Adam Adler on Myntr's NFT solutions for small businesses

0:01i'm ashton addison from block west capital for investmentpitch media and today on the Crypto Coin Show we have adam adler co-founder and creative of minter adam welcome to the show and thanks for taking the time no problem thanks for having me ashley you're welcome let's dive into all things nfts not just digital apes but real world use cases on how businesses

0:21can incorporate this technology to gain more business grow get a competitive advantage i'm excited to hear what minter is working on so let's dive right into it let's start with just an overall solution on what are the exact solutions you have made for nfts for businesses and how you're trying to make a splash in the nft world and then we'll dive into

0:44all things nfts for sure so what we found when we talking when we're talking to a lot of these brands is that they don't really know what nfps are right to them it's just like this mystified thing that they see in the news they know it's something they know it's important but they don't really know how to utilize it properly right so what we push at minter is that

1:04it's a lot more than just a collectible asset so we really try to work with these brands to create programs for them where it ties in utility and it actually provides value to their end consumers right so we take like membership and loyalty programs and really attach nfts to them so that we can turn their consumers into their community where actually you know

1:26they're rooting for their brand they're part of their ecosystem and they're really just right in there with them very cool and i feel like because nfts are newer it's great to just start by introducing something to do with nfts and you not always you know as businesses run you don't always get it right on the first try but because not everybody has nfts

1:52involved there is a little bit of room for trial and error you know nowadays most companies have some kind of loyalty or membership points but you really have to because everyone has that you really have to make something special for people to actually want to go to the business to see an extra accrued value from you know those loyalty points because everyone

2:15started doing it how have you seen with nft so far are you guys approaching small businesses and saying hey look here's the competitive advantages or are you seeing an influx of like businesses that actually are looking to find ways to increase value and actually approaching you yeah i think it's a mix of both i think a lot of these companies

2:41want to get into the web3 space right so they kind of know what they want they don't really know how to do it so we kind of meet them in the middle and provide solutions where it's like not too foreign to them it's taking what they already have and then just applying that web3 and the nfts and all those digital assets to kind of what they already have to

3:03like expand what they already have and grow on their current ecosystem so what they say about you know when the internet was starting up is that every business is going to need a website eventually and that especially came in handy you know when it became digital only and people weren't allowed to really go outside do you think the case will be the same

3:24for nfts where every business will will need them or will utilize them yeah so there's so many similarities between web 3 and i guess web one right when it all started right you see they're like the new wallets coming online is very similar to act like the new internet users back in the late 90s and early 2000s and i really think nfts will kind of just encompass like all of our

3:51life right from tickets to medical records to banking to really everything can kind of have an nft and i think in like that five to ten year span it's gonna become a lot more commonplace and we won't even think of it as an nft per se but just another part of our digital life in our digital wallet interesting perspective and you know i think we're already seeing

4:15that come true with some of the largest companies in the world are already introducing nfts more in the collectible sense creating collections but we've seen the works of marvel and disney already making collections with the teams that you're working with at minter are you working with these large enterprise solutions or small business medium or mix of all

4:38yeah so right now we're we're kind of working with like these small medium-sized businesses a lot of e-commerce businesses but also some other stuff we're working with some athletes some you some musicians some startups so some restaurants so we're really trying to like not say like we're kind of going across multiple industries because they can because it really can be

5:01applied to everything and it's not just art it's not just a collectible asset interesting and having a solution that sort of caters to different sizes of businesses and different industries as well how do you find a niche or a competitive advantage or do you need to find a niche yeah so with a lot of these businesses we kind of because they're so new to the

5:26space most of the time we really try to approach it with a crawl walk run approach so starting with something small like a membership or loyalty and kind of applying nft to what they already have and then pushing them forward as they go to more unique options whether it's like profile pictures and generative collections or really anything right interesting and

