Hi everyone and welcome to another episode on Living on Blockchain. Today we are going to be speaking with Pratik Jain. Pratik was earlier working with Nuo Exchange and GetNuo.
These are DeFi products. Now he is working in the NFT, DeFi space. He runs a community around DeFi information dissemination.
A lot of exciting things, a very dynamic space. It was a good conversation, very insightful. Had a lot of nuggets of wisdom for people who are in the DeFi space and who are looking to perhaps earn a passive income.
A supremely interesting conversation, so here goes. Hi Pratik, how are you? Hey, hi Tarusha. I am good.
How about you? I am good as well. Thank you so much for taking out the time to speak to me today. Can you tell us, our listeners, a little about your background? Yeah, definitely sure.
So, I started my, especially my crypto journey back in 2016. Just like everyone, read a little bit about Bitcoin, invested a little bit. Learned more about it, got more excited.
Like think what exactly things are happening here. You know, like there is a decentralized currency which is not controlled by anyone, any government or anything. And it’s like community driven, right? And just got into this whole ICO mania, right? Back in 2017.
Yeah, yeah. And it was crazy. Like everyone was thinking like they are too smart, right? Like every other investment, you know.
They were popping up like crazy. Like a few of my investments were done really great. Like I invested in some protocols like Zilliqa, Kyber, Polkadot.
I invested back in 2017 because I was thinking, yeah, I think this can definitely pop up. Even though it was a very crazy raise, you know. At that time, they raised about 125 million dollars.
And people were like, it’s too much. So it ended up well for me. Then moving on, you know, the crash happened.
And then, you know, then a lot of back in 2018. In fact, I invested in some projects which never really, you know, went to market. It never took off because, you know, we were, I feel we were not really ready for the dApps yet, right? Because Ethereum’s basic infrastructure was not ready yet.
DeFi was not even getting started. At least now we have found somewhat a product market for Ethereum, right? Until like dApps, I hardly, even now, I hardly see any dApps or the real users, even yet other than DeFi. We haven’t really found any much use cases.
Then, yeah, moving on to 2019, I was helping out this project called Blockstack. I was helping them building their developer presence and community in India. So we were quite successful.
We built over, I think, 350 dApps overall on the platform. But yet again, the problem was same, you know, there were not much users actually using those dApps. The people are not, you know, ready to use decentralized, I’d say WhatsApp or decentralized, you know, Discord or something.
Still the masses are still there on centralized platforms. They don’t even know about it. Like, you know, to be fair to them, I think, you know, because we’ve been working in this space for so long, we tend to think that the world is a much smaller place than it actually is.
You know, the mainstream adoption, so to say, or the mass adoption has not really kicked in. Yeah, definitely. Like, we hardly see any dApps.
Even in DeFi, I was shocked to know, like, we have like less than what, I think 100k actual users in DeFi, even though it’s a market which has popped up from $1 billion in TVL, back in early 2020 to now in just a year or two. But there are not much users, right? It’s just that there are some certain nerds who got into Bitcoin or Ethereum early. But yeah, but people are slowly like moving on.
And I think especially in DeFi, we at least see some basic infrastructure is getting built. Like we have the underlying infrastructure, like projects like Chainlink, Diagraph now, which are still somewhat found the product market for tight. Else many crypto projects, they’re valued at 50 or 100 million valuation, but there are no actual users actually using it, right? And I think we need, what I have learned so far from this is we need some kind of incentivization to the users in order to, you know, get people on board, especially in blockchain.
For example, like no one was talking about, even in 2017, 18, no one was talking, really talking about using DEXs, right? Or using Uniswap, right? But now there is enough incentivization in form of protocol tokens. So people are providing liquidity, like billions of dollars of liquidity people are providing because they are getting this governance token, this token, which has a good value. So I think that makes a lot of sense.
Even the Brave browser, right? It’s one of the few dApps which does have a mass adoption. And I feel even those people who are not into blockchain have started to use Brave, which is, I mean, the accident, right? Yeah. So I think, you know, the Brave wave kind of happened because of all the ad blockers, etc.
