Tweet

Shaan Puri

21 Sep, 10 tweets, 3 min read

Most NFTs today follow the same "copy pasta" playbook.

- pick an animal (apes, penguins, lions etc.)
- autogenerate 10,000 variations
- try to sell it as the next big thing (get rich quick)
- and give 'exclusive access' to a discord

I wanted to do something different..

I wanted to create an NFT that had utility. Inspired by the willy wonka golden ticket idea.

Get a golden ticket, get access into the chocolate factory (hard/impossible to get otherwise)

So I created "5 Minutes of Fame"...

it gives the holder 5 minutes of airtime on our podcast, My First Million.

The podcast gets about ~1 Million downloads per month, and is growing about 20-30% compounded monthly

We don't take any external advertisers, so this is really the only way to buy your way onto the show

"Isn't this just a contract?"

"wHy dO U neEd tHe bLoCkChaIn??"

well..

A paper contract is cool, but doing this as an NFT makes it easy for it to be bought, held, displayed, & traded

It turns airtime into a tradeable asset

@girdley

So what happened...

There are 16 hours left in the "Five Minutes of Fame" NFT auction.

Bidding started at 0.25 ETH and is now on at 5.25 ETH ($17k) with @girdley on pace to win right now.

Bidding ends at 11:59pm PT tonight! opensea.io/assets/0x495f9…

Whoever wins can:

1 - Use the airtime (get their 5 minutes of fame). Maybe it's a fan who wants to join the show. Get advice, or wants to promote their company/project.

2 - Hold it and wait for the show to grow (and nft to grow in value)

3 - Sell it for profit

Many have asked "how do you enforce the deal? is it just trust in you?"

Yes - our reputation is your insurance.

We could reneg, but that would be a pretty serious hit to our reputation.

Some problems are best solved with social incentives, not legal contracts

Why do this? The money?

No, $20k isn't going to change our life. we make more than that monthly off the podcast anyways.

This was part of my "cryptoweek" deep dive. I believe crypto is going to be a big deal, and I wanted to experiment.

Do new things with new technology

In fact, we are planning to either give the money away (charity) or invest it in doing something cool for the show (mr beast style)

we shall see

For now a few links:

1. The auciton: opensea.io/assets/0x495f9…

2. Our podcast: podcasts.apple.com/us/podcast/my-…

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More from @ShaanVP

Shaan Puri

@ShaanVP

14 Sep

@opensea

OK let's try something fun.

I just minted a new NFT called "5 Minutes of Fame" on @opensea

This is a 1 of 1.

And it's not just a picture, it has actual utility built in.

Here's how it works:

first - here's the link to the NFT opensea.io/assets/0x495f9…

The NFT gives the holder the rights to 5 minutes of airtime on the My First Million podcast (~1 million downloads a month)

That "airtime" if we sold to a sponsor would be worth a few thousand. I started the auction at 0.25 ETH

The time is yours. You can use it how you want.

Read 11 tweets

Shaan Puri

@ShaanVP

7 Sep

cryptoweek. follow this thread (learn by doing.. learn in public)

started off creating a mental map for what all there is to learn.

I just went to disneyland, so I'm thinking about it like a big amusement park, with different rides.

Token Town
the DeFi District
NFT Mountain
etc..

Starting in the NFT world bc that's probably the area I understand the least.

I get it intellectually... but I "don't get it" in the sense that I can't bring myself to buy an expensive ape or punk.

The most interesting thing here is "Loot"

Read 42 tweets

Shaan Puri

@ShaanVP

22 Aug

how to not f*ck up relationships (in business & life)

Most people have a "relationship scoreboard"

My Score vs. Your Score

when I do something for you, you get points.

We measure how much we're getting from the other person.

When they do less, you do less. When they do more, you do more. It's "Tit for Tat"

But the game has a twist.

1st- the scoreboard is invisible until 1 person wants something from the other.

2nd- the scores don't match. It's easy to remember what I did for you & take for granted what you did for me. So both ppl think they're losing

This kills relationships

Read 19 tweets

Shaan Puri

@ShaanVP

18 Aug

Who's got the best "zoom call" setup in tech?

here are a few contenders..

@harleyf

shopify COO @harleyf has a power setup. he came on the pod and I was impressed.

Only one downside is that the monitor is under the camera so he loses eye contact w/ the cam

@garrytan

Many would say @garrytan . His is good for sure. But the background is missing that X factor

Read 10 tweets

Shaan Puri

@ShaanVP

15 Aug

A big myth (that I once fell for) about building social platforms:

“If we make it easier to create content… reduce the barrier to entry, then we will grow huge!”

Eg clubhouse, medium, Twitter etc

It falls into a category that I call:

“You’re not wrong…it just doesn’t matter”

The only barrier that matters is the barrier of CONSUMPTION. Not creation.

Look at movies. They require professionally trained actors, and sometimes hundreds of millions of dollars to produce.

High barrier to create, low barrier to consume. It works.

Next, look at any social content networks:

Read 12 tweets

Shaan Puri

@ShaanVP

8 Aug

I invested in 47 startups in a year. Here's how the math shakes out:

$4m deployed , 47 companies ($85k avg check)
Median valuation I invested at = ~$16M

So... let's think out loud here..

@AngelList

in baseball terms:

startup investing is about slugging % (homeruns)
not batting average % (base hits)

let's call a homerun a company that exits for over $1B

According to @AngelList - funded startups have a 1/40 shot at becoming a unicorn 🦄 ($1b valuation).

Math scenarios:

avg entry valuation $16m, so a $1B exit is a 62x (not counting dilution, or sales above $1B)

let's use fuzzy math and call a 🦄 winner a 30x return

One 🦄 = 2.5M return (60% roi)
Two 🦄 = $5M return (breakeven)
Three 🦄 = $7.65M return (profitable)

Read 16 tweets

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