NFT wearables have the ability to open up new business prospects in the Metaverse and NFT domain. CRAZYMETA brings digital fashion to life by building a fashion brand that aims to connect the metaverse with the real world. In this podcast of The Future of NFTs, Eddy Huang, Founder and CEO of CrazyMeta, joins us to discuss the fascinating ways Web3's potential is used to create digital fashion!

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Bridging NFT Wearables

Participants:

• Nadja Bester (CEO & Co-founder of AdLunam)

• Eddy Huang(CEO of CrazyMeta)

00:25

Eddy

Hello, guys, how are you?

00:27

Nadja

Hey, Eddy. How's it going?

00:30

Eddy

I haven't seen you for a long time. Is it a couple of months already?

00:33

Nadja

I know. It's amazing how quickly time passes and in the meantime, we are all just hoping for those green signals to go up. Time just seems to pass and nothing is happening.

00:49

Eddy

One day in Crypto World is like, I don't know, a month in the normal time.

00:55

Nadja

No, I think in this year I've probably added ten more wrinkles and 30 gray hairs. For the sake of my appearance, I hope that the market picks up.

01:07

Eddy

Well, don't worry, it's just a matter of time.

01:09

Nadja

We're all going to go into the metaverse. We'll all look much better over there. Right?

01:16

Eddy

It is. That's the reason why it exists. Right?

01:20

Nadja

It's just vanity of old people like us. Let me not speak for you. I'll speak for myself only.

01:29

Eddy

No, I think it's for everyone. That's the reason we are evading the reality and going to the metaverse. It is going to be very profitable.

01:37

Nadja

Exactly. We are going to give it just more time for the room to fill up and then we're going to get going.

01:45

Eddy

No problem. I understand. It's good seeing you again. It has been a couple of months and a lot of changes as well.

01:52

Nadja

Absolutely. The cool thing about these last few months is everyone has gone indoors. Burrowed and I don't know, they're underground bunkers, but everyone's building. Whenever you catch up with someone, there's a whole lots of new updates from the last time you spoke to them, even though on the surface, not much communication has taken place. A lot of big changes, I think, internally with lots of different companies. I'm very excited to be getting into some of this with you today.

02:26

Eddy

I'm looking forward as well. The thing that stunned me the most, Lawrence, right?

02:32

Nadja

Yeah.

02:33

Eddy

The time that he pinged me and said, Eddy, I'm sending you an NFT. I said, you doing NFT Lawrence? He's a granddaddy. That is the first one.

02:42

Nadja

It's so cool because Lawrence sent my son an NFT and my son is not into any of this. It's the first NFT that my son received and he was like, okay, pretty cool. Who knew that Lawrence would be the one to introduce my son to the world of NFTs and not me? He's doing his duty for the industry.

03:06

Eddy

I hope Lawrence is listening in. He was like, Eddy, I'm going to send you an NFT. The next day, have you received it? I was like, no. He didn't know how to send it. I think it's the first for everyone. The next day he said, did you receive it? I said, no.

03:26

Nadja

Yeah. Exciting times. All right, well, I see the room is filling up pretty nicely, so I think let's get into it and yeah, let's get this conversation going. So hey, web3 world. This is Nadja Bester from AdLunam and you are listening to The Future of NFTs, the show that looks beyond current NFT use cases to what Non Fungible technology is evolving into. All this as seen through the eyes and built by the minds of the fascinating guest speakers we speak to each week. AdLunam is building the industry's first IDO Launchpad with a Proof of Attention allocation mechanism. Our Engage to Earn platform features, dynamic NFT investor profiles and NFT fractionalization. We are the first Launchpad to flip the IDO model on its head by rewarding attention with allocation powered, of course, by the secret source that NFTs bring to the table. Join us live each Tuesday for an hour of deep dive insights into the world of NFTs while our sister show Diving into Crypto continues the conversation each Thursday.

04:38

Nadja

Be sure to catch both shows to get the latest and the greatest from our thought leaders, and change maker guests in this game changing industry. So on today. We are getting trendy with recent statistics indicating that Nike is the company with the highest grossing metaverse revenue in the world quite surprising, it is clear that web3 is more about first mover advantage than it is about a distinction between web2 and web3 companies. Of course, fashion is the industry vertical that is leading the pack. I'm very excited to be speaking today with Eddy Huang, the co-founder and CEO of CrazyMeta, about the evolution of fashion from physical objects as we've known them to digital wearables and what role NFTs can play in this relationship. If you'd like to ask Eddie a question, you can do so at the end of the hour when I'll be opening it up to questions.

05:40

Nadja

At that time you can either put in a speaker request or you can DM your question to the AdLunam twitter handle AdLunam Inc. I am dialing in from the Balkans where the European heatwave has been absolutely driving us crazy. Eddie, I hope that you are having more pleasant weather wherever you happen to be in the world. Where are you calling in from today?

