font>
+
+986
+00:36:54,400 --> 00:36:59,440
+<font color="white" size=".72c">blockchain runs into something that's</font>
+
+987
+00:36:57,200 --> 00:37:01,839
+<font color="white" size=".72c">already highly regulated like real</font>
+
+988
+00:36:59,440 --> 00:37:04,160
+<font color="white" size=".72c">estate title you can't wave a magic wand</font>
+
+989
+00:37:01,839 --> 00:37:06,240
+<font color="white" size=".72c">and force the government to adopt your</font>
+
+990
+00:37:04,160 --> 00:37:08,400
+<font color="white" size=".72c">technical solution even if your</font>
+
+991
+00:37:06,240 --> 00:37:10,960
+<font color="white" size=".72c">technical solution has</font>
+
+992
+00:37:08,400 --> 00:37:13,280
+<font color="white" size=".72c">some benefits over the universally</font>
+
+993
+00:37:10,960 --> 00:37:15,359
+<font color="white" size=".72c">adopted system one of the biggest issues</font>
+
+994
+00:37:13,280 --> 00:37:16,960
+<font color="white" size=".72c">is as a downstream purchaser how do you</font>
+
+995
+00:37:15,359 --> 00:37:18,320
+<font color="white" size=".72c">make sure that you can enforce all of</font>
+
+996
+00:37:16,960 --> 00:37:21,040
+<font color="white" size=".72c">the terms against the previous</font>
+
+997
+00:37:18,320 --> 00:37:23,359
+<font color="white" size=".72c">purchasers and the original nft minter</font>
+
+998
+00:37:21,040 --> 00:37:26,480
+<font color="white" size=".72c">but the problem also goes the other way</font>
+
+999
+00:37:23,359 --> 00:37:27,599
+<font color="white" size=".72c">as well if those terms do travel down</font>
+
+1000
+00:37:26,480 --> 00:37:30,720
+<font color="white" size=".72c">that chain</font>
+
+1001
+00:37:27,599 --> 00:37:33,520
+<font color="white" size=".72c">let's say that you are a band or a</font>
+
+1002
+00:37:30,720 --> 00:37:35,680
+<font color="white" size=".72c">youtube creator and as part of your nft</font>
+
+1003
+00:37:33,520 --> 00:37:37,040
+<font color="white" size=".72c">you issue some sort of unlockable</font>
+
+1004
+00:37:35,680 --> 00:37:39,599
+<font color="white" size=".72c">content like</font>
+
+1005
+00:37:37,040 --> 00:37:42,000
+<font color="white" size=".72c">a meet and greet with the band and based</font>
+
+1006
+00:37:39,599 --> 00:37:45,119
+<font color="white" size=".72c">on the terms of sale anyone who ever</font>
+
+1007
+00:37:42,000 --> 00:37:47,119
+<font color="white" size=".72c">purchases that particular nft has the</font>
+
+1008
+00:37:45,119 --> 00:37:49,680
+<font color="white" size=".72c">right to enforce a meet and greet</font>
+
+1009
+00:37:47,119 --> 00:37:51,760
+<font color="white" size=".72c">against the band well as the seller are</font>
+
+1010
+00:37:49,680 --> 00:37:53,599
+<font color="white" size=".72c">you prepared to offer a meet and greet</font>
+
+1011
+00:37:51,760 --> 00:37:56,400
+<font color="white" size=".72c">with every single person who ever</font>
+
+1012
+00:37:53,599 --> 00:37:59,200
+<font color="white" size=".72c">purchases that nft down the line because</font>
+
+1013
+00:37:56,400 --> 00:38:00,800
+<font color="white" size=".72c">depending on the terms of the sale you</font>
+
+1014
+00:37:59,200 --> 00:38:02,320
+<font color="white" size=".72c">might be obligated to provide that</font>
+
+1015
+00:38:00,800 --> 00:38:04,800
+<font color="white" size=".72c">otherwise you might get hit with things</font>
+
+1016
+00:38:02,320 --> 00:38:06,960
+<font color="white" size=".72c">like breach of contract or fraud</font>
+
+1017
+00:38:04,800 --> 00:38:08,960
+<font color="white" size=".72c">depending on the value of the thing that</font>
+
+1018
+00:38:06,960 --> 00:38:10,880
+<font color="white" size=".72c">you have promised to provide i was</font>
+
+1019
+00:38:08,960 --> 00:38:13,040
+<font color="white" size=".72c">talking to a very large youtube creator</font>
+
+1020
+00:38:10,880 --> 00:38:14,880
+<font color="white" size=".72c">who wanted to create an nft i'm not</font>
+
+1021
+00:38:13,040 --> 00:38:16,560
+<font color="white" size=".72c">going to name him but i am going to wish</font>
