Ed Vincent: Creating a Digital NFT Community for Live Events and Festivals! | Episode 232

NFT 365 Podcast - Episode 232 - Ed Vincent: Creating a Digital NFT Community for Live Events and Festivals!

A live event enthusiast, an avid listener of the NFT365 podcast, and founder of Festival Pass, Ed Vincent joins us as our guest today.

From servicing others in the banking industry to creating & selling his own marketing agency supporting film festivals across the country to starting his own NFT project giving holders access to all sorts of live events, Ed Vincent has always been a classic entrepreneur.

In this episode, we discuss the value as well as the limitations of subscription models in Web2 and ways in which Web3 could make life a little easier for NFT projects.

From day one of his latest project, Ed has made it his mission to create a reward-based NFT that continuously delivers a tangible utility, giving back to his community. He walks us through the origin of his Festival Family project and how users will be able to leverage credits gained by holding the NFT to attend live events across the United States.

Shared experiences and the ability to loan out NFTs to friends & family are being seen across multiple projects. We discuss the value of offering holders this utility and whether there are plans to include the ability to do this with his project.

He also offers great advice to those looking to pitch to those new to the NFT space to normies who haven’t had that “ah-ha moment” and explains how focusing on the things they already know and understand is the key to bridging that gap for most.

A solid conversation from an individual who has lived and breathed live events his entire career…this episode is one you won’t want to miss! https://www.festivalpass.com/

In the next three to five years, every ticket to a live event will be an NFT. - Ed Vincent, Founder, Festival Pass

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The NFT365 Podcast is Hosted by digital futurist Brian Fanzo.

In the next three to five years, every ticket to a live event will be an NFT.
– Ed Vincent, Founder, Festival Pass

@getfestivalpass

#NFT365 @NFT365Podcast @iSocialFanz

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Episode 232 – Ed Vincent: Creating a Digital NFT Community for Live Events and Festivals!

#NFT365 @NFT365Podcast @iSocialFanz @getfestivalpass

NFT 365 Podcast - Episode 232 - Ed Vincent: Creating a Digital NFT Community for Live Events and Festivals!
EPISODE TRANSCRIPT

Kevin Sturmer 0:00
You’re listening to NFT 365. The first daily podcast on NFT is with your host Fanzo, talking crypto, blockchain, web 3, non-fungible tokens, metaverse, and

What the f*ck is a non-fungible token?

We’ll get to that. It’s time for today’s episode of NFT 365. The only daily NFT podcast minting an NF T every day for 365 days. Powered by the ADHD coin at rally.io. Here’s your host and digital futurist, the ADHD superpowered to Brian Fanzo.

This show is not financial advice. So, do your own damn research.

Brian Fanzo 0:43

Welcome back to another episode NFT 365. We are proudly sponsored by the crypto business conference to business conferences happening October 9 to the 11th in beautiful San Diego, California. I mean, who doesn’t want to travel San Diego in October? I’ll share more about that at the end of the episode as well. But let’s jump into it. For me part of the beauty of this space is the ability for us to not only bridge online to offline, but to really reimagine what the online experiences look like what really the way that we kind of transcend you know, digital right? I think it’s very easy for us to look at NF T’s as just like a digital ownership. But what does digital ownership enable in the physical world? What is the physical world? What are we able to do better in the physical world? Thanks to things like digital ownership and things like cryptocurrency, right? The idea that you know, I mentioned this before, but Kevin O’Leary as someone that’s not a multibillionaire multimillionaire, yet, I will reference Kevin O’Leary and Kevin O’Leary referenced the idea that like for him to exchange money, you know, between, you know, to send money to Switzerland for an investment or a deal was like a five or six day process or experience to actually make that happen. And thanks to crypto, he could do that in a matter of seconds, right? Being able to transfer that shared value, shared wealth and kind of go back and forth. And so for me, one of the things that I really get excited about are opportunities for us to look at different, you know, scenarios, different use cases, different NFT, places that kind of pull things together. And so we do have a fun guest for you today. My bring it in our guest, Ed, and thanks so much for for jumping in, give people a little bit of your background. And then we’re gonna get into a little bit about, you know, your experience with this NFT space and some of the things you have going on with festival paths.

Ed Vincent 2:39
Sure, Brian, thanks. Thanks for having me. Happy to be here. And I’ve been listening to your podcast for from the beginning, or at least, I’d say from the beginning from the fall timeframe. So I’m sure there’s at least 100 of them in. And it’s been, it’s been a great journey. So thank you for that. Appreciate you educating everybody. That’s awesome. To give you just a background on myself is, you know, I’m a classic entrepreneur, I’ve been an entrepreneur for over 20 plus close to 25 years, it all started, you know, I was a finance major in college went to be an investment banker in New York. And, you know, in 1999 left that, because I wanted to actually start a business. That was where I was growing the business rather than servicing other people in businesses, as a banker would do. And I started my first e commerce company, I sold that in 2001. Continue down the journey. A lot of this is actually interesting for the company we have today. And it’s worth kind of bringing up the journey then went to I had an experiential marketing agency, about 70 people based in New York called Vincent partners. And we brought a lot of big brands to a lot of big live events. So big film festivals, we actually launched to help launch the Vail Film Festival. We own the Dominican International Film Festival down in the DR. We worked with Sonoma Valley Film Festival. So we’re really kind of got in to the experience of how do we run events. That’s where I fell in love with live events. I just thought it was a special time in place where it’s only a moment that happens at that time versus some other kind of entertainment. Good.

