S4E15 – Eric Mchugh – NFT app making $10K/Month on Shopify

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Key Timecodes

• (00:57) – Show intro and background history
• (07:00) – Deeper into his business model
• (09:55) – Understanding his e-commerce model
• (11:42) – Deeper into his business strategies
• (17:35) – How his business makes money
• (19:37) – A bit about his business model marketing strategies
• (23:00) – Understanding his revenue streams and company numbers
• (26:13) – His inspiration to create this business model
• (31:10) – What is the worst advice he ever received
• (31:23) – What is the best advice he ever received
• (32:16) – Guest contacts

Transcription

[00:00:00.000] – Intro

Hey.This is Sean Tepper, the host of Payback Time, an approachable and transparent podcast in building businesses, increasing wealth, and achieving financial freedom. I’d like to bring on guests to hear authentic stories while giving you actionable takeaways you can use today. Let’s go.

[00:00:18.040] – Sean

My next guest built an app that can be found in the Shopify App Store. Now, this is a business model I haven’t really talked about on the podcast before, but building an app that goes on an App Store can be a great business model and it can take off overnight. It just takes some upfront work. So what this app specifically does is it helps e-commerce brands, especially on Shopify, turn products into NFTs. We talk about more of that in the episode. But in this episode, we talk about where they’re at on their journey, how much revenue they’re generating today, and what needs to happen for this app to really take off and go viral. All right, let’s get into it. Please welcome, Eric McHue. Eric, welcome to the show.

[00:00:58.980] – Eric

Thanks, man. We’re really excited to be here. Appreciate you having me.

[00:01:01.710] – Sean

Absolutely. Thanks for joining me. So why don’t you kick us off and tell us about your background?

[00:01:06.230] – Eric

Well, nice to meet everyone. My name is Eric. I’m 30 years old. I’m blessed to be living in beautiful Southern California right now. My main hobbies are chess, Muay Thai, reading, and meditation. Just got back from a 10-day meditation retreat in complete silence. Highly recommend you check that out. I went to school at the University of California, Irvine. During that time, it was great. I was living on the beach, which was fun. During that time, I interned in Barcelona as a project manager, as well as in Washington, DC, as a government affairs consulting internship. My first job out of college was at Snap Inc, helping build their ad algorithms. I chose that specifically for a couple of reasons. Reason one is their campus is really cool. If you’re from L. A, it’s right on Venice Beach and their structure is they bought a bunch of different houses and they formed a bunch of different work pods, so there’s no main campus. You just go around a different house, work with different people. That was fun. The second reason I chose that was it was right before their IPO. So I joined a month before. I wanted to see what that was like going through something about with the company.

[00:02:12.690] – Eric

Also fun. Food is great, energy is high, everyone is all excited. After my adventure at Snapchat, I figured it was time to get a nine to five job. I guess, like your typical nine to five job, try to find something that sounds cool that makes your parents proud, that society pushes. So one of those types of things. I ended up choosing a bankruptcy consulting firm. That sounds great on paper. Like if you’re in college, your counselors push like, Okay, I’d be a consultant, lawyer, doctor, that whole thing. That was the reason I chose that. The goal of the firm was when a company goes bankrupt, like a Fortune 500 company goes bankrupt, you have to decide where all that debt goes. So there’s consultants, lawyers, the court, they all work in tandem to decide where that debt goes. The issue with that is there are levels of creditors, meaning that obviously some people get paid out first, second level gets paid out after that, third, fourth. So there are four levels. And what I didn’t like about that system was A, the mom and pops like me, you the customer type of thing, they obviously get paid out last just because that’s the society we live in and they get paid out pennies on the dollar.

