Want more resources around this podcast? Keep up to date on the latest articles here.

The following transcript was created using artificial intelligence. There will be some grammatical errors below.

00:01:11:12 – 00:01:38:14

Richard Carthon: Hello, everyone. Welcome to another episode of Crypto Current. Your host here, Richard Carthon. And today I have a special guest working on a cool project that is not only just a metaverse play, but also working with really cool, high profile types of people that are going to be on this platform, as well as a lot of other interesting things that I’m excited to learn more about. Here to unpack all of this with us, we have Shukyee Ma , CMO of Reality Labs. How are you doing today?

00:01:39:02 – 00:01:41:17

Shukyee Ma: I’m doing really good. Thank you for asking.

00:01:42:14 – 00:01:51:27

Richard Carthon: Of course. Thank you for joining us. Before we dive into everything Reality Labs has to offer, first of all, learn a little bit more about you can give us a little bit of background on yourself.

00:01:52:13 – 00:02:32:28

Shukyee Ma: Sure. Sure. So I graduated from UC Berkeley in 2018 and I did my first start up. It’s called Maps for All. It’s a Map interactive social app. In 2017, when I was in my senior year and I met with a lot of fun people in crypto, and then after I graduated in 2018, I became the initial member for the financial tech company called OPIO Group. And then we in 2018, we were actually working on the blockchain system to kind of try to manage, you know, the agency system for those really large financial companies.

00:02:33:09 – 00:03:17:22

Shukyee Ma: And then we failed because we, we were not ready. But it was in 2018 when I first kind of talked about blockchain with the tech guy and with the people at my company. And then in 2020, it was like when NFT, the word NFT, you know, showing the market and our initial members at the OPIO group we were talking about like, hey, why don’t we use, why don’t we use NFT as a certificate to kind of verify the insurance or out of the loan processing documents, something for a security way to to kind of like a salary, the process of the financial case.

00:03:18:07 – 00:03:53:06

Shukyee Ma: And then that was my first time get contacted with NFT and then after, you know, after that we’ve been working on the research on NFT and find out that NFT is way more to explore. You know, like we have a lot, a lot more things that we can work with and also the web doing. So in 2021, I co-founded this company with app nerd and you know, and Sam. So we three we’re working together. We’re trying to build this, you know, metaverse infrastructure for everyone that can kind of like creator.

00:03:53:13 – 00:04:13:09

Shukyee Ma: And after you are creating your daos in one click, it’s kind of like offering a space for them to, you know, kind of play with their community members or kind of kind of make everything that that they want to achieve into reality, into over reality. So we caught it the overall two laps. So here we started. Yeah.

00:04:13:25 – 00:04:48:26

Richard Carthon: Yeah. That’s a really interesting concept of, of how you’re able to take all your past experiences and warp it into a lot of the challenges that people even in the space right now are are starting to deal with from either if they want to get involved with Daos essentially as of times, organizations that keep hearing about this, they like don’t know what to do or if they’re trying to launch their first NFT or if they’re trying to learn more about Defi. Typically, there’s not the simplest and easiest ways to onramp it to a platform that can one click starts and then be able to go along the the journey of getting that done.

00:04:48:28 – 00:05:10:03

Richard Carthon: And it sounds like that’s what all Reality Labs is in the process of doing. So thanks for for kind of breaking all that down. So as we kind of wrap up, as we kind of like go into this, the thing that you’re trying to do is be a people powered NFT community. Yes. Can you kind of unpack a little bit more of like what does that mean and how are you all going about creating that?

00:05:10:17 – 00:05:46:15

Shukyee Ma: Yeah. So like first simple. So let’s start with the metaverse infrastructure that we are building on. We are building something called a decentralized ID, so the ID and also something called a smart NFT. So that’s no more the year 721 anymore. It’s, it’s not, it’s not the dumb NFT anymore. It’s going to be smart. And then with those infrastructure, those technology based technology, what people can do is that, you know, they can use the templates on our website or on that in our space and they can just, you know, choose how they want to share the revenue with their community.

