NFT 101 and What They Can Be Used For

NFT 101 and What They Can Be Used For

Check out the latest episode below. Mr.Biz Radio provides business owners with the knowledge and insights needed to drive their companies forward.

Mr. Biz Radio: NFT 101 and What They Can Be Used For


Unedited transcription of the show is included below:

(00:03):

Welcome to Mr. Biz Radio! Biz Talk for Biz Owners. During the next half hour, Mr. Biz, Ken Wentworth, a leading business advisor, and two-time best-selling author will cover topics that'll help business owners run their companies more profitably and more efficiently. If you're ready to stop faking the fun and take your business onward and upward. This show is for you. And now here's Mr. Biz, Ken Wentworth.

(00:28):

All right. Welcome to another episode of Mr. Biz radio. Me Mr. Biz, Ken Wentworth. And this week we have someone I've been waiting far too long to get onto this show. So I met our guest this week on clubhouse, the app clubhouse last year probably late February, I'm sorry, late January, early February. I met him. We shared some stages. We were in a bunch of different rooms together, and then he and I, with a couple of other, our other colleagues, friends, we started a room and we were running rooms for several months and so shared a lot of stages with him and through clubhouse and his sharing of information and all of his great, wonderful experience. He earned the nickname of professor Ricky. And I'm sure you'll see why. Once we get into talking with this week's guest, Mr. Ricky O'Donnell. Welcome to show Ricky.

(01:21):

Oh my friend. How are you? Thank you for having me. It's awesome.

(01:24):

Absolutely. It's greatly, man. It's it's way over the do way over the do so this week I should have mentioned during the intro. So Ricky's done a lot of different stuff in his, his career, and we're gonna talk about that, but we're gonna focus. We've never talked about it on the show, so I'm looking very much forward to this. Ricky is now head first dives head first into the NFT space. And of course, we've never talked about that on a Mr. Biz radio. So that's why I wanted to have Ricky come on because when he does something, he does not do it. Half-Ass, he's like full in, so I wanted to have him come on and I know he'll be able to explain it to us very well, but before we get into all that, Ricky what you know, talk to us about your entrepreneur journey, what led you to where you're at now?

(02:06):

Yeah, so it's really interesting. So, so for me I've had a animation media production company for over 20 years. And at the age of 10, I wanted to be an animator. So I'm very lucky that I've animated directed my studios done work for the likes of Disney. We've done Nemo, Peter pan, things like that for cinematics we've done the Tom Jones music video, give a little love, we've done a lot of different commercials. And so over the last 20 years, we've pretty much worked with all different brands, companies from TV commercials, to the effects for films, all sorts of things, really. And I think over the, you know, and it was like a 10 year old boy became a reality. And then since then it's just, it's just kept on evolving. And then when you've been doing it for 20 years, you want to do something new and then come into the NFT space, which, which although is, is, is, is buzzing. And everyone's talking about it, it's sort of a lifetime work to this point. So, yeah. Very cool.

(03:00):

Yeah. So I should also mention that I, I wanna thank you, Ricky, for coming on. I know Ricky's coming to us from the UK. So you know, we're in the middle of the afternoon here, Eastern standard time. So it's, it's in the evening for him already. We were talking before we went on air here that, you know, of course I got producer Allen in the background. That's like pulling all the strings and making all this happen and, and making, making this all work. And Ricky's like, man, I got this studio, but all my, all my people are Gone, it's, it's in the evening here in the UK. So again thanks for coming on. I know it said it's kind of a pain in the neck sometimes Dawn that I know we did with some of the clubhouse rooms as well, but so how did you, how did you sort of shift into the NFT space from where you had been with and everything? Yeah, well,

(03:41):

The thing is, it's really interesting because like, in, in, in the animation media and film world, an artist, you sort of work all the hours. God gives media, it can be quite ruthless. You know, if you've got a project that's going on air or you're working on the film, whatever it might be is it's just tough. And I think I was being in the, in it for quite some time. And you work for all these different brands and all these different agencies and obviously evolving the business NFT sort of allowed artists and creatives and technicians to basically become heroes of their own story. And rather than having all the big corporations or everyone doing it, you, you actually have this creative freedom to literally do the most amazing things. So it cuts out all the middle man. It cuts out everything.