Brian Fanzo 4:18
Sorry. No, yeah, no, I so I love that connection of a live event side. And so I’m curious, you mentioned the agency and experimental, you’re kind of marketing and that side. How do you look at that, you know, I’m just gonna just dive into the idea of like, web two, web three. How do you look at like some of those lessons that we probably learned there, but we haven’t really implemented and web three. How do you connect those two dots?

Ed Vincent 4:41
Yeah, and I think part of that is even on as I share a little more of my journey, you’ll kind of hear more about some of those connecting into, you know, then it was an agency where we were bringing some of these big brands to kind of It wasn’t even web two per se, then it was just in real life. And then that evolved over time. I ended up having a, an email marketing business and then SaaS business. And was kind of interesting because the SaaS business was not in the entertainment and or sales, retail franchise stuff, ended up selling that in two in 2014. But what was cool about that is I learned all about recurring revenue streams, right. And that really got me interested in you know, I need to build something in the subscription space. But when you tie in the entertainment side, following that business, I went back to the service side, and I built a data and analytics company in the entertainment space. And that was that was kind of where all the dots started connecting, right. So, you know, I loved how commerce can be transacted online, in the early days, I loved how in real life events were wild and cool and interesting and unique. You know, I really enjoyed recurring revenue models in business. And then I had this data analytics company, and we would help bring consumer data insights to everybody from a&e networks, to AMC Networks, to film studios to all this kind of stuff. And during that timeframe, there was a couple, you know, unique businesses that people probably heard of one was called Movie pass, if anybody heard of that, which had a, it was a, you know, media rise and fall of a company. But they’ve, they sought us out to help them with data. And when I got my hands on a lot of that data, I started understanding, well, hey, there’s there’s an amazing product market fit in the web two side of people that want to engage in entertainment subscription. But but it needs to be done better. And you know, the one the one problem with the MoviePass base, it just the users that got to use the product, some got a lot of value, most got no value, and it just it just wasn’t a good long term business model. But just learning from some of those people, the mistakes of others, really got me excited. But But I think this is where the connection comes, right. So sorry for that long winded path. But the kid that the connection comes when, when we set out to build this company as a subscription, quote, unquote, membership based business, it was all about the community, it was all about this concept where in the traditional entertainment, ticketing space, it’s a lot of large behemoths, you know, being purely transactional, and people being forced, effectively forced to have to buy tickets from certain channels, because of the same fact that, you know, there’s no other way to get around it, the fees are really high. And you know, there’s a place in time for a lot of the big companies that produce shows, I mean, it’s an expensive proposition to produce the big large concert or festival or anything. So you know, there’s, there’s a right time in place, but the community never really got to participate in that ownership of what was going on. So from day one, we’re like, we want to build a membership driven place where there’s passion connected experiences, where people can come together. And by being and committing to being part of this community, in terms of a membership, a monthly or an annual membership, they get a lot of benefits out of it. And this is the web two side, right? That’s this is the whole web two side was all about how do we give rewards and benefits to the community, for being active, engaging members in that community, going to a lot of events, and giving back to the community in some way, whether that means, you know, helping each other out meeting at the event, or whatever that came to be. So the web three side of it was, you know, obviously, I have to listen to your podcast, and I was interested in it. Prior to from the general crypto space. You know, I started realizing like web three was a gift to what we were trying to build it. It was the the philosophical and technological advance for us to take what we’ve always wanted to build a membership, and do it in web three. That makes, it just makes everything easier is the wrong word. It makes everything more in line philosophically with everything we wanted to do. So now we’re just super excited to utilize both technology and overall ownership philosophy into this space, like even the whole ownership side of it, I even played around with when we first were funding the company played around with some of the crowd funding things because I just believed that a member and a customer should also be an owner. So when I found the web three space that was like, light bulb went off, and I was like, wow, this is just perfect for what we’re trying to do.

Brian Fanzo 9:16
I love that that membership owner, you know, relationship, right. And I think, you know, festival live events, you know, there’s such an interesting kind of connection point there. I’m curious, you know, when you were mentioned about like kind of like your attraction to like kind of the subscription model. I think for a lot of our our listeners, and I think a lot of the mainstream I think a lot of people are still kind of getting used to the subscription model right in a weird way. Like I’m crazy enough like one of the subscriptions I’ve had the longest which is funny for me to even I think I’ve shared on the podcast before is like me undies is one that I found through Dax Shepard podcast. It was a sponsor of the podcast I subscribed and I still to this day, get the you know that box every month, you know and it’s like, never was I was like, Man, I wish I got on Nowhere delivered to my house every month. But the idea that like, not only like, now I have a whole hell of a lot underwear, probably more than I ever needed. But there is something cool about that idea of like, adding subscription adding like that like kind of recurring model, but to the point of like, no real connection or value. Like I probably was one of the earliest subscribers of me undies in that in that example, to where like there’s no discount that I get, there’s no kind of exchange, can you talk a little bit about like how you looked at like, where subscription models might have, like kind of a limitation. And then where web three became like that attractive piece of that

Ed Vincent 10:36
term? Well, first of all, it’s awesome that you have a lot of underwear, I still got the A team, the B team and the C team. I’m sure I’m sure you understand what I mean? Oh, yeah, my girlfriend’s always trying to throw at the C team,

Brian Fanzo 10:47
The C team, we have to keep those hidden.