06:03

Eddy

I'm in south of China, actually we are the same. I think you are 1 hour early than where we are right now. Yes, the heat wave is killing everyone.

06:15

Nadja

We are just praying for winter, snow and fireplaces and I don't know, marshmallows and whatever it is we do in winter because summer needs to end. Crypto summer needs to start, but physical summer needs to end.

06:30

Eddy

Exactly.

06:32

Nadja

I'm very keen to get into the first question of the hour because I know that your experience with the fashion industry has come a long way before buzzwords like NFTs and the metaverse even existed. I'm going to jump right in there. Tell us more about your background and how it came to be that your journey led you here to this very point where we are talking about CrazyMeta.

06:58

Eddy

08:08

Eddy

Basically this experience has a lot of implication of what we are doing right now because CrazyMeta as a whole is not only doing fashion, NFT sneakers in particular, but we are making it feasible as well, which I'm going to let you guys know more in the coming up questions as well.

08:31

Nadja

Yeah. I find that very interesting how all of these different elements that your history has included really then leads you to this moment where you are bringing together the fintech aspect, whether that's in crypto or in the traditional or more traditional finance industry, and, as you say, the wild ride of ICOs. That has come and gone, and we've all learned a lot from them. Also from the manufacturing side, getting your hands dirty, knowing how it kind of works to get from a conception to a final product. Also in terms of the Amazon Drop shipping element, really just bringing all of those aspects into what now is CrazyMeta. I'm curious, how did you then get into NFTs and the metaverse specifically in terms of fashion?

09:24

Eddy

Sure, thank you very much for you linking up every single thing. It was like a year ago that the whole market is booming and what really happened was that there wasn't anything happening because of COVID Everybody is caught in it. Seriously, all the businesses have been affected, especially because once you are in manufacturing and stuff, the workers couldn't come and even they come back as like you open one day and close the other. It's really a very tough time for everyone. What really happened was that because of my previous start up, I had one investor that has invested in anime company that basically he's trying to outsource a Lot of work from this anime company to an outsourced company that is doing all the 3d assets and stuff. What really happened was that throughout the startup journey, I got to meet some studios that I'm very good friends with. His name is John.

10:22

Eddy

Basically I took that contract and I went into the 3d arena and basically saw they are working overtime, every single day and their order stretch for months. Even if you want to give them an order right now, they can only take it in two or three. That is a very big difference when you compare to what reality is and when you compare to someone that is so busy that they are over timing every single day. That got me thinking about what the realities are about and matters really happen. Basically the whole journey that I've shared with you guys because I've gone through the startup journey of not Only the ups and downs, the rejections of VCs, the excitement of really getting the funding to Aron and of course, the Wild West of not only raising on the equity as well as the Token site and the production.

11:24

Eddy

Manufacturing by every single thing. I think everything happened for a reason. In a sense, it just happened one day. That you say this is where the future lies. It's not a dream, it's not a concept. You're looking at some studio of about 49 people that is working overtime every single night and they cannot fulfill orders for it. As a business person for so long you need not even think twice so the second thing that I was like thinking was, so what are we going to do? Fashion would be one thing that you have to get into, basically the reason it's very simple that once you get into the matters everybody needs to have a very unique look and feel but because a fashion category is so diverse you have to find one and there is actually not worse. This startup called Artifact at the time dropped about 620 pairs of sneakers sold up in five minutes.

12:26

Eddy

And it's all virtual. The total amount raised was 3.1 million. That came to me like, hey, I have a studio over here and we are able to do manufacturing as well as productions. We are in geographically advantage position in the whole world that we are the manufacturing hub. Why don't we just combine every single thing together and at the same time it's a very unique offering at a time because number one, there is not a lot of teams, a lot of startups that are doing NFT plus physical. Number two, even if you are doing physical, you are not able to come into this space of so called sneakers because it's so difficult to do. I mean, I only learned about that. I do have the experiences of manufacturing, but at the same time, sneakers as a product category, if you are not in this part of the world, it's never going to happen because once you walk into a factory, they're asking how many millions of shoes do you want to manufacture in order to get the orders in?

13:37

Eddy

14:29

Nadja

Yeah, thank you for that. Just to put this into context for the audience. Lawrence Hudson is AdLunam’s Cofounder and CTO. Which is how we got to know Eddy and CrazyMeta. But, Eddy, what I really love about your story is, first of all, this agility of almost like a covert resilience, which I felt like which I feel is something that all of us have had to cultivate. Whether this is on a personal level or on a professional business level where COVID really threw a spanner into the mix and you had to adapt or die. From your story, I can hear this agility in order to shift gears and to do something different, but also the true entrepreneurial quality of spotting an opportunity. As you said, this is not just a concept or a dream, this is the future and you are either going to get on board or you are going to get left behind.