I think mass adoption happened because of that. They were not thinking crypto. The users were thinking more in the lines of, you know, privacy and, you know, just sort of tracking, etc.
So I think what you said is very correct. People need to be shown why this is a better way. Yeah, definitely.
And that, I think, can only happen when, you know, people are obviously talking more about it. So essentially, right now, I think the problem is that there is a lot of technical content, which is already there. And people who understand it, well and good.
Otherwise, you know, other people, they tend to feel a little intimidated, right? Yeah, that’s correct. I think there is still a lot of barrier in that. Like even the DeFi users, like, I sometimes try to explain DeFi to a, you know, average user.
So still, there is a lot of nuances and there’s still a lot of tech involved, right? Like buzzwords involved. So that’s why they’re unable to understand. It’s, I think, just about the education, right? It’s just like how I explain DeFi to anyone.
It’s just that, you know, there is this whole traditional finance market, which is not opened up globally. Like different countries have their own financial systems. Like, for example, interest rate in developing countries are like, what? 1 or 2%, like US.
And while we have like interest rates in India are much, much more, like lending rates are like, what? 10% even goes to crazy 15%. So I think what DeFi gonna do in the long run is, you know, people who have sufficient amount of capital in developing countries who are earning like 1 or 2% on accounts or anything like other financial projects. And they can, they easily, like in a decentralized fashion, especially they don’t need to trust them, right? They can easily lend their money to people in developing countries.
And it’s a win-win for both sides, right? Like the capital efficiency is overall gonna, you know, improve and bridging the gap. But yeah, definitely. I think regulation is definitely a tough part.
But anyways, regulators, I feel they have to find a way to regulate them somehow. Maybe taxation, doing the taxation on this. I think the best thing to do for them is, you know, maybe just regulating the fiat gateway.
Just like, for example, in India, what government best can do is just, just regulate the exchanges like WazirX or CoinDCX and just charge the taxes on the, you know, whenever the user exits, right? That’s the only way I feel even that’s a win-win for the regulators because they can, you know, charge a lot of taxes on that as well. So they are proposing to do something similar, right? They are planning to, there was some news about how they plan to charge like 18% GST on these transactions. And that kind of, obviously that is still, it hasn’t been implemented.
And it’s just something that, you know, it was covered in the news. Obviously there is a lot of noise in the news as well. So you don’t know how much of it is really true, but you know, taxation and, you know, you covered a lot of things here.
I think in terms of taxation and policymaking, obviously policymakers need to also be made to understand why DeFi is going to become important, right? If a country like China is issuing some sort of a centralized stable coin, right? Then, you know, then other countries are also looking towards that. And I think obviously policymakers have to be made to understand why it’s important. So that’s one part.
I think taxation is a good thing because ultimately it’s about protecting the user and, you know, rather than coming up with knee jerks, you know, kind of reactions or, you know, banning things, it’s a much better way to go about it so that the end user is protected and does not feel like, okay, you know, anything can happen at the next moment. So, yeah, I think, you know, I completely agree with you on that. Regarding the explanation that you said for DeFi, I think that kind of covers it in a very beautiful fashion.
That right now there is no standardization per se in the traditional monetary system, right? In every country, it’s a little different. But with DeFi, it’s all about being more inclusive and giving everybody like a chance to participate in the system which might not be, you know, discriminating against them. Absolutely.
I would totally agree with it. And that’s the, you know, best part I like about DeFi. And I think when once we move on, we might see, you know, even the credit ratings.
It’s not just on the identity, but it will be, I think, on the Ethereum, you know, ENS or on the Ethereum address. Like the more good credit rating address has, the more, you know, leverage you can get on their assets. Yeah.
Yeah. So absolutely. I think standardization is a very big part of DeFi.
But again, you know, the problem is that not a lot of people understand it. You don’t understand why they need to change the way their consumer behavior right now, so to say. But I think that kind of, that is a challenge that happens with any kind of a new technology coming in.
And this is a really new technology in its infancy. Every day there is something new. So it is a very, very dynamic space.