Ed Vincent 10:51
But uh, so the way I look at it is, in the classic core business model perspective is subscription models work for everybody, it’s a win win for everybody. And the reason being is when a committed user is willing to engage more often, and in doing so be willing to pay a monthly subscription or an annual subscription, whatever that means. It allows the business to have a little bit of more predictable revenue streams. So it’s not transactional. And whenever there’s a transaction in any business, what happens is you have to go reacquire that transaction. So it could be in when you when you try and pay to acquire your first customer. There’s a you know, a CAC in the in the, you know, lingo of business is a cost per acquisition cost, you know, cost per acquisition of that original user, but even when somebody is a user in the traditional transaction world, you have to resell them something every time. So the overall marketing costs get decreased on a subscription model. And there’s Predictable Revenue. So what that means is to most outside investors, the potential future enterprise value of a subscription based business could be higher, even if the margin and profit is lower. Does that make sense? And the reason to say that is because if the business allows for the margin to be lower on a subscription business, we can give some of that margin back to the member. So the member wins and saves, because we’re able to give a product for less profit than we would if we were a transaction business. And the company wins because it has predictability and community.

Brian Fanzo 12:31
Yeah, I mean, I love you know, I got predictability piece is one that’s, you know, is, you know, nice and interesting. But it’s also like that shared, you know, the shared value on also the shared experience side, and I’m curious, you know, like, you mentioned, you know, been in the live event live, you know, that space for a long while, you when, when I was thinking about one of the very first use cases that I shared here on the podcast, about like, you know, fan clubs style experience was like my Dave Matthews Band, fan club, right. I mean, I joined warehouse in 2005, which is wild to think about, you know, like that in like the sense of that as a, as a band, you know, being a fan of that band early on. And it mostly, my ex wife kind of exposed me and then me becoming a superfan and traveling around. But then also that kind of like disconnect, right, because as the brand got more successful, or the band got more successful, it wasn’t like we were getting, you know, kind of residual on that. But there is something cool about like, you know, kind of getting that festival Unique Access, right. And I was able to get passes before everyone else. I’m curious when you were looking at this space, like in a web three arena, like, how are you looking at it from like, because like, there’s like this creator side? There’s like the brand side? And then there’s like the experience side? Right? You’re almost kind of merging the three. And we’ll talk a little bit about the past itself. But I’m curious, like when you were looking at all three of them? How were you kind of breaking it down to where like web three made the most sense at this at this stage?

Ed Vincent 13:58
Sure. Sure. So it’s a couple of things. You talk about the early adoption of Dave Matthews, or early adoption of anything, just even the structure on how we’re rolling out our, our project. And we can speak about it whenever you want is we’re doing it in a tranche based environment where we’re selling 1000 at a time over a full 10,000 Like meaning I always like on your podcast when you talk about the quote unquote, slow burn. And the reality is, of course, it’d be nice to appropriately sell everything in a quick manner to be able to give the value back to everybody in a fast way. But the truth is, for us, it’s it’s about wanting to reward the people that come in early for the long term. Right. So the first tranche that we launched is going to be the cheapest, the second tranche will be a little more third, tranche a little more. So by the time the 10th tranche comes the people that came in early like you being one of the first fans that Dave Matthews are rewarded, so that’s just that’s one aspect. On the on the other value side, there’s other cool things that we’re doing so almost like and and this is something we’ve thought about long since. And I’m thinking about the New York NFT, NYC, when you know whether it was board apes that had their fests, or whatever it happens to be is, of course, by owning access to an NFT, you got an experience, right? So we plan to, and we’ll create quarterly, you know, Bucket List events for our NFT holders only. So we’ll have, you know, 10s of 1000s of other subscribers, hundreds of 1000s, eventually, of our traditional subscription product, but only our NFT holders, only the web three connected, folks, we’ll be able to go to those quarterly bucket list events, and I know you’re a hockey fan, one of our investors happens to play for the New York Rangers, Jacob Trouba. And, you know, oh, yeah, yeah. So he’s an investor. But, and I’m not saying this is exactly what we’ll do. But it would be something like going to a Rangers game in the luxury box, and then hanging out the players after, like, that would be a bucket list of that we’re going to do quarterly only for, you know, 100 of the NFT holders, that kind of stuff.