15:28

Nadja

I love how what really stands out for me is not only this agility and this ability to spot trends and spot opportunities when they present themselves, but also playing on existing strengths. Whether this is the fact that you are so connected in this part of the world to manufacturing hubs really that power the whole world and also previous fundraising experience, I think it's a very good example of how an entrepreneur can come into crypto. Even though this industry might be new, really leveraging all of those other skills and experiences that you picked up in other industries. Onto CrazyMeta, you have mentioned NFTs plus physical so I'm very curious for the audience to learn more about what is CrazyMeta and especially what is unique about your approach to NFTs.

16:25

Eddy

Sure. Thank you for your questions again. So, in a nutshell, what CrazyMeta is, we are creating wearable NFTs that not only will be existing in the virtual world of online games, also existing on the popular metaverse. Think of it that way. After you have mint the NFTs, you are able to wear it in root blocks or in Minecraft. When you're playing the character and you're so proud of it because that piece of the accessories that you have placed on the character itself, you just minted it and that's the only one in the whole world and you own it. That foresight is like it's the same thing when you go into the sandbox as well. You can put it onto the avatar and then you can go into the metaverse that you can listen to a virtual concert dance and then you can just scream out loud that look at my shoes.

17:23

Eddy

Because you can stare it, you can look at it, but you are not going to own it because I own it. That is the only unique piece of it in the whole world because you minted it. Not only that, not only are we doing on the virtual side of online games as metaverse, we are making it physical as well, meaning that there will be real physical sneakers that is corresponding to the design of the NFTs. Although we cannot customize one for one, we are picking the more popular colors and you are able to after you purchase NFTs, you qualify for the next time will be purchased. Whereas for Genesis launch, you would be sent just like Ecommerce, right? We will send you like a physical sneakers of that same NFT shape that you are able to hold onto it, you're able to stay on it, and then you are able to wear it.

18:23

Eddy

Basically we pride ourselves that we are moving throughout the dimensions that once the NFT is minted, you are able to bring it to the virtual and you are able to have it in the physical. That has been the DNA or the so called the visions of the CrazyMeta that we started off with.

18:50

Nadja

So got it. DNA of CrazyMeta is hold, stay and wear. Very short and sweet. Love it. I want to know where did the name CrazyMeta come from and how does that link into the vision of the company?

19:06

Eddy

Sure, I'm more to the business side. My CTO is more visionary. Like, he sees what the metaverse is all about. He sees that the future is basically crazy. I mean, you get into the metaverse, you can be anyone. You can wear anything and no one dictates it. Not brands, not anyone. No one can say that what you're wearing is upset or is out of place, you just do whatever and basically comes back to just being boundless. Yeah, crazy just got into the mind and that was the time I think it was like December of last year, Facebook just changed to Meta and I saw it that this is where we want to go. The CTO, Alex, if he were to be here, he will be very so passionate about saying how you see the future to be. On my side is like hey, what better word for what we are heading toward than the word crazy.

20:12

Eddy

Not only with that word, the logo itself, we spent about two sleepless night looking for it. Essentially we wanted something out of the park, crazy as well as intelligent, but we couldn't find anything immediately. At the end of the day, the representation of our logo will be Einstein with a VR headset. That is where we started off with the whole ideologies of what we want to move forward with.

20:42

Nadja

Einstein being crazy but intelligent is a very good summary of that man. I think talking about what Crazy Meta does. This idea of being boundless in the metaverse but doing it in a way that is not just chaotic for the sake of but doing it with a certain kind of purpose, with a vision behind it, is very powerful. On that note, I want to know then this idea of being in the Metaverse, being anyone, whoever you want, wearing whatever you want, this crazy Sandbox experience of guiding your experiences in A certain way that is perhaps not possible in the physical world due to all of the rules and boundaries and restrictions that we have and also lack of resources. Coming back to the topic of fashion but fashion of course is a big, huge business. The industry itself is like a $3 trillion industry which is insane crazy and it employs almost 3.4 million people around the world, 2% of the world's GDP.

22:01

Nadja

How are NFTs and the Metaverse changing this giant fashion industry? Because there are now all of these new possibilities that previously certainly wasn't possible without these technologies. Now we are seeing that we are moving into a completely different direction where, as you say, things are coming together in a way that's very crazy compared to the way that business before. How are these two technologies really changing the future of fashion and what it's all about?