00:05:46:17 – 00:06:19:01

Shukyee Ma: So let’s say I’m the initial aider of something called yoga, though. So actually we were incubating that yoga down on our space right now and yoga that like I’m super I’m, I’m, I’m a yogi and I love doing yoga. So I want to initiate this kind of community and I want to invite all of the people to join our community. Right. And then what we’re going to do is that as the initial. Or as the initiating team. You just need to choose the templates you want to offer for the community.

00:06:19:03 – 00:06:52:19

Shukyee Ma: Let’s say I want to share the 30% of the NFT sale revenue to the community because they’re contributing to our Yoga DAO. And also like we are trying to sell this like yoga token or primodos yoga out to the public and imagine all of the yogis in yoga now they are going to become yoga DAO sales person, yoga, NFT designer yoga that is, you know, our social media managers. So it’s going to be together, it’s going to be people powered.

00:06:53:01 – 00:07:25:29

Shukyee Ma: And in that space, people can use a lot of templates to kind of shift the revenue ratio to the public or to the community members. And in this way, you know, the Yoga Dao, it’s not it’s not just about initiators, it’s about the other people in the you’re in the yoga, it’s about all of yoga. And we can also kind of set up the system, kind of like yoga to earn something like that, to incentivize people to contribute more to that now.

00:07:26:01 – 00:07:31:21

Shukyee Ma: So that’s how people power means in this overarching space.

00:07:32:18 – 00:08:07:03

Richard Carthon: It’s really cool way to go about it, right? Because Yeah. Or LLC and then even some LP’s like traditional ways of creating companies, they try to do a one size fits all for different types of business structures and we all know that things very, very quickly. So even as you look at Daos as well, these decentralized times organizations or even how these communities are trying to come together and how you structure it to where you want to incentivize and pay people based on the type of community and the type of.

00:08:08:20 – 00:08:40:19

Richard Carthon: The type of engagement that they’re bringing to the entire organization. You want to be able to incentivize them the right way. So it’s not a one size shoot, one size fits all right. It is a dynamic in changing from each style, no matter like how you go about it. And I think by creating a way for templates and things to be in structure, the way I kind of like visualize it in my head is sort of like a legal zoom. Of of ways, if you will, where you can kind of go in and you kind of pick your different structures aren’t, I want this, don’t want this, want this. And then at the end, boom, here’s your completed dowel.

00:08:40:21 – 00:08:42:16

Richard Carthon: Is it kind of like something along those lines?

00:08:42:26 – 00:09:29:12

Richard Carthon: Yes. Yes. So it’s going to be super easy to, you know, like interest driven groups in Web two is never a big success because, you know, people don’t have the incentives to do or, you know, to sure they’re interested in Web two. But in the Web three, what about we make it like an X to earn way and make it like, you know, revenue share a way for people to try to contribute to this DAO or contribute to those interest driven groups. Now, whether it’s like yoga or basketball or singing, you know, no matter what at this, it just matter how you want to, you know, as the initial ideas, how you want to like let the people join, how you want them to be involved with you and the Dow.

00:09:29:23 – 00:09:32:02

Richard Carthon: So that’s a very important way to start.

00:09:33:16 – 00:10:04:05

Richard Carthon: Yeah. And it going off for that. I think another important element of this right is as these people are earning, like let’s say they said you’re yoga now and now they’re being incentivized, they’re earning these these potential DAO tokens, the yoga DAO tokens. What are these ultimately being pegged back to? Would it be a token that’s native to over reality labs? Is it being something else? Like what? When you think about the value that’s being derived from each of these DAO tokens, what is supporting and holding up that value?

00:10:04:18 – 00:10:35:05

Richard Carthon: Yeah. So I think that’s a really good question because you know, for DAO tokens, so I imagine we will have like over hundreds or thousands of DAO on our DAO listing space in overall two labs and you know like each Dao they will have their own tokens, right. So what people they are going to be kind of like rewarded with probably is going to be the Dow token, but it depends on how the initiated team want to set it up and DAO fully.

00:10:35:07 – 00:11:02:02

Richard Carthon: They are going to get the officials at the incentivize token buy over reality because you know, by contributing to this daos, they’re also contributing to this over reality space. So also for the initial aiders or the initiating team for each DAO, we are going to reward them with some amounts of the old SIL for them to start the dal. Yes.