Brian Fanzo 16:04
Nice. No, I like that. And I like, like one of the other things that kind of came to mind right like is like, the festival live event space we know as passionate people. I give a keynote for an entire year on 10 marketing lessons from the Fyre Festival and the fire festival being one that like we it can get a lot of hate. I was on a Twitter space with jaw rule last week, and I was laughing because Job rule actually came in to me giving that talk one time when I was kind of mocking, like, I was like, I can’t believe we listen to a rapper and a credit card salesman and believe this event in you know, Pablo Escobar, his island was going to be great. But to me like the little piece that was so missing underneath there is like, I remember whenever the Fyre Festival ads came out, and I remember where I was at, and like, my and I was like, You know what, I think I want to go there. And I was like, I mean, it was attractive to me that marketing was attractive. I love live events and festivals. I’ve traveled all around the US. Just trying to I don’t think I’ve traveled outside the US maybe that’s that’s a bucket list. Yeah, that’s a bucket list. I haven’t traveled outside the US to see a concert, I have seen a couple of concerts actually going to see one of my band, I love dispatch, they actually were playing over in Japan when I happened to be in Japan one time, which was a really cool experience to see a band that I loved being kind of embraced by a local fans there. But the reason I brought that up is like, we know that people are a passionate and like seeking out experiences, right? And I’ve I’ve say this as I go as the pager wearing millennial, like, I will gladly gladly spend more money on going to an experience than I would buying a luxury vehicle or, you know, or something that traditionally maybe was a little bit different. But I also think, you know, the utility today with NFT’s. So much of it is like, you know, if the utility is too or is too early for like this, like adoption is the case. So before we get into like kind of like that kind of connecting the fire festival, give us a little bit about the festival, get the past that you’ve created the the company that you’ve kind of been building here, talk to us a little bit about what that is. And I’ll kind of link it back into like, my idea of where this kind of utility makes long term sense. But I also understand why, you know, projects that are really providing massive IRL utility end up being slow burn just because of you know, the state of where, you know, a lot of these user ads. So yeah, give us a little background on the project itself.

Ed Vincent 18:27
Sure, sure. So just real quick, the fire festival. I’ve been ever since I started this company, I’ve been dreaming about an April Fool’s Day promotion. Where were we just homepage app takeover of, you know, launching the Fyre Festival. I think it’s a little too soon. But at some point in time, if anybody’s listening to this, and they see Fyre Festival on our on our on our website, it’s solely a joke. Anyway, so. So what we’re doing for the project itself, we’re calling it festival family. And the reason we’re calling the Festival Family is because, you know, we believe that there are certain personality types that make up our membership or audience or our community, right? I always joke a little bit about their, you know, in life in the human state of psychology, there’s really only 16 personality types. I’m not sure if I fit within one of them, but I probably do, as do you and everybody else but we’re building a family of 10 different personalities. So we’re not doing all 16 but about 10 different personalities. And each one of those personalities will embody the art for each of the tranches. And that’s just, that’s just sharing more the art side of it. Our NFT is is 100% of utility NFT the art side is just you know, a packaging that goes around the box if you will. But what it is, is it’s a lifetime founder membership to our platform. So what that what that comes with is every single year that somebody is a holder and owns this NFT they’ll get $1,200 worth of Credits, we have a credit system on our platform. So they’ll get $1,200 worth of credits every single year, to redeem to go to live events, there’s, there’s about 80,000 live events on our platform. So they could use those 1200 credits and go to a festival, they can use it to go to see Justin Bieber or, you know, whoever your desired concert is, you can use it to go to a hockey game, you can use it to go to a football game, you can use it go to a college, football game, whatever you want. We have Broadway theater, we have a lot of stuff on there. But the idea is every single year, as you hold this, you always talk about utility and benefits, what is the benefit, instead of the word utility, the benefit is I get immediately the second I own this thing I get you have to connect a wallet to our platform to get them. But but you get $1,200 worth of credits to go to anything you want to go there. So that’s the immediate, and then we talked about the secondary piece, which is the bucket list items. So quarterly, we’re going to curate and build these amazing bucket list items that will be on a roadmap forever. And those events will just get better and better and better. And we’ll let the community through our Discord make make the decision? Well, you know, here are three or four really cool events we’re going to do next quarter. What do you guys want? And you know, we’ll go build it for them.

Brian Fanzo 21:15
Nice. So I’m curious. You know, I mean, I love where that where that is going? You know, I will say that the one of the things that will jump up, I’m sure you’ve heard it from a geography is perspective, right? When someone’s holding an NF T, and maybe it’s, you know, the events aren’t in their region? How do you kind of kind of look at that are kind of like that shared value in there. And I have a follow up, because I think there’s one interesting use case there. But I’m curious how you kind of tackle that side about

Ed Vincent 21:39
Sure. So so on the core, core utility of your $12, with a creditor every, every year to go to whatever you want. We have events everywhere, right? So the inventory we have is everywhere in the US, we’re not outside of the US yet. But you know, whatever city you live in, you’ll find something nearby that you can go to whether it’s you know, a professional sport, game, whether it’s a concert, so so that isn’t an issue in terms of the general core utility. Now, when we start doing our quarterly bucket list events, we’ll understand through our discord in our connection with our NFT holders, where do they live? What do they like to do? So? So I think what will end up happening is we’ll let the community decide based upon the makeup of that community. Do we do an event in New York City? Do we do an event in Miami? Do we do one in Austin, Texas, where I am now even though I lived in New York for 23 years? But the question the community is gonna decide on where those bucket list events will happen based upon the makeup of the community.