(04:28):

And for me it was allowing say artists to become heroes of their own story. Cuz you see, when you, when you make films, if you're in the film industry and you're doing animation, whatever it might be, you're at the end credits. So when the lights come on and everything else, even though you've done the animation and all the beautiful stuff you are at the bottom of the credits with the, you know, I think the person who sweeps the set is higher than the animator's eyes. Not saying they do anything less, but just, you know, the lights don't come on until there. And so NFTs has basically flipped that all on the head where the artists and the creators become the heroes and their store. And that was a big, big attraction and, and a big shift in how this movement is. It's just, yeah, I fell in love with it because it, it allowed the artists to be the heroes of their story.

(05:13):

Well, it's interesting because as you first started, so I think, I think the room we were running, Ricky, if I remember correctly on clubhouse that, that regular, that you, myself Damon and, and Ken were running Ken Hasty. I think we ended that somewhere around may. If I remember correctly last year and you were already starting to get into that NFT space. And as, as I recall, I think you kind of got into the NFT space probably via clubhouse. Is that correct?

(05:42):

Yeah, I did. It was really funny. I mean, we were saying the avatar, my avatar that you'll see I used to use on clubhouse when I didn't wanna be on the business stages. You know, when I just wanted to listen, cause always getting invited up to the stages and then I found NFTs and everyone loved this, this particular avatar and then realized that actually my whole life has been about media and content technology, having that sort of company and with the business experience and the mentors and, you know, the various mentors and friends that we share that I've had. I felt it was a, I was able to help the NFT community and the solo printer in the art and film world. Get to the next step, cuz obviously from a 10 year old to become an animator, to have a studio, to do Disney, I I've done everything I wanted to do and now need to dream bigger. And so clubhouse had a lot of these NFT rooms with these artists that are just phenomenal and their photographers and poets and all sorts and they're all sort of money now, but it was the sales and the marketing and the business practices that would need to be implemented to help them on their journey. And, and that's yeah, so that's sort of where I discovered NFTs fully but realized it, you know, it, it means ultimately still a life's work of, of tech. That's there. So yeah, it's amazing really

(06:58):

Well. It's interesting. And it just, it is another example. I mean, I know clubhouse sometimes gets a bad name for different things, but it, it is a huge learning opportunity. There's so many different things you can learn about. And it's a perfect example of Ricky, you know, going into some rooms on clubhouse that we're talking about NFTs and at the time didn't, he didn't know anything about him and think about his experience in the animation media world and being able to apply that and his business experience from running successful businesses for 20 years to be able to help some of these young artists. And that's what I saw right off the bat. Ricky. And I tell you, I'm not just saying this. I was very impressed because I could see on Twitter right away that you were, you were in it to have help people like you had, you kind of mentioned, but I think you kind of glossed over it a little bit and I wanna make sure people realize that that that's what I got right away from it is that you didn't get into it like, oh, I'm gonna go into NFTs and make a whole bunch of money or anything like that.

(07:49):

You got into it because you wanted to help these people cuz you saw there's an opportunity, but they didn't have the business experience necessarily. Not all, some of 'em probably do, but not all of them. And so you're able to kind of fill in some of the, as gaps while you're learning the NFT NFT space and help them build that, that business up and, and learn those things that need to need to happen to create a successful business and a successful NFT community, which I should mentioned. So definitely go follow Ricky on Twitter. So Twitter's where it's at in the NFT community. From what I understand he's RickyO'Donnell79, RickyO'Donnell79 on Twitter. And he's really been blowing up his, his Twitter community, NFT lions club, #NFT lions club, #NFT lions and #Nowhe'sgrown. So we're outside of lions. Even now we have #NFTjungle growing continuing to grow. So we're gonna hit a break here. We're gonna come back and probably what you guys are all wondering. Now we keep talking about NFTs and I'm gonna learn a lot from this too. So I'm looking forward to it. Ricky's gonna walk us through sort of NFTs 1 0 1. So we're gonna learn a lot about that space and the last segment he's gonna teach us how to invest in NFT. So come back after the break

(09:00):

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(09:30):

Thank you for listening to Mr. Biz radio. Did you know our show airs seven days a week for more than 30 hours. Now, if you are in the B2B space and we'd like to reach thousands of business owners every week, including our more than 250,000 social media followers are thousands of daily internet radio listeners, our email list fans and Mr. Biz solutions members email us at This email address is being protected from spambots. You need JavaScript enabled to view it. to become a sponsor. Tap into Mr. Biz nation to help grow your business.

