Tokenization is the process of turning a meaningful piece of data, such as an account number, into a random string of characters, called a token, that has no meaningful value if breached. Tokens serve as reference to the original data but cannot be used to guess those values.
One component of tokenization is non-fungible tokens (NFTs), which are not interchangeable. They have different values. Each NFT, each non-fungible token, has a different value.
The idea is that NFTs are digital tokens that represent real-world assets, anything from stocks to works of art and even baseball cards.
So, why bother with NFTs when you can buy the physical items?
That’s exactly what analyst Marija Matic and host Chris Coney discussed in the latest Weiss Crypto Sunday Special. You can watch their interview here or read on for the full transcript ...
Chris Coney:Hi there, guys. Welcome to another edition of the Weiss Crypto Sunday Special with me, your host, Chris Coney. Back with me again is the lovely Marija Matic. Marija, welcome back to the Sunday Special.
Marija Matic:
Hello, Chris. Thank you for having me.
Chris:
The perfect guest for today. We’re going to be talking about, as I’ve called it, the state of NFTs. This is something we’re going to have to talk about periodically because it’s a rapidly moving space — as most of crypto is. But today, I thought we’d talk about the non-fungible token (NFT) space in general and then go into the current trends and hot topics within that.
So, considering this is the first time we’ve spoken about NFTs on the Sunday Special, let’s set a bit of an education piece first, and then we can go into some more details. So, we’re in this age of tokenization. So can you lay out in the most general terms what the NFT space is all about?
Marija:
Well, the NFT space is about tokenization. Tokenization is a wider subject; tokenization is a method of converting physical and digital assets into tokens. So, if you convert rights onto an asset, to a token, I would say you have a fungible type of tokenization.
We also have a non-fungible type. NFTs are non-fungible types, which means they are not interchangeable. They have different values. Each NFT, each non-fungible token, has a different value. Like you mentioned once, a used car cannot be exchanged for another used car because they have different features — such as the number of kilometers and things like that. So they have unique values.
[NFTs] are not divisible, but we also have tokenization of fungible things, like, for example, tokenization of gold — which means that each token can be exchanged for another — and, stocks, which can be fungible — like Bitcoin (BTC, Tech/Adoption Grade “A-”) is fungible, like a dollar is fungible. $1 is always worth another dollar.
Chris:
It doesn’t matter which dollar you get, right? But what about if you tokenize gold or a stock or something? What’s the difference between tokenizing it and having it as like a piece of paper, a share certificate that represents it? Is tokenization specifically turning it into a crypto token? Is that what we’re talking about?
Marija:
Tokenization of gold or of stocks is a specific thing. Basically, crypto people are trying to show the traditional market that it’s much easier to trade these items, these assets, as tokens. It’s also about fractional ownership, as well. For example, stocks can be traded when they’re tokenized; then, you can trade a fraction of a stock. And it’s much easier to acquire, to trade and to use due to the unique ability of the blockchain, of the ownership, things like that. But yeah, I would say it’s the future probably.
Chris:
Okay, sure. So with tokenization, it’s like a grant and a token that represents a sort of the asset, whereas sometimes the token and the asset are the same thing. Like you could say Ethereum (ETH, Tech/Adoption Grade “A”) is a token, but it is also the asset. Does that make any sense to you?
Marija:
Yeah. Crypto assets. I mean, yeah.
Chris:
They are digital tokens, but they are the asset as well, whereas a stock … it might have a digital token, but it represents something elsewhere. Like a used car might be tokenized, but the token isn’t the asset. It just represents it.
Marija:
Represents, exactly. When [the asset is] a physical thing that exists outside of the digital world, [the token is] just a representation giving the rights to the token holder of that asset. So that’s why it’s very important to say that most of the time, tokenization is like securitization: Basically, many of those tokens are securities.
In fact, that’s why it’s very, very difficult to tokenize real estate. It’s difficult to tokenize it in terms of making the token and putting it on a blockchain, but also because it involves government laws. You have to change the laws related to all these agencies and institutions where you need to register your real estate and things like that. So, some real-world assets are easier to tokenize than others. And many of the real-world assets that you would like to tokenize, you simply can’t unless there is regulation already in place for that to happen or you are in some crypto-friendly jurisdiction that is already solving this issue and working on it. But yeah, it’s not so simple.