00:11:02:14 – 00:11:32:09

Richard Carthon: Got it. So the whole field and that token for over reality is what’s going to be helped to drive a lot of it. And then of course the more participants, the more people participating in that economy, the more the price goes up, etc.. So it’s a self-sustaining way that where people can come in onboard into it, and then as more participation in different ways that people are being rewarded, there is the economics in place to keep sustaining that as the as more and more people are joining which, you know, it’s essential. That is that’s a very important element of this. Right.

00:11:35:06 – 00:12:03:03

Richard Carthon: Hey cryptocurrency through this is Steve Miller and I’m the host of CC Live show that keeps you up to date with what’s popping off in crypto in every episode of Si Si Live brings you the latest news, keeps you updated on the top projects and scripts, everything you need to know to get ahead in the wild world of Web3. So if you really want to stay cryptocurrency, join Richard, Chris and I every Tuesday and Friday at 7 p.m. Eastern, only on YouTube live. So what are you waiting for? Subscribe to Cryptocurrency YouTube channel today and as always, stay cryptocurrency.

00:12:09:25 – 00:12:28:12

Richard Carthon: Yes. Yes. And also, like what we are going to do is that we can embed the fungible tokens no matter the Dow token or the OCO or something like Bitcoin ease you can in those token with this my NFT try to make the NFT value goes up and make the NFT with more liquidity.

00:12:29:12 – 00:12:44:06

Richard Carthon: So let’s actually spend some more time on that because you brought this up. You’re the first person I’ve heard to coin this and I think it’s really interesting. So we have dumb NFT and we have smart NFT. So do you kind of break that down? What makes a dumb NFT and what makes a smart NFT?

00:12:44:23 – 00:13:14:24

Richard Carthon: So like the so the dumb nft is with the attributes, right? And that’s it’s it’s not greubel. It’s not interoperable. So it’s it cannot be updatable, you know, but in smart NFT, what we’re creating is called the smart NFT containers. So in that containers we will have, we will provide different slots for you to embed with the tokens or the NONFUNGIBLE tokens, the NFT and then together the smart NFT containers. Think of it like a passport or something like that.

00:13:14:26 – 00:14:15:11

Richard Carthon: So it’s going to be a one off three foot frame of your all of your activities in, you know, in every, you know, dao or space on over reality. And how it works is that, you know, you can grow your NFT by grow your smart NFT container by embedding fungible tokens or NFT and you’re going to win more points of one of those daos. So for example, let’s say yoga DAO or yeah, let’s say yoga DAO So this my NFT comes in there when you embed yoga DAO Token in it or when you embed yoga dao NFT in it, you’re going to win more, you know, yoga tokens or yoga points that you can use it to kind of like trade with the yoga tokens or the yoga retreats with the top yoga teacher or coaches in the world, something like that.

00:14:16:08 – 00:14:46:06

Richard Carthon: Yeah. Now that is definitely a unique way to look at it. It’s it’s more dynamic. It’s not stationary. It’s not like once it’s made, it’s done, it’s it’s solidified. It’s it can be continue to update and mature and transform and. As you kind of break that down a little bit more, because I’m sure there’s a lot of people who think of NAFTA and are like, I don’t know the the pros and cons of that. Right. So explain why you think going into more of that direction will be more beneficial to the participants of over reality labs.

00:14:46:21 – 00:15:18:21

Shukyee Ma: Yeah. So going a little bit more deeper, you know, going a little bit deeper to the NAFTA definitely helped to grow. The Dow’s on overall face in overall face because you know with those smart NAFTA contain those people there, they have more incentives to play around with this down and together they are not just earning $1 it. So they came back with different outlook. So it means that you don’t have to you know, you don’t have to stay in one space to earn that now token.

00:15:18:23 – 00:15:50:09

Shukyee Ma: You can actually stay in any space that you want to pick or you want to join. But eventually what you can do is that you just need to buy the Dow token, or you just need to buy the Dow. And if you don’t like the activities there, you just want to support them as the investors or something like that. So you just in that their tokens there are Dow tokens or NFTS now NFT in that smart NFT container. While you’re playing with another Dow, you are joining another Dow as the super active contributors, something like that.