[00:03:20.960] – Eric

And the incentive structure of the firm, and this is fair to say they’re all consultants, it’s not so much the firm’s fault, it’s the system we live in. I was personally trying to devise to not do the best work possible, but to build up the most hours. So I’d find myself checking Excel twice when I didn’t really need to just because I’ll build out the five billion hours. I get a good bonus and no one complained. So that was my last, I’m sitting within the nine to five… And at that point, I was really getting into the ethos of Bitcoin, reading all the podcasts, reading all the books, listening to the original OGs like Andrea, Stephan Lavera, Sipidine. I had a Bitcoin group with my friends, one ended up cracking, the other was at Coinbase. So we have a text group where we text each other, like tweets, content, podcasts, all that good stuff. And then they’d be like, so I’m like, okay, I just bought 500 bucks worth of Bitcoin. And so I’m like, okay, well, I have to beat that. I’ll buy 600. So it was a good time. But the ethos of Bitcoin basically is no rent seeking, like a bring value, earn money, which didn’t really align with what I was doing at the consultancy firm.

[00:04:28.090] – Eric

So I waited till my bonus. At that point, I knew I was going to go into Web3 before it was called Web3. I waited for my bonus, quit right after that without a safety plan, then started going to cryptocurrency meetups in my local area, I mean, like Los Angeles, Long Beach, Irvine, that general area, met the original ShopX team. And we met the original ShopEx team, we formed that project. Simultaneously, we started up another startup called Cartrave or Pall only at different names. What that did was it replaces affiliate codes. Let’s say your brand, you’re on Shopify, you can upload your product to our platform, then anyone can sell any brand’s product through one singular link without taking them all on the platform. So if I had a if I like this Nike shoe, this adidas hat, this Reebok shirt, I could put them all in the link. You could purchase all those products within four clicks without leaving Instagram. This increases conversions, brand gets a sale, you get a discount, customer, I get commission, so everyone’s happy. At its peak, we had over 100 Shopify brands using our platform. And of course, we leveraged all the knowledge we learned from that into ShopX, which is where it’s at today.

[00:05:40.720] – Eric

What ShopX is, is I want you to think of the Google or Apple Web3. We’re going to be a suite of products where any brand could… Any brand on Shopify or Woodcommerce, they can download our app and start earning Web3 benefits to loop this back to achieving financial freedom. My purpose for getting into Bitcoin and everything is, Honestly, dude, I want to live a nice, peaceful life. It’s much harder to do that in the current monetary climate where I view it as corrupt. For example, if I had a governor taking money from everyone every second of every day in the form of inflation, and I view Bitcoin as a solution to that. And rather than get my mom, my dad into cryptocurrency after years of Thanksgiving and all that stuff, ShopX is a better way for me to do that at scale. So for example, we do have some major clients like Fox Studios, the Mag part. But let’s say hypothetically at Nike were to use our products or services, their customers would then have incentive to purchase NFT with e-commerce value without even knowing it’s NFT. And that would onboard a lot of people into Web3 with incentives versus force.

[00:06:49.060] – Eric

And that creates a zero to one moment for a lot of people, thus helping the whole Web3 industry, thus helping the world as a whole, in my opinion. Yeah, that’s a long-winded spiel. Do you have any questions or.

[00:07:00.330] – Sean

We’ll dive in. Yeah. All right. So thanks for laying things out on a linear path there. Let’s back up a little bit. Shopx. Co, that’s one of your businesses, correct?

[00:07:14.120] – Eric

Correct. Yep.

[00:07:15.500] – Sean

How long has this business been live?

[00:07:17.960] – Eric

It’s been live since around 2016. So funny story. We’ve actually minted the first ENFT before ENFTs were a thing. So we do have street credit and Crypto and Sartreth world. So if you’re alive for that long in crypto world, that’s honestly, that’s a testament. So it’s been alive for that long we survived. This will be our second bear market. So in terms of cryptocurrency, we’re veterans.

[00:07:39.720] – Sean

Right on. Yeah, it’s very volatile. Okay, so let’s keep going here with this business. How does ShopX make money?