Brian Fanzo 22:39
I was hoping you were going there and actually, I didn’t know the answer to that question. I love that you went where you because I think that is such a like the idea of like, what is the difference between like shared ownership versus just buying something and and kind of taking it as you get right I think there is something beautiful about being able to help curate that right and and even you know, I mean, I’m in such I’m a huge fan of Austin, TX of a places that I can move in the United States. It’s definitely like in my top five and I’ve been lucky enough to go to South by for many many years and and I like the idea of like kind of the shared you know, hey, how do we vote or how do we all have a voice? I’m curious, Have you have you thought about like the the loaning out of like the credits are the experience the i i have a Steve Aoki NFT it’s been used four times zero by me. So I’m not sure why I bought it because like now when I go back to like, think about my own purchasing habits, I bought the the Steve Aoki I have like the second highest utility pass. And for me, unfortunately, even two of the events where Steve Aoki was playing, I ended up having to leave early to go speak at different events. So I ended up thankfully, having a close friend of mine, a couple different close friends that I just sent them the NFT. They went and took, you know, the the value in a way for me, that’s still utility for me, because now I have I have social equity with these people, right? Like if they if I ever need something from them, but you’ll I think there’s also like that play. I know, there’s some NFT’s that have played in the the loaner system, there’s the angel Alliance, they actually allow you like in their contract to loan out their NFT have you? How have you kind of approached that are your thoughts around that?

Ed Vincent 24:15
Sure. So there’s two sides to that. One is, once you’re an NFT, holder, and you’re getting your your annual utility, which is your credits, there isn’t really an option to send your credits to other people per se. But what you could do is you could just go in and acquire the ticket, you know, you can get two tickets at a time and you can say, hey, I want two tickets to whatever, you know, it’s burger hockey game. And and once you do, and you’re now on the tickets, right? So you can always transfer those tickets to a friend or whatever you wanted to do. You would be using your credits and it would, you know, be a little work on your side to do it. So that’s just one on the meaning the utility is transferable in some capacity. And then on the side you’re talking about I don’t No, yeah, like, I’d love to, I’d love to find a path to share the utility or of the actual NFT itself, or lend it or borrow it, I think we’ll just have to continue to explore that. What I do want to do is create partnerships with a lot of other projects, in order to have, you know, owners of our utility, of course, we have your quarterly bucket list events. But, you know, I think I heard you and Travie, talking the other day about the Fly Fish. thing. And I was at that event in New York, and, you know, I got to meet all the guys. Gary wasn’t there. But the other three founders were there, and they’re all great guys. And because we’re both very utility driven, and FTAs, you know, I see a strong partnership in the future between us, like, as an example, we haven’t, we haven’t come to the final conclusion with the partnership looks like so I don’t want to talk at at a at a hand. But what if, right, what if, you know, what if our, what if they provided, you know, call it 100 reservation slots at fly fish over over the year, over a quarter, or whatever happens to be for our holders, right? And therefore, now our holders have access to it. And we could provide, you know, even on our platform, a reservation, it might cost a certain amount of credits, it might be out of your 1200 credits you get, you might have to use 50 of them, or 20 of them to get yourself a reservation slot at fly fish. But you can only do that if you’re an NFT. Holder. So there’s a lot of interesting things that I see. And that’s just one of hopefully, dozens of projects will will partner with, where we can provide, you know, community around what we’re doing to help build their community. And we can do the same by giving access to ours.

Brian Fanzo 26:41
So I’m curious, you know, I think that’s, I think a sweet play, right? I think a partnership vehicle ends up being the doors are opening, you know, the more web three innovation, the more partnerships that will be aligned for what you’re you’re building there, you for anyone that was at NFT NYC, or listen to pretty much like the last last couple weeks of my episodes, like figuring out like events to go to or in person. Like it was a nightmare of just figuring out like, Where was what and then also kind of getting like that validation at the door. And I know you mentioned like, you’re claiming credits, you know, and then getting kind of the tickets, how do you look at like the innovation of like, live event ticketing, like VeeCon, I will give mad credit I, I went to VeeCon. And I my first thought to my to the team Drew and Drew and I were sitting there I was like, it is gonna be a shit show getting in and out of that venue because they you know, they were very strict on like, what we were using? Well, I was wrong, it was the most seamless experience I had seen getting in now. They had a controlled environment, one entry point, everything was inside the gates one gate, like it was very, like we eliminated the variables, which helps on that case. I’m curious, how do you look at innovation within the live experience world? And how that kind of goes in kind of hand in hand with what you’re building? Cuz I’m sure, like, here’s the beauty of NFT’s Right? Like, you can adapt your utility based on how some of those other things adapt. But what do you see as like, I mean, I mean, Ticketmaster, I feel maybe we agree that they’re like the, like the 1000 pound gorilla, and I don’t ever look at them as like an innovator. I feel like we’ve been dealing with, you know, the ticket masters of the world for a long while. But how do you look at like that space innovation and driving kind of full, full circle?

Ed Vincent 28:20
Yeah, I mean, I think everything is gonna take time, I think in the next three to five years, every single ticket to a live event will be an NFT. I just think that’s the natural progression of where we’re going. The problem is, some of the big people that you mentioned, have a lot of either tech debt in terms of they’ve already built 10s of millions of dollars worth of systems that they’re still want to own. And or, obviously, web three is all about decentralization and lack of control, there are certain things I’m sure they want to still control. So there’s going to be a timeframe that will bring some of those larger companies into the web three space in totality. But I still think that’s three to five years out. On the smaller guys, like us, and like other people out there is, of course, I think we already are going to start using that, that web three technology as soon as possible. So when we do our quarterly events, it will be an NFT. That will be your point of entry. Hopefully, some of the people we partner with will all start using NFC as actual tickets. And then this goes back into the ease of transfer, right? Whenever you take it as an NFT super easy for you to be able to go grab a ticket, and then just send it to somebody else’s wallet and let them use that at that NFT day to gain entry to have space or a location. But I do believe that is the future of ticketing. It makes total sense. I think I’ve heard on your podcast and some others is just the simple marketing idea of somebody being able to connect their wallet to your environment and share with you at that moment in time. You know, the things they’ve done in the past and the events they’ve been To the certifications they have. And all of that is wonderful. Because it sits in the hands of the actual consumer, the member, they’re able to share with you when they want it. And they can take that, that control away when they want to. And I do believe that’s where our world is going. And no, we can’t fight it right, the horse is already out of the barn, as they say. So I do believe that’s the path and we’re gonna get to a place where it’s just going to be more important to given a value to people to want them to connect their wallet to your platform, in order to be able to share that information.