Chris:
I never thought about it like that. You made a distinction there, which is that, perhaps naively, a lot of people in crypto have just considered that you can do tokenization without securitization, which actually might be a mistake. Just tokenizing [an asset] doesn’t mean it’s not a security. It might well be. And the tokenization is just adding a piece of technology to it. It doesn’t get you out of it being a security. That is kind of fascinating.
So, it’s already a security. If you choose to tokenize it, well, that’s just, like you say, putting on technology rails that make it divisible, easier to transfer and so on. But that’s got nothing to do with securitization because that’s a regulatory thing, so that’s very interesting data. That’s all in the realm of tokenizing assets.
Marija:
Yeah. That’s why I think NFTs or tokenization of digital assets has become very popular and successful. It’s much easier to do because it doesn’t really involve so much of the external laws and things like that.
Chris:
Yeah. Very true.
I’d written down four major categories that tokens fall into, like digital art, collectibles, playable NFTs and then asset titles. So we just did the asset titles piece; that’s the tokenization of assets, which is in the realm of regulation and securities, which already exists. That’s that.
But when it comes to tokenizing digital art, for example, artworks weren’t a security anyway, so that’s not a concern, is it? You just get the benefits of tokenization without the securitization. That’s going to be my new favorite phrase now, by the way. I’m keeping that. I’m going to be spreading that all over the place and claiming it as my own.
So yeah, all the hype around NFTs has been pretty much in those other three categories of digital artworks, collectibles and what I call “playable NFTs,” which are in-game items and so on. So what are some of the most popular, specific projects in these realms that you’ve heard of that you can tell us about?
Marija:
Well, many of them are all overlapping. Some of them have a gamification aspect added to them, which is quite interesting. But yeah, for example, art projects are very popular, like Hashmasks. Hashmasks is a collection of maybe 16,000 works of art done by — I’m not sure — but I believe 77 artists, though we still don’t know who they are. Some of them have similar features, some are rarer than the others, but all of them are unique. And it’s quite interesting because it has a gamification aspect to it.
And it’s a great project, I think. And then you have, for example, what’s popular regarding in-game items. Metaverses are very popular, the central land where you can buy a plot of land or other in-game items. And these kinds of metaverse projects are very, very popular in crypto, and they can be very useful also for companies to advertise themselves in these virtual realities because they can buy a piece of land or an island or a planet in the digital reality and put their advertising there because those of us who are using those spaces and who spend time there may see it.
Chris:
That’s a good one.
Marija:
There are lots of uses [that] are not immediately visible or understandable or obvious. But we are going to use virtual reality more and more. That’s for sure.
Chris:
So, like Coca-Cola Island in Decentraland. Or any of the big brands because what they’ll do is go wherever people’s attention is. So if there [are] more people turning, like you said, toward virtual reality, well, they’re going to have to advertise wherever the eyeballs are pointed. That has always been the way.
The other thing that you kind of made me think of were in-game items for Fortnite and all the big computer games where you can buy skins and items and swords and whatever else. The biggest objection I’ve heard from the developers when it comes to making their items into NFTs and setting them free outside of a closed ecosystem is they’ll lose control.
That’s why the V-Bucks token in Fortnite is a digital currency that is private to the metaverse within Fortnite. You can’t spend the V-Bucks anywhere else.
All the V-Bucks and everything is stuck in the Epic Games universe, right? It’s not in a blockchain. And that’s the fear, I suppose, that those business models rely on them controlling that whole ecosystem. Whereas if they turned the V-Buck into a cryptocurrency, it would be tradable everywhere, and then people might start spending V-Bucks in different games and things like that.
But I thought that was one of the benefits of having an NFT as an in-game item: You’d end up having an item that you found in one game that finds its way into a completely different game, which is mind-blowing for people like me who have been computer gaming for a long time.
Each of the games [was] sort of their own universes, and now they’re sort of blurring the lines with these transferrable tokens and such. So the question I’m getting out there is, why do some developers not have that problem of control and will set their items free, whereas others don’t want to do it for that reason?
Marija:
Well, the first thing when you said that the developers do not want their items to go out of the platform, you were probably right about the reason that you stated. That they don’t want them used in other games. I’m not a gamer, so I don’t really know, but what I know is that some regulations in some countries are very strict about classification of tokens. So for example, if your token goes outside of your platform and it can be traded on a secondary market, then it’s not a digital token or a utility token. It doesn’t have a classification, which is necessary for regulatory reasons.
For such a huge company, it might be very inconvenient if they allow a thing like that because they’re going to change the classification of their token. And they may get into tough regulatory territory. I’m not sure if this is the issue with Fortnite, but...
