Reggie Watts Explains NFT's to Joe

It was insane and I couldn't believe it. And so I'm like, well, now I need to do a performance with that. And now I'm going to do a performance with, because the guy who did his name's young Orbsier, he was the guy showing his NFTs in the gallery. He used to work or he, I guess he still works for 3D Left, but he used to be behind the scenes. Now he's like made his own installation. He's in FTs. Hold, hold, please. Explain NFTs to people that don't know what you're talking about, because I don't know what you're talking about. I do, but I don't. I know it's a non-fungible token. Yes. I'm not exactly sure what that means. Yeah, yeah, yeah, yeah. Well, it's just not very fungible. You know, tokens are super fungible. Got it. These aren't very fungible. I don't even know if I could, if I, if I was on Jeopardy. What is fungible? Yeah. Fungible. Fungible. Fungible. What does fungible mean? Okay, let's, let's Google it. Fucking f-gul-it. F-gul-it. F-gul-it. F-gul-it. Yeah, like duplicatable maybe or something. Let's Google it. What is the? Joo-jaw. Or go to Duck Duck Go so they'll give you the truth. Oh yeah, yeah, yeah, yeah, yeah. Give me the truth. Fungible, let's just say it. Okay, here it goes. It's an economic term. Oh, of goods connected for without an individual specimen being specified, able to replace or be replaced by another identical item, mutually interchangeable. It is by no means the world's only fungible commodity. Okay, I know it. Oh yeah. I understand it even less now. Yeah, I have heard a fungible like done it used in economics. But yeah. So, yeah, non-fungible. So, basically it's like I have, I've made a little video of me or yeah, I've made a video of me, a 30-second video of me like running around, you know, a park or something like that. If I want to make that non-fungible, then I mint it. And by minting, you use a minting service like Foundation or Zora. There's many others. And you get a crypto wallet and you get the crypto wallet set up, you put money in it, it's converted into the crypto of your choice. So let's say ETH, which is very popular. Ethereum. What? Ethereum. That's a very popular crypto. Yeah. Yeah. ETH. Fucking nerds. Actually, it's, but yeah. So these are some NFTs that we created. So see that one on the very top left? That's the Looking Glass holographic display. Oh, wow. And so that device, we made an NFT, me and my friend, Panther Modern, his name is Brady Keene. Check out his music. It's fucking disgusting. But so he made the 3D motion graphics and the TVs and designed all of that stuff with the wires. We shot a bunch of video of me doing the thing. He inserted them on the TV screens and then we formatted it. It's on a loop. It's got music with it. And that is then put into this device. And so I'm trying to push this phrase called fidgetle, the convergence of physical and digital media. So that's like a perfect representation because it's the NFT is sold with the device. So when you bid on it and you win it or whatever, that device is sent to you. There's laser etching on the back that says the name of the piece, who made it and so forth. But technically it's that unit with the hologram. So it's the world's first holographic NFT, which was bought by Lee, what's the name? Charlie Lee, Charlie Lee who created Litecoin, another cryptocurrency. He bought it for almost nothing. And so he now has the physical unit that has the hologram in it and you could ostensibly just put it on a shelf and call it good. Or you can use the display to upload more holographic stuff if you want to. So that was the first holographic NFT. Those other videos that you saw cycling were just standard. It was a video. We made it in NFT. But then someone can't replicate that video? They hold the license to it. Right. But if you just replicate it and have it on your laptop, how's someone going to stop you? I mean, I guess if you're trying to make money from it, then you couldn't. You wouldn't be able to make money off of it. You wouldn't be able to make money off of it. I mean, technically you could screenshot it. You could screen capture it. You know, if it's a video, in this case it's a hologram. So you would have to have a looking glass device and then you'd have to get the file in order to see it, which it is available. But it's stunning when you hear guys like Beeple. Like Beeple sold an NFT for what, $59 million? $69 million. He's got a little more with his package though. You get a hair sample. Oh yeah. You get his own hair. Is that his pubes? It could be. I hope so. I don't know if he's. He's got very long, luscious pubes. So what do you get? He sends the whole package when you get his NFT. Okay. So you get an image? I think this is like an iPad with the image on it. The one that sold for a bunch I believe was all of them together. Yeah, all of them. In one video sort of. So not just one. All of the art for a year. Like 5000 pieces. Yeah. Yeah. Someone bought it for $69 million in what, Bitcoin or what? Yeah, I think ETH. They have to buy the auction is in ETH. So Christie's, you know, it's like was auctioned by Christie's. It was like ETH was, I think it was in ETH. And then how would you go about being actually rich with this? How does Beeple go from this to being a baller? Oh, well, I mean, well, you know, they bid whoever bids it, you know, just like a regular auction. And then they bid using crypto and the crypto is transferred before they transfer the file to the. So the $69 million in ETH, he could actually put into his account. Yes. And now he has 69 actual million dollars. Yeah, you just convert it. And then you can get a Ferrari. Yeah, you could, you could get one Ferrari for 69 million. The thing with ETH though, with some of these contracts, like I don't know specifically which one is, I heard him mention this. He has a it's built into the contract. So if the person who bought it for 69 million sells it for 100 million, 10 percent of that goes back to his wallet. Yeah, that's right. So he'll get 10 million dollars. Yeah, you set the resale. So like on ours, we did 15 percent, which is the average. Catch new episodes of The Joe Rogan Experience for free only on Spotify. Watch back catalog JRE videos on Spotify, including clips, easily, seamlessly switch between video and audio experience on Spotify. You can listen to the JRE in the background while using other apps and can download episodes to save on data costs all for free. Spotify is absolutely free. You don't have to have a premium account to watch new JRE episodes. You just need to search for the JRE on your Spotify app. Go to Spotify now to get this full episode of The Joe Rogan Experience.