How Big Brands Are Using NFTs - Camilla Mcfarland

betty it's a perfect uh segue as we've just been talking about how some brands are entering the nft space and maybe what we can expect to see for this year i'm so excited to dig into that before i do and i know we have some people leaving and some people coming but it would be great to get another show of hands just to understand who's come into the room how many people here are on the engineering and development side awesome on the strategy brand creative marketing side nice how many people here are working with brands or creators in like the traditional space that are looking to help them enter web3 and figure out nfts awesome this is for everyone in the room obviously but especially for you guys um so we are mojito we are web 3 commerce and community stack for brands and creators mojito as in the sweetest way to mint um founded by marketers if you can tell so we are an all-in-one platform for major brands and creators to manage and create their own nft marketplaces um who we are i'm a big believer that uh companies at the end of the day are just the people behind them um our co-founder and president is amanda cassette who was the former um founder of serotonin which is our sort of parent company she was the former cmo of consensus and from 2016 to 2019 he's been in the blockchain ecosystem for over five or six years she did a lot of the early brand building behind ethereum and our ceo dan kinsley has also been building in web 3 for about five or six years he's the co-founder of the blockchain for journalism project civil and before that has been working in e-commerce and brand platform our amazing cto pete has spent time in machine learning at the new york times and director of engineering at digg so he sort of comes from the traditional brand world our fantastic cpo rocky miller has over 15 years of experience in product development and financial services at goldman sachs and recently at sr labs and then me leading up partnerships i also came from the serotonin side um and before that was also a consensus for a number of years um before that was in the traditional finance world at bridgewater associates um so as we heard about last time just to sort of set the stage of where we are in the market that we see today traditional brands are already here so this is a list that's hard to see because there's so many but every name on here has dabbled or stuck a toe in some way into nfts many of these went completely under the radar that we didn't even hear about but outside of the traditional auction houses sotheby's christie's and phillips will get more into that you have automotive mercedes porsche lamborghini audi cosmetic companies nars we saw coca-cola pepsi budweiser recently high-end whiskey brands food and beverage companies high-end fashion is all very much exploring i think we're going to see a lot out of nft fashion this year prada gucci jimmy choo dolce gabbana all these brands have now explored nfts um toys and gaming hot wheels barbie sega epic games obviously recently announced we see traditional tech getting in and of course artists and individuals musicians uh film people like quentin tarantino kings of leon even melania trump um so platforms and creators and web 3 together is what we kind of collectively have started to think of as the ownership economy a term that was coined by jesse walden uh from variant but web 3 sort of as we know it today is how existing platforms and brands and creators will engage fans and customers in the future obviously i think the market understanding of what nfts are has already moved way past it just being a smart contract token to host to jpeg we're now seeing that that's just the beginning of seating and community that can be so much more in web 3. utility in the metaverse that we just heard about for a few minutes access to irl events like the utility is literally limitless in the amount of possibilities having an nft out in the hands of your most loyal fans and consumers is a great way to sort of seed that and get that started they represent an omni channel things we know to be true an omni-channel non-deep platformable engaged and paying audience another thing we know to be true brands and creators will require easy to use tools to import or mint nfts merchandise and sell and engage and enhance value for nft owners over time like all of these things we know to be true and more on easy to use tools to import so just to take a step back um we saw a slide in the last talk about some of the like data behind where the market is now i think this month or average monthly active wallets that are making transactions buying and selling nfts is around 400 000 that is nothing i think the total number overall of wallets that have like set up and set up a wallet and bought an nft total total is about 3 million i think in aggregate with about 400 000 active monthly again that is so small which is amazing because it's really very much i think now reached the zeitgeist in the mainstream in terms of what nfts are and what people are talking about where the actual usage of them is still incredibly early um one of the problems that we're going to need to solve quickly uh is what i like to call the web 3.0 ux chasm and so web 2 entering web 3 what are they going to need kind of a web 2.5 step and so a lot of the brands that we're talking to and working with about setting up these solutions are going to need to integrate their system with their corporate and consumer iim systems this is for the devs out there which is an identity and access management system auth 0 login email password a lot of how we access the internet today they're going to require occasionally automated kyc and aml for us crypto natives this is a foreign concept but if you're sotheby's and you're selling multi-million dollar pieces of art you're absolutely gonna still have to follow kyc laws the laws have not changed um they the traditional brands still prefer fiat over crypto for merchant finances and consumer payment preferences um which means that they'll require circle or other third-party crypto payment processors to partner with to manage and transact and just deal with that payment processing system and they're going to require semi custodial what i like to call semi-custodial wallets with off-ramps to self-hosted so the ability to have a login have a user base set up a wallet buy an nft with a credit card if you'd like and then obviously have the option to move not just that nft but that wallet on chain um comparing that to web 3.0 merchants for the crypto natives in the room this is the world that we know of the last 18 months there is no aim the wallet is the user there is no kyc aml the web 3 natives prefer crypto over fiat for both creator finances and consumer payment preferences and it's very much bring your own wallet self-hosted only and so that's sort of the world that exists now but the web 2.