Brian Fanzo 30:34
Yeah, I think that, you know, give enough value to like making them like the idea of like, okay, now it’s worthwhile re connecting the platform. And you also brought up you like the tech debt side, which I don’t think is, is addressed enough in web three on when we think about like early adoption, and where things are being embraced, like, I mean, let’s face it, there are a lot of companies that are putting back end systems that are more centralized than you’ve ever seen before. And just the idea of moving decentralized for some of those systems is a nightmare, let alone some of the security things that we know are in place with companies that are, are done with, you know, 100%, you know, the right intent at the moment, but it doesn’t really set us up for that, that future part of that, which I think is an interesting, even the fly fish club that which was we mentioned a little bit ago, right? The idea of like, a membership restaurant, right? Or even like, what if what if a restaurant could sell a certain table where it’s every other Friday? I know, my NFT gives me access to that table. And even if I’m not using it, I could send family friends neighbor, right? A lot of that is I mean, really exciting. But there’s also like, what are how do you do predictability? And how do you do even like the waiter or waitress scheduling and like, some of those things, I think are really interesting. You’re one of our mutual friends, we have to give a big shout out to Jason who connected the dots here. And you’ll I think of, you know, business savvy business background, you mentioned some of the investors that you have in the space. I’m curious when you’re talking to those that aren’t bought into NFT’s yet. And you’re presenting them kind of the festival pass positioning, what are some of the things that they either push back on? They’re curious about, like, where does that back some of that conversation lead?

Ed Vincent 32:12
Sure. So I think there’s a couple things. And I always try and explain this in a way. Like, whenever I try and explain web three to anybody, I always try and start with what are they already know. And I think you’ve even alluded to some of this, I think in some of your past podcasts is it’s it’s easier to bring people up to speed when you can give, give them an example of something that they can touch and feel and understand. And, as you say, you know, nothing is investment, investment advice and do your own damn research. But when I try to explain to anybody that’s ever purchased a stock of any capacity, when when I’m trying to explain some concept of an NFT, is I’m always saying, Well, you know, whenever you buy a stock or you buy something, the truth is, is you don’t have any control access or anything over that all you have is you could sell it in the future at a higher price. Or you could sell it in the future at a lower price, you’re taking a risk to decide on hopefully you’re buying it lower than you eventually will sell it. So that’s one aspect, right? But then when I think of utility, right and utility, I want to avoid the D word that Div that word that that the Security Exchange Commission can maybe think of it as is something like it. But the reality is, it’s a benefit. So if you own a stock, and you either can sell it higher or lower, or every year, they decide that they’re going to distribute some of that cash flow to somebody, they’re going to give that owner a benefit something so so basically, you’re getting a benefit while you’re owning it. So when I think of utility, you know, the good news is for us, and I’m joking a little bit about the security stuff. But the good news is, is we live in a world where it’s really just a product, and we’re giving you a utility of our product, not any kind of financial reward. But when I think of what we’re doing is if somebody owns our NFT, or any NFT with utility, as you own it, you’re getting benefits, those benefits are like a reward for owning it. So you’re getting stuff along the way. And at some point in time, you still could sell it for higher or you could still sell it for lower. So once they people that understand finance, once they kind of get that aha, they’re like, Oh, I get it. Like, it makes sense to me. So so the idea is if you have this utility, that you own something like I was talking about our own NFT I’m like, well think about it, you buy this NFT and you own it for three years, and you’re killing it. And by three years go by you’ve gone to $3,600 worth of live events. And then maybe you’re not going to as many events anymore, you can go sell it and hopefully it’s going to sell for higher than you pay for it. That’s it’s like a no brainer. It’s a It’s just that simple concept and it puts the control back into the user the owner, because they potentially can get their entire their investment back in the future if or they could lose it, but they could get their investment back even after they’ve gotten all the benefits, which is exciting.