5:53with nfts if you are a person that's been involved in the space you know that there's so many different options for the technology that sort of runs the nfts you know there it could be on different blockchains and there's different erc protocols for example on ethereum that nfts could be different if they have different functionalities built into them

6:15how much do you think that matters for the clients at least that you work with and do they need to know about the underlying technology and what suits best for their business or is it sort of like a one size fits all yeah so i think it definitely depends on the business and how how encompassed they already are in web3 right so for some companies where they really have

6:39you know their consumers don't really know and they're not crypto native and know what's really going on we've done solutions with polygon where they're kind of just selling the nfts right from their e-commerce site and they're purchasable by credit card so it's really native to their to their normal consumers right now and then from there we have them we go

6:58behind the scenes have them fill out a google form with their wallet address and transfer the entities to their wallet and we also just really try to break it down and make it as simple as possible so we have videos on like how to create a metamask wallet and we're also working with this company called horizon who has their own wallet called sequence

7:17and you're able to set up a wallet in five to ten seconds with them you can just log in with sso single sign on with google facebook or apple or just your email and you can have your wallet created in a matter of seconds and you receive that nft very cool and what is your your insight and perspective on you know the growing out of nft marketplaces and we've seen a huge

7:45conglomeration of nfts being sold on openc for ethereum and some other marketplaces for other blockchains but there's also a lot of businesses that see a strategy in creating their own nft marketplace you know separate from their from their ecommerce store that's just for nfts do you think that's a good strategy for small business or selling them on openc or just

8:08incorporating it into the loyalty program to give away or does it obviously it's going to make it depends on the situation yeah it's interesting right because we've seen companies like gamestop where they created their own marketplace and i think it's still a very new thing so i'm not really sure the exact results of you know in the pros and cons of making your

8:29marketplace but it is it's a lot of work to get all that up and functioning and running properly right so i think with like openc already out there it does make sense for a lot of these brands to just have them on openc as their main marketplace and kind of have the collections built out on there because that's really where a majority of the users are looking for

8:49nfts right now and going and i think it's also by far the most user friendly right now and you can really dive in deep to all the activity so i think as these new marketplaces kind of start to evolve it could make more sense to have you know those gamestop nfts on the game solid marketplace but i think for now we're going to find that a lot of people will still just be

9:10going back to open c considering it's the gold standard yeah there was an interesting case study on the gamestop marketplace and the coinbase marketplace that gamestop actually did three million in volume in the first week of their release and you know they're i feel like currently in the crypto space nfts are very catered to sort of like a gaming

9:32kind of audience and the future competitive advantage of the gamestop marketplace is supposed to be you know gaming related nfts but they haven't even released that yet it was mainly just pieces of art and you know sort of the normal nfts that we're seeing on the marketplace right now however with coinbase the volume was very low and really

9:55didn't get a lot of traction at all even though coinbase has millions of users trading you know on the spot market and millions of accounts do you have any perspective on that on why an nft marketplace like coinbase where the majority of people that are already involved in cryptocurrency wouldn't do very successful even though it already has an existing user

10:18base yeah coinbase was really interesting because they kind of just seemed to kind of screw themselves right from the beginning and didn't really latch on to their consumers in like a genuine and loyal way and i think that's why a lot of people didn't make the move over they're already comfortable with the platforms that they were using they didn't need

10:38another wall at another marketplace i mean just kind of over complicated things i think right yeah i agree and that's why i'm cautious about every startup having their own nft marketplace as well i think you unless you have a large nft strategy where you're really focused on it i feel like using the network effect of openc or

11:06finding some way to incorporate the nfts has added value into existing purchases is probably a better solution you would probably know better than me since you're already working with these clients but i feel like although there are white label nft marketplaces that sort of make it easy to create somewhere to sell nfts it's hard without a lot of hype and

11:27speculation i feel like nfts are sort of based around that a lot of people are investing in them in hopes of being able to sell them for more that might not be the case with small businesses that are creating nfts for added value right so these big brands already have their audience and it's really easy to pitch them and they already have their