But yeah, education would go a long way in paving the path for mass adoption. Yeah. Right.
And I think people like the masses doesn’t even, you know, I feel doesn’t even need to understand like what’s exactly a smart contract is working, how a yield farming is working and overall. I think what matters most to them is, you know, the yield, the overall yield they are getting on their asset. For example, like suppose I am holding one Bitcoin, right? And currently I’m lending it on say exchanges like, you know, like Deribit or maybe Binance or something, right? Like I don’t have the authority of the funds I have.
But similarly in DeFi, I think like at least the good part is if people at least understand this, like you hold the keys of your coins, yet you are able to earn like crazy 10%, 15% APR on your assets like Ethereum or Bitcoin or even USDD, right? So I feel it’s all about, you know, maybe if you have seen apps like Argent, right? Like just giving them the users, the simple, very basic UI, just all they care about is the overall yield they are getting, right? So it’s just about giving them. Yeah, giving them like, you know, I think what you’re again, you’re touching upon a very important point here that everybody doesn’t necessarily understand how electricity works, right? Just to give a very simple example, but they use it anyway, right? Because it’s become an indispensable part of our lives, right? We are doing this recording because we have Wi-Fi, because of electricity. And that is essentially what is happening with DeFi as well.
People don’t necessarily need to understand all parts of it, but they need to be made aware of how this is a better value proposition. Absolutely. That’s the, I think that’s the whole point.
And moving on, you know, in 2021, I feel we can see like some adoption, you know, once even countries get some regulations, even now, you know, it’s all about the bull market. Everyone is positive about, you know, Bitcoin now, all the billionaires are talking about it, all the big companies like Square, MicroStrategy, holding a big chunk of their portfolio in Bitcoin. I think it also fuels, you know, it gives legitimacy to these things earlier, which were, you know, actually just used by nerds.
Now, at least once institutions come in, you know, it makes a lot of difference. Like I believe we might see, like moving on, we might see this year, like some of the banks coming to, you know, Bitcoin custody or crypto custody, maybe like banks like JP Morgan and all, right. And giving them like giving platforms to their institutional or users, actual users, millions of users, directly investing in Bitcoin through their platforms.
And obviously PayPal already came up, which also, you know, boosts a lot. Like I don’t need to, if I’m a PayPal vendor now, or a user now, don’t really need to. Earlier, I used to, you know, convert my Bitcoin and USDD to PayPal and it was, you know, it was incurring, you know, 5%, 7% fees, which if I am now directly, you know, accepting payments in USDD or crypto.
So I feel slowly we can reach mass adoption there. Yeah, absolutely. I think these big brands do help in adding credibility, you know, because the end user again, you know, trusts about the trust is built based on these brands.
And, you know, as we talked about earlier, how that, you know, you don’t need to understand how technology works inside out, but it’s about solving a problem for the end user. So if a problem is being solved or the user can see a real value proposition, they would switch, but yeah, it’s going to take some time, but I see that, you know, it will accelerate because of these brands coming into the picture. Definitely.
I can see that it gives, you know, the overall legitimacy, you know, because people don’t definitely, like the masses don’t really know about Binance or, you know, similar Uniswap like platforms, but maybe, I think what even can happen, you know, these DeFi protocols, even like Aave or Compound, et cetera, these money markets, what can be done is, you know, these can be offered to retail investors in form of, you know, the protocols being used as an underlying layer, right. For generating the yield. But the mass user doesn’t know what exactly Aave is or the Compound is or how it works and all, right.
But yeah, it’s still, I feel it’s still very early, like the way we are seeing a lot of hacks, especially hacks or compromises in DeFi, right. We’re still early, we’re still learning. So it will be very exciting.
It’s an incredibly exciting space considering, you know, kind of the kind of solutions and the platforms that are coming up. So that goes without saying, I think that is why both you and I are in this space. So could you tell me a little about what you are working on currently? Yeah.
So I was working for a DeFi platform, earlier back in 2020. Now I left in August. Now currently I am, I’m running a DeFi community to educate the masses about DeFi.