(10:01):

Check out both of Mr. Business national bestselling books, "Pathway to Profits" and “How to be a Cashflow Pro" on Amazon. Now, once again, here's Mr. Biz.

(10:12):

All right. Welcome back to the show and it is time for the, of course we're gonna off second segment, Mr. Biz tip of the week, the Mr. Biz' tip of the week this week I'm sure that our guest will, will like this one as well because it's something I know he lives and breathes every day. If you can't consistently overcome setbacks failures, if you will, you will never achieve long term success in the entrepreneurial world, the business world. It doesn't matter how smart you are, who, you know what, you know, it doesn't matter, right? I mean it does matter, but in regards to long term success, every person is going to face setbacks regardless of your intelligence level, all that stuff. Right? So the successful entrepreneurs in my mind, the, the main thing that separates the successful from the not as successful or maybe even unsuccessful is are those that are able to overcome those setbacks, the inevitable setbacks that happen, and they're going to happen. You have to be ready for those, learn from them and move on and you gotta be able to do that continually that consistent perseverance that I talk about all the time on the, on the show. And so that's Mr. Biz tip of the week. Now let's get back. Mr. O'Donnell. I don't even know where to get started. Right? we got seven and a half minutes and we I'm gonna go through NFTs 1 0 1. So, so you're the master here. You walk us through this.

(11:33):

So imagine what Spotify's done for music and Netflix has done for film mm-hmm <affirmative> NFTs has done that for art. So it's allowed these digital art now. Ubut it's more than just art, but to give you an example, a lot of people buy pieces of artwork that they put onto their wall, but now we've got all these digital screens. So if you own an NFT, it goes onto the blockchain and it shows that you own it. So if you owned a, a piece of art, you would have to prove that you owned it. You'd have to have the certificate, you'd have to box it, pack it, ship it. If you were to sell it later, but with the NFT, it links directly to the artist. And in a world that's been locked down. You actually in a number of, in get to communicate and become friends with those artists directly.

(12:15):

But it's more than just that you see last year was a lot about the art and the photography and the different images. But now you've got like this utilities. So the NFTs are also becoming tickets and keys and passe to these events and locations. So, so it's really I don't even know a lot of blockbuster videos. And if you don't evolve with technology, if you don't evolve with the times and you don't adopt new technology, you'll go into obscurity and disappear. So NFTs is basically fusing content and functionality, artists and technicians for the first time. And for the first time ever now, what you've got is so many people imagining so big and then making it happen. So NFTs, like imagine if you had a film with, I dunno, Stephen Spielberg film, and he released that particular film and there's certain frames of that film.

(13:06):

And every time you had, if you owned one of those frames, you could go to lunch with him. That's one of the possibilities with NFTs as well. So it's, it's more, more than just the art it's actually with 7.7 billion people on the planet, I believe that's how many there are and the number of people in this space right now, the scarcity is unbelievable, but the utility is phenomenal. So that sort of NFTs in a nutshell, and a lot of people would say, well, I could just write mask buttons, save the image, why I do that? And of course you can do that. But when was the last time you ever did that? Probably never. You could also download tracks. You could download and rip a film, but people like owning something. And, and the other thing, a good friend of mine in this space is a collector as well.

(13:49):

So, you know, you aren't able to write, click safe community. So the communities that are formed, all these projects in these are, are unparalleled. And they're so strong that collectively these communities are just super, super powerful. So when people say I can write my house about, and I can save an image, I don't understand why people are spending so much money on images. Why do people spend money on cars? Ferrari's, Bugatti, Rolexes because they like the scarcity or the, the, the, you know, the, the limited number and perfect example here in the summer board, your eight club turned into a 1 billion on billion turnover of business. There are blue chip piece there NFTs like 200,000 individually, and it took Airbnb five years and 10 million bookings it board, your eight club, six months. And, and, and so that's just to give you a, a, a quick idea of some of the numbers there.