+
+1022
+00:38:14,880 --> 00:38:18,320
+<font color="white" size=".72c">him congratulations when he passes 100</font>
+
+1023
+00:38:16,560 --> 00:38:21,200
+<font color="white" size=".72c">billion subscribers in just a little</font>
+
+1024
+00:38:18,320 --> 00:38:23,280
+<font color="white" size=".72c">while and he wanted to offer a video</font>
+
+1025
+00:38:21,200 --> 00:38:24,400
+<font color="white" size=".72c">conference with whoever purchased this</font>
+
+1026
+00:38:23,280 --> 00:38:28,320
+<font color="white" size=".72c">nft</font>
+
+1027
+00:38:24,400 --> 00:38:30,079
+<font color="white" size=".72c">24 hours a day 365 days out of the year</font>
+
+1028
+00:38:28,320 --> 00:38:31,839
+<font color="white" size=".72c">and i suggested to him that maybe that</font>
+
+1029
+00:38:30,079 --> 00:38:33,119
+<font color="white" size=".72c">wasn't a good idea unless he'd liked</font>
+
+1030
+00:38:31,839 --> 00:38:35,359
+<font color="white" size=".72c">being woken up in the middle of the</font>
+
+1031
+00:38:33,119 --> 00:38:36,880
+<font color="white" size=".72c">night and being forced to provide a</font>
+
+1032
+00:38:35,359 --> 00:38:40,320
+<font color="white" size=".72c">video conference with every single</font>
+
+1033
+00:38:36,880 --> 00:38:42,240
+<font color="white" size=".72c">person who purchased his nft and lo and</font>
+
+1034
+00:38:40,320 --> 00:38:44,160
+<font color="white" size=".72c">behold he didn't go through with it i</font>
+
+1035
+00:38:42,240 --> 00:38:45,520
+<font color="white" size=".72c">think that was a smart thing i've seen</font>
+
+1036
+00:38:44,160 --> 00:38:47,839
+<font color="white" size=".72c">lots of people claim that there is</font>
+
+1037
+00:38:45,520 --> 00:38:50,320
+<font color="white" size=".72c">absolutely no downside to creators</font>
+
+1038
+00:38:47,839 --> 00:38:52,960
+<font color="white" size=".72c">creating their own nfts</font>
+
+1039
+00:38:50,320 --> 00:38:54,800
+<font color="white" size=".72c">on the contrary there's all kinds of</font>
+
+1040
+00:38:52,960 --> 00:38:56,960
+<font color="white" size=".72c">potential pitfalls if you're not smart</font>
+
+1041
+00:38:54,800 --> 00:38:58,960
+<font color="white" size=".72c">about these things then there's things</font>
+
+1042
+00:38:56,960 --> 00:39:00,960
+<font color="white" size=".72c">like product liabilities nfts break all</font>
+
+1043
+00:38:58,960 --> 00:39:02,480
+<font color="white" size=".72c">the time who's responsible if the link</font>
+
+1044
+00:39:00,960 --> 00:39:05,440
+<font color="white" size=".72c">between the nft and the reference</font>
+
+1045
+00:39:02,480 --> 00:39:07,920
+<font color="white" size=".72c">material breaks who's responsible if the</font>
+
+1046
+00:39:05,440 --> 00:39:10,160
+<font color="white" size=".72c">blockchain forks and your revenue stream</font>
+
+1047
+00:39:07,920 --> 00:39:12,640
+<font color="white" size=".72c">is then cut off these are sort of</font>
+
+1048
+00:39:10,160 --> 00:39:14,880
+<font color="white" size=".72c">bedrock ideas of product liability</font>
+
+1049
+00:39:12,640 --> 00:39:16,960
+<font color="white" size=".72c">on top of which it's not at all clear</font>
+
+1050
+00:39:14,880 --> 00:39:19,040
+<font color="white" size=".72c">from the blockchain itself that the</font>
+
+1051
+00:39:16,960 --> 00:39:20,960
+<font color="white" size=".72c">thing isn't functioning you've got to do</font>
+
+1052
+00:39:19,040 --> 00:39:21,920
+<font color="white" size=".72c">an investigation off the blockchain to</font>
+
+1053
+00:39:20,960 --> 00:39:23,839
+<font color="white" size=".72c">know if the thing that's on the</font>
+
+1054
+00:39:21,920 --> 00:39:25,520
+<font color="white" size=".72c">blockchain is actually working or not</font>
+
+1055
+00:39:23,839 --> 00:39:27,760
+<font color="white" size=".72c">there's been a lot of talk about minting</font>
+
+1056
+00:39:25,520 --> 00:39:30,320
+<font color="white" size=".72c">nfts related to real-world goods</font>
+
+1057