Chris:
That does make perfect sense. Generally, that’s a very good point. That is a very, very good point. Generally, when these game companies are criticized for being too controlling over their V-Bucks, we assume that’s just for profit when it might not be. That might be pretty important to the game and to the business model, like you just said.
The control that they have may be the only way they can ensure that they stay within certain regulatory boundaries. If they don’t have control of their items and their own currency, like you said, they’re at risk, and there’s nothing that you can do about it. Those items flowing into jurisdictions and being used in ways that fall foul of regulation. At which point, there is nothing they can do. The regular is going to say, “Your token has been used to violate regulations.”
And they’re like, “It’s too late. We’ve set it free. There’s nothing we can do about it.” So they won’t take that step for that reason, so that is an absolutely superb point you made there. It makes perfect business sense to me. So even though you said you’re not sure if that is the case, it’s a pretty good argument actually. Nice.
But let’s just skip back one here. I made a distinction between digital artworks being one category of NFTs, and you talked about Hashmasks. So that’s more in the digital artwork realm with, like you said, a bit of gamification. And as far as I understand it, that reminds me of CryptoKitties a bit because those Hashmask artworks … they have a set number of traits like background, eye color, skin color.
Chris:
I think all of them are holding a book of some kind, and they're all the variables. And then all these various artists have made lots and lots of variations of the same square image with a person in it. Sometimes it’s male, sometimes it’s female. Sometimes it’s black skin, yellow skin, green skin. Sometimes the skin is transparent or not, all these things. And you end up with these couple thousand variations, and then, like you say, through God-only-knows-what determines it. Some of the variations become worth more than others. And that’s kind of random. That’s kind of what happened with CryptoKitties. You could have hats and different skin colors and eyeball colors and all that sort of stuff. And for some reason, certain configurations of CryptoKitties acquired very high values. So Hashmask reminded me of that a bit. Do you remember the CryptoKitties thing?
Marija:
Yeah, I remember. But with the CryptoKitties, there were rules. The traits were random, but the variety of the traits were valued differently. It was all about the rarity and limited editions.
Regarding Hashmask, I think it’s even more interesting than CryptoKitties because it’s a type of art where the investors are also part of the art process. Because, for example, these artworks are unnamed, and the owner can name them and he can do whatever he wants with them. And he can change the names, things like that.
So, for example, if you buy that art piece, you can stake it, and it gives you some small tokens called name changing tokens (NCTs). You can spend some of those tokens to change the name of your artwork or you can decide just to sell them.
There were things done with those artworks, with Hashmasks, like the ones with the clowns [that] were displayed a couple of days, weeks ago on the New York Square. In New York —
Chris:
Times Square, yeah.
Marija:
Times Square, yes. And because all the artworks have the number, you could check, for example, the people who knew what they were looking at, they could check what it means, because it was so strange having so many images of different clowns around New York.
So I checked it and I saw that owners decided to change the names of their clowns to the names of the banks. So, for example, that was performance art. And there are so many creative things that people are doing with their own Hashmasks. It’s quite interesting if you go deeper into this.
There is a kind of mystery and puzzle behind some of the signs and symbols on the images. So it gets people talking and trying to solve all these mysteries. There are people, groups who are so obsessed with this, looking at all the little traits that no one else has noticed and are making them a rarity by hyping those little traits for some reason. It’s kind of gamified and very, very interesting.
But the whole NFT trend has died down a bit from a couple of months ago. And you can see from the Google trends interest the volume of trading NFTs. And now, if you want to issue your art or whatever as an NFT, you’re going to have a hard time selling it. It’s going to be very difficult.
So right now, people are waiting for their moment. The moment will come again. And I also think for Hashmasks, you never know — it might become popular once all those NCT tokens kind become scarce because they’re being burned. So, in 10 years, I guess, there may be a possibility that those NCT tokens get a high price since so few will be available then for people to be able to change the names before the projects are finished. And maybe they’re going to become the next CryptoPunks or some other successful NFT project.
Chris:
Sure. Once they’re finished, so to speak. That was interesting that naming them creates interactive art. You said it’s gamified, but it kind of makes the art interactive. Even if you’re not an artist, you can still participate in the process — in this case, for the next 10 years — by continuously changing the name. It makes the art dynamic in the way you described. It’s kind of mind-boggling because it’s digital, it makes [the art] malleable. It’s totally mind-blowing.