22:36

Eddy

It goes back to the ideologies of what metaverse is all about. I think it's very subjective because the metaverse could be like a social place for you but it could be like explorative environment for me. Like the NFT connected to this basically in our perspective as CrazyMeta is that we want to open it out to everyone. We would have a doubt in the operability layer that anyone who has a dream about or a vision or maybe a student from New York or Pakistan or Singapore can just design something that they think would be disruptive or something that everybody would like. This is in their visions, it's not in our visions. Go through this dial interoperable layer and if it has been voted through we are going to make it into the whole procedures of what we are doing with the sneakers and then it will be brought into the virtual world of games as well as metaverse stuff.

23:45

Eddy

I bet that as you have said because fashion is so diverse and it's so subjective that I think someone is going to pick it up. The difference between us compared to a lot of fashion's brands and stuff like that, we are making combining NFTs into the wearable space to make it into a very subjective, very limited edition. Meaning that for example, our sneakers, we are only doing like 1,288 per color and once it's sold out we are not going to reproduce it or we are not going to remanufacture it anymore. I mean we are going to do another total different design and we are going to move forward with this. By moving forward it's disruptive so we have to really clean the board out that right now you are seeing other people going to the metaverse as wearing like neon clothing and stuff like that but those are still dictated by some designers or some brands.

24:50

Eddy

What we see is that it's totally clean slate that everybody has their own right of customizing and putting every single thing you just feel right what you want inside, a word of what you want to do inside and that is how we are thinking that disruptive will be changing the whole scene in totality.

25:15

Nadja

Very interesting, you mentioned the metaverse being very subjective so it could either be a social experience for one person and some kind of explorative experience for someone else. I find it so fascinating how the approach that you are taking at CrazyMeta is this idea that what came to mind for me was this ad from Apple, the Think Different ad that Steve Jobs really made Apple into a stand out brand. It sounds that what you are doing with really giving the average designer someone who might not even be a professional designer as you said, it could be someone a student in New York or in Pakistan or in Singapore where they are really able to have influence on what people around the world are wearing. This idea of almost democratizing NFT fashion metaverse design, that's really interesting. That leads me into my next question, because, as you said, typically what we are seeing at the moment in the Metaverse are a very specific stylistic approach to, okay, if you're in the metaverse, you will look like this.

26:31

Nadja

Of course, this is really determined by a handful of designers who have the creative freedom in order to kind of guide what the world is going to see as the metaverse. What we've been seeing in the news, leading fashion brands from the traditional world, they are all over web3. If you think about consumers who right now, if you were to ask them what is crypto, they would barely be able to explain what is happening in this industry. At the same time those very consumers are being issued NFTs, they are joining parties in the metaverse. It seems as though the traditional fashion industry is really getting into this technology. Why do you think that fashion is so ready for web3? How important is fashion then for mass adoption in this space?

27:33

Eddy

Now, I've read a lot of articles on this, but in summary, I think the Meta is still in perception. You cannot touch anything right now. You cannot feel anything right now. You cannot smell anything right now. This is about visual. What you see is who you are. Just put it into the more traditional term. It's like if I wear a suit and if there is a Lamborghini beside me, I should be of a higher class than anyone. It's all about social status. And it's the same thing. You go into the metaverse currently because of the different senses are still not incompatible to others. So it's only seeing that it's proving. Yeah. What it's seeing is basically what you wear, how you look and what's your hairstyle, what's your clothing, is it branded or not branded? The social status thing is still in a matter of us right now, but when it comes to gen Z, I don't know in time to come, when the technology is much improved, it could be like gen ZZ? it is completely different.

28:43

Eddy

I mean, who would care about whether you are having a Paris brand or whether you are having a renowned designer at a time they would be more assertive and maybe the technology will allow them to have more functionality that they are able to say that what is brand? I am who I am. I like to be what I'm wearing and I design it. This is my NFTs. Well, I have it and you don't have it. I think the assertiveness will come basically with the growth of the technologies as well as the maturity of the space itself. That is our vision. Yeah, that's the reason why with this vision we are doing the Dow interoperable layer that think of it like fashion in crowd sourcing. It's like after you source it, this is the acceptable one. It's not like people from top up that says that because I put a Gucci over there, a Versace that it should be branded.

29:46

Eddy

No, it's the Dow community that says that, hey, I voted for you. That's the reason why. This is what I like. I like this color, that's why I'm going to wear it. Just design it, you pass it and we'll make it. I think that's the thing that what we are doing in context of what we believe the next step would be. Of course, I do not deny that right now still people are wearing the branded from Polo to Italian brands inside the Madras in the shoulder status. We're seeing that well, less time show what it will grow into and that is our vision of what it should be.

30:36

Nadja

I think what you touched on is such an important point because we are looking at things from our own perspective. If you look to the next generation and how differently they live and how differently they see the world, we can imagine that the future is going to not be business as usual. I had the experience this weekend of going sneaker shopping with my son. He's 16. Yes. I had to think for a second, he's 16 and he's really in that mindset of I am an individual and I do not want to be to anyone else's and we walked from shop to shop because he didn't want to buy any well-known brands. He wanted quality shoes, but at the same time there should be no designer logo on them because he's not one of those people. I think what you touch on is really so important that this idea of fashion crowdsourcing where as humans, we still like to be part of a group.