[00:07:46.790] – Eric

So we have two products live, and Ethos behind ShopX is better to give than receive. Our first product is ReserveX. That’s an NFT power loyalty program. So if you’re a brand, if you’re on Shopify, you’re on WooCommerce, so you can download our app, get the appropriate amount of tokenized software licenses. And then from there, you can launch as many NFT collections with eCommerce value as you want. So let’s say you’re Nike, you launch a gold, silver, bronze-style pass and the key collections just for simplicity’s sake. You can add specific products to the gold-style pass, specific products to the silver and vice versa. Or you can launch or like gold members could get early access to LeBron’s new shoe or something along those lines. So as a brand, you’re creating NFT collections with e-commerce value. You have control over 95 % of the funds. So let’s say hypothetically, a customer purchases one of your NFTs for 100 bucks, you immediately get $95 in Ethereum and you decide which vaults they go to. So if you’re working with an influencer, you’re working with an agency, you can program them right in so they get their payment. Shopx earns five % of that.

[00:08:54.800] – Eric

So that’s how we earn our revenue. And the cool thing is, again, it’s better to give and receive. Our second product is Squadex. That’s the first-ever blockchain-powered ambassador program. So just like Twitter is doing with their creators. They share their ad revenue with their creators, and their creators get paid in Stripe and they’re all happy. So we share our ShopEx revenue with Squadex. So if you’re a Squadex member, a brand mints one pass for 100 bucks, the brand earns a 95, ShopEx earns $2.5, and then the last $2.5, so 2.5 % of the total revenue is sent, distributed amongst the Squadex members. We believe this creates an upward cycle. So as ShopX grows and scales, it gets more and more brands, gets more and more mints. Squadex earns more and more revenue and ETH. So whatever we do pay out, they usually post about they’re all happy. That’s creating more attention around ShopX, that’s creating more brands, that’s creating more attention around ShopX, creating a nice little upward spiral.

[00:09:54.580] – Sean

Okay, well, let’s break this down a little bit into a real use case. Let’s say I’m an e-commerce business owner. I’m using Shopify as my main e-commerce engine. Would I go to ShopX and then I can bolt on to it to sell NFTs? Is that how this works?

[00:10:15.090] – Eric

Pretty much. So we’re a Web 2.5 company, meaning we work within Shopify’s platform. So if you’re an e-commerce owner, you’re on Shopify, you want to launch an NFT collection with e-commerce value, all you would have to do is go to the Shopify App Store, look up the ShopX app, download the app, create an account, and then we keep it directly within platform. Within the platform, you could launch a no-code solution NFT platform. Rather thancan hire a Web3 dev rather than hire a Web3 dev, rather than hire an artist to create your artwork, which honestly runs 10-20K, all you have to do is fill out two simple forms. The first form is like your NFT details, meaning how much do you want to cost? What’s the description? What’s the picture?

[00:11:01.390] – Sean

How many- It’s like selling a product.

[00:11:03.240] – Eric

Yeah, it’s like selling a product. You create your NFT details, and the second page is just filling out details for an auto-generated landing page. If you want your customer to purchase your NFT, you just send them to a link, and the customer has the option to purchase the NFT with Ethereum through Metamask, Coinbase, Walled, or all the major Walled platforms. But more importantly, our goal is to make it as simple as possible for the customer. We’ve integrated cross-bid, meaning customers can purchase the brand’s with credit card. What’s happening in the backend, and the customer doesn’t need to know this, is they’re technically purchasing Ethereum with credit card. The brand is getting Ethereum. But all they see is they’re putting their credit card numbers and they get their NFT.