Let’s not go too far down that rabbit hole, though, because that is a whole conversation in itself.
So, that was digital artwork. Next, I was going to talk about collectibles because we talked about NBA Top Shots. Do you want to just say a word about that? Because I think that’s more in the realm of digital collectibles than art because it has already been created. Give us a quick overview of that one.
Marija:
Yes. Digital collectibles are mostly … well, right now people are collecting sports items like sports cards, like Sorare with their football cards. For example, they have permission from all these different famous soccer clubs to use the images of their players. Their value depends on the number of the NFTs issued per one image, the success of the player, etc.
But NBA Top Shots is probably the most popular NFT project ever. It’s been so popular, it’s incredible. I think they had like 200,000 people trading those moments of NBA history. So basically, what you get when you buy NBA Top Shot, one of those NFTs, is you get a moment — such as one player shooting some special moment from the NBA history — and you own that moment. You can sell the NFT or you can keep it.
Chris:
Yeah, just like any piece of art, you can buy it to own it or buy it because you think it’s going to go up in value or whatever. The thing about NBA Top Shots, though, is that it’s just adding the NFT thing on top of the existing brand and the existing desirability.
I was just going to say that even when I was at school, we used to have sticker books for the Premier League football clubs. You’d buy packs of stickers, and there’d be two types: the basic photographs of the players and then sometimes, there would be these foil cards that were shiny, silver ones. They were the rare ones. There’s this many to collect, so then you would trade them with your friends for the better players, more desirable and lower mints (if there was only five out of every 1,000 of this particular player printed because he was a hotshot).
[Top Shots] is just that. There’s already the whole collectible space. Using the blockchain technology to turn it into these NFTs is the only thing they’ve added onto that. They own the rights to the photos of the players, they own the rights to those video clips, and then they’ve turned them into a new medium of collectible. So that’s just another way of monetizing it, isn’t it?
Marija:
Before, if you wanted to become an owner of one moment, one video from one game, you would have had to receive it on a CD or USB. And it’s not interesting. Like, this is a blockchain, and it has inbuilt provenance into the tokens, so the ownership is transparent as well.
And also, there is a possibility of royalties for the creator or the owner or maybe the football club or someone from each sale to receive this royalty. And since it’s done with speed, everything is automatic and governed by the code and transparent. So, it’s a much better way of transferring ownership and makes more sense for digital assets, which people obviously do want to own.
Chris:
Sure, yeah, so with the asset being a token, it can contain lots of different information, like who created the NFT or if there were any collaborators involved in it. So with NBA Top Shots, you could have the NBA as one of the collaborators, you could have the actual player, the team, the manager, etc. And then you can share revenue between those people or whatever happens to be with digital artworks.
If someone sells a digital image for $100 when it’s first made, typically if someone sells that one for $100 million, that’s their profit. But like you say, you can build in these second market royalties into these things so that every time the ownership of your NFT changes — one that you created — you get a little commission on that every time.
It creates a more sustainable income for artists who aren’t famous or popular to begin with but later on become very famous. Now, if 10 years after they painted the painting and sold it, it’s sold again for $100 million, the artist may get none of it.
So, that’s going to make a difference in how art is funded. Traditionally, in the U.K., you’d have to go to the Arts Council or look for some sort of government grants to fund an art project because there’s no free market around arts — it’s difficult to monetize.
Whereas the NFT space makes that much more viable. And it’s only possible with this technology in the way we just described, as in tracking the provenance and tracking the ownership and having the currency built in, like if it was on Ethereum, you can have the money immediately split and sent to the artists and all that sort of stuff. It’s kind of crazy, right?
Where that leads me to, though, is how on earth do NFTs acquire value? Because like any digital item, they’re super cheap and super easy to create, so what gives there? Where does the value come from?
Marija:
Well, it comes from what they represent. They represent any game or item which is valued by people. And it depends, if it’s art, some people may go for an artist and say, “Okay, I’m going to go for this Banksy ‘Morons’ NFT” which was — I don’t know if you heard about it, but some team decided to buy Banksy’s picture for, I don’t remember exactly, maybe about $100,000. It was the one where there was a message on the picture which says, “Only morons can buy this picture.”
And so, they bought the physical version of that and burnt it, then minted NFT of that picture. It became digital because the physical version was burned. They did this because of the message on the image, “only the morons can buy” the thing, and as an extension of the art process. The NFT reached $400,000 in value, I think.