That’s number one. And I am continuously investing in some DeFi protocols in my individual capacity as an angel investor, helping out some DeFi project, you know, so that. And I’m mostly like turned into an investor, right? Like, you know, some of my like early investments worked out well, like I invested in Polkadot, I invested in Binance back in 2017-18, still holding them and obviously Bitcoin, but yeah, overall.
So my goal for even 2021 is, you know, a lot of Indian projects are popping up, DeFi projects and overall crypto projects. I’m helping some of them through my experience investing in them. So this is my overall vision.
I might, I am still my, I was working on a NFT idea actually, which can be, you know, like which can be offered to the retail users, like the actual users who are, you know, using these apps like WhatsApp, Instagram, or YouTube, or anything like that. I’m still working on it, like in stealth mode, I can say, but it is something, you know, to, it is related to something you can do there is, you know, any content creator or, you know, any influencer can come on our platform. And what they can do is they can issue some limited edition NFTs to their fans.
And the idea, the main, the core idea behind it is, you know, like all these influencers gain a lot of popularity, makes a lot of like money, like million dollars, but their fans get really get left alone, right? And doesn’t really get anything. So what they can do is, you know, just like collectibles and they can invest in these early, you know, early NFTs of their influencers of their favorite. For example, I’ll give you an example.
Suppose back in, I think four, you, you must be knowing about this YouTuber called Gary Minati, right? Right. Yeah. So suppose like seven, eight years ago, not, I was following, I started following him at that time.
He had like, what, I think a hundred K followers or something. And, but even though I knew somewhat, like I was a big fan of him, I was not able to, you know, invest in his future or somehow just get more attached to it. So I think the idea is, you know, what influencers can do, they can create their limited edition NFTs and there can be some value attached to it through these NFTs, which give them, you know, some privilege of these NFT holders.
And with time the fan base increases, for example, the fan base of Gary Minati has increased over, you know, a hundred X. So the value, but the NFT is same till in, you know, the same, like it has the same circulation. It has same, you know, only a hundred NFTs were earlier generated. So it can increase in the value.
And I’m still working on it, like trying to, you know, find how to find the product market fit, how to, you know, integrate it with, you know, people don’t even need to know they are actually interacting with, with blockchain or with crypto. Like it can be integrated to directly with payment gateways, like PayDM and people can just directly use it. And even like we can use wallets like Taurus wallet, their three wallet can be directly integrated with their email ID.
So it becomes much more, you know, frictionless. Seamless experience for the end user as well. Wow.
That sounds like a very interesting idea, you know, because NFTs are becoming all of a raise. And I think with due reason, because NFTs do hold the potential of becoming really big moving forward. Yeah, definitely.
I have, in fact, I know some few NFT projects, like which are some doing some great work. In fact, I feel everything can be tokenized later on with NFTs, right? Like, yeah, we do like currently do have again, the regulatory challenge right now. Like I think the main barrier is, you know, there is a virtual world out there where you issue an NFT and there is a real world out there.
So the main problem is just how to, you know, connect both of these dots. And I think regulations are the main thing behind it. For example, currently suppose I have a piece of land here in Bangalore, I want to, you know, digitalize it, but still have the registry on my own name, right? So how to, I think that’s the major challenge we have right now, how to convert that ownership into a, you know, get it into a smart contract where say like a hundred NFTs are issued upon that land for that land in particular, and how to change the ownership, you know, that’s the barrier there, but I feel it’s still not there in digital assets, like digital still in other things, like, which I was talking about like influencer tokens and NFTs and all, digital collectibles.
Absolutely. I think you’re absolutely correct. But you know, we’re talking about like, that is the way to move forward.
Like we do it, you know, step-by-step. And at some point we’ll be able to do these, you know, land transfers, et cetera, also over a chain. And I think that that is like obviously very ideal because it’s a more efficient way to go about doing things.