[00:11:41.940] – Sean

Okay. So just to rephrase that back to you, what I do at times is I talk to the audience in a given context. So Shopify, Salesforce, there’s other platforms that have what’s called an App Store, or it’s almost a library of apps you can bolt on to your e-commerce platform. Or with Salesforce, for example, they’re a CRM. You can buy different apps within their network. Some are free, some are paid, but you bolt it on to help you do things, maybe work more efficient or sell or offer upsells or whatever. So with Shopify, I can, as a business owner, I can add ShopX as a bolt on, and then I can sell NFTs through my whole shopping cart and then customer, they can buy those NFTs with any, not any kind, but it sounds like a lot of the different crypto coins out there, right?

[00:12:38.420] – Eric

So as a customer wanting to purchase NFT, the only crypto coin we would accept is, or the brand would accept is Ethereum. You can use many of the major wallets, but as a customer, you can also use credit card to purchase the NFT as well. Got it.

[00:12:54.500] – Sean

So straight up, use your credit card. Okay, now let’s get into NFTs a little bit. I think of scalability of a business. And when I think of an NFT, let’s say it’s a poster. Isn’t it one of those deals where you sell it once and it’s gone? Correct me if I’m wrong here.

[00:13:17.480] – Eric

So with the NFT, I think of it as digital ownership, meaning at one point in time, only one person can own that NFT. So, for example, if you purchase the brand’s NFT and you sell it to me, I am the owner, you’re not. So what’s cool about this is it’s a way for A, if the brand launches NFT collection, they can program in royalty. So if you were to sell Nike’s Gold Pass to me and Nike wanted to take a cut, they could program and they would get whatever % they want. But for me, I own NFT, so if you outgrow Nike, you don’t want to choose anymore, you can pass it down to your family members, you can sell for a profit. It’s up to you. So let’s say you purchase the… And this has happened in the past, which is one of my favorite aspects. It’s like you purchase your local Shopify store. They create a pass. You buy it as a way to support, you’re an early adopter. You love them. You love the guy. You love the store. It’s all wholesome. Twenty years down the line, they become the next Lululemon.

[00:14:12.160] – Eric

Theoretically, that pass could increase in value, not financial advice. And then from there, you have the option to sell. So it’s a way for brand success to share more with their customers versus the shareholders.

[00:14:23.040] – Sean

Okay. Yeah, what I’m doing is I’m thinking about scalability. I love SaaS products because it’s digital. You can sell one, you can sell 10,000, you can sell a million subscriptions, and you’re not going to run out. It’s just really server load. That’s where the costs are applied. And of course, some customer service if you’re helping your customers like you should be those costs will increase. Now with e-commerce, I think of like units like a good example is my iPhone. It’s a physical unit, one unit. You sell a hundred, you sell a thousand, a hundred thousand. There’s all this plastic and materials, and there’s costs against those. Now with an NFT, it’s like you put one NFT out there, somebody buys it, it’s now under ownership, so you’re not selling in mass. That’s what I see as a limitation with NFTs. Would that be a correct assumption?

[00:15:21.180] – Eric

Both yes and no, because within the platform, we’re just a technology platform that empowers brands to create NFTs with e-commerce value. However, the brand wants to use that is up to them. So you can create as many NFT collections as they want, and they could have different purposes. For example, you have a gold, silver, bronze type pass where you can continue to see added value to those passes, and that would be a one and done type thing. Or you can create a pass for a one time product release. We were going to work with a TV show where they would create an NFT for the first episode that redeemed a makeup kit that the NFT holder would then do the same. Itsable to do their makeup in real time with the star of the show with the exact same spec. You can create as many passes as you like. What’s really powerful about this is it really increases conversions and higher customer lifetime values. So once the e-commerce brand is able to sell a NFT pass to their customer, the customer really feels like they’re part of the brand. They feel like they own part of the brand because they do own the NFT.

