Episode 129 – Jesse Krieger – The Commerce of Crypto: Demystified

“In 2020, there was in the hundreds of millions of dollars of transaction volume for the whole year in terms of NFT sales, in 2021 we are already well into the billions of dollars. If people haven’t heard about it or aren’t aware of it, it’s my opinion that in a short matter of time it will become more commonplace like a web browser was to the internet.” –Jesse Krieger  

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    • Selected links and people mentioned in this episode:
    • Lifestyle Entrepreneurs Press PowerFan.io Lifestyle Entrepreneur by Jesse Krieger Bitcoin Ethereum Michael Saylor Polkadot Cardano Coinbase Harsh Krieger
      • [02:08] Patrick introduces his next TEDM guest (and his enthusiasm for the conversation at hand), Jesse Krieger.
      • [04:53] Jesse and Patrick get rolling with a low down on Jesse’s two current identities. Jesse expands on his roles within both of his companies both of which support authors and artists to launch their creative offerings into the world. Each are by different means but do have that common thread.
      • [07:53] Acknowledging the potential for crypto currency and block chain technology to revolutionize the current economic reality, Jesse and Patrick dive into the non-fungible token (NFT) world to start with the basics. What does fungible mean, to get to what non-fungible means in this context.
      • [10:40] Using art as the example, Patrick further breaks down how NFTs are different than the way we are traditionally used to buying and selling art, which comes with many inherent risks. Jesse offers a solid example of how to think of NFTs in this way, plus he explains just how prevalent and relevant NFTs on the block chain already are, surpassing the hundreds of millions in transactions 2020 to already in the billions for 2021. If we don’t know about it yet, we will!
      • [14:33] Jesse addresses the question that inevitably comes up for the inquisitive and perhaps more skeptical individuals – how do we even put value on art, and particularly on digital art?
      • [16:52] Web 3.0. Jesse unpacks what Web 1.0 & 2.0 is, then describes what Web 3.0 is, how we relate to it and interact with the block chain for financial transactions. Using these types of transactions allows us to participate in a new commerce that does not involve transferring money in and out of a traditional bank. There exist many platforms already with more being created all the time.
      • [19:56] Jesse explains the NFT token concept using a concert ticket as an example of how layered the advantages can be. If the ticket itself is in a NFT we can purchase, there are cool potential benefits for the owner/creator, the first level buyer and even the secondary buyer. It’s a digital way to represent the experiences you’ve had rather than having it sit on a shelf or hang on a wall plus there is potential for the NFT you own to become more valuable, much like a collectible.
      • [24:14] NFTs for Dummies! Jesse and Patrick provide one more illustration of how to relate to NFTs from a physical property example through to becoming an asset on the block chain, plus they touch on the possibility of price manipulation.
      • [28:25] Music creators are getting in the game as well, with some really interesting ways to use NFTs to get their music directly out to fans without an intermediary and create opportunities for collaboration and fun.
      • [30:15] Jesse and Patrick discuss the fundamental value proposition of crypto currency vs. fiat currency and the distinction we need to make in how we think of the two. The commerce of crypto currency and block chain is without a doubt a new space AND it’s also a extremely active space.
      • [35:16] Breaking down the NFT transaction from finding the NFT product to how to purchase and hold it. Jesse points out the important distinction between a coin-based account and a coin-based wallet.
      • [36:26] There is plenty to research and learn about this technology and for asset building purposes, it can’t be stepped over. Jesse shares his approach to crypto investing and trading strategy. Disclaimer: this is not financial advice, simply one approach.
      • [41:45] To tie together the two worlds in which Jesse operates, he talks about the possibilities of how books, authors and readers can play a big part in the NFT experience.
      • [42:36] Jesse shares how his journey has unfolded in the sphere of crypto, block chain, NFTs and decentralized finance (DeFi).
      • [46:58] Jesse offers his viewpoint on where he sees crypto currency going and how it is already evolving.
      • [51:57] Patrick offers the perspective of fiat currency which continues to devalue due to the unlimited production of dollars whereas crypto currency has limitation, making it all the more appealing. In addition to that it has been around since 2009 glitch-free.
      • [54:03] Jesse and Patrick address the narrative around crypto currency being used to support nefarious activity when the reality is, it’s equal to if not more transparent than using cash for the same purpose. Bitcoin is a mathematical certainty and it’s limited. Same with precious metals, limited and in high demand. Fiat currency and the fed operate in ambiguity.
      • [58:46] Jesse gives advice on learning more about these platforms. Choose a project and read up on its documentation. Get involved with the project discussion groups and learn from the investors in the chat group. In Jesse’s opinion, best of all is to test them out on a small scale to see how they work.
      • [61:15] Stepping back into the world of dial-up internet, Jesse talks about his own experience of being part of the first generation with a computer in the home from the time he was a little kid. Fast-moving industries and technology, together with an entrepreneurial drive, a love of music and a thirst for travel sum up the pillars of Jesse’s upbringing.
      • [63:21] Jesse comes by his entrepreneurial drive and approach honestly. Growing up watching his Dad operate his own businesses from accounting to renting out Mac computers, Jesse learned how to create a relationship and an enjoyable experience for clients beyond a transaction.
      • [65:50] Based on his own experience of having his book published twice, once in Southeast Asia and once in the US, and helping fellow entrepreneurs publish theirs, Jesse decided to formally get into the publishing business and started his own company in 2014. Finding great fulfillment in the process he sees himself doing this for a long time to come.
      • [67:59] Wait, let’s get back to that rock band Jesse was in! Jesse recounts the experience of being in the band and creating his own record label.
      • [69:44] An entrepreneur to the core, Jesse can’t imagine being any other way. His father was Mr. Encouragement and his Mom provided the contrast of being a little more cautious and protective. In the end, the adventure of being an entrepreneur proved to be the stronger pull.
      • [74:30] Jesse explains his goals and vision for his business and what he’s setting out to achieve. Book publishing, he does because he loves it, and he simply must. PowerFan is more of a playground where he gets to explore all of the things he loves and in the process potentially make good money.
      • [76:10] Jesse explains the business process of working with artists within PowerFan, from someone bringing the NFT they’ve created and selling it on their platform, to working together with an artist to create the NFT then walk through the entire process with them.
      • [80:17] For anyone who is now on the NFT track, knows how to spell it, and is interested in moving forward, Jesse provides next steps to start buying.
      • [81:18] Some parting words of gratitude.

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