11:49super fans who will kind of buy anything they put out but these smaller businesses we've definitely come across some problems with like bringing it to market and really advertising it and bring it to consumers so i think what you're saying before is that a lot of these brands kind of just go out there and create this collectible asset and it's just a

12:10picture or you know it's something that has to relate with the brand but they're not really getting value to these end consumers so the biggest thing that these smaller businesses that may not have the audience and the community to really pitch to right now is to really attach utility and value to these nfts right so for example working with this

12:31leggings brand called therese and we're we're working with them to just add more utility to these nfts so whether it's future discounts or limited limited edition drops or getting a physical version of your actual nft or more even having styling sessions with the founder and creator so really giving these this community just real tangible value that they can

12:59experience they can hold on to and they can still they'll still have that value in the coming years it's not just a one and done thing definitely and we've seen you know the with the one and dumps in the in the nft collections that are you know digital artwork that's a rare collection that's sort of selling based on hype that the overall market for nfts really really rose in

13:24the end of 2021 and the volume is really down right now do you think it's a good time for small businesses to be starting nft strategy when the market's not as high as it was at the end of the at the end of last year or just should it not matter about you know what's the overall nft market looking like in the way that you implement your strategy

13:52yeah i think it i think it the with the markets it kind of changes how you go go about the strategy but it doesn't mean that it's a bad timer that you shouldn't launch right these bear markets are really meant one to learn to learn about the space and to really dive deep into things that you don't know and to build and to build these projects so that when it turns

14:13back around you already have your product out you're ready to go you know what's up you're ready right so even though the market might be down right now it's not necessarily a worse thing it also means that these new consumers can get into the industries and buy these nfts at a cheaper price when we're marking them in crypto sometimes we do sell in usd but

14:37again it just kind of depends on the project but in no means doesn't mean that these brands should halt at all it just really means that they should keep going and get ready as the market continues to expand great insight adam and i agree and often it's the same sentiment with retail investors or people who are new to the market where everyone wants to

14:58buy bitcoin at 60 000 then when it gets to 20 there's that fear that they don't want to buy they don't want to start getting invested because they think it's going to zero until it goes back up and they're like oh that was the perfect opportunity to get in yeah i bought more bitcoin bought more ethereum yeah the time is now right it's it might go a little lower but

15:20it's definitely gonna go up in the long run and what are the next steps for minter throughout the rest of this year is it to grow and to you know increase your presence in you know the nft industry and for small businesses that don't even know about web3 yeah we're looking to grow do another funding round and really try to grow the company we're pretty small

15:48right now with only seven employees and a few interns so we're get some more money make sure get some more employees and continue to grow get more brands involved and want to get into the space and we're also working on some cool technology and really trying to push and make nfts as accessible and really demystify them as much as we can so one cool thing i can talk about is

16:16we're working on this verification app that we're called verifier right now very makes sense but it's just an easy way for brands to do on-site verification or verification online so they can kind of token gate websites or discounts or even live events with your nfts so it'd be really simple and seamless for someone to walk into a restaurant per say

16:43show their nft and then get served right to their reserve table or something like awesome that cool i'm looking forward to following along to see that release for small businesses or medium-sized businesses or any size that are interested in learning more about nfts and how mentor could potentially help them as well what's the best way for them to learn more about

17:06your team's platform well definitely go to our website hit minter.io and yeah get in touch we love hopping on calls and talking to new clients and really just explain to them what we have to offer and the value behind ifts and why they should get involved and why it's not just a fad and why this is really around to you know to stay

17:34great thank you adam thank you for the insights into the nft industry and to hear about what mentor's working on wishing you guys all the best as the industry continues to grow and implementing web 3 into more businesses i really do like that so thank you for everything and let's follow up in the near future for sure thanks for having me ashley

18:03you