[00:16:24.130] – Eric

So from there, we’ve seen an 80 % conversion rate from the NFT holders. For example, the brand will release a product, 80 % of the NFT holders purchase that product. So it’s really great way to make your product sticky and drive repeat customers. An example I like to use is thinking of it like a timeshare. Whereas let’s say I’m saying in Hawaii, I have a timeshare. I own that timeshare. Any of my friends, family, they go to us say, Hey, use my timeshare, you’re staying there. Versus if you’re just staying at a hotel, it’s like, I’m just staying at a hotel. Just staying at a hotel, just staying where I don’t really care. Because it’s my timeshare, I share about it. And this creates a community aspect where it’s like we’ve had brands where they create a community. They’ll create a private membership area for the NFT holders. Then from there, you get tons of UGC. You just get tons of benefits. The brand owner goes in there, interacts with them specifically because again, they’re the OGs that creates community, increases conversions, a bunch of stuff.

[00:17:16.160] – Sean

Got it. This is starting to make a little more sense to listeners out there. If you know more about NFT, sorry, I’m trying to catch up. Okay, I get it. Making your business stickier because you can put on NFTs on certain products and those customers feel more ownership over those products or even the business. If there’s a particular part of that or part of the business you want to sell an NFT. Now let’s get into how you make money. So your ShopX is this app or this plugin within Shopify, I assume. Do you generate all or the majority of revenue through Shopify then?

[00:17:52.740] – Eric

Yes. So we’re live on Shopify. So if you’re a Lister, and want to actually check it out, you can go to Shopify, look at the app. We’re in beta with WooCommerce, meaning a WooCommerce brand could use the platform by downloading a zip file. We’re soon to go live with the app there. So we’ll be in the App Store soon on WooCommerce.

[00:18:11.920] – Sean

Got it. So you’re in Shopify, Commerce is the second you could call it marketplace where you’re available, right?

[00:18:20.650] – Eric

Correct. And for your listeners, there are pretty much four major e-commerce platforms, one being Shopify, one being Salesforce, Commerce, one being BigCommerce, and the fourth being Wo. As a business, we chose Shopify first because it has the largest market penetration, so that makes most sense. And we thought it was a second place to go because A, their integration is easier. Salesforce and BigCommerce are a little more complicated in terms of the tech load. But we do plan to expand to all four platforms in the future.

[00:18:47.250] – Sean

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[00:18:51.620] – Speaker 3

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[00:18:52.680] – Sean

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[00:18:54.540] – Speaker 3

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[00:19:04.000] – Sean

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[00:19:25.040] – Speaker 3

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[00:19:26.100] – Sean

And sell stocks. Simply go to edu. Tykr. Com, or go to Tykr. Com and click the courses link at the top of the page. Okay, back to the show. This is another pause point to talk to the audience. If you’re more technical or you can partner up with somebody technical, building an app or plugin that can go into a network is a great way to move with speed because you don’t have to worry about like, Where do I market? Do I go to Facebook? Do I go to YouTube? Do I spend on Facebook ads? You have to answer a lot of those questions where if you can build an app that solves a problem and put it into this exchange like these stores like Shopify, Salesforce, you mentioned WooCommerce and then BigCommerce is the fourth.

[00:20:15.550] – Eric

I would say BigCommerce is the fourth. It’s subjective. I mean, okay, sure. People recognize Shopify as the king, though.

[00:20:21.350] – Sean

Yeah. Essentially, the more the story is get it out there in that app market and people will automatically find it. I’m assuming that there’s a science to the copy and the imagery and you want to make it pop so people, as they’re going through the app exchange market, they’re like, oh, that app can solve my problem. Click, add to my business and you’re off and running. Now, with this app, do you charge a one time fee or is this a subscription?

