7 Steps To Transfer A Non-Fungible Token

Seven steps to transfer a non-fungible token. So let's talk about them in detail because you can lose so much money if you don't do this exactly right. So I get a pen and paper. I would timestamp this. It is so important. So as we continue this conversation with NFTs, we have talked about what are they? What makes them valuable? What's the utility behind it? And I'm here with Simon Young. We're going to continue this conversation. So welcome back, Simon. Hi. Yeah, good to see you again. So talk about the utility. We talked about some really great ideas on how you really, I must say, that provides the value. Would that be a correct way to say that? Yeah, the more you can stack into an NFT, one, the more people are going to want to buy it. You know, that's giving people FOMO. They don't want to miss out on getting in. And it's about how big is your audience and what are the price points? So we look at when people approach us to run NFT drops, we look at what the size of their social presence is, how many active members they've got in their communities, what their price points are currently, because we work with a lot of coaches. With my main business being on YouTube, we work with loads of coaches through the years, people who use ClickFunnels, all that sort of stuff. So we're looking at their audience. And then what can you offer to the audience that is good value? And then you're going to use the NFT to bring them more into the community and get them to get involved more, because typically, for coaches and people like yourself, we want people involved. We want them taking action. We want them working with each other, not necessarily just relying on an output from you. So the utility in that token can be extra access. Maybe it's you get access to the book pre-release. Maybe you're the first to read it. Maybe you get discounts on future event tickets, all sorts. There's loads of things you can do. So Simon, when you talk about this NFT, and I'm speaking to those who are new to this whole concept, I know a lot, especially the older groups of the coaches in that community, having been in the coach and speaker, author, trainer community for decades, the NFT is just really a new... How would you describe it? Because people are listening, saying, I'm already doing those things. This list of things you just said, I'm already getting my people involved. We have masterminds. We're already connected. What's the value of putting an NFT? I'm going to stay on top of it or to lock it. And I want you to lead to the smart contract, because I have contracts with my clients, but they're not sellable contracts. They're not tradable contracts. They expire. So I've talked to that group who's trying to understand this. So depending on what you write into that smart contract, that NFT is transferable, or does have interest on it, or does allow certain access, does have value. But a lot of people are coming... It can be quite difficult to sell upsells in this industry, to keep people as part of the community. And the blockchain is a... Well, it's non-fungible. You can't change it. Once it's on the blockchain, you have the proof that you own it. It's in your wallet. You can use that as an access point to your material. So if you create an API that allows the login from the wallet into your areas, and we all know that coaches... I've done it myself. I've signed up to courses and shared logins. Now, we know that that goes on as well. And you know that people go in and share a login between five, 10 people. There are ways to try and stop that. But with the blockchain, you do stop it and you make it fair. You can afford to probably allow people in at various price points. And then I know we're going to talk about staking as well, but when we get to more involvement in the community, that's the real key. Getting people talking for you. That's what we want. So talk about prices. Some of these have come out with just millions and millions of dollars, which I think people who don't understand, they just took themselves out of it and said, how do I even begin at that? But there's really NFTs that are as low as, I mean, $100, $50. I mean, talk about how someone enters this and starts pricing, or if they're starting to get educated, what do they look for? The madness, the absolute madness is people giving NFTs away now. I see on a Facebook group that's got tens of thousands of people, someone goes in, first 25 people to comment get given an NFT. Well, actually, it's costing that person money and time to do that because they have to pay the gas fees on the blockchain to issue them in the first place. So we don't want to get into a scenario. That's typically NFTs that have zero utility. They're not by a known artist. And again, I keep coming back to the fact that people think art is NFT. This is where it's the utility. It's like a ticket. It's like a golden ticket to whatever's written in that contract. And then people can trade it. People will be writing NFTs now. They can pass on to their kids or their grandkids, or a thousand years time, it may still exist and be able to access certain things. So let's talk about the blockchain and the contract that you said. And I love that you said it's like a ticket because that's how I've kind of framed it. It's like you're buying an exclusive golden ticket, but it has a smart contract. Talk about that and how that really locks in the value. We can have different levels of access as you already do. So one NFT, NFTs have rarities. So within a drop, you might have 20 different traits within an NFT. So a trait could be a discount code. It could typically in the profile picture type or avatar type artwork NFTs, you'll have a few traits which are super rare. And this is where the additional value comes onto them because we're all looking for the original. If you take Pokemon cards as an example, like my kids, my son, he gets so excited about opening a box of Pokemon cards. You wouldn't believe, right? He goes, he's looking for these shinies and he's like going to go and trade them with his friends. But some of these Pokemon cards are worth tens of thousands of dollars because of the collectability of them. And the same applies to NFTs. But within the business world, NFTs can be the bridge. And this is I'm having high level conversations with people like I'm not really allowed to mention, right? But I'm talking to some people in very, very big social networks about how to bridge between crypto and fiat currency. And that bridge, I believe, will