+00:39:27,760 --> 00:39:32,079
+<font color="white" size=".72c">creating an nft related to a house to</font>
+
+1058
+00:39:30,320 --> 00:39:34,320
+<font color="white" size=".72c">track who buys and sells the house</font>
+
+1059
+00:39:32,079 --> 00:39:37,359
+<font color="white" size=".72c">creating nft related to a car related to</font>
+
+1060
+00:39:34,320 --> 00:39:38,960
+<font color="white" size=".72c">the car itself but what happens when</font>
+
+1061
+00:39:37,359 --> 00:39:40,880
+<font color="white" size=".72c">something happens in the real world that</font>
+
+1062
+00:39:38,960 --> 00:39:42,240
+<font color="white" size=".72c">isn't reflected on the blockchain what</font>
+
+1063
+00:39:40,880 --> 00:39:44,000
+<font color="white" size=".72c">happens if the house burns down what</font>
+
+1064
+00:39:42,240 --> 00:39:46,160
+<font color="white" size=".72c">happens if the car gets stolen</font>
+
+1065
+00:39:44,000 --> 00:39:48,320
+<font color="white" size=".72c">rectifying real world events with things</font>
+
+1066
+00:39:46,160 --> 00:39:51,119
+<font color="white" size=".72c">on the blockchain is no easy task and is</font>
+
+1067
+00:39:48,320 --> 00:39:53,119
+<font color="white" size=".72c">inherently off-chain and there are other</font>
+
+1068
+00:39:51,119 --> 00:39:55,280
+<font color="white" size=".72c">unintended consequences along with this</font>
+
+1069
+00:39:53,119 --> 00:39:56,320
+<font color="white" size=".72c">as well for example alfa romeo just said</font>
+
+1070
+00:39:55,280 --> 00:39:58,880
+<font color="white" size=".72c">that they're going to start offering</font>
+
+1071
+00:39:56,320 --> 00:40:01,440
+<font color="white" size=".72c">nfts related to their cars and when you</font>
+
+1072
+00:39:58,880 --> 00:40:04,480
+<font color="white" size=".72c">take your alfa romeo car into being</font>
+
+1073
+00:40:01,440 --> 00:40:06,400
+<font color="white" size=".72c">serviced with alfa romeo there will be a</font>
+
+1074
+00:40:04,480 --> 00:40:08,640
+<font color="white" size=".72c">history on the blockchain that shows</font>
+
+1075
+00:40:06,400 --> 00:40:10,800
+<font color="white" size=".72c">that your car was serviced at such and</font>
+
+1076
+00:40:08,640 --> 00:40:13,040
+<font color="white" size=".72c">such a time in such in such a way and</font>
+
+1077
+00:40:10,800 --> 00:40:14,720
+<font color="white" size=".72c">that follows with the car but one of the</font>
+
+1078
+00:40:13,040 --> 00:40:17,280
+<font color="white" size=".72c">problems is what happens if you take</font>
+
+1079
+00:40:14,720 --> 00:40:19,119
+<font color="white" size=".72c">your car to a non-authorized dealer that</font>
+
+1080
+00:40:17,280 --> 00:40:21,440
+<font color="white" size=".72c">information won't make it onto the alfa</font>
+
+1081
+00:40:19,119 --> 00:40:23,440
+<font color="white" size=".72c">romeo blockchain it's one way that alfa</font>
+
+1082
+00:40:21,440 --> 00:40:26,400
+<font color="white" size=".72c">romeo might force you to use their</font>
+
+1083
+00:40:23,440 --> 00:40:29,040
+<font color="white" size=".72c">walled garden it'd be like drm for a car</font>
+
+1084
+00:40:26,400 --> 00:40:31,359
+<font color="white" size=".72c">you'd never be able to take your car to</font>
+
+1085
+00:40:29,040 --> 00:40:32,640
+<font color="white" size=".72c">any other service place now i am not a</font>
+
+1086
+00:40:31,359 --> 00:40:34,079
+<font color="white" size=".72c">computer programmer these might be</font>
+
+1087
+00:40:32,640 --> 00:40:35,920
+<font color="white" size=".72c">technical problems that will be fixed</font>
+
+1088
+00:40:34,079 --> 00:40:38,560
+<font color="white" size=".72c">over time already we're seeing</font>
+
+1089
+00:40:35,920 --> 00:40:41,440
+<font color="white" size=".72c">intermediaries like open c interpret the</font>
+
+1090
+00:40:38,560 --> 00:40:43,359
+<font color="white" size=".72c">data on blockchain and solve some of the</font>
+
+1091
+00:40:41,440 --> 00:40:45,920
+<font color="white" size=".72c">issues when it comes to</font>