31:39

Nadja

That sort of hive mind still exists. The question is who are the people making those decisions? In the traditional fashion world, it's fashion buyers and designers and very specific key people that really end up influencing how the entire world looks and dresses at any given time. In this model that CrazyMeta is working towards, it's a question of if people collectively come together and agree that something is a good design, then that is what we are going for. This collective brand building and collective expanding of what design is all about, I think that's very powerful because it speaks both to how Gen Z sees the world, but also really the ethos of web3 as a whole where it's not about the authority figures at the top, but it's about people really coming together and making the world into something that they want to be in as opposed to what all these top down leaders are telling us what the world should be.

32:47

Nadja

This then inspires a very important question because there's all of this buzz at the moment about these existing fashion brands that are getting into Web3. I mean, let's face it is devouring the bulk of the media attention. On the other hand, there are also many Web3 first projects that are building companies on the foundation of Web3. Instead of approaching. It just as an afterthought, as an add on. For me the big question is in this battle of decades old established fashion brands versus the new Kids on the Block web3 startups, how do you think, how is this battle going to play off? You have said that you think that ultimately people are going to move away from this model of oh, I'm wearing Louis Vuitton and I'm wearing Versace and that gives me my social status to one, a world where people really honor individuality and self-expression more.

33:52

Nadja

What do you think this trajectory is going to look like? Because there's a lot of old fashioned money going into an ex fashion brand, so let me conquer and rule the metaverse. Do you think that web3 companies that don't have that same backing is going to be able to rise to the top?

34:15

Eddy

My personal opinion about this is that the market is just too big. Just like what you have given the statistics that is 2% of the whole GDP of the whole world that is in fashion. The slice is big enough that there are so many brands that have coexisted right now in the traditional world. It's just that it's going to multiply in the Meta. If you think that the populations of three billions right now the gamers is already three billions. If we think that, hey, the metaverse is going to consist of about 4 billion or even 5 billion. The market is going to get bigger and basically everybody who coexists, I mean, the brands would still survive. They could have a bigger slice, whereas for the customized and personalized as well, they are going to exist as well. Like for us, what we think about is very simple.

35:11

Eddy

We are not thinking that how are we going to beat the brands which is impossible to start off with because of the revenue that they are getting and the attention and the media ads and whatever. We just need to just like what you said about Apple, we just have to do a great design, we have to come up with a great product and then we just have to have our own niche. I think the model that we are going to follow through if there is like a conventional model that we are able to morph into the metaverse of so called try to emulate what they are doing is like supreme. I started it thoroughly. There's only one word to like describe about supreme. It's like they only do one thing which is scarcity and that scarcity would just ring a bell with NFTs as well and with the current trend as well.

36:10

Eddy

We are designing various designs that collectively are able to accept. Once they’ve accepted it, they are going to pay for it and then they are going to wear it and they are going to move up to the next level. Quickly, we are going to move up to the next design. It could be from all over the world. It could be from different parts of the world. From Spain, From India, from China. Everybody would like the trend right now, even today, like the KOL is influencer. Once that design go out, I bet that someone else is going to like it. Point number four that I totally believe in is that we just need to concentrate on doing that part, which is great design, great products. We will definitely survive through maybe not as big as the number one, but we will be the disruptive one in the way that we are doing it our way, but at the same time we would have the community supports.

37:19

Eddy

Just like if you go into YouTube right now and you just type Supreme, I bet the first video that comes out in the search is this video that shows people are queuing up supreme store when they are releasing a bag or a t shirt and stuff like that. Because there are collectors, there are fanatic followers. This is the way that we see us as CrazyMeta that we are heading to it and yeah, so hopefully that it works. With the current trajectory, that what we are releasing, we got a lot of positive feedback and basically we believe that before it release, I think it's totally sold out already for the first batch.

38:05

Nadja

Yeah, that is great and I wish you all the best. I think that the approach that you are taking and also really what you said encapsulates for me something that's a greater conversation to be had about Web3 in general. There are a lot of existing traditional companies in every vertical who are opening their eyes to the opportunities and the promise that Web3 holds. Yes, it's impossible to beat them and there are a lot of people who continue and will continue to follow those traditional companies into this space and might have no interest in a Web3 company specifically. There are also so many people, individuals and it's a growing number of people who want to support companies that are more individualistic in the sense that it's not about the big brand and just getting behind the big brand, but really to align themselves with whatever these smaller brands are doing.