[00:20:51.520] – Eric

Neither. So our pricing model is actually pretty cool. So there are two scenarios. The first is your mom and you’re a store. You just want to use a plug-and-play solution with no customizations. So like we mentioned earlier, ShopX, it’s a free app in the sense there’s no subscription model. There’s no cost to download the app. Shopex earns its revenue when you succeed and create Mint. So if you’re creating like you create one Mint for one hundred bucks, ShopX earns five. We give half of that to our community. But to gain access to our products and services when… So ShopX is innovated in a specific way. Our tokens function as tokenized software licenses. So if you’re a brand wanting to use ShopX as a service, you have to have a specific amount of tokenized software licenses in your wallet to gain access. Those are two aspects as a brand wanting to join. So that’s for the plug and play solution. Of course, the major brands for your listeners available, most major brands do want customizations. Most want bespoke solutions, and that can vary brand by brand. So for those, for example, Fox News, New Shop, Kropopoulos, it’s going to be a custom solution based on how much support they provide, how much network we need.

[00:22:06.410] – Eric

So that’s a case-by-case basis.

[00:22:08.640] – Sean

And in that case, do you have a service arm of your business that you engage, like you said, case-by-case, like you provide a proposal based on what their needs are and then go into a multi-month or year project?

[00:22:21.840] – Eric

Yeah. So on a case-by-case basis for that, what typically happens is we talk with our Dev teams, and then it really depends on the brand. Some brands want to do everything. Some brands will provide the help, whereas we’ll put in our engineers as team lead. Some brands will recommend a third-party developer studio, and then ShopX will work with that developer studio and put our guy in charge. So it depends. What typically happens is they’ll provide some support or recommend a studio, and we’ll have a ShopEx engineer run as a project manager or work as their project manager.

[00:22:57.540] – Sean

Yeah, to build it out with what they’re looking for. Yeah. Okay, got you. So with this, I see two different revenue streams within the model. You’ve got what sounds like a transaction fee model. It’s not subscription. It’s not a one time fee. It’s a transaction fee. And then you got the service fee. Is that correct?

[00:23:16.210] – Eric

Yeah, similar. Because they would be paying for service in the second one.

[00:23:19.730] – Sean

Correct. Yeah, project-based. All right, well, let’s get into some of the numbers here. Let’s start at the high level, and then we’ll break it down per revenue segment. What’s the overall revenues of the business?

[00:23:32.640] – Eric

So we’re still getting off the ground in terms of revenue. Our main goal right now is to gain partnerships in this space. We are saying brands that are working. The logic behind that is because of the general crypto market sentiment. So for example, for the past two years, we’ve talked to many brands, and I’ll use a live example that’s literally happening. We’re talking to many brands. The brand itself are excited. But since we’re B2B to C, the brand can be as excited as they want. They could do whatever they want with the platform. But if their customers aren’t excited, it’s going to be a failure. So with Impact wrestling, if you know WW, they’re like a version of the WW, they had everything set up. They created their past details. They have the licenses, they have everything ready to go. They launched their PR release. It happened to be right around FTX. For your listeners who don’t know, it’s a giant scammer in Crypto Who tank market sentiment. So right around there they launched and then they got ratioed pretty hard in their comments saying like, We don’t want NFTs. Nfts are scams, blah, blah, blah, which a lot of cases are right.

[00:24:38.480] – Eric

So a lot of brands are thinking that way. So we’re more focused on being the ones to go to once market turns around. In general, crypto sentiment is on the positive. So to go back to your question, it really varies month by month because the bespoke solutions, especially for major brand. Those take forever. There’s a lot of moving parts. All the payments don’t come in one go. It’s a.

[00:25:07.680] – Sean

Service.

[00:25:08.390] – Eric

Business. Yeah. And something could come up within the tech. That’s no one’s fault, but then another charge comes up. So that’s really subjective in terms of overall revenue. Sometimes it’s less than 10K, sometimes it’s more. Per months? Yeah, per months. I want to say it’s around there, but again, give or take.

[00:25:27.000] – Sean

And give me a percentage split. Is it like 75 % service, bespoke side, or is it a higher percentage on the transaction fee side?