+
+1092
+00:40:43,359 --> 00:40:47,920
+<font color="white" size=".72c">falsely minted nfts but if that's the</font>
+
+1093
+00:40:45,920 --> 00:40:49,359
+<font color="white" size=".72c">case and we need these intermediaries</font>
+
+1094
+00:40:47,920 --> 00:40:50,720
+<font color="white" size=".72c">that are off-chain</font>
+
+1095
+00:40:49,359 --> 00:40:53,839
+<font color="white" size=".72c">it raises the question</font>
+
+1096
+00:40:50,720 --> 00:40:56,480
+<font color="white" size=".72c">why would we want web 3 in fact we can</font>
+
+1097
+00:40:53,839 --> 00:40:58,079
+<font color="white" size=".72c">do all of this stuff legally</font>
+
+1098
+00:40:56,480 --> 00:40:59,920
+<font color="white" size=".72c">using traditional websites and</font>
+
+1099
+00:40:58,079 --> 00:41:03,040
+<font color="white" size=".72c">traditional legal mechanisms often the</font>
+
+1100
+00:40:59,920 --> 00:41:05,040
+<font color="white" size=".72c">web 3 part of it just makes things worse</font>
+
+1101
+00:41:03,040 --> 00:41:06,960
+<font color="white" size=".72c">which takes us to the third category of</font>
+
+1102
+00:41:05,040 --> 00:41:09,200
+<font color="white" size=".72c">problems with nfts which i've called</font>
+
+1103
+00:41:06,960 --> 00:41:11,200
+<font color="white" size=".72c">innovation so mundane that no one should</font>
+
+1104
+00:41:09,200 --> 00:41:13,920
+<font color="white" size=".72c">care and the issue here is that there</font>
+
+1105
+00:41:11,200 --> 00:41:16,000
+<font color="white" size=".72c">are probably plenty of marginal benefits</font>
+
+1106
+00:41:13,920 --> 00:41:17,839
+<font color="white" size=".72c">that nfts bring to the table for a wide</font>
+
+1107
+00:41:16,000 --> 00:41:19,760
+<font color="white" size=".72c">variety of industries they're just not</font>
+
+1108
+00:41:17,839 --> 00:41:21,920
+<font color="white" size=".72c">huge wins that are going to create an</font>
+
+1109
+00:41:19,760 --> 00:41:24,480
+<font color="white" size=".72c">enormous amount of wealth for the people</font>
+
+1110
+00:41:21,920 --> 00:41:27,440
+<font color="white" size=".72c">with vested interests it's pretty clear</font>
+
+1111
+00:41:24,480 --> 00:41:29,520
+<font color="white" size=".72c">that collectible jpegs are pretty dumb</font>
+
+1112
+00:41:27,440 --> 00:41:32,720
+<font color="white" size=".72c">and that this is a speculative bubble</font>
+
+1113
+00:41:29,520 --> 00:41:35,839
+<font color="white" size=".72c">with untold numbers of non-arm-length</font>
+
+1114
+00:41:32,720 --> 00:41:37,200
+<font color="white" size=".72c">transactions wash sales and sock puppets</font>
+
+1115
+00:41:35,839 --> 00:41:39,119
+<font color="white" size=".72c">it's pretty clear at this point that at</font>
+
+1116
+00:41:37,200 --> 00:41:41,520
+<font color="white" size=".72c">least this first generation of nfts are</font>
+
+1117
+00:41:39,119 --> 00:41:43,839
+<font color="white" size=".72c">creating a speculative bubble that is</font>
+
+1118
+00:41:41,520 --> 00:41:46,240
+<font color="white" size=".72c">probably going to burst pretty violently</font>
+
+1119
+00:41:43,839 --> 00:41:49,520
+<font color="white" size=".72c">collectible jpegs and other collectible</font>
+
+1120
+00:41:46,240 --> 00:41:52,480
+<font color="white" size=".72c">digital pieces of artwork it's probably</font>
+
+1121
+00:41:49,520 --> 00:41:53,920
+<font color="white" size=".72c">not going to last it's pretty dumb and i</font>
+
+1122
+00:41:52,480 --> 00:41:56,400
+<font color="white" size=".72c">think people will probably get bored</font>
+
+1123
+00:41:53,920 --> 00:41:58,800
+<font color="white" size=".72c">with it it's also filled with all kinds</font>
+
+1124
+00:41:56,400 --> 00:42:00,400
+<font color="white" size=".72c">of non-arm length transactions wash</font>
+
+1125
+00:41:58,800 --> 00:42:03,440
+<font color="white" size=".72c">sales and sock puppets that are propping</font>
+
+1126
+00:42:00,400 --> 00:42:05,599
+<font color="white" size=".72c">up the prices and just waiting for</font>
+