Brian Fanzo 35:08
Yeah, and this is such a this is like a stickler of mine right? Like I just like, like my my daughter’s when I was actually supposed to go for a Father’s Day Baseball game last night my Pittsburgh Pirates playing the Washington Nationals here locally and unfortunately COVID got me locked down in quarantine. So my ex wife took my daughter’s and I was thinking about it from like, the standpoint of like, you know, we might we went spent $100 $25 A ticket or whatever it may have been, at no point the game ends. And I was like, Okay, now I want to resell these tickets for the game that I just went and already saw that was over, right? Like, I like my, the value of that experience was not determined on my ability to resell those tickets afterwards. Right, like, which is which I think is NFT space. Like To your point, yes, you can, you could gain that value for three years and even sell it. But even if like the way that I looked at it, like you sell it for $1. In many cases, that’s more value utility benefits than you would get from any of the other experiences quote unquote, like a web two type arena, not to mention, like, let’s look at like implied value that things that can be there were? Well, all of us that were in the discord that we’re all going to that one event, we gathered up and met at a we did a tailgating beforehand, and we got to meet. And now all of a sudden we’re walking into an event with a group of people that we are connected with, like people don’t like to think about that part of like, how much utility and value would you put in there, I think that is one like I used to blog for SteelerNation.com. And the website was great. We a lot of blogs that people when we surveyed them back then they were like, the only thing we really care about is that we could go to one tailgates. And we knew who was going to be there just because of Steeler nation.com the blog and I was like, Wait, we’re putting three blogs out a day, we’re creating all this value. And they’re like, No, I just want to connect with like minded people that share the values. You’re also kind of facilitating that I think in a way that I think that’s where I mentioned earlier, I think it’s hard for people to see that in his web three of like, the residual benefits being like, I’m aligning myself with others that I’ll be connected with when I show up to a live event. I mean, there’s really an introvert or extrovert. I think that is one that I hopefully people will start to see more as a value in the use case as well.

Ed Vincent 37:24
I agree. And one of the things that we’re considering doing or we will be doing in our Discord is creating kind of localized environments for people to connect. So I think the first channel will open up is Austin, right? So it’s kind of like, well, hey, you’re in a discord. And maybe there’s a few 100 of you in the discord in Austin, you should be able to connect. And if you guys become NFT holders, and or even subscribers to our overall platform overall, is you know, you should be able to connect there and say, hey, 20 of us are going to, you know, Austin FC soccer game, let’s all meet at this bar, let’s all hang out. And then the more and more we see that as a community, we’ll start doing cool shit, we’ll say, well, great, guys, I love that you guys are starting to meet at this bar. You know, every Thursday before one of the games, I tell you what, you know, Festival Pass or Festival Family will host you know, you know, a tailgate or a pregame at that space. And I just get super excited about letting having the community let us provide some of that additional utility and benefit just because, you know, there’s never really been a way for us to understand all this and what happens outside of the world. For a company that is an online driven world bringing people to an IRL world.

Brian Fanzo 38:38
Yeah, it goes both before the events and after the events too, right? Like, I mean, the last three days I’ve been in nothing but you know, NF T NYC after event, Twitter spaces. And you know, part of that is like, hey, we all experienced something together. Let’s get online back online and share like our own versions experiences maybe we can learn in the future. I think that’s a fun one. I’m curious, have you thought about like you I know a lot of NFT projects, founders listen to the podcast, a lot of you that are either already founded a project or hoping to find a project. There’s some collaboration, like things that I think could really see in there, where even like something like someone staking their NFT into a platform, gives them access to you know, Festival Pass experiences. Have you thought about that from like, you know, those founders that are out there that are like, hey, we want to provide IRL experience, you know, utility and online. And maybe they’re limited on like, what they’re thinking there. Have you entered kind of like that conversation with any projects yet?

Ed Vincent 39:34
Yeah, I think I mentioned one Fly Fish Club as an example of one because it’s easy to put your head around it. But yes, we absolutely are talking to a bunch of other communities and we welcome more. So maybe this podcast can drive people to come in and say hey, I’d love to partner because there’s a cool utility. There’s there’s also non non traditional web three projects like the cool thing about what three right is that The business development, you know, concept, and I did a lot of this in my previous businesses is creating partnerships that add value for both parties. So, it’s, it’s so awesome in web three, because the NFT itself becomes this verifiable tool that makes it easy to provide cross pollinated value for each other. In the old days, it was difficult, right? It was like to use this coupon code or, you know, try and, you know, verify that you’re from this community when you show up at this event, or whatever it was, and it just was difficult. And now, just being able to simply say, hey, connect your wallet, let me see that you have these three or four or five NFT’s and therefore, of course, you get these benefits.

Brian Fanzo 40:42
Yeah, I always love the idea of like, you’re gonna be able to build some micro communities within the, you know, the festival paths arena is also connecting kind of the some of the communities in and out, right, I think, like, you know, even thinking about us with, you know, the superpower and NFT that we’re building out from a utility perspective, right, like, you know, Austin, Texas, as you brought up, right, like, I know, a lot of, you know, of our, of our listeners in my community, there are a lot of people that are in that, you know, Texas area. So for me, there’s an element of like, Okay, what if we, you know, had a couple of festival passes, and were able to buy us some of our, you know, our claims to actually gives them access to that. And then we have your meet up out there, even you one of the projects, we actually just, they’re coming on the podcast, probably a week or so after this airs, the Divin Wine Project, there’s a and they’re kind of like a wine subscription model meets Wine Experience. And one of my good friends is one of the investors and partners on that project. And I was thinking about that version of it as well, right? Like, how many of those type experiences can connect the dots? For those that are listening that might be interested? What’s, you know, I will put the links and everything in our in our show notes, but give them a little bit of idea of what if they jump on and mint now, what are some of the things they can experience or look forward to?