be NFT. And that's where you're trading access or rarity. So access to you, for example, would be a very rare trait within your series of NFTs. One of the lesser traits or a trait that is applicable to every single NFT in your series may well be that you get the book. So there's different levels within it. And so is there a market like who determines what when you do your first drop, like what prices they go out at? Does the market determine it or do you set an initial price with the contract and the utility behind it? So absolutely, you set the price. Like any commodity, you have to be confident that you've got the community to sell it. And the price point then reflects that. So however big your community is, typically, we're sort of seeing with drops that we're doing, you need, for example, to drop 10,000 NFTs, you would need a community of 100,000 people. So you really do need to get depending on where you pitch the price. You know, obviously, if you pitched it at 10 cents, you might sell 100,000. But, you know, and then, you know, it depends who you are, what level of course you're selling or access, you know, some of my clients, their course might be 20k. But an NFT, you know, you might say, well, the NFT might be $5,000. But that's going to get you membership of certain groups. You know, you can set that contract out to be exactly what you want it to be. But it depends on what discount you're going to offer or what other benefits that might come in the future. And the might come in the future is the added value. So a lot of people will come in and buy an NFT. I don't want to say with, you know, we don't make empty promises as to what's coming in the future, because obviously, your audience trusts you, they know you, they know that you're going to deliver on what you say. But if, for example, you say, well, if you buy my NFT, it's going to get you the book, it's going to get you access to certain events, it might give you a 5% discount off attending a future event, right, guaranteed, or it might be a bigger discount than that for that event. Now, if you might say, well, if somebody is prepared to buy that NFT nine months ahead of an event, that's worth it to you for one for the cash flow, and two to lock people into, they want to get other people excited, they become your army of people who are going to talk about it and bring other people. And you might say to them, right, if you bring five other people, you might get this other NFT. Now, that's where you start stacking value. Yep. I love it. Love it. Love it. Very exciting. I hope all of you that are out there getting it. If you don't put some comments into the notes below, we will get right back to you and answer any of those questions. Before we end this segment, though, let's talk about staking. Yeah, so staking is really interesting. And there's hardly anybody, like literally hardly anybody's doing this yet. But we're working at the moment with a travel company, I'll give this as an example, they have a round the world trip, which is over $60,000. Like, literally, I wouldn't want to pay that amount, right. But let's say I want to go on that holiday, I can't afford it this year, I could buy an NFT now, from that business, let's say I buy that NFT for 10k, an affordable amount, compared to this massive holiday that I want to go on. Now, I could stake that NFT. So what I'm doing is I'm saying to the travel company, I will buy it and give you the money now. And the company then in return will say, well, in order for you to earn the next level up, you need to undertake certain tasks. So you need to invite certain people in, you need to, you know, bring people into our loyalty program. So you're, you are becoming part of that business, you've got like a fractional share of business, you're growing that business for that person to earn the rewards. But in the past, it's very easy to say, yes, I'll do that. I'll take part. And we all know in reality, people are busy or make empty promises. But if you've got a smart contract there, which says, if you do this, this will happen, it's a lot easier to say I will, you know, it'll happen. And then maybe next year, I've earned enough that I can cash that NFT back in with the business to take that holiday. Isn't it interesting, Simon, that most business owners have been operating with operating agreements, contracts, agreements, joint venture agreements. It's interesting. Talk about the, just the, I'm going to say the value, but the certainty, just like that, like what you just described in other terms could be like an affiliate program, right? But it's casual. And it's not, there's very little legal recourse if you don't do it. Talk about how distinct the smart contract and using the blockchain is going to, because to me, it shapes everybody up. I'll just say it that way. It creates another level of integrity and delivery that hasn't happened in business in the past. Would that be a correct way to kind of think about it? Well, absolutely. In the travel example, the company that I'm working with, they came to us and said, the biggest problem in the travel industry is Visa and MasterCard and people charging back transactions because, you know, they didn't, their breakfast wasn't warm. You know, when it like, or there was, you know, they didn't quite get what, get what they expected. And then they get a charge back with a smart contract. It is there in black and white and it's can never be changed. Like once it's on the blockchain, that piece of information is never, ever changing. It's locked in, you know, and it can be checked and audited. You can see where all the transactions go. It's beautiful. You know, it's the future. Love it. Love it. Love it. We have got to wrap this. So we are in the second of four in our conversation and series of just the beginning of NFTs. We have a lot more we're going to be doing with Simon as we really dig into where our market's going. So we'll be talking about that next. Those of you, again, that have been listening. So before we get to the end, I want you to subscribe to my channel. I want you to click on the link, tap the notification button. And if you want more information, you got to put it in the comments because the comments inform me on what videos to come. Before we end today, I can tell you, you need to stay on our list. We will be continuing conversations and education. We're actually going to be even launching a few NFTs. So I want you to stay tuned, stay with us and to get started. 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