+1127
+00:42:03,440 --> 00:42:07,599
+<font color="white" size=".72c">another person to come around and buy</font>
+
+1128
+00:42:05,599 --> 00:42:08,800
+<font color="white" size=".72c">the thing that probably isn't worth the</font>
+
+1129
+00:42:07,599 --> 00:42:10,160
+<font color="white" size=".72c">sales price</font>
+
+1130
+00:42:08,800 --> 00:42:11,599
+<font color="white" size=".72c">but that being said there are probably</font>
+
+1131
+00:42:10,160 --> 00:42:13,520
+<font color="white" size=".72c">lots of other uses that are more</font>
+
+1132
+00:42:11,599 --> 00:42:14,880
+<font color="white" size=".72c">promising fractionalized revenue streams</font>
+
+1133
+00:42:13,520 --> 00:42:17,440
+<font color="white" size=".72c">access to unique membership style</font>
+
+1134
+00:42:14,880 --> 00:42:19,839
+<font color="white" size=".72c">opportunities proving certain kinds of</font>
+
+1135
+00:42:17,440 --> 00:42:21,520
+<font color="white" size=".72c">provenance and raising equity but the</font>
+
+1136
+00:42:19,839 --> 00:42:24,400
+<font color="white" size=".72c">thing is those</font>
+
+1137
+00:42:21,520 --> 00:42:26,319
+<font color="white" size=".72c">uses of nfts are genuine but they're</font>
+
+1138
+00:42:24,400 --> 00:42:28,160
+<font color="white" size=".72c">really just marginal improvements on</font>
+
+1139
+00:42:26,319 --> 00:42:30,640
+<font color="white" size=".72c">current technology if they are indeed</font>
+
+1140
+00:42:28,160 --> 00:42:33,200
+<font color="white" size=".72c">improvements at all and nfc acolytes are</font>
+
+1141
+00:42:30,640 --> 00:42:35,520
+<font color="white" size=".72c">claiming nfts are a grand slam but it's</font>
+
+1142
+00:42:33,200 --> 00:42:37,839
+<font color="white" size=".72c">probably more like a simple walk-on</font>
+
+1143
+00:42:35,520 --> 00:42:39,760
+<font color="white" size=".72c">single these improvements in technology</font>
+
+1144
+00:42:37,839 --> 00:42:42,319
+<font color="white" size=".72c">are probably useful but they're also</font>
+
+1145
+00:42:39,760 --> 00:42:44,079
+<font color="white" size=".72c">extremely mundane the technology at use</font>
+
+1146
+00:42:42,319 --> 00:42:46,800
+<font color="white" size=".72c">here probably will form some of the</font>
+
+1147
+00:42:44,079 --> 00:42:48,960
+<font color="white" size=".72c">unseen backbone of certain transactions</font>
+
+1148
+00:42:46,800 --> 00:42:51,119
+<font color="white" size=".72c">but it just simply won't be get rich</font>
+
+1149
+00:42:48,960 --> 00:42:53,280
+<font color="white" size=".72c">quick schemes it seems likely that the</font>
+
+1150
+00:42:51,119 --> 00:42:55,280
+<font color="white" size=".72c">huge market for nft's collectibles will</font>
+
+1151
+00:42:53,280 --> 00:42:57,920
+<font color="white" size=".72c">probably crash at some point and when</font>
+
+1152
+00:42:55,280 --> 00:42:59,920
+<font color="white" size=".72c">the bubble around jpegs dies out what</font>
+
+1153
+00:42:57,920 --> 00:43:00,720
+<font color="white" size=".72c">will be left is probably a technology</font>
+
+1154
+00:42:59,920 --> 00:43:02,720
+<font color="white" size=".72c">that</font>
+
+1155
+00:43:00,720 --> 00:43:04,640
+<font color="white" size=".72c">makes marginal improvements it's going</font>
+
+1156
+00:43:02,720 --> 00:43:06,560
+<font color="white" size=".72c">to create a few millionaires maybe even</font>
+
+1157
+00:43:04,640 --> 00:43:08,319
+<font color="white" size=".72c">billionaires who find</font>
+
+1158
+00:43:06,560 --> 00:43:10,400
+<font color="white" size=".72c">novel and practical uses for this</font>
+
+1159
+00:43:08,319 --> 00:43:12,000
+<font color="white" size=".72c">technology but it's not going to create</font>
+
+1160
+00:43:10,400 --> 00:43:15,280
+<font color="white" size=".72c">overnight millionaires for everyone that</font>
+
+1161
+00:43:12,000 --> 00:43:16,880
+<font color="white" size=".72c">wants to mint some low value nft going</font>
+
+1162
+00:43:15,280 --> 00:43:19,359
+<font color="white" size=".72c">forward and the reason that that is a</font>