Ed Vincent 41:59
Yeah, so So as I was mentioning, like we’re doing in tranches, right. So what we’re trying to do is, we’re gonna probably do a private sale and a couple of weeks with just a lot of people that have supported us early on. And then we’ll do our allow list will start, you know, Soon thereafter, and then the public man is probably within about four weeks. So the easiest way to get in one, if you have other projects, or founders of other projects, and you want to collaborate for us to come together and provide some allow list spots for other projects, of course, we can do stuff like that. But even as individuals, just come join our Discord, join our Twitter, join our Discord, and even through discord, you can find ways to get on the list. We’re all about trying to get everybody that’s willing to participate early on. You know, it’s kind of a crazy, I won’t give the exact price, but the first tranche, we’re gonna go out with it less than 1 ETH. And if you think about the value of the $1,200 a year in credits, you’re gonna get in perpetuity forever in life, and you can rent it for underneath, it’s pretty, it’s pretty incredible. So, you know, the idea is anybody getting in early, it’s just going to be a fascinating win. And, you know, obviously, this is not investment advice, but down the road, when it’s selling at a much, much higher price. It will be, you know, super special for people getting in early.

Brian Fanzo 43:18
Yeah, and I think on top of not only on top of getting in early from the price point, but also being able to help shape some of the directions that you mentioned, you talked about, like the regions and things that you’re going to kind of develop within discord, I will challenge everybody that’s listening, right for projects that that you believe in, or the ideas or concepts that are kind of open your mind, like jumping in early with them and kind of embracing that. Like, you will be amazed how much like web three is kind of like molding, we are all molding this together. Right as the the industry changes, a trend changes. It is about molding it together. And so the more people that jump in early on projects that they are passionate about, I think they end up benefiting in ways they probably didn’t even imagine. And I and I can see that firsthand. There’s a couple of projects that jumped to mind that actually one of them has not minted yet. And I jumped in their discord six months ago. And it’s so funny, I jumped in because I was like, I love the concept. The concept has actually drastically changed. I love it even more. But I know that I probably wouldn’t. I know that the concept changed, partially because I’ve been involved. And I’ve been able to help shape that and there is something really cool about that. So Ed, this is great. I’m excited to continue the journey. See how this kind of unfolds, we’ll make sure for those in our Discord. We’ll share out some links, make sure we get taken care of on on the alias. Is there any final remarks? Any last comments you want to leave the audience with?

Ed Vincent 44:40
Yeah, I mean, it’s something that I think you said a couple, a couple of podcasts back that I really liked about, you know, social council or people that want to get more involved and we’re open to that like so if there’s anybody out there that is engaged and wants to participate more in our Discord and kind of help us with our community. You know, we’d love it. It’s like I think the beautiful thing about web three is Yeah, I even have this thing on my desk, from Ronald Reagan actually, even though I would not call myself a Republican by any stretch of the imagination, but back then it was a little different. But it says there is no limit to what a man can do, or where he can go, if he doesn’t mind who gets the credit, right. So in our community, it’s like, I don’t care who gets the credit, I just just want to grow something that everybody can actually, you know, years from now say that’s the way life event should be, you know, we’re so frustrated by, you know, the traditional way, where you have to accept it, but it doesn’t have to be that way. Let’s let’s build together.

Brian Fanzo 45:32
I love it that is truly a we is greater than me, like monitoring alignment. And I have to say, I, I appreciate, you know, the listening to the podcast, and I, you know, you’ve been quoting back some of the things that I’ve said, that means the world to me, too, right. I like I love being able to connect worlds, you know, shout out to Jason Dorsey who connected the two of us and, you know, you were already you know, a listener of the podcast and, and that’s the other part of this, that I think is also beautiful that like, we can work together through networking, and some of the great experiences that we already have kind of been working for, you know, towards and, and now hopefully helps shape, you know, additional things. So I will definitely be in that discord and excited to, you know, come on this journey. I mean, I spend almost all of my, my money on going to in person events and experiences and, you know, live everything so, that that for one, you got me hooked on that side. So, for all of our listeners, we’ll put the, you know, the notes, you know, all the links in the show notes, as always, do your own damn research, not financial advice, but at the same time, like, look to support great people doing great things that are providing utility in many ways that maybe that the Twitterverse hasn’t figured out is the long term utility, maybe the de gens that only like to talk about NFT’s in NFT groups on Discord. But I for 1am really excited. It’s very much aligned to metta athletes. You know, another project that I hold dear, near and dear to me, where we’re providing utility, real world utility is helping shape your offline life, your online life and really kind of reinvent or reimagined what, you know, the way that we can operate. And so, for all of our listeners, as always, I really appreciate you listening. As I teased out at the beginning of this episode, we have a brand new sponsor that I’m excited to have on board for us for the next many months. And we’ve teamed up with Social Media Examiner and Crypto Business Conference now that is founded by Mike Stelzner, who happened to be one of our past guests. He is also the host of the crypto business podcast. And this event is going to be a lot of fun. There’s you know, we’re gonna have a lot of conversations around web three, the business use cases around web three, really a practical conference. As I mentioned, it is October 9 to the 11th in San Diego, California is truly a web three business conference, amazing lineup of speakers, more details on some of the speakers and so on, but definitely check it out. We will make sure there’s a link here in the shownotes and I look forward to seeing people in San Diego hopefully very soon. And you know, hey, we just talked about conferences and festivals. I mean, what better way to kind of take this and put it into action, you know, raise your damn hand. Press the down button and hopefully see you in San Diego. But until tomorrow, make it a great day my friends. Cheers!

Kevin Sturmer 48:23
This show is not financial advice, so do your own damn research.

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