So, you know, I’m completely on board with this particular idea, especially the aspect about, you know, NFTs, I think NFTs and collectibles are going to become, you know, earlier when we had heard about NFTs, it was primarily with, you know, CryptoKitties and now there’s actually some really good use case scenarios that are available and some, you know, really amazing platforms that are facilitating it. So, you know, I look forward to your project once it goes live, please do share the beta. And regarding the community that you’re building, could you, would you have a link or what is it called? Yeah.
Yeah. It’s called Just DeFi actually. It’s a very small niche community so far.
So we have, you know, all these like founders of all these protocols, like Synthetix, Aave, and all like founders of like mostly DeFi projects there. And we regularly host even some AMAs there. Like next week we are partnering up with this product called DaGraph, graph protocol.
Right. Yeah. So in order the idea behind that as well is, you know, just to, we need more and more people to learn basic things about DeFi, what it is, how exactly it works, what are the risks involved especially because, you know, especially with advent of this craze in liquidity mining and everything.
So some new DeFi protocols being popped up, just getting, just like the Yam episode. And just last week there was this protocol called Mithril cash, which had like, it was crazy. It had got like $1 billion of AUM TVL within, within what nine hours of launch.
And imagine the contract was not audited. Right. Yeah.
That, you know, we’ve kind of seen too many examples of those. So these things need to go hand in hand, like security audits. And if you’re, especially when you’re creating something that is actually dealing with money, like, and all of this crypto and blockchain is essentially that, that is, it is about value creation.
So security audits become very, very important. And somehow people don’t really have that research at hand, I guess. So I think you’re doing a fantastic job in, you know, disseminating that information.
I would love to get involved in this community as well. I would love to love it. If you could share like a link with me later after this recording.
So yeah, that’s, that’s absolutely great. Tell me a little about which projects are you rooting for in this particular bull market of what projects would you recommend? Okay. So I’m definitely excited about NFTs.
There are some projects in NFT, which are, you know, like getting some good adoption. Like there is one invest, there’s this one project called Terra Virtua, which I invested in, in, in private. And it’s like they have some NFT and augmented reality platform.
And they have got some good partnership with, you know, some Netflix shows, exclusive partnerships with them. So they are issuing NFTs for those, some of those shows like Lost World. And there are some popular shows out there on Netflix.
So they are those, and it’s a good project to watch out for. And another one is, you know, I’m mostly excited about DeFi protocols. You know, I’m early on invested in Polkadot, but I’m still holding it.
I feel, I think Polkadot, what, what Ethereum was in, you know, 2017, 18 and Polkadot can see, you know, the similar route as like, again, it has popped up a lot of new projects popping up. Surely there will be a ICO like mania there. Investors got to be very cautious about them, but yeah, some of them definitely, you know, the parachains again, going to be very exciting as they, what gonna definitely do is, you know, the cross chain thing currently, we don’t see any adoption or anything other than on Ethereum, right? There are, there have been many Ethereum killers out there, like pretending to be like, yeah, we’re going to kill Ethereum.
But ultimately DeFi exists only on Ethereum. And so I feel moving forward, another interesting things and interesting projects would be, you know, this, there’s this thing called liquidity staking, you know, so there is this proof of stake market, which has AUM of what like, or I think to check over, we just check on staking rewards directly. Yeah.
The staking market is already okay. $185 billion currently already. Okay.
And the total value logged in that is currently is $30 billion. Right. But the main challenge there is like all this, all this value, this $30 billion, it’s totally staked and logged in their masternodes in their ecosystem.
But people are unable to use those funds and, you know, actually getting the liquidity of those assets. Right. So through, there is this interesting concept called liquidity staking, what projects like there are some projects out there like Stafi.
Stafi, Centaur, even Centaur does that. Yeah. Yeah.
Yeah. Centaur, Claystack is building it. Like, yeah.
So what they essentially do is they just, so suppose you have say a hundred dollars, thousand dollars worth of Polkadot tokens, what you generally currently do is just log these tokens into a masternode and then get, you know, yearly yield of 7%, 8%, 10%, whatever, right. Whatever is the yield. So what these projects are doing it, you know, you log them up through their masternodes.