+
+1163
+00:43:16,880 --> 00:43:20,720
+<font color="white" size=".72c">problem for nfts is that there are many</font>
+
+1164
+00:43:19,359 --> 00:43:22,319
+<font color="white" size=".72c">many people who have staked their entire</font>
+
+1165
+00:43:20,720 --> 00:43:24,880
+<font color="white" size=".72c">reputations as well as their entire</font>
+
+1166
+00:43:22,319 --> 00:43:27,680
+<font color="white" size=".72c">finances on the proposition that nfts</font>
+
+1167
+00:43:24,880 --> 00:43:29,280
+<font color="white" size=".72c">have created a completely new industry</font>
+
+1168
+00:43:27,680 --> 00:43:31,599
+<font color="white" size=".72c">and that it can create overnight</font>
+
+1169
+00:43:29,280 --> 00:43:33,200
+<font color="white" size=".72c">millionaires in anyone and when people</font>
+
+1170
+00:43:31,599 --> 00:43:34,880
+<font color="white" size=".72c">realize that that's not the case well</font>
+
+1171
+00:43:33,200 --> 00:43:37,520
+<font color="white" size=".72c">the entire industry may evaporate</font>
+
+1172
+00:43:34,880 --> 00:43:39,440
+<font color="white" size=".72c">overnight faster than beanie babies now</font>
+
+1173
+00:43:37,520 --> 00:43:41,680
+<font color="white" size=".72c">of course nfts are heralded as this</font>
+
+1174
+00:43:39,440 --> 00:43:43,359
+<font color="white" size=".72c">revolution in creator economics as a way</font>
+
+1175
+00:43:41,680 --> 00:43:45,359
+<font color="white" size=".72c">for artists to actually pay what they're</font>
+
+1176
+00:43:43,359 --> 00:43:47,599
+<font color="white" size=".72c">worth but people don't realize that</font>
+
+1177
+00:43:45,359 --> 00:43:49,440
+<font color="white" size=".72c">there's real liability in that nfts</font>
+
+1178
+00:43:47,599 --> 00:43:52,000
+<font color="white" size=".72c">could be incredibly dangerous if not</font>
+
+1179
+00:43:49,440 --> 00:43:53,599
+<font color="white" size=".72c">outright terrible for creators i go into</font>
+
+1180
+00:43:52,000 --> 00:43:55,200
+<font color="white" size=".72c">great detail based on my experience as a</font>
+
+1181
+00:43:53,599 --> 00:43:57,040
+<font color="white" size=".72c">lawyer but also my experience as a</font>
+
+1182
+00:43:55,200 --> 00:43:59,760
+<font color="white" size=".72c">creator myself let's just say there's a</font>
+
+1183
+00:43:57,040 --> 00:44:01,119
+<font color="white" size=".72c">reason i haven't minted any nfts myself</font>
+
+1184
+00:43:59,760 --> 00:44:02,720
+<font color="white" size=".72c">now what if i told you that you could</font>
+
+1185
+00:44:01,119 --> 00:44:05,200
+<font color="white" size=".72c">watch another legal eagle video but this</font>
+
+1186
+00:44:02,720 --> 00:44:07,520
+<font color="white" size=".72c">time it's on why nfts could be dangerous</font>
+
+1187
+00:44:05,200 --> 00:44:09,280
+<font color="white" size=".72c">and bad for creators well this</font>
+
+1188
+00:44:07,520 --> 00:44:11,680
+<font color="white" size=".72c">full-length companion video does exist</font>
+
+1189
+00:44:09,280 --> 00:44:13,040
+<font color="white" size=".72c">and it is exclusively on nebula because</font>
+
+1190
+00:44:11,680 --> 00:44:15,119
+<font color="white" size=".72c">sadly if i put it on youtube it would</font>
+
+1191
+00:44:13,040 --> 00:44:17,119
+<font color="white" size=".72c">probably get demonetized and there's no</font>
+
+1192
+00:44:15,119 --> 00:44:18,480
+<font color="white" size=".72c">way you'd ever see it but nebula is</font>
+
+1193
+00:44:17,119 --> 00:44:20,480
+<font color="white" size=".72c">different as you've probably heard by</font>
+
+1194
+00:44:18,480 --> 00:44:22,079
+<font color="white" size=".72c">now nebula is home to tons of exclusive</font>
+
+1195
+00:44:20,480 --> 00:44:23,599
+<font color="white" size=".72c">ad-free content like my first</font>
+
+1196
+00:44:22,079 --> 00:44:25,359
+<font color="white" size=".72c">full-length documentary bad law words</font>
+
+1197
+00:44:23,599 --> 00:44:27,280
