434: Tokenizing Gold Without Touching the Earth , David Lucatch on nGRND's Bold Bet

EPISODE DESCRIPTION  In this episode, I sit down with David Lucatch, co-founder of nGRND, a project doing something I had never seen before: tokenizing gold that stays in the ground, untouched. David walks me through how preserved gold works, why leaving gold in the earth can actually be more valuable than mining it, and how the nGRND protocol rewards participants in stablecoins rather than native tokens, a design choice that changes everything. We also dig into how they hit over 288,000 verified users and 145,000 daily active users in just 70 days, the role of dynamic soulbound tokens in keeping bots out, and what David’s 30-plus years across e-commerce, AI, and TradFi have taught him about building things that last. Since our conversation, the nGRND Gold Protocol’s numbers have continued to explode: as of October 2026, they’re running past 310,000 participants with over 6.6 million ecosystem activities completed. If you are a founder, a Web3 builder, or just someone curious about where gold and real-world assets are heading, this one is packed with insight. DISCLAIMER Nothing mentioned in this podcast is investment advice and please do your own research. It would mean a lot if you can leave a review of this podcast on Apple Podcasts or Spotify and share this podcast with a friend.  Be a guest on the podcast or contact us - https://www.web3pod.xyz/  CONNECT  nGRND Website: https://www.ngrnd.io/ Twitter/X: https://x.com/nGRND_io nGRNDesg: https://x.com/nGRNDesg Dig It Gold Game: https://x.com/DigItGoldGame GAMEE: https://x.com/GAMEEToken Predictfully: https://x.com/predictfully_ Astra Nova: https://x.com/Astra__Nova First Class Metals PLC: https://x.com/FirstClassMetal Web3 with Sam Kamani: https://www.web3pod.xyz/  KEY POINTS WITH TIMESTAMPS  • [00:00] Introduction to David Lucatch and what nGRND is building at the intersection of gold and Web3 • [02:05] David's background: building Canada's first e-commerce payment gateways, launching an AI platform in 2010 with 200M monthly active users, and multiple exits • [05:12] What is preserved gold (in situ gold) and why leaving gold in the ground creates economic value without environmental destruction • [06:31] How nGRND verifies gold using industry-standard reports like Canada's National Instrument 43-101 and equivalent Jorc reports • [08:44] Why nGRND values in-ground gold at 10% of spot price and the risk analysis behind that number • [10:13] The difference between the nGRND Gold Token (virtual asset tied to gold value) and the nGRND Gold Protocol (rewards platform paid in stablecoins) • [11:39] How the land above the gold generates revenue through avoided mining, solar farms, wind farms, and farming partnerships , feeding the rewards pool • [13:02] Why paying rewards in stablecoins instead of native tokens reduces sell pressure and creates a more sustainable ecosystem • [16:05] How nGRND reached 288,000 verified users and 145,000 daily active users in just 70 days • [16:53] What verified means: dynamic soulbound tokens, triple opt-in verification, and bot reduction strategies • [20:44] How dynamic soulbound tokens work, why they are non-transferable, and how they gate access to ecosystem programs • [24:50] The eight participation streams: games, learning, impact programs, wellbeing, referrals, advocacy, agent programs, and governance • [27:22] Why 30% of users come from North America and airdrop hunters are almost non-existent in the nGRND ecosystem • [33:27] Token timeline: gold protocol white paper live now, gold token white paper expected by end of year, token sale and exchange listings coming soon • [36:47] Macro gold outlook: from $359 at the birth of the internet to Goldman Sachs projecting $5,400 , and why long-term gold trends upward • [39:07] How putting gold on-chain unlocks borrowing, lending, and digital transfer use cases • [43:13] The biggest challenge ahead: changing attitudes in a 40-year-old industry and building a trusted brand for the long term