[00:25:37.720] – Eric

And to give you a split, probably around 80-20 on the bespoke side, just because that’s where we’re at. But we do suspect, our hypothesis, we think that’ll change. Once crypto and Web3 becomes more mass adopted and more and more people are just downloading the app and using it organically. And for that to happen, we have to make it easier to use. So there are some steps we have to take to make that the ideal solution. And if we’re trying to drive Web3 mass adoption, I personally would like it to be more the transaction model, meaning we’re only going to make money if brands are succeeding. Brands are only succeeding if the customers want their product. Yep.

[00:26:13.150] – Sean

I see a lot of… To simplify what you’re doing, it’s almost like an agency. The majority of your revenue is coming from the service side. You’re doing software engineering, you’re doing some custom work. I see a lot of pretty successful products start there. They start with a service, they’re making changes, they’re making updates, customizations for customers. And then the product side, that reoccurring revenue or the transaction fee, it has a slow start. But all of a sudden, you can hit that inflection point. You land on a product that everybody’s like, that’s what I’m looking for. And then it can take off like a rocket. So you’re on that journey driving toward that point.

[00:26:55.640] – Eric

Yeah, you’re a hundred % right. Long term, we do want to be a tech solution. Where a brand could come in, just use our product very simply, get the benefits, customers are happy. Where we’re at right now is just because Web3 is new. We are offering a bunch of services, and sometimes it’s tech, sometimes it’s marketing. Sometimes it’s really just everything because we want the brand to be successful. The plus side about that is we’re learning a lot from the brands and the customers using the product. And obviously, the more feedback you have, the better. Like you said, it usually does start off in a individual case-by-case agency model, although we don’t want to be an agency model. So we’re trying to work with more agencies. But that’s really what it is. If you want to get your first big customers and then the software, you see some market adoption, you see some successful use cases, and then from there it becomes like a plug-and-play solution, which is what we’re aiming for.

[00:27:47.300] – Sean

Exactly. That’s a long-term play. And what you’re doing is exactly right. It’s not glamorous. It’s like, Hey, who wants to wake up and be like, I want to do an agency the rest of my life? And some people, yes, but it’s not that skillable. It’s the skillable of a model. But the win is you’re on the front line talking to the customer, finding out what are your pain points, what are you looking for? And that’s the win. Getting that data, understanding what people want, and then beating that into your software engineering efforts to create that scalable plugin for the four major platforms you mentioned. That sounds like you’re on your way. It’s going to be a little bit of work, but that’s the same thing I would do.

[00:28:27.050] – Eric

Yeah, no, it makes sense. And honestly, the customer feedback is the most important part of our business model right now, or at least what I would say. And they will tell you if something’s wrong.

[00:28:35.830] – Sean

That’s what you want. Well, with Tykr, we tell our customers, Please don’t hold back. What are we doing wrong? What can we do better? Because I don’t want to spend years thinking about it. I want to know in days a definitive answer and then move forward on it.

[00:28:52.330] – Eric

Yeah, that’s exactly right. Cool.

[00:28:55.720] – Sean

Well, this is good, Eric. This is really good context. I’m going to jump into the rapid-fire round here in a second, but just to summarize for the audience, as you can see here, as I ask questions, this is an unknown territory for me, NFTs. I don’t know a whole lot, but I do know a lot about these app exchange platforms, app stores like, like I mentioned, Shopify, Salesforce. Seriously, if you want to create a business, I have seen people that they’ll create an app for Salesforce exchange. They’ll put it up. They’re not even marketing it anywhere else. They just put it up into that exchange. And then businesses start using it. They start rating it because there’s typically ratings on these apps. And more and more people start finding it. It’s like you could have one app on one exchange and you could be generating some serious passive income. And in some cases, I’ve seen businesses sell for a few hundred grand, or I should say not so much businesses. These apps sell for a few hundred grand up to a few million. It’s a smart play. Yeah. Yeah, cool.

[00:29:55.850] – Sean

All right, let’s jump into the Rapid Fire round. This is the part of the episode where we get to find out who Eric really is. If you can, try to answer each question in 15 seconds or less. You’re ready?