+<font color="white" size=".72c">good a long-form interview with mark</font>
+
+1198
+00:44:25,359 --> 00:44:29,359
+<font color="white" size=".72c">rober exclusive videos on legal rights</font>
+
+1199
+00:44:27,280 --> 00:44:32,000
+<font color="white" size=".72c">you should definitely use and anti-slap</font>
+
+1200
+00:44:29,359 --> 00:44:33,839
+<font color="white" size=".72c">laws in kyle rittenhouse plus tons more</font>
+
+1201
+00:44:32,000 --> 00:44:35,440
+<font color="white" size=".72c">and all this exclusive content is only</font>
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+1202
+00:44:33,839 --> 00:44:37,440
+<font color="white" size=".72c">on nebula which you can get for free</font>
+
+1203
+00:44:35,440 --> 00:44:38,720
+<font color="white" size=".72c">with curiosity stream of course the</font>
+
+1204
+00:44:37,440 --> 00:44:40,319
+<font color="white" size=".72c">reason why all these videos are only</font>
+
+1205
+00:44:38,720 --> 00:44:42,400
+<font color="white" size=".72c">available on nebula is because they just</font>
+
+1206
+00:44:40,319 --> 00:44:43,680
+<font color="white" size=".72c">wouldn't work here on youtube they'd</font>
+
+1207
+00:44:42,400 --> 00:44:45,520
+<font color="white" size=".72c">never be viewed because of the way that</font>
+
+1208
+00:44:43,680 --> 00:44:47,280
+<font color="white" size=".72c">the site works but on the other hand</font>
+
+1209
+00:44:45,520 --> 00:44:49,440
+<font color="white" size=".72c">nebula is a different platform with no</font>
+
+1210
+00:44:47,280 --> 00:44:50,560
+<font color="white" size=".72c">algorithm and without any ads because</font>
+
+1211
+00:44:49,440 --> 00:44:52,160
+<font color="white" size=".72c">nebula is a place where we can</font>
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+1212
+00:44:50,560 --> 00:44:54,000
+<font color="white" size=".72c">experiment with content put things on</font>
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+1213
+00:44:52,160 --> 00:44:55,520
+<font color="white" size=".72c">there that we couldn't put on youtube</font>
+
+1214
+00:44:54,000 --> 00:44:57,280
+<font color="white" size=".72c">nebula is a platform for great and</font>
+
+1215
+00:44:55,520 --> 00:44:59,040
+<font color="white" size=".72c">unique content made by independent</font>
+
+1216
+00:44:57,280 --> 00:45:00,960
+<font color="white" size=".72c">educational creators that you probably</font>
+
+1217
+00:44:59,040 --> 00:45:02,400
+<font color="white" size=".72c">already know like tom scott thomasfrank</font>
+
+1218
+00:45:00,960 --> 00:45:04,480
+<font color="white" size=".72c">and thomasflight as well as lots of</font>
+
+1219
+00:45:02,400 --> 00:45:06,079
+<font color="white" size=".72c">other people not named tom like half as</font>
+
+1220
+00:45:04,480 --> 00:45:08,000
+<font color="white" size=".72c">interesting marquez brownlee real life</font>
+
+1221
+00:45:06,079 --> 00:45:09,920
+<font color="white" size=".72c">lore wendover productions mike boyd</font>
+
+1222
+00:45:08,000 --> 00:45:12,160
+<font color="white" size=".72c">minute earth neo real engineering</font>
+
+1223
+00:45:09,920 --> 00:45:13,680
+<font color="white" size=".72c">knowing better and so many others</font>
+
+1224
+00:45:12,160 --> 00:45:15,839
+<font color="white" size=".72c">there's tons of exclusive content</font>
+
+1225
+00:45:13,680 --> 00:45:17,760
+<font color="white" size=".72c">released multiple times every day and</font>
+
+1226
+00:45:15,839 --> 00:45:19,760
+<font color="white" size=".72c">nebula is creator owned and operated and</font>
+
+1227
+00:45:17,760 --> 00:45:22,079
+<font color="white" size=".72c">we've been developing like crazy nebula</font>
+
+1228
+00:45:19,760 --> 00:45:24,800
+<font color="white" size=".72c">now has apps for ios android apple tv</font>
+
+1229
+00:45:22,079 --> 00:45:26,240
+<font color="white" size=".72c">roku fire tv and android tv and we're</font>
+
+1230
+00:45:24,800 --> 00:45:27,520
+<font color="white" size=".72c">thrilled to be partnering with curiosity</font>
+
+1231
+00:45:26,240 --> 00:45:28,960