(14:43):

Yeah. I mean, it's crazy. And I, I think, you know, that was one of the questions I had as well. And I've, I've heard D different types of answers, essentially. The same thing you mentioned as far as, Hey, I could just screenshot this, but even me being a complete neophyte in the space, I look at it as the difference between, you know, you may have a piece of art hanging in your house that is a copy of a Vango, right? Yeah. It's, you know, just like you're saying, taking a screenshot of something, that's the copy of a Vango. I mean, do you, I mean, I guess for some people that's okay, but wouldn't, you much rather have the original piece, like I own the original piece that the original Vango that this, this copy, you know, is, is, is born from. So I think it's interesting and it, so as I understand it, it's, it's, it's art, it's music, all, all forms of art. Is that correct?

(15:29):

Yeah. photography film. I mean, now what you've got is whole films are being made and being funded by NFTs, and then the distribution and then payouts are being paid to everybody who owns part of it. So it is helping fund and crowdfund projects too. So like the, the whole, the whole space as it's a digital world and a digital metaverse I mean, Nike Adidas and, and a lot of brands are starting to come in now with virtual versions of their products and that's having a higher value because there's a limited number. So, so yeah, I mean, it's, it's, we've only scratched the surface of it's true capabilities right now. Like you're gonna start seeing any company that doesn't get in involved in it is probably gonna disappear. Particularly in the marketing space, you've got a generation that have grown up in Roblox and Minecraft and you know, the social media.

(16:22):

So they, the old ways of doing things are different and they've got new, new, new, new thing happening here. And because we've only scratched the surface, imagine buying an NFT or an event, but you've get a lifetime membership backstage passes. And whilst you own that NFT, if you wanted to give someone, you could sell it to somebody else, and then they get the lifetime passes and it creates generational wealth. Because one thing that's super amazing is that you can get paid every time that's resold. So you can get 10%, always every month, royalties automatically come in through NFTs. You don't need anyone to chase that up for you. It, it just happens.

(17:01):

Interesting. So that's another piece I was unaware of that. That's, that's I've heard of it, but, you know, I wasn't exactly sure. So is it, is that a standard at 10%? Is that standard across all NFTs? Is that just sort of the rule of thumb? No,

(17:11):

You can, you can set it, you can set it with whatever you'd like it to be. So some people put 5% and for example, some projects. So imagine you have a project that's a thousand pieces of art, for example. And every time that art sells 10% of that or eight percentage of that goes to charity forever. So the charities can be paid forever and your children, your great grandkids, your great, great, great, great grandkids can always be paid providing the art keeps circulating. So if you bought painting and you bought piece of art or a photo, and you put it on your wall, you know, it might stay there or gather dust at age, but in the blockchain, it doesn't age and you can sell it instantaneously, straight away to somebody else in the world, so you can enjoy it and then you can sell it. And it can appreciate over time because obviously the numbers are so limited right now. So it, it, it, it is actually enabling generational wealth and I've seen artists and people, one NFT can change your whole life. But it is a, there is a lot of scam in the know there's, there's lots of scammers. There's lots of people. You have to do your research and you have to buy something that you like, but it really does create generational wealth. And we have literally only scratched the surface. So it's, it's potential right now.

(18:21):

Yeah, I think it's super interesting. So and I I've seen the same thing. I've seen the post and, you know, one interesting post. So it's funny, you mentioned blockbuster. You, I just did a TikTok on about blockbuster video and about how not, you don't wanna make SU you wanna make sure you're not blockbuster video. And I think you're right. I, I saw another post that someone that's saying those are people that out there right now that are saying, oh my gosh, teaser is too confusing. I don't, I'm not gonna get into 'em five years from now. You're, you're already gone. You you've, you've missed the boat you're way behind the curve. Not that you cant and jump on and go at that point, but you're way behind. So we run outta time. This segment, we're gonna hit the break. We're gonna come back and Ricky's gonna tell us, here are some tips for those of us who want to invest in NFTs.

(19:01):

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(19:30):

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(20:01):

To submit questions to the show, email them to This email address is being protected from spambots. You need JavaScript enabled to view it.. Now once again, here's Mr. Biz.

