Summary:
Welcome to another great episode of Startup Junkies!
On this episode of Startup Junkies, hosts Caleb Talley, Matthew Ward, and Davis McEntire sit down with Joe Payne, co-founder and CEO of Society of the Hourglass, as well as a serial entrepreneur who also founded Moxy Ox. After working for RevUnit for six years, Joe felt like he needed something different. So, after kicking around ideas for a while, he came across web3 and NFTs and founded the Society of the Hourglass to create new job opportunities and push the entertainment industry in Northwest Arkansas forward. Throughout the episode, Jeff, Matthew, Davis, and Joe discuss NFTs and the inspiration, challenges, and opportunities surrounding The Society of the Hourglass.
Shownotes:
(1:47) Introduction to Joe Payne
(3:12) Introduction to The Society of the Hourglass
(6:12) The Dynamic of the NFT Space
(13:17) The Society of the Hourglass Narrative
(16:19) How the Society of the Hourglass Started
(18:31) Inspiration behind the Society of the Hourglass
(20:52) Challenges with the NFT Space
(25:06) Opportunities for the Society of the Hourglass
(27:20) End Goal for the Society of the Hourglass
(29:45) Funding for the Society of the Hourglass
(33:53) NFTs as a Financial Related Asset
(39:47) Advice to Younger Self
(41:07) Closing Thoughts
Links:
Quotes:
“The spirit and ethos of the space is really leaning into decentralization and greater access and distribution for the everyday person…I think there is a really powerful move to be made and I think it’ll shift online things like e-commerce, entertainment, IP, and things like that.” – Joe Payne, (7:49)
“The spirit of what we’re trying to do though is just co-create with all of the people that are supporting early on and that’s where all of the really interesting and fun ideas come from. You’ve got people that get it and are involved because they want to contribute and put their mark on it.” – Joe Payne, (12:07)
“The possibilities are endless, right? I think really, it just comes down to how the market receives it and what people get excited about and where they want to see the brand brought to life.” – Joe Payne, (26:23)
Changing the NFT Media Space
On this episode of Startup Junkies, hosts Caleb Talley, Matthew Ward, and Davis McEntire sit down with Joe Payne, co-founder and CEO of Society of the Hourglass, as well as a serial entrepreneur who also founded Moxy Ox. After working for RevUnit about six years, Joe felt like he needed something different. So, after kicking around ideas for a while, he came across web3 and NFTs and founded the Society of the Hourglass to create new job opportunities and push the entertainment industry in Northwest Arkansas forward. Throughout the episode, Jeff, Matthew, Davis, and Joe discuss NFTs and the inspiration, challenges, and opportunities surrounding The Society of the Hourglass.
The Dynamic of the NFT Space
Throughout the last year, the dynamic of the NFT space has become wildly speculative with a little bit of the gold rush mentality. We’ve all heard exceptional stories about what can happen when something becomes trendy and takes off. What used to cost a hundred dollars, now costs six figures. As a result, some people and companies are trying to tap into that for short term gain, but others like Joe and The Society of the Hourglass, are trying to figure out what the long term play is. It’s expected that the language and conversations around web3 and NFTs will most likely fade into the background like all the technology conversations that have happened before it. That’s why The Society of the Hourglass’s goal is to survive NFTs being the next fad. What matters to the everyday person is the experiences NFTs allow them to have or the things it allows them to do.
NFTs currently fall under the technology side of things, and the tech space is a frictional space to get involved in. However, when you have something like The Society of the Hourglass that has illustrated characters based on historical figures that have mass appeal, there are cool opportunities to tell stories in ways that are new and exciting. NFTs then become more of a form of entertainment versus a financial asset or technology piece. Instead of a one and done type of NFT purchase, there is a developing storyline that corresponds to these NFTs, allowing for more longevity of enthusiasm. Instead of capitalizing and taking advantage of whatever the current trend is, The Society of the Hourglass understands that NFTs probably aren’t going anywhere. Therefore, they are taking an unprecedented approach to the entertainment industry and finding ways to take NFT characters off-screen and become pieces that people can invest in ways that aren’t financial like books, board games, or an animated series.
“The spirit and ethos of the space is really leaning into decentralization and greater access and distribution for the everyday person…I think there is a really powerful move to be made and I think it’ll shift online things like e-commerce, entertainment, IP, and things like that.” -Joe Payne, (7:49)
Challenges with the NFT Space
One of the biggest challenges with the NFT space is it operates on a timetable that is extremely fast because attention spans are so short. So, when you’re competing for attention in such a saturated space, it can be hard to introduce a new concept. If you propose something that comes out in six months, people are going to want their money tomorrow, not in six months. It’s easy to fall into this buyer speed trap, but it’s critical to stand your ground and not reinforce that type of buyer behavior. So many people are in the NFT space right now strictly to make money in the short term and there is not anything inherently wrong with that, but The Society of the Hourglass’s goal is to build something sustainable and scalable in the long term. It’s a balancing act between pulling in the NFT crowd and also reeling in the audience that has nothing to do with NFTs, but like the characters of The Society of the Hourglass. If The Society of the Hourglass is only successful because they have corresponding NFTs, then something is being done wrong because NFTs aren’t the point. The point is to tell really engaging and compelling stories with characters that people can watch develop and relate to over time.
Connect with Us!
Do you consider yourself a startup junkie? Join in the conversation by following us on Instagram, Facebook, and Twitter! Startup Junkie wants to come alongside these entrepreneurs every step of the way. Want to learn more about our services?
English 
Spanish 
Korean