351 - Meet your NFT (non-fungible token) Muse on your NFP (non-fungible podcast)

Welcome to your non-fungible podcast as we hear about the Muse Frame. If you move in technology circles, you would have heard the term "NFT" (or Non-Fungible Token) bandied about quite a bit over the past year or two. However, along with terms like Metaverse and Cryptocurrency and Blockchain, your understanding might be a little vague. Steve's was, so he invited local entrepreneur, Dylan Blaquiere, CEO of Muse Frame, to give us a layperson's tour of these terms as well as share insights into his new product: A muse frame which can collect, verify, and display your art purchased with an NFT or non-fungible token. The SA Drink Of The Week is 36S Blood Orange Vodka - nothing Russian here! And in the Musical Pilgrimage, we have Dino Jag back with When The Day Comes. You can navigate episodes using chapter markers in your podcast app. Not a fan of wine? You can click next to jump to the next chapter in the show. We're here to serve! 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Oh, and here's our index of all episode in one concise page Running Sheet: Meet your NFT (non-fungible token) Muse on your NFP (non-fungible podcast) 00:00:00 Intro Introduction to the show. 00:05:20 SA Drink Of The Week This week's SA Drink Of The Week is Blood Orange Vodka by 36S from the Adelaide Plains. 00:07:23 Dylan Blaquiere In medieval times, fungi vice meant to serve in place of. In the 1600s, this gave birth to the word, fungible, which also meant to serve in place of. It wasn't until the early 1900s before usage of the term fungible began to rise, peaking in the past 10 years as a pretty cold, hard capitalist term for describing  workers who are "virtually indistinguishable from others" in terms of the value of their contributions in the workplace. But fungibility has returned recently in relation to tokens you can buy to prove ownership of digital assets, aka NFTs or non-fungible tokens. A new Australian technology company based here in Adelaide is champing at the BIT (see what I did there), to have a seat at this table, through a new product called Muse Frames. Prepare yourself. You're about to be immersed in terms like Metaverse, Bitcoin, Blockchains, and Digital Wallets but my goal is to get you through this without needing Google Translate because I want The Adelaide Show to be your non-fungible (or irreplaceable) podcast for interpreting this new World 3.0. To help me achieve that, I welcome the CEO of Muse Frame, Dylan Blaquiere. Dylan, when was the first time you ever used fungible in a sentence? Dylan, we are going to talk about your innovation, which is this release of the first Australian digital frame exclusively manufactured to display non-fungible tokens (NFTs), and your collaboration with the Australian Open's "AO Metaverse" but for all of us to appreciate what you're doing, we need some background to this fairly new raft of technical terminology. Is this a good mud map? Fungibility Art and its ownership (physical and digital) Blockchain Bitcoin Metaverses A five dollar note is fungible. If we both had them and swapped them, nobody would care. Grade 2 corn kernells are the same, no matter which farmer grew them in what country - to be Grade 2 is to be of a certain standard. However, a Lamb Roast Dinner that I make compared to one made by Jamie Oliver, I would say is non-fungible - you can't just swap one for another. How would you describe it? As an aside, business writer, Michael Gerber's E-myth Revisited is all about building businesses on fungible humans so that you can just replace them ... but Seth Godin in Linchpin says we need to make ourselves non-fungible to thrive PLUS business owners like Michael Gerber are making businesses that are easily copied if you just have expendable, fungible, swappable humans. You're an entrepreneur, what's your take? Should you gather irreplacible people around you and face a big hole if you lose them, or play it safe? Art. NFTs don't always relate to art but given the nature of Muse Frame and your current project, it's a good place to start. People have been buying art for centuries and when you buy something physical you either have it or you don’t. Is it fair to say that possession is 9/10 of the law in relation to physical art, and therefore there’s no need for any sort of ledger or account book to prove that I own something? When you buy an NFT (non-fungible) token that says you own this artwork, does it actually mean ownership, giving you rights over it, or does it mean you own copy number 2000 of 2020? Someone just learned this the hard way in relation to the book, Dune. An anonymous NFT group called Spice DAO (decentralized anonymous organization) spent $3m on a $40,000 rare art book: Jodorowsky’s Dune (which was the concept artbook for an ambitious project to make a film version of Frank Herbert’s Dune that never got off the ground. These "spiceheads" planned to convert the book into NFTs, burn the physical copy, and adapt the story into an animated series. However, they soon learned that all they bought was the physical copy of the book, not the copyright to Dune. Your thoughts? To Blockchain now. Can we imagine it as a big excel spreadsheet with columns to describe an object or hold a legal agreement, and then other columns to capture the time, date, and place, in which certain people have taken actions like buying or signing, but that it's got replicated copies of itself all over the net and a security system that reports everything, eg, someone tries to change the value of a cell, it is recorded and traceable. How close am I? Blockchains are closely related to Bitcoins. And this is where I'm lost. I just haven't had the headspace to investigate this speculative type of currency. Can you give us an overview? I do hear that the computer energy needed to "mine" bitcoins is huge, and blockchains similarly, so much so that some countries have banned mining (or restricted the use of bitcoin) like Qatar, Turkey, China, etc. Does it worry you that this new realm of connectivity is going to hurt the planet? Our last stop before getting to Muse Frames is to get our heads around (or into) metaverses. A metaverse is an immersive, virtual environment where a likeness of you can move and interact with others. For example, I joined Second Life when it began more than a decade ago. I got to move my avatar, 4InTheMorning Writer, around to different worlds (I logged in again today and boy is it still clunky). However, these days, when I think metaverse, I think of my Oculus Rift in which I put on the headset and play cricket at Lords and it is quite realistic in a cartoonish way. What does the Metaverse mean to you? Now, can you tie all these strands together so we understand Muse Frames and Tennis Australia, the Kickstarter campaign, and the future of your business. Is this (or will this be) in the realm of mums and dads? If I wanted to mint The Adelaide Show logo, what would I need to do? Finally, Lot Fourteen is SA's innovation precinct, and the government is calling for expressions of interest from cafe operators to create a new, healthy cafe there. I think of geeks working around the clock, eating pizza, drinking Coke, probably smoking weed, and just burning up their bodies. Has that changed? What would you consider a perfect nerd cafe? 01:07:50 Musical Pilgrimage In the musical pilgrimage, we have When The Day Comes by Dino Jag, which reached dizzying heights on the National Top 10 AIR Chart late last year. We love Dino, love his energy and the quality of his music, but also the quality of his heart. At the time of putting this episode out, Dino was preparing to be part of the UKRAINEstock Music Festival supporting refugees affected by the conflict in Ukraine. Support the show: https://theadelaideshow.com.au/listen-or-download-the-podcast/adelaide-in-crowd/ See omnystudio.com/listener for privacy information.