+<font color="white" size=".72c">stream because they're the go-to source</font>
+
+1232
+00:45:27,520 --> 00:45:30,800
+<font color="white" size=".72c">for the best documentaries and long-form</font>
+
+1233
+00:45:28,960 --> 00:45:32,400
+<font color="white" size=".72c">educational content on the internet they</font>
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+1234
+00:45:30,800 --> 00:45:34,160
+<font color="white" size=".72c">even have an entire section devoted to</font>
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+1235
+00:45:32,400 --> 00:45:35,720
+<font color="white" size=".72c">unsolved mysteries and crimes so if you</font>
+
+1236
+00:45:34,160 --> 00:45:37,920
+<font color="white" size=".72c">like my videos you'll love the stuff on</font>
+
+1237
+00:45:35,720 --> 00:45:39,599
+<font color="white" size=".72c">curiositystream and the best way to get</font>
+
+1238
+00:45:37,920 --> 00:45:40,640
+<font color="white" size=".72c">access to nebula and all this incredible</font>
+
+1239
+00:45:39,599 --> 00:45:42,800
+<font color="white" size=".72c">content is definitely through the</font>
+
+1240
+00:45:40,640 --> 00:45:44,240
+<font color="white" size=".72c">amazing curiosity stream nebula bundle</font>
+
+1241
+00:45:42,800 --> 00:45:46,880
+<font color="white" size=".72c">with its current sales price of less</font>
+
+1242
+00:45:44,240 --> 00:45:49,119
+<font color="white" size=".72c">than 15 for the entire year which gives</font>
+
+1243
+00:45:46,880 --> 00:45:51,040
+<font color="white" size=".72c">you access to both sites and to be clear</font>
+
+1244
+00:45:49,119 --> 00:45:52,480
+<font color="white" size=".72c">that nebula subscription is not a trial</font>
+
+1245
+00:45:51,040 --> 00:45:54,800
+<font color="white" size=".72c">it's free for as long as you're a</font>
+
+1246
+00:45:52,480 --> 00:45:56,480
+<font color="white" size=".72c">curiosity stream member there just isn't</font>
+
+1247
+00:45:54,800 --> 00:45:58,240
+<font color="white" size=".72c">a better deal in streaming anywhere and</font>
+
+1248
+00:45:56,480 --> 00:46:00,000
+<font color="white" size=".72c">you get two great streaming sites with</font>
+
+1249
+00:45:58,240 --> 00:46:01,599
+<font color="white" size=".72c">content you'll actually watch and enjoy</font>
+
+1250
+00:46:00,000 --> 00:46:03,200
+<font color="white" size=".72c">and what's more signing up will actually</font>
+
+1251
+00:46:01,599 --> 00:46:05,520
+<font color="white" size=".72c">help countless independent educational</font>
+
+1252
+00:46:03,200 --> 00:46:06,720
+<font color="white" size=".72c">creators beyond just legal eagle so sign</font>
+
+1253
+00:46:05,520 --> 00:46:08,319
+<font color="white" size=".72c">up right now by clicking on the button</font>
+
+1254
+00:46:06,720 --> 00:46:10,400
+<font color="white" size=".72c">that's on screen right now which will</font>
+
+1255
+00:46:08,319 --> 00:46:12,319
+<font color="white" size=".72c">take you directly to curiositystream.com</font>
+
+1256
+00:46:10,400 --> 00:46:13,599
+<font color="white" size=".72c">legaleagle to sign up or you can click</font>
+
+1257
+00:46:12,319 --> 00:46:15,200
+<font color="white" size=".72c">on the link that's down below in the</font>
+
+1258
+00:46:13,599 --> 00:46:17,200
+<font color="white" size=".72c">description it's a great way to support</font>
+
+1259
+00:46:15,200 --> 00:46:19,599
+<font color="white" size=".72c">educational content and get tons of</font>
+
+1260
+00:46:17,200 --> 00:46:21,520
+<font color="white" size=".72c">exclusive content that you'll love so go</font>
+
+1261
+00:46:19,599 --> 00:46:22,800
+<font color="white" size=".72c">watch it right now or you can click on</font>
+
+1262
+00:46:21,520 --> 00:46:24,720
+<font color="white" size=".72c">this playlist over here with all my</font>
+
+1263
+00:46:22,800 --> 00:46:29,440
+<font color="white" size=".72c">other real law reviews so click on one</font>
+
+1264
+00:46:24,720 --> 00:46:29,440
+<font color="white" size=".72c">of these links or i'll see you in court</font>
+