(20:10):

All right. Welcome back to show. And it's something you're probably all interested in now, especially hope we've got you revved up. I know I'm, I'm anxious to hear about some of this because as I'm getting into this space and learning more about NFTs and how to invest in them, et cetera you know, I, I, this is the part, if I didn't have Ricky on the show, I would've called him up and had this conversation with him because, you know, I wanna learn some of, especially as a, as a neophyte, as I mentioned, just learning all this stuff and, and, and Ricky even alluded to it towards the end of the last segment about, you know, there of course, where there's money there's scammers, right? So you gotta be careful about that. So, Ricky if you would walk us through or give us some, some tips on those of us who are beginners in the NFT space, but we want to begin to invest what are some of the dos and don'ts that we should, we should be on the lookout for, and we should make sure we're taking advantage of at the same time.

(21:01):

Yeah. So, so one of the first things you need to do is get yourself a wallet, a digital wallet. So I'm gonna use meta mask as an example, it's commonly used in the space. So you create a digital wallet. And when you create your meta mask wallet, you get 14 character seed phrase, okay? Now this seed phrase, these words, no one will ever ask you for them. So never ever give them to anybody. And at the same time, make sure you give them to a loved one, or you've written them down somewhere and put them in a safe, because they are the access to your wallet in the future when you connect it to sites and things. So the seed phrase is super important, but unlike anything else, you're not gonna be able to send an email to meta mask, say, I've forgotten it. Can you lemme know?

(21:36):

You know, if you lose it, it's gone. So once you've got your meta mask wallet, you need to probably put on some crypto currency. So either Ethereum, various, various different ones, but let's talk about Ethereum. So we put on a theory and then what you do is you can go onto web on platforms like open C or wearable or foundation, and you can buy digital art or buy an NFT. Now, the thing is with NFT is one of the things that you really need to look at. And if you go onto Twitter or you go onto clubhouse, let's say Twitter, you find an artist and you you've got to do or search. Cause there are lots of scamming. So never invest more than you're willing to lose at the same time. If you're gonna buy an NFT, then buy something you like, cause then you're not gonna lose.

(22:16):

You know, because if you bought painting for your house or whatever it might be, you know, it might stay there for some time. But with these digital assets, you can resell them later. So make sure you click the link from the artist's website, the, it takes you to the open C and then what you do is you see the one you want you click by, and then you'll, you'll confirm that on the blockchain. And then you've got it in your wallet and then you have your NFT. So then you can display your NFT. Not only can you download that image then because you own it so you can download it, you can print it, it, you can show it digitally on your screens if you want to. But you own it. And some of these images are also access to gigs to, to events.

(22:57):

Like for example, the lions, anyone who owns a lion gets access to the events and they get like VIP diamond access. So it's more than just an image, same with the lion cups. So I think the best way to understand NFTs is to buy an NFT. And when you start buying it, just make sure you do your research. Don't invest more than you could willing to lose, because there are so many projects right now that are literally probably gonna just disappear. Cuz so many people think it's a get rich, quick scheme, but at the same time, there are so many amazing artists, photographers, poets, filmmakers, and also, you know, you buy NFTs now for an event. So if you're doing an event, Mr. Biz, you could actually have an NFT that anybody who has this NFT it's like your ticket. So it, when they log into the site, they could get access to where your events are and the parties or whatever. So, so there are so many cases for it right now, but if you're gonna buy an NFT, never invo invest more than you're willing to lose. Make sure you do your research and your seed phrase. Never give it to anybody because it's super, super power, super, super important. Cuz there are so many scammers. And another thing if you hear of project, cause people start hearing about projects, make sure you go from the, that artist or that project's website, not a copy cuz there are copies all the time.

(24:15):

Wow. I think that's a good one. To know because obviously the people out there, again, as we talked about, anytime there's money people are gonna try to get into it and, and you know, am people and, and take advantage of people and things like that. So I think that's a good one. And clearly it's very important because you've mentioned it a couple times. That's why I was taking notes here to make sure as I'm going through this and, and kind of figuring this all out because you know, I kind of wanna get into that, this space as well. And, and again, like you said, I wanna just, I wanna buy some pieces and just sort of figure it all out. As I go along and, and slowly learn about it, but so did NFTs originally start, I guess we should ask, was it originally started for just pieces of art and now it's just continues to expand in, into different different genres.