Need more crypto content? Check out our articles here. 

00:15:50:11 – 00:16:35:12

Shukyee Ma: So it’s going to be like crossed crosstower activity and later on like what we’re going to upgrade is going to be cross-chain activities. So you can imagine that you’re playing a step end on Binance, smart chain, your earnings step, and you bought one of those, you know, a pair of sneakers on step end. And you just need to what you are going to do is that you’re super active in step end and you just you can just embed or eight or, you know, crypto punch in another chain in another blockchain, you know, but still your growing step and and also your earning points in that were $8 or bought a community.

00:16:35:21 – 00:16:42:00

Shukyee Ma: So what we are going to upgrade is from the cross Dao to Cross-Chain in the future.

00:16:43:02 – 00:17:24:24

Shukyee Ma: So you’re going to have a across DAO environment to where you can participate in multiple dollars and be able to earn yes on certain activities, but across multiple daos, which I think that in itself is unique. And then same within the interoperability within NFT is the the dumb NFT is, if you will. They still need to be able to play nice across across chain because a lot of them would like to only play in their own worlds. And as we know, we are moving to a more interoperable world. And the more that these platforms are able to play nice across all these different chains, the more adoption they’re going to receive because they are able to, you know, work with everyone, which I think is is a really smart play on your side.

00:17:24:26 – 00:17:45:25

Shukyee Ma: So I think those are really two cool concepts, but a concept that you told me pre this show that I really want to unpack with you now is called the, uh, the, the D.O.C., so DACA. So can you explain to me what a decentralized autonomous company is and how you are using that?

00:17:46:14 – 00:18:19:03

Shukyee Ma: Yes. So decentralized autonomous company is definitely one of it’s gonna be one of our, you know, most popular template that people when people they are creating the door or you know when they initiating that now on overarching labs. So how it works is that, you know, as I made the example of yoga DAO so people, they are gonna buy the yoga token as, as if they are the, you know, the shareholder of that yoga company.

00:18:19:05 – 00:18:53:10

Shukyee Ma: But we don’t like the word company. So it’s like people are autonomously decentralized. They join the Yoga Dao and then they bought the Yoga Dao token to kind of guarantee their revenue income from that yoga community, yoga DAO community. And then what they are going to do is by contributing more to that DAO So they are gonna have kind of like their title or characters in the yoga that like NFT designer or the NFT sales person.

00:18:53:12 – 00:19:12:28

Shukyee Ma: So we utilize everyone’s specialties or, you know, expertise to kind of motivate the sale of the NFT and the amount of the activities in the Yoga DAO. So together they are like running a big decentralized autonomous company. Yeah.

00:19:13:18 – 00:19:42:26

Shukyee Ma: Got it. So there’s the way to a to to look at this is just understanding of an organization. There’s, there’s moving parts. Everyone has a different role to play. Like I said, there’s salespeople, there’s marketing, there’s the instructors, they’re the participants. There’s there’s all kinds of people who are in this and using their different. Schools together. They have an economy that they’re creating within their own down together that is looked at as a potential company. So that is how you’re kind of looking at DACA. Does that sound about right?

00:19:43:08 – 00:19:43:27

Shukyee Ma: Yes.

00:19:45:08 – 00:19:47:10

Shukyee Ma: Cool. Well, it is is definitely unique.

00:19:49:20 – 00:20:13:11

Shukyee Ma: A unique way of looking at how to merge all of this together, have everything play really nicely. And as we kind of look at the build up of this off of reality that I oh, can you kind of walk us through where you presently are in the creation of this? And if it’s like let’s let’s let’s say someone’s let’s do this right now, they’re like, I want to create this yesterday. How can I get involved? Like, what can they do to start getting involved in this?

00:20:14:05 – 00:20:51:24

Shukyee Ma: Yeah. So like what we have so far on our website is the global football space and then it’s initiated by a huge star football team players. So together they are Hammers Rodriguez, Jose Mourinho and in June and together they are trying to spread this, you know, football culture, global football club culture to the public. And then what you can do is that you can join the waitlist and then power them up, power the football community up where we’re calculating all of the points.