It was more valuable as an NFT after extending the art process by burning the physical copy as a kind of statement. There are people who value this, value these stories because art, no matter how good, doesn’t really become popular unless there are stories to make it popular — like how the Mona Lisa has her mysterious smile. There [are] so many stories in some ... I don’t know who was the first one to start that kind of narrative about the Mona Lisa.
Chris:
Like mythology —
Marija:
Yes, mythology. It’s just building stories, so art is essentially about that; you have to attract the attention.
Chris:
I’m totally with you on that.
Marija:
It just depends on what people value.
Chris:
It does. It’s subjective, number one and number two … it’s still the dynamics of supply and demand because if it’s limited in supply, that creates scarcity. And then if on the other side of it that story is compelling, you’ve got a winner, right? But it’s not as simple as that because what story is going to get people kind of emotionally involved? And then what’s the associated artwork that can be minted in a scarce way to create value in the middle? So it’s a tension between the two, supply and demand, and the demand comes from the story.
And it can’t just be ... Well, actually, I suppose it could just be a pixel on a white background. But you’d have to have a hell of a story to back that up if it wasn’t visually impressive, as well. But I mean, sky’s the limit at the end of the day.
My next question is, what are the ways to invest in the NFT space? I mean, we’ve talked about that from a consumer’s point of view, if you or I were going to go shopping for some NFTs and just general chitchat about it. But if you’re an investor, crypto investor, why should you care about the NFT space? How do you capture some of this value? Is it something that you allocate in your portfolio? You got any thoughts on that? How do you invest in NFTs?
Marija:
It’s a very difficult question since, right now, the trend has died down. There were rules about investing a couple of months ago, but they change.
If you want to play a long-term game, I guess you should go for famous projects and maybe some CryptoPunks — though they can be very expensive — or some Hashmasks, because the value has dropped a lot, or NBA Top Shots. I mean, everything is a risk, but I guess it’s safer to go with some of the popular ones whose value has dropped now due to lack of interest, but there is a possibility that there will be a hype again, like what happened with CryptoPunks. Now, CryptoPunks are sold for millions of dollars.
So I think it’s difficult to say. Even I don’t know why, as an investor, I would invest in certain arts. I would buy certain digital artworks because I liked them.
Chris:
Because you liked them. Right.
Marija:
Yes, I don’t know if they’re going to ... I’m not an artist, and I’m not an art expert. But there are efforts. For example, there is a project to create a basket, like an index token, which is going to be made of a basket of different artist’s NFT projects. So it becomes investible for people who are not art experts but who would like to invest in art, which is curated by experts.
Chris:
It gives you more chance to capture some value, and you don’t have to pick a winner, like an index fund.
Marija:
Exactly. Also, there are efforts to make the NFT market more liquid by creating another layer of tokenization to make it fractional ownership, to give it fractional ownership in percentages, or something like that.
Chris:
So someone doesn’t have to come along with $4 million and buy a CryptoPunk?
Marija:
Exactly.
Chris:
Because it only moves when someone’s got $4 million or $5 million; it’s one transaction every five years or something stupid. So with fractional ownership, just like a Bitcoin or an Ethereum token, you could buy $10 worth of a Cryptopunk. And then you’d have a lot more volume.
Marija:
Yes. And there are so many experiments right now regarding that fractional ownership or making NFTs more liquid — so many projects about that are in that experimental phase.
Like you have for an NFT project for Hashmasks, where you can basically lock a [less valuable Hashmask] inside this protocol and take some other token. And it means you value it. It’s like a floor price for projects.
So, this art project has 10,000 works, and there is a protocol that will make kind of a pool for these floor prices of different projects. And they will be tradable and exchangeable, one for another.
Chris:
Okay, I see what you mean.
Marija:
It’s quite complicated right now, but when something interesting comes up, we will be mentioning it on Vice, as well.
Chris:
Well, it’s all still being built, all this stuff.
One thing that’s made me think is, do people sell art at a loss? I’ve never considered that before. It sounds daft, but of course they do because if you invested or bought a multimillion-dollar painting, it doesn’t stay at the price you bought it at. Of course, it doesn’t. It fluctuates based on demand.
So, if I was in financial difficulty and I had a $2 million debt to pay, oh, well, I might have to sell my painting that I spent $4 million on for $2 million, if that was the highest price at the time someone was willing to pay for it. Like if I auctioned it off and only fetched $2 million, well, that’s devalued by 50%.