5 merchants are going to need that stepping stone into this world so what is the solution the wallet is the user so what we've built at mojito is we integrate directly with an existing platform brand or creators iim system or we can provide one and this governs logic authentication and role-based access control for the merchant including who can mint as well as customer login authentication and wallet management of nfts and funds our mojito platform enables end-to-end creation and management of an nft in community and so if you're a brand out there like all the brands we just went through and looked at and you're creating your web 3 presence i'll say broadly you are going to want to own your own nft marketplace and platform to engage because selling nfts again is just the first step and so you're very much going to want to build that platform in that portal that your brand owns and you can interact with your community on your own terms so what does that mean again that semi-custodial wallets for the web 2.5 merchants to mint and receive royalty payments because royalty payments is one of those things that's incredibly novel and unique to this tech semi-custodial wallets for web 2.5 consumers to pay with fiat and store their keys and an api driven nft mint and commerce functions for automating primary and secondary sales via white label branded experience so at every step even in the secondary market it's a branded experience it's within your ecosystem but obviously with the composability of web 3 to go anywhere else so what does that mean a little bit of you know this all sounds fantastic but to use an example of something we've built that's in the market today and very much alive and active the sotheby's metaverse which you can all pull and check out and hope you enjoy it always welcome to feedback so when sotheby's when we started working with sotheby's last year to enter the market obviously if you're one of the biggest 300 year old auction houses you're going to want to create your own platform in your own experience and so we have partnered with sotheby's and mojito powers the nft marketplace which is a screenshot here i'll get in a little bit more to what that looks like but we've led with them all nft product their go to market from the strategy and comms and partnership side and all the financial results as a result their last year over 2021 they generated 100 million in just nfte and digital art sales alone um and now uh part of our partnership we mojito are listed as a top 50 blockchain company thank you forbes um so some product shots of what the metaverse looks like i don't know if you guys can see this well but i recommend going to sotheby's metaverse and checking it out yourself but on the left hand side we have just a screenshot this is our ceo dan kinsley's wallet of a hackathon sale that was recently hosted on sotheby's metaverse hundred percent of the buyers were web two traditional customers that logged in signed up bought an nft on sotheby's motoverse so these are not crypto native existing active participants going into sotheby's metaverse to buy nfts these are brand new entrants to the space because one thing we haven't touched on yet is the possibility for brands to onboard millions more users into this ecosystem and web 3. like this is the killer app that the web 3 blockchain ecosystem has been waiting for this is the opportunity to really onboard people into our world in a way that they can understand and use and utilize as just that gateway into uh their decentralized experience um and so like that's the statistic i love and a lot of what sotheby's has been doing in the sales and they've seen that sort of slider change over time from their first sale that they did with pac i'm sure mostly natively digital web 3 buyers but over time they've seen enormous interest from traditional art buyers the traditional art world buying digital assets and nfts through their platform because it's an incredibly easy to use system and on the right hand side you have the dashboard as the brand or as the user um that controls sort of the core tools and the and the end-to-end mint by um process so you can see here token name token description that's sort of the dashboard um so i'd love to if i have time take a few questions um but before i do um just a reminder again of like just i always like looking at the data we are so early 400 000 active user wallets in the ecosystem is tiny and 2021 like the last 18 months um i like to sort of describe the growth of the nft marketplace as like sprinting a marathon and flip-flops with like neon techno music playing like the adrenaline rush and the adoption that's happened in the last year is not to be under counted it's been incredible but we're just at the sort of i'd say middle phase of early adoption mainstream adoption is still a very long way away and i think 2022 will be an absolute course change in what we see happen with brands entry in the space and just in general that user growth we hope to work with brands and accommodate that course change we have some really exciting upcoming news our next major platform is a really awesome global sports team coming soon so stay tuned um and we are hiring as a result to power that so for anyone out there who is or knows or loves an engineer an engineering manager a qa engineer a qa manager senior software engineering for back end front end and full stack and a devops software engineer and then also on the product side again these tools have to be beautiful and usable we are looking for a ux designer and a head of creative and that is us and then if i have