00:20:51:26 – 00:21:21:04

Shukyee Ma: They’re going to be rewarded by your actions or activities in the future. DAO And later on, when they launched the football token, you’re going to be rewarded with partial football tokens that you can exchange that with the points. And also we’re going to launch the Smart NFT container next month and also the DVD next month. So we will have more DAOS going to be on the override phase for people to experience with different interest driven daos.

00:21:22:01 – 00:21:37:24

Shukyee Ma: Now that’s, that’s, that’s really cool. And of course, for all my Americans, when sugar is saying soccer sorry, saying football is really American soccer. But of course across the rest of the world it is football. So just so we’re all on the same page here.

00:21:38:17 – 00:21:51:12

Shukyee Ma: In us to call it a soccer. So remember that. So for football players, they, they, they rather yeah. They’d rather be called global football players instead of soccer players. They hear the words, yeah.

00:21:52:02 – 00:22:06:01

Shukyee Ma: Now all good. Just want to make sure it brings all that together and then so it’s cool, it’s already have those going. But I know you’re also working with some other potential celebrities as well. Can you kind of talk just to some of the other opportunities that are kind of coming on to the platform?

00:22:06:11 – 00:22:36:22

Shukyee Ma: Yes, yes, stuff like that. So one of our contributor, the key contributor, his name is called us, Richard Ramsey, and he’s been working you know, he work with Adele and ESTRIN for, you know, Grammy Awards. And, you know, they’ve been working well together. And he try to like he helped to create the songs called Rolling the Dib and Skyfall. I believe everyone no one knows the big ones. Yes.

00:22:36:24 – 00:23:13:06

Shukyee Ma: And I’m a super big fan of Abdalla and I’m looking for, you know, collaborating with the Dow in the future. It’s about an hour or something like that. And what we have so far is that we are in negotiation with Morgan Freeman and we are talking to their team. And I’ve been talking to their agents and also Sam. Sam, Sam appeared in our co-founder. He’s been also working on all those celebrity relationships and he’s been working super, super good. He has a really strong connection with Steph Curry, you know, and also other football players and all the other NBA star players.

00:23:13:15 – 00:23:53:15

Shukyee Ma: And he also knows a lot of, you know, celebrities in Hollywood. So the first Hollywood star that we contact as Morgan Freeman and we’ve been in the negotiation with their team and we’ve been in a meeting with the team. It’s like a meeting. We have a meeting in total of 40 hours already. And, you know, we’ve been working well on the plans. And I believe that, you know, in the future you guys will see like what Morgan Freeman’s trying to work on with over to space and what we have so far as the global football players, and then they are going to help us to initiate this global football.

00:23:53:29 – 00:23:58:03

Shukyee Ma: DAO And that’s what you again, you guys can participate with us.

00:23:59:08 – 00:24:15:07

Shukyee Ma: Excellent. Well, that is a lot of really big names out there. Huge fan of Morgan Freeman. Obviously, Steph Curry is the absolute man of basketball right now and a lot of other huge names out there. So excited to see the progress as this continues to unfold.

00:24:17:01 – 00:24:54:25

Shukyee Ma: And one of the other pieces that I always like to bring into this, just to kind of change pace just for a quick second, is a couple of fun questions as we kind of wrap up here. And you you’ve now been in the entrepreneurial space for, you know, over four years. You’ve had a lot of experiences of of of, you know, start to finish. Of what does it mean to bring something from concept to reality and everything in between? And you’ve also had the joys of the crypto markets. So with all the information you have right now, if you could go in part one or two pieces of wisdom to yourself when you first got started back in 2018, what would you tell yourself?

00:24:56:11 – 00:25:00:25

Shukyee Ma: I will say that out loud. I would tell me

00:25:02:16 – 00:25:11:08

Shukyee Ma: that you have to continue working on that business model because, you know, maps grow as similar business model as Sally and Sally got

00:25:13:00 – 00:25:48:28

Shukyee Ma: in a really good valuation in the future. So I think when I was in 2018, I was super naive and I don’t know, I didn’t know how to, you know, kind of like keep working on that project and I quit. So I think that was Super PD for me, but it was a really good experience and I really enjoy what I’m working right now as an initial member of overall two labs, and I’ve been working with all this amazing people and I get to know more about the crypto crypto culture and crypto market, and I feel really honored to be here with you too.