(25:01):

Yeah. So I mean, everyone's knowing it from the art side, that's how they get to see it. Cuz it's an easy part to understand, but it's evolving daily. Like one, one day in this space or one week in this space is like a year it moves that quickly. It's so prolific, it's untrue. Like you just, nothing moves as quick as, as it, as it does. But now what you're finding is the it's, it's basically content and functionality. It's technology, the blockchain, the ledge, you're all written down, down in the ledger and then all the artists and creatives coming together where now everything that was impossible is possible. And, and that is what NFTs are and, and the power for it. Like you've got events, you've got artists and, and COVID has just expedited this because the COVID has locked down the world. So when the world has been locked down, what can you do?

(25:43):

And this is where NFTs has literally blown up because it's the, metaverse, it's the creative spaces. It's the new funding rounds. It's giving complete financial freedom to so many people cuz one NFT can change your life. So it, it, you know, it, it is forever evolving. It's moving at such a fast pace. And I say, you know, I mean, I think 2012, you look at Bitcoin, a lot of people look at currencies and they'll think it's a Ponzi scheme. And how is that gonna work? You know, Bitcoin, there's 21 million Bitcoins, probably about 18 million. There's 49 million millionaires. Not every millionaire's gonna own a Bitcoin. And Ethereum is the second biggest cryptocurrency and it's very, very volatile. But if you buy a piece of art and you love that piece of art and you've got it digitally, it will continue to increase in value. If you know, the artist keeps pushing through and keeps doing stuff. So I think the thing is, is people know it from the art, but you've got photography, you've got film, you've got events and utility aspect for it is we've only just gotten started with, with what's happening there. So, so yeah, hopefully that's what answers your question. I mean it's 14 hours a day every day for the last years, a lot of information to try and take in a short segment, but hopefully that answers under

(26:58):

Question. Well I'm already picturing and I'm sure I'm way behind on it. So you're, you're gonna say, oh my gosh. Yeah. You're, you're like, you know, 18 months behind on this Mr. Biz, but I'm envisioning having a, a digital screen much like your background or, or, or, or my background to where you could display in your house, right. A prominent wall in your house where you could have a large digital display where you can display all of your NFTs that you had, you know, kind of roll through or scroll through or whatever. So where you could display that art and have it rotate and, and things like that.

(27:28):

Yeah. Yeah. And we have that downstairs in the studio, you know, we've got a studio totem that shows all the pieces of art each day. So, so we actually have that. But the other thing is, is like, I'll use our lines as an example, the lions start from like the cheapest lion is probably about two, $3,000 right now. And then up to about 1.6 million and there's only a hundred lions, so they sort of vary, but each lion is also a access token where you get VIP passes into events and things like that. So, so the actual image that you have on your phone, the other thing people do is they, they, they own the rights to those characters. They own the rights. So Micro, businesses and franchises are happening by buying certain NFT projects as well as just the art. So there it's, it's like many, many McDonald's like board, your apes, everybody owns the apes, you see M and M's just bought an a and lots of people are buying apes now, but they own it.

(28:17):

So they own the rights to it so they can print it, they can sell it. And they're creating businesses off the back of NFTs, as well as this utility to access these amazing parties. And for example, if you have a really big event and you have Mr. Biz's live event, diamond pass, V I P I could say, Hey, Mr. Biz, the a hundred line owners, can they have access to your event? And you could say yes. Okay. And so I then have a utility. They can have access to it. So there's so many case use cases for NFTs right now.

(28:44):

That's our was awesome. It sounds awesome. Look, so first of all, again, I should mention go follow Ricky on Twitter, RickyO'Donnell79, RickyO'Donnell79. Ricky, thank you so much for coming on. I learned so much, I got a whole page of notes here and, and it's, it's created more questions for me as well, but I really, really appreciate you coming on and shows very insightful. Oh, thank

(29:07):

You for having me. Thank you for having my friend. And, and if you don't know my name in the NFT space, I apologize because I'm going for a billion friends and, and I say, RickyO'Donnell79, check me out on Twitter, some amazing friends in this space, and I'm always holding spaces, helping new people into the NFT world.

(29:23):

Awesome. Good stuff. Well, thanks for watching and listening and as always, don't forget, cashflow is king.

(29:32):

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