On this episode of IMPACT, we had a conversation with entrepreneurial guru, Lee Richter. Lee has been named in the top 100 business leaders for 7 years, as well as the Top 100 fastest growing businesses in the Bay Area. She is a part of the Forbes Business Council and is now making her imprint in the digital space known as non-fungible tokens (NFTs).
Lee helps us unpack the very complex idea of NFTs and what actually inspired her to cement herself in that arena. Being a successful entrepreneur since the 90s, one can assume that Lee knows a thing or two (or a thousand) about trends and finances, so you won’t want to miss the very valuable nuggets of information she has imbedded throughout this episode.
NFTs and crypto are the inevitable present and future. What NFTs are doing to our modern society is very important work because they work as a way to demonopolize the financial institutions that control all aspects of revenue in this country and the rest of the world, until now. We have knowledge, we have power, we have technology, and we must learn to work with it instead of against it. Tune in and find out more about this form of currency that’s changing the way we view art, community, and wealth!
[6:29] Lee’s background and how she got started in the world of NFTs and crypto
[7:55] What exactly are NFTs
[17:58] Example of a practical form of a NFT
[21:11] Are NFTs strictly digital art or physical art as well
[32:47] What are smart contracts and digital wallets
[40:44] What to look for when starting to invest in NFTs
HOW TO CONNECT WITH OUR GUEST:
5 reasons to NFT: “#1 is authenticity, #2 is access, and #3, you get to also do things like fractional ownership.”
(Listen to the episode for # 4 and 5)
“So as a marketer, I’m like wow, this is really special. Not only do you bring your favorite people with you, but those who come with you are actually engaged and like being part of the community.”
“UC San Diego just launched that every single student who graduates will not only be getting their diploma through NFT but also their transcripts via NFT so that they are in control of it and it’s validated that it’s true.”
“Everyone puts their own value to it. For them, it was worth it to get the picture they wanted and the experience. Now she owns that picture. And to her, it was meaningful to have that golden egg more so than the extra thousand dollars.”
“Now what happens beautifully and why artists love this so much is that in the NFT transaction, they can build themselves in forever.”
“They can build it in so 300 years from now, their heirs are still getting a percentage of that art being sold, whether it’s music or physical art, or digital art.”
“There’s many many ways that people can take the digital and turn it physical or take the physical and turn it digital. So it’s interactive based on the smart contract, what you get for it.”
“A digital wallet is where you convert your currency… to the currency to trade inside the NFT marketplace. Generally when you start, it’s most likely going to be etherium (ETH).”
“None of us had the same opportunity with Amazon. But we do have the opportunity here to jump in and see what can we do and what can you make the best for you and your brands and your life.”
“You can build whatever you want in the smart contract. But it’s determined between the buyer and the seller. Where the seller pays for it, they take it with those terms.”