So, fine art doesn’t always go up in value. Not necessarily. Even the Mona Lisa’s of the world won’t always just continue to go up in value forever.
I suppose people would sell CryptoPunks or anything else at a loss if they had to. Whatever the market price demands. And that means that any NFT artwork has a fluctuating price. And that means A) that it’s tradable, like has a trader, and B) that it opens up a possibility to invest if you can figure out what the cycles are in terms of how value flows from one type of object to another.
You look at it when it’s undervalued, however you work that out, and then invest in it at that time. So then when it becomes fair market value, you can sell it again.
That’s a profit opportunity I hadn’t considered until you just said what you said. That would be more like speculating on NFTs. You can buy them, like you said, as a consumer because you want to hang [them] on the wall because you like that work. And if that just happens to take off in popularity, you made money on that, but that wasn’t the intention.
Did you mention Rarible just now? You’re talking about Rarible, which is ... I think they’ve got their own token, as well. The RARI token.
Marija:
Yeah, but that’s ERC20 token, just a regular token.
Chris:
Right.
Marija:
Just a regular governance token for the Rarible platform. It’s not an NFT.
Chris:
But isn’t that sort of an indirect way of investing in the NFT space by investing in an NFT minting platform like Rarible?
Marija:
Well, yeah, if you want to be owner of the marketplace.
Chris:
Mm-hmm (affirmative).
Marija:
I mean, to have a sort of governance over the marketplace. But there are many such projects, and people should be very careful when they’re picking tokens to invest in, especially when they are at the peak and when they’re overhyped.
If they’re interested in this area, they should be looking now or when the price is down, when the hype is down. And pick very carefully.
Chris:
Yeah. But I figured that would be a more fundamental way of investing in it, rather than picking specific artworks. I mean, I could even —
Marija:
I suggest people go to either the Rarible website or the OpenSea website because those are the biggest marketplaces for NFT artworks, collectibles, etc. And they should just have a look at what they have. It’s amazing. They’re going to get stuck there and they’re going to be like, “I want this. I want this. I don’t need this. Why do I want this? I need to have it.” It’s incredible. Just like you want all of that, even though you don’t know what you’re going to do with that.
Chris:
Absolutely.
Marija:
And it’s going to be in your wallet, and maybe you can print it for the wall. But some of the artworks are really incredible.
Chris:
Sure. I like your index fund idea, though. Because I’m still sticking to my indirect way of investing in NFTs by buying into a platform.
If, say, there were five different NFT minting platforms. SuperRare is another one, right? Say there was SuperRare, Rarible and three other platforms that mint and display NFTs in a marketplace. Well, I could buy an equal value of those five tokens and then put that in my portfolio as an indirect way of getting exposure to the NFT market. Because, if the NFT craze takes off again, at least one of those platform tokens is likely to rise, as well. And I don’t have to pick any particular artwork. I can just invest in the protocol, right?
In the same way that I don’t know which smart contract application is going to be successful, so I just invest in Ethereum, the protocol. And then it doesn’t matter: As long as Ethereum is successful, the investment is successful. You know what I mean?
Marija:
Well, if you’re going to invest in a marketplace, it’s a more complicated story because it depends on how that token accrues value. What are the value actuals? Is it just the governance? Do you have only governance rights?
It’s a more complicated story because it’s not just, “Hey, this is an NFT project. I’m going to invest a couple of those,” which are ERC tokens. There are thousands of ERC tokens representing some NFT platform. And it’s not that simple to decide like that.
Chris:
No, I wasn’t saying that. I was just saying that’s one way of approaching it.
Marija:
Yeah.
Chris:
It’s sort of lower risk, I suppose.
Marija:
Yes, it is.
Chris:
Yeah. You’re getting exposure rather than trying to pick individual artworks. Okay. Cool.
Marija:
But there is no ... Like OpenSea doesn’t have [its] token. I think SuperRare doesn’t have [its] token. I think only Rarible has [its own] token, actually.
Chris:
Okay, there we go. Yeah. Didn’t know that.
Marija:
From the large ones, yeah.
Chris:
Okay. Excellent. Well, I think we’ll leave there for the day. We’ll circle back around to talk about entities again on another episode. But for now, Marija, thanks very much for joining us.
Marija:
Thank you, Chris.
Chris:
All right. That’s going to do it for today’s edition of the Weiss Crypto Sunday Special with me, your host, Chris Coney. So until the next episode, it’s me, Chris Coney, saying bye for now.