They give you a derivative token, which is basically a wrapped Ethereum token. You can use those tokens in the DeFi protocols or in the, you can trade them in Uniswap or anything. So overall, again, it improves the capital efficiency.
So these $30 billion, which is currently logged in the proof of stake ecosystem doesn’t really need to be logged up. In fact, or just can earn additional rewards, liquidity rewards. Like if you use the same tokens on Uniswap by providing liquidity, you can earn additional 10%, 15%, 20% yield, or you can restake them in, you know, protocols like Aave, Compound, or use them there for lending or other purposes.
So it can, you know, again, improves the overall capital efficiency. You, you don’t just get 10%, you get 20%, 30%, or whatever the increased returns on that. Right.
And you get, again, you, you becomes, basically your investments become more liquid. Right. So, and still the masternodes are still logged up, like masternodes are still secured because the native tokens are still logged up there.
So I feel this is an interesting concept, which is still, you know, like the crypto community. Yeah. Yeah.
Very, very much under explored. I think it’s definitely gonna pop up in 2021. Other than that, definitely I feel I am really excited about layer twos because like the fees on layer ones are crazy right now.
Yeah. Absolutely, man. Yeah.
Yeah. Just, you know, I was doing some swaps just, just about an hour ago for a $4,000, $5,000 swap. I paid like what I think $80 fees, which is, which I feel is really crazy.
Right. So, which left me to just maybe use centralized exchanges like Binance again, but I feel layer two is going to be a thing. We haven’t really seen much adoption yet cause there are not much assets there on layer twos yet, but I feel we, we might see in 2021, we might see because a lot of DeFi protocols, interesting protocols are already planning to launch their layer twos solutions as well.
Like synthetic is launching on, I think 15th of January Uniswap. I think it’s just a few weeks away last I read. Yeah.
So layer twos I am very excited about maybe protocols like, you know, blockchain platforms like Matic network, right. Which are still linked to Ethereum, but you don’t have to, you don’t really have to pay any fees for that. And it’s more faster and the security is still on Ethereum.
Right. It’s pretty up to the mark. Yeah.
So layer twos solutions are very exciting. We’ve ourselves like, you know, collaborated with Matic and Tezos. So, you know, I understand the importance of layer twos solutions and you talked about how it’s an exciting space to be in when, you know, there is cross chain value to be delivered.
Right. And that is essentially something that, you know, I’m working on as well that you know, assets should be able to move across chains. So it’s an entirely new world, you know, there is no other way to put it.
It’s an entirely new world and it’s an exciting space to be in. So, yeah, those were like some really good recommendations. I think some brilliant insights for the people who will be able to sort of, who are into this space to understand and get some, you know, insider information, so to say, because I feel like, you know, we’re pretty much on the same page with this particular outlook that you have.
And this kind of takes me to the next question. Are there any thought leaders or content creators that, you know, you think our listeners should be tuning into or following so that they have the access to the right information? Yeah, definitely. There are a lot of people like posting some really good content, especially crypto is mostly like, if you want to get well informed, you have to be super active on Twitter, right? So we have SBF there from FTX, like posting some really good content and like we have DaVlog guys like Larry.
I just love their research. We have some people from CoinGecko like Darren Liu and Darren Liu. Like there are a few good people.
I even have a, you know, complete Twitter list to who to follow for especially for DeFi Twitter. I would love to share that with you. And this interesting community on Telegram, if I don’t know if many people know about it, this community called Lobsters, right? Lobsters DAO.
And mostly like almost all the DeFi founders are there. Mostly all the stakeholders in DeFi or in Ethereum ecosystem, especially most people are there and just they’re pretty much active there. So you can like, if you like anyone wants to, you know, learn directly like how exactly what is happening or even challenge their, you know, their views like, yeah, the protocol should be not like that or like that or any, any governance proposals or anything.
They can just directly talk to the founders directly in that community. Or we have just DeFi as well. Would love to share the link with you.