39:12

Nadja

I think this is as were mentioned earlier about Gen Z, I think this is also a trend that we are seeing a change where previous generations were very loyal to specific brands. Whereas nowadays it's not so much about the loyalty to one brand, but it's more how aligned is this brand to what I'm thinking and what I'm feeling. I think ultimately, in the end, not just in fashion, but in web3 in general, there is space for everyone. It just depends on who you as a company are and how you are able to reach people who have the same vision and the same outlook that you do. Speaking of this idea of what the future holds, what do you think? What are the future of NFTs and how is it going to change from what we are seeing in the market today?

40:09

Eddy

Again, it's all from personal opinions as well as we have done the research in order to do what the startup is going to hate forward for. Basically this crash that we are looking at is going to weed out the first generation of the NFTs that are just J pack. We all heard about the Singaporean lady that took selfies and sold for, I don't know, 1.2 million and later they got funding for 2.1 million. Personally I'm not a beautiful lady that I could take selfie and put it up and hopefully I can sell for 1.2 million. But seriously, right? Personally I think that error is gone. It's like, hey, there is only one bought ape, there is only one moon bird, there's only one Crypto Punk. The second generation of energy, you need to have functionality. So it's the same. Like if you look at tokens in the beginning, well, you just put out tokens and say that, hey, I'm going to raise whether it is IC or whether it is IE or whether is it ideal.

41:28

Eddy

Initially out of VC is like oh great, you're placing our tokens, let's buy it. Suddenly the first generation is totally chopped off that hey, if you do not have a utilities for it, if you have no linkages for your whole ecosystem or how you go to make revenues do it tied up and basically capitalize on, it’s gone. I personally see the trend as well that the second generations of the NFTs is not only 2D or 3DS, it's not whether a famous artist is coming out and hand drawn it and it's going to work. Something I personally think that, number one, you're going to have a utility and a usage for it. For example, you have this NFT that I can get into a VIP. All those artists are like giving off the NRT's that you are able to go into a concert and exclusive interviews or something like that.

42:31

Eddy

It has to have like a special privilege connected to the NFTs. This is number one. Number two, I truly believe that NFTs were tied up with physical. Either you buy the NFT, you get a physical or you will move on to any other directions than you buy a physical that you'll get an NFT. Basically, the proof of ownership, the proof of individuality, the proof of you getting it is all going to be like, I see the trend and basically we are hating toward the trend and hopefully the foresight as well as what we think it would happen because this will be great for CrazyMeta because we are hating on this front and we have been deep in development as well as research of doing this as well, which is from NFT to physical, which tie back up to a utility base of the whole ecosystem that give back to the community. So this is what we think.

43:36

Nadja

While I agree with you about the first generation versus second generation, I'm very sorry to hear that I've missed my chance to sell my selfies, maybe not for millions, but I never tried. I don't know how much I would have gone through. If anyone here today is interested, maybe we can do this experiment. Yeah, it's all going to be face only so I don't know how much that's going to be worth. Yeah, but I really agree with you on this weeding out of what was the almost initial proof of concept for NFTs. I mean, as with any technology we need a starting point and then from there we have innovative visionary people who take that technology and run with it and also the business aspect and runs with it. Certainly as with most things in web3 and also in the world, if there's no utility then it will never be long lasting.

44:35

Nadja

It always is then simply a short term high wave that we are riding and surfing. The inevitable crash is going to come if there's no sustainability underlying it. What I found really fascinating, your idea of not your idea, but your entire business model offering NFTs that are tied up with physical objects and how that really translates to proof ownership and proof individuality in a sense that you cannot get from only something being on chain. I could have 10 bored apes and 20 Crypto Punks, but if I'm walking down the street people won't know that I have these. Since so much of these kind of NFTs ride on this social incentive that you get from owning something, it is really fascinating to think what the future could hold. For example, Tiffany's recently had this Crypto Punk pendants that they sold. You had the NFT and you also have the physical object.

45:40

Nadja

I think this is really this idea of merging what is on chain with also what are you wearing for example, if you're speaking about fashion while you are out there in the real world. Speaking of what the future holds for this technology in terms of more and more people coming on board, there were recent statistics for example from the Pew Center for Research that said 49% of all Americans have heard of an NFT. At the same time of that 49%, 46% have invested and are not happy with their investment because of course the market has seen this spectacular downturn that we are all just surviving through. So what do you see? What is hindering progress and also mass adoption for NFTs?

46:35

Eddy

During this time we have gone through a lot of ups and downs. I believe this is a blip. When we look back at it like five years later and look back and there will be recording of us talking about this, right? Basically it's a blip in a sense. It's going to clear out the weakest link. You and I, we now know that there are too many scammers outside trying to make a quick buck. Basically, time is the only factor that I think if you can survive right now, bitcoin will forever be there and it will be higher than the 60, I think $67,000, it could be going up to 89. Don't quote me, of course, I'm not a TA. Basically it will be a higher high and then a lower low. Again, just to answer you very directly, I think it's just time. Holding back technology is another one which with the adoptions of metaverse, if you can put lens on it, rather than wearing a whole bulky fish tank onto your face that would change the hook perceptions.