[00:30:06.170] – Eric

Let’s get it.

[00:30:07.620] – Sean

What is your favorite podcast?

[00:30:10.710] – Eric

Joe Regan.

[00:30:11.950] – Sean

Nice.

[00:30:12.800] – Eric

Yeah. Popular.

[00:30:14.040] – Sean

All right, what is a recent book you read and would recommend?

[00:30:18.060] – Eric

Reading Rise, I’m an avid reader. I usually read four to five at a time just because I like to jump around. I just read Power versus Force by David R. Hawkins. It’s fantastic. It highlights that power is sustainable in the sense both of us win because we’re both winning and you can keep going. And Force is not sustainable because you can force them to do something, but one party benefit is eventually going to fail. And we’ve really taken that to our excess with ShopX.

[00:30:41.380] – Sean

I will look it up. That is intriguing. All right, so what is your favorite movie? I know before we hit Record, we’re talking about TV shows, so we can deviate to a TV show. But what is your favorite movie or TV show?

[00:30:54.460] – Eric

Favorite TV show, anime-wise, One Piece, non-animatic-wise, The Boys.

[00:30:59.340] – Sean

Nice. There you go. As we talked about The Boys on Amazon, fantastic.

[00:31:03.600] – Eric

The Boys is a great show. Check it out. It’s entertaining. A little raunchy, but.

[00:31:08.240] – Sean

Yes, it’s good. All right, what is the worst advice you ever received?

[00:31:14.370] – Eric

Just being in scarcity, meaning to win, you have to take from someone else, which you don’t.

[00:31:21.100] – Sean

I love that. All right, flip that equation. What is the best advice you ever received?

[00:31:27.820] – Eric

Be authentic in terms of authenticity, everyone’s put on this universe for one purpose. I’m the best Eric Mawu ever. You’re the best John ever. Sure. If you’re going to be a creator, everyone’s a conscious creator, whether they know it or not. Create without, A, harming people, and B, without taking away from people. If you don’t do those two things, you should be fine because karma exists.

[00:31:53.760] – Sean

Right on. Love it. All right, then last question here is a time machine question. If you could go back in time to give your younger self advice, what age would he visit and what would you say?

[00:32:03.310] – Eric

Oh, God, this is a bit cringe. I would go back to 2010 and tell myself to buy Bitcoin.

[00:32:09.790] – Sean

I’ve had the same answer, I think, three or four times before.

[00:32:13.300] – Eric

Just buy it.

[00:32:16.070] – Sean

Nice. All right, Eric, where can the audience reach you?

[00:32:19.500] – Eric

The best place to reach me is I would learn more about ShopX’s website, shopx. Co. On Instagram. Our Instagram is ShopX Labs. My personal is Eric, Dimaq, Twitter, ShopX Labs, Twitter account, eric_mq-0. I’m available, my goal is to be as helpful as possible. So if you have any questions about just ShopX, general Web3 questions or just want to chat, just shoot me a DM or email me at eric@shopx.

[00:32:45.470] – Sean

Co. Awesome. All right, Eric, thank you so much for your time.

[00:32:49.210] – Eric

You’re welcome. Thank you for listening. Really had fun.

[00:32:51.220] – Sean

We’ll see you. Hey, I’d.

[00:32:52.500] – Speaker 3

Like to.

[00:32:52.900] – Sean

Say thank.

[00:32:53.400] – Speaker 3

You for checking out this podcast. I know there’s a lot of other podcasts out there you could be listening to, so thanks for spending some time with me. And if you have a moment, please head over to Apple Podcast and leave a five-star review. The more reviews we get, especially five-star reviews, the higher this podcast will rank in Apple. So thanks for doing that. And remember, this show is for entertainment purposes only. If you heard any stocks mentioned on this podcast, please do not buy or sell those stocks based solely on what you hear. All right, thanks for your time. We’ll see you.