And, you know, whenever you post this podcast, so people can join in. Absolutely. I will drop you an email right after this recording to share, you know, so that I can get all these wonderful links and our listeners can actually get into the right kind of information.
So this is absolutely great. So now this kind of brings me to, you know, my last question. This is something that I ask everybody who comes in this particular, for this particular interview, how would you suggest or what would be your suggestion for somebody who’s peering in from the outside to start living on blockchain to start, you know, get to start getting into this space? How would you suggest? Because people kind of have this misconception that they have to be developers and this is just for the nerds, right? So if somebody is peering in from the outside, what would be your suggestions that, you know, how should they start? I think the best thing to get started is, you know, just to get some skin on in the game, you don’t need to like invest, say 10% or like 50% of your wealth in crypto right now, especially right now, maybe, you know, just getting started with a SIP or something like starting small, maybe doing a SIP, then you get skin in the game.
Then what people can actually do is just suppose there is a project, say there is a project called compound. If someone is interested to know about or get involved in one, get involved in it or something. So I think best is to just join their telegram or discord communities or just join general discord or telegram communities and learn from the people what exactly is happening in the space and especially following on Twitter, what exactly is happening on the space and, and how things are moving even, you know, and maybe getting involved.
It’s like crypto is open for everyone, right? Not just for developers. There are like people, you can maybe help them in governance, maybe help them with the marketing sides or growth side of things, or maybe with the designing part, maybe, you know, or just become user, right? End to end use and dap and give them feedback. The crypto communities are so open.
They’re definitely going to appreciate it. In fact, like if you are a loyal user, I feel you get incentivized as well. The best part is like that, because I am myself using a lot of protocols, just like a normal user.
And there are crazy airdrops even now, like Uniswap gave a airdrop, which is worth like what? $2,500? I bought another airdrop or what? One inch, which is worth, I think $3,000 just for being a user, there’s enough incentives, right? So maybe just test out these protocols, just maybe you get lucky and get something like that as well. Absolutely. I think, yeah, that is like a very good suggestion too.
You know, for somebody who is looking in from the outside, just get your hands dirty a little bit, you know, get into the space. It doesn’t necessarily have to be for the nerds. And that is, I think the biggest misconception that I try to break on a daily basis, that this is not just a space for nerds and developers.
This is an entire ecosystem that is being created and it is going to touch your life, whether you know it or not in the coming decade, right? So might as well become more aware and then obviously do your own research. But then once you get a little, become a little aware, I doubt that, you know, you’ll be able to get out because it’s an interesting and dynamic space. You know, everybody can find a niche.
Definitely, definitely. You just need to get involved somehow, I feel. You just find something to do, right? There’s so much to do here.
There’s so much to do here, exactly. It’s like building a, you know, room. Room wasn’t built in a day.
There’s so much to do and I think there’s space for everybody. Wonderful. You know, Prateek, I have had a lovely time chatting with you.
It’s wonderful what you’re doing with NFTs. I’m really not just saying it for the sake of the recording. I’m really interested in NFTs and you should really hit me up with your beta as soon as it comes out.
And any kind of parting thoughts? I don’t know. Like, market is crazy right now. Right.
So just be cautious. Yeah. And we shouldn’t even, you know, do the same mistakes as we did earlier.
Especially it’s for retail, you know, just going all in at these crazy prices. I think best is, you know, to keep investing. Or if you are already profitable to just take some profits out as well.
Yeah. We know this is like not going, this thing is not going anywhere. We are just getting started.
But it won’t be, you know, a simple, just like a rocket-like graph. Yeah. It’s like any market.
There are ups and downs. And you know, it’s very easy to get swayed by the bull market, right? Everybody wants to get in when things are going well. Exactly.
Yeah. But, you know, you need to be very, very careful like any market, and especially a market which is so dynamic in nature and it’s still growing. So just, you know, do your own research and be a little cautious.
But yes, definitely get into it. Yeah, that’s right. Great.
Thank you so much, Prateek, for taking out the time to speak to me. It was lovely. Thank you.
Yeah, nice talking to you, Tarusha. Yeah. Thank you so much.