47:53

Eddy

Whatever people just imagine, whatever people wear then and there, if you buy it's individually just NFTs. If you are into statistics and if the statistics shows that the Madrid is going to be populated by, I don't know, 4 billion. Just imagine 4 billion goes in and whatever they are going to wear, every single one will be NFTs and suddenly we're going up the roof with the numbers already. To be very frank about it, what I personally think about this winter is going to be shorter than the previous time. Of course, right now it's very different timing because we have war, we have inflation, we have family, but all this is just a blip if you look at it long term. Wait for it, the upturn will be there and if we survive through this, we'll be stronger and yeah, we will definitely move forward.

48:52

Nadja

Absolutely. I mean, we are seeing unprecedented market conditions from the macro perspective. At the same time, as you say, these blips have come and gone repeatedly since I've been in crypto years ago and even before I got into crypto. I mean, of course the highs and lows were not so great then, but this is a trend that we see each and every year and we know that we get into it. This weeding out of, you say the weakest link. There are so many opportunistic people that come into crypto when we are in a bull market, but as soon as the going gets tough, those are the first people to disappear. It really those who stay during the bear market that we are in right now. Those are the builders, those are people who have a vision for something. When the next bull market comes around, we'll see what they've been building as you and I were discussing at the beginning of the spaces and absolutely at the end of the day, time is the great healer, not only in terms of breakups and other emotional wounds, but also in the country.

50:00

Nadja

We know that what goes down will go up. Again, I'm going to ask you the final question before we open it up to the audience for some questions. In the meantime audience, if you want to ask Eddie a question, please put in a speaker request or you can just DM your question to the AdLunam Twitter handle. So, final question from my side. You have been sharing so much insight with us in terms of fashion in the NFT metaverse wearables physical versus digital space. What is your philosophy around the concept of crypto and this whole Web3 technology stack changing lives?

50:51

Eddy

I think the drive would be like there are a lot of nays here that are billionaires as well. Saying that the Web3 is the hopes that once you get in there will be people controlling it and stuff like that. To be very frank about that, my philosophy is very simple is either you want to get in and just accept what it is. I'm not saying that we cannot change it, but I'm just saying that well, do not blame the players, blame the game. So the game is there. It's either you want to play the game or you don't want to play the game. The truth is if the trend is it is, I mean, are we going to not going to use a browser that is connected to a wallet? What happens if all the websites are not going to need a lock in anymore but ask you to connect to your wallet?

51:52

Eddy

I mean, it's a matter of surviving throughout the trend. It's either you are into this or you are not. If you're into it already, how the game has been structured. It's either you want to be the person going to do something about it, that you have a startup that you want to disrupt it or you just be a follower and just use it. If you think that the Web3 is not for you, then continue using web2. Don't go to serve websites that need you to be connected to a wallet. You need to have the crypto for it and you need to have the web3 elements of it. This is a personal choice, I personally think about it. You cannot stop the inevitable because all the big money would be throwing in. I mean, how many billions of dollars are in the venture capitalism that are throwing into money into all the Web3 startups and that will be the future.

52:55

Eddy

I mean, the choice will be very limited soon. The only way, just like what the host has said is either you adapt or get out of the game. So that is my philosophy, yeah.

53:10

Nadja

So don't hate the player. Play the game. If you don't want to play the game now, you are going to have to play the game at some point. Because speaking of these web2 platforms, I read earlier today that Facebook, or, well, Meta, as we are now asked to call them, Facebook, has now started supporting NFTs as well. You can have your NFT on Facebook or on Instagram. This means that the social media platform where everyone and their grandmother is on now, even the grandmothers can show off they bored apes as opposed to the grandparents or the grandchildren rather that they had as profile pictures before. It really is, as you say, just a matter of time. The question is more about how early you are getting in because all of this capital that is flowing into the space, this is not going to go away.

54:06

Nadja

54:51

Eddy

The truth is that we have the whole chain, I mean the whole supply chain from 2D design to 3D, as well as making it into NFTs and then selling it and then making it to physical. Competition, as we have found, is like there will be part of it that are concentrated on the first part, the middle part or the end part, but not the full chain of this. To be very frank, when we started this, we know how tiring as well as how challenging this is going to be. It's with our philosophy that we thought that, hey, we got to do the hardest thing and if we are able to conquer it, that would be the bearer of NFT for a lot of people. At the same time, I think we are in a very unique position, just like the experiences that I have. It all gathered up together to be spot on of what are needed for quasi matter.