00:25:49:27 – 00:26:00:24

Shukyee Ma: Yeah, for sure. Well, it’s been a lot of fun to have these conversations to learn more about over reality and as a kind of a final just thought on the day, what is something that you want to leave with everyone listening?

00:26:01:12 – 00:26:18:13

Shukyee Ma: Yeah. So definitely go on and join our Willow’s on our website and we have a lot of emails going on in our Discord group and we will have probably Harvest Rodriguez to be interview in our email session soon. So stay tuned.

00:26:19:19 – 00:26:28:07

Shukyee Ma: Excellent. Well, thank you for for sharing everything. What are ways that people can connect with you and learn more about everything happening over at Reality Labs?

00:26:28:16 – 00:26:42:24

Shukyee Ma: Yeah. So definitely connect us on Twitter over reality NFT and then also go join the Discord Group. And I always I’m always online. Yeah. And. Excellent.

00:26:43:25 – 00:27:14:28

Shukyee Ma: Excellent. Well, we’ll make sure to drop all of that into the show notes as well. Everyone listening, make sure you go check out all reality labs. Suki, thank you so much again for spending some time with us. And for everyone listening, stay cryptocurrency. Hey, cryptocurrency crew. We want to give a quick shout out to all of our faithful listeners out there. It’s been an amazing journey and we really appreciate your support throughout the years as we’ve been growing as a community. Each episode, we decided that we would start sharing some of the reviews that you were leaving for us for today. We would like to share this review. Today’s review comes from DB R 38.

00:27:15:10 – 00:27:46:23

Shukyee Ma: I look forward to hitting the new episode every week. Keep up the great work my dude. We sincerely appreciate this review and all reviews and would like to ask that if you’re enjoying our show, please take a quick moment to go and leave a review on our podcast so that hopefully we can be highlighting your review next. Simply go to our show notes or go to our website where we have a link where you can share your review today. Hey, everyone. Hope you enjoyed today’s episode. For more information on today’s episode and all of our episodes, please visit us at W WW That crypto dash current, that’s SEO.

00:27:46:29 – 00:28:18:12

Shukyee Ma: You can also find a link in the show notes. Want to stay up to date on the latest news in cryptocurrency? Sign up for our newsletter today. You’ll receive daily emails Monday through Friday that are personalized and curated content specific to you and your interest. Powered by artificial intelligence, you can either go to our show notes or go to our website to sign up today. Are you an accredited investor looking to invest in cryptocurrency? Crescent City Capital can help. Go to Crescent City Capital. Dot com for more information. I don’t know if you’ve noticed, but the quality of our podcast each week are improving.

00:28:18:20 – 00:28:33:22

Shukyee Ma: I can only thank my amazing producer, Andrew Ritter with the Ritter Productions, who has been putting all of this together. If you have any podcast, music or audio needs, please go to Ritter Productions dot com. That’s d r i t e r productions dot com.

00:28:39:14 – 00:28:51:25

Shukyee Ma: Thanks for tuning into another episode of Crypto Crime with Richard Condon. We’ll be back with more exciting developments from the world of blockchain and cryptocurrency next week. But until then, stay crypto.

00:28:51:27 – 00:28:52:12

Shukyee Ma: Current.

00:29:01:29 – 00:29:02:14

Shukyee Ma: We

00:29:03:25 – 00:29:04:12

Shukyee Ma: now?

00:29:09:01 – 00:29:43:23

Shukyee Ma: Thank you for joining us for another episode of Cryptocurrency. Just one quick reminder. Cryptocurrency is a cryptocurrency and blockchain education platform that’s bridging the gap between the curious newcomers who are just discovering the space and the thought leaders who are shaping its future. All opinions expressed by Richard Carr, Ethan, the cryptocurrency team and their guests on this show are exclusively their own opinions. You should not treat any opinion expressed by Richard. The team and their guests as a specific inducement to make a particular investment or to follow his financial advice. This show and any other crypto current production is exclusively for informational purposes.