Light that spark fire nation JLD here and welcome to entrepreneurs on fire brought to you by the HubSpot podcast network with great shows like the salesman podcast.

Today we'll be chatting about revolutionizing e-commerce with the blockchain web 3.0 and NFTs to drop these value bombs.

I brought Demetri, Nicolakis and EO fire studios Demetri is the founder of three commerce a software and tokenized ecosystem that helps e-commerce brands integrate the blockchain and web 3.0 into their business model to drive sales.

In today's financial talk about NFTs how they can be integrated into e-commerce the impact on brands, case studies of people that are actually doing this companies that are actually utilizing this and so much more.

And a big thank you for sponsoring today's episode goes to Demetri in our sponsors.

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Demetri say what's up to fire nation and share something that you believe about becoming successful that most people disagree with what is up thanks for having me then.

So I think it's the fact that most people say it's not that simple when it comes to entrepreneurship I think there's a very clearly defined set of steps or path when it comes to achieving what it is that you set out to achieve.

And the complexity comes in actually executing on that and people's attitude towards it but I think in terms of most people no one understand exactly what they need to do just a matter of doing it.

Well fire nation as I mentioned the intro revolutionizing e-commerce with the blockchain web 3.0 and NFTs is what we are chatting about here today and Demetri I want to start with those three letters N F T what the heck are NFTs.

Well I'll start with what it stands for NFTs a non fungible token and what that actually means is I mean there are two main types of tokens when it comes to cryptocurrency there are fungible tokens which is like Bitcoin and all the main cryptocurrencies that most people know of and have heard of.

And that basically just means they're all you know with Bitcoin there's 21 million of them and they're all identical and interchangeable but non fungible tokens mean there.

It's a token still on the blockchain but they're unique and irreplaceable in a sense so what we can do with that is essentially put these tokens on the blockchain that are representative or that are almost digital files right so it can be like a concert ticket or it can be images we're seeing all this art pop up on on the blockchain now.

And so these files are essentially on the blockchain and they can be transferred between two owners they we can verify who actually owns them we can do all of this without any middlemen which is really cool because then people can own these digital assets in a decentralized manner and transfer amongst each other without anyone being in the middle.

One way I really appreciated and understood when it was described to me back in the early days was you know listen like dollar bills fire nation are fungible meaning like if I asked to borrow a dollar bill from you and you open up your wallet and there's like 10 one dollar bills you're not going to say okay which one do you want you're just going to grab any one of them and handed to me because they're all the same but if you show up at a playground pick your kid up you're not just going to grab any kid because you have your kid your kid is non fungible.

Like they are an individual they are unique they are special they are your one child or two children however many kids you may have so that's just another way of kind of looking at it as far as fungible and non fungible go but I want to talk about the ways that nfts can be integrated into e commerce.

I've got my roots in e commerce and then I sort of cross paths with all of this web 3 and nfts and crypto stuff and that's how this kind of came about but there's a lot of different applications and I mean the use cases are endless but I've sort of categorized or or come up with sort of the three main ones and there for product launches for provenance and authenticity of products and then for loyalty programs as well.

So product launches being you know we've got Indigo going kick start aware essentially where we're selling a promise for a customer to receive a product now if we instead sell an nft that's representative of that product and then when it comes time for shipment the customer can come and redeem that nft and then get ship the product in the meantime that actual nft can exchange hands it can be sold between customers.

So let's say Sally buys her set of headphones three months before the launch and then might comes in and he wants one two weeks before the launch he might be willing to pay more so he can go and buy that nft of Sally.

The cool thing with nfts is we can actually program into that nft on the blockchain that every time it's sold or it exchanges hands 5% or 10% of that value goes back to the original creator of the nft.

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