55:45

Eddy

At the same time, some of the founders are like me, I'm in China, which is a manufacturing production factory of the World Steel, and I'm able to drive my car to the factory like 45 minutes and bang on the table. On the matter of quality or with the matter of budgeting currently to be very frank about it when you talk about competitions, just like what I've answered earlier because the market is so white and so big and design is very subjective. Go back to what I've said earlier, just do what is right, do Eco friendliness, do the best design and make up the best product and I think it would go viral. When it goes viral, I don't know, hopefully we could be like a small brand that is coexisting with the whole world. That's all it is.

56:43

Nadja

Awesome. I have another question. Nerissa, thank you so much for this question because this is a topic very close to my heart. I have advised on four different companies working in this fight against fast fashion. I'm very curious Eddy, to hear your answer to this. Can sustainable fashion benefit from web3?

57:06

Eddy

I bet they are moving into it, but they earn so much money that they do not need to come into this space. I think fast fashion is like a trend. I'm not saying that it will stay or I do not have a foresight that is going to be too long, but it seems to be very adaptive to what the environment is right now because fast fashion is at least cheaper than auto branded. In this environment, which is everybody is earning lesser, the prospect is a big greener. So I think it's going to stay. The question is whether they want to move into it. It the one that is going to get listed which is like the fast fashion right now in Shein or something? I think it's Shein. Why would they want to come into NFT when they are making like, I don't know, billions a day?

58:00

Eddy

If I were to be like the owner of that startup or that company, I'm jolly we’re going to milk every single cent right now. Although I say, hey, well the Mediterranean is like cute and then the NFT is like sexy. Just take about 5 million and just build a team. If it's a seat, fine. If it fails, it's not a problem. I'm talking in terms of like a business person looking at the whole thing as the industry itself. I don't think it will be over in like a year or two years because people are still going to demand new stuff and the influencers are going to wear it and state where are they going to buy it. To merging into the metaverse self, it would be difficult for them. I personally think it that way.

58:57

Nadja

I would love to. I see there's a whole list of questions coming in so I'm equally looking at the questions, deciding which one to answer at the same time looking at the time, realizing we have about a minute left. I'm going to just close my eyes and pick one at random. How would a company pivot from manufacturing shoes to maybe making watches for example? It says increased adoption between the real world and the metaverse. How would a company go from manufacturing one thing I'm not sure if this means in the metaverse, but how does the company shift gears and start manufacturing, let's say in the metaverse new accessories or trends or whatever the case may be?

59:41

Eddy

It's very difficult. It's near impossible, actually, because the capital investment into a certain categories, I'm not talking even like a fashion categories. The setup, the machinery, the people that you hire just for the job itself is very different from the next category that you are going to go in. Like for example, just now you say sneakers and watches like heaven and earth. The whole setup is completely different. By stating it like if you want to, if you meant physical, no, it's not possible. What I know about manufacturing is the fact that once you make money from here, you stay with it and then you're either vertical or horizontal acquired and go into it. So for shoes, you'll go for socks. For watch, you may go for digital watch or something in that category. It would not be a diverse like, hey, I'm making shoes and suddenly I'm going to make watch.

Eddy

That is my personal opinion about it. Yeah.

Nadja

Great. Eddy, I wish we had another hour to go into more of these topics and especially the questions, but unfortunately time is against us. While time is a plus when it comes to adoption, it's a minus when it comes to the spaces. Thank you so much for sharing your insight with us today on all things digital wearables, the role of NFTs in the web3 fashion world, how the metaverse will influence how we style and present ourselves and to the audience, of course. Thank you so much for joining us today. We are moving ever closer to this world where the lines between what's physical and what's digital continue to merge into this whole new way of thinking and being. It's just been great sharing this time with you as we listen to Eddy and CrazyMeta and how they are translating these trends into reality.

Nadja

So, Eddy, if the audience would like to follow you, I know the CrazyMeta twitter is crazymeta_io, but where can people follow you individually?

Eddy

I'm the company man, so just follow the company. You’ll see me.

Nadja

Amen. All right.

Eddy

I know time is up, I want to thank everyone. The supporting people around you has been great. So thank you very much. I just have like 10 seconds of advertisement. Basically, we are launching a crazy eight mystery box which comes along with a physical. I think Nigel will be very much interested in it and which I'm going to show it to you in the telegram group. Anyone interested, just follow our twitter space. We are just about going to launch it in the next maybe ten days, so look out for it.

Nadja

Awesome. Eddy. Well, I feel like you and I already have a shared NFT because of what Lawrence gave us. Now I also want to share with you whatever ape mystery is happening and going down, so I'm looking forward to hearing more about it. Thank you very much with that. Lovely speaking to you and to the audience. I will catch you again next week for another episode of The Future of NFTs, brought to you by AdLunam. Cheers, guys. Have a good day. Good week.