Hi and welcome to Sabir reasons malicious life besides I'm Ren Levy. In our previous episode, we talked about how hackers can steal NFTs, oftentimes by exploiting vulnerabilities in the

code of third-party exchanges and marketplaces that store these blockchain-based works of

digital art.

Today we'll be talking about an entirely different threat related to these third-party exchanges,

one which does not involve any malicious actors at all.

What happens when an NFT marketplace goes under and disappears?

You would imagine that the user's NFTs are perfectly safe.

After all, the blockchain itself is still there, right?

But that's not how things work in the real world.

Jason Bailey is the co-founder and CEO of Club NFT,

a company building the next generation of tools

to discover, protect, and share NFTs. Jason. of the

generation tools to discover, protect and share NFTs.

Jason is an early collector and proponent of crypto art

and he spoke with Nate Nelson, our senior producer,

about the risks facing sellers and buyers who are unfamiliar with this new technology.

Enjoy the interview. Tell me the story of the time that you lost some of your valuable

NFTs. Yeah, early on we didn't know that these things were going to be worth a lot of money.

We were basically collecting to try to support artists and build out sort of a new system.

So we weren't incredibly fussed about it, but at the time, this is early 2018 X copy who's now a very well known

artist whose work sells for a millions and millions of dollars was experimenting

by trying to put out his first

...