Podcast Summary
Excitement for VeeCon: A Major NFT and Web 3 Conference: Gary Vee and Steve Aoki are thrilled about VeeCon, a significant NFT and Web 3 conference due to industry luminaries, cultural figures, and a large VeeFriends community. Strategically located to bring the community together, speakers include Gary and Steve.
Gary Vee and Steve Aoki are excited about the upcoming VeeCon event, which they believe will be a significant NFT and Web 3 conference due to the presence of industry luminaries, cultural figures, and a large community of VeeFriends holders. The event, which will take place at US Bank Stadium in Minnesota, is strategically located to bring the community together and avoid fragmentation. Both Gary and Steve are looking forward to the event and are excited about the growing maturity of the NFT space. They also expressed their gratitude for the opportunity to speak at VeeCon and for Steve's ability to make it despite his busy schedule.
Exploring the Excitement of NFTs at VCON: The speaker looks forward to attending VCON and performing, while also surprising the audience with NFT tickets. He finds NFTs unique due to their digital nature and ownership aspect, and appreciates being a part of the emerging culture.
The speaker is excited to attend VCON and perform at one of his favorite concert venues, The Armory, while also surprising the audience with a large number of tickets for a show. He considers NFTs as a unique cultural phenomenon compared to his past experiences with collectibles like sports cards, sneakers, and merchandise from artists like Lady Gaga, Skrillex, and Kanye West. The speaker finds the digital nature and ownership aspect of NFTs to be the most intriguing and differentiating factor. He appreciates the ability to be a part of emerging culture and influence it, as he has done in the past with physical events. The future of NFTs, according to the speaker, holds potential for continued innovation and new possibilities in the digital world.
Experiencing the Thrill of Emerging Scenes: Being part of emerging scenes like NFTs early on can bring excitement, contribution, and significant benefits.
The speaker has experienced a sense of excitement and contribution in emerging scenes or movements, such as the straight edge hardcore music scene in high school, the electro EDM scene, and the early days of social media. They believe that the current NFT scene carries a similar feeling of being part of something new and transformative, where everyone's participation is crucial for growth. The speaker also emphasizes that being involved early on in these movements can bring significant benefits. They see a strong resemblance between the early stages of these scenes and the current NFT space, where many people are still unaware or skeptical of its potential. The speaker expresses a deep passion for these emerging movements and the sense of contribution they bring.
Obsessing over NFT floor prices is premature and misunderstood: The floor price is mostly irrelevant for anyone but day traders and excessive gamblers. Communication from founders about intentions and goals is crucial to prevent misconceptions. Rarity and business acumen are key factors in NFT success.
The current obsession with the day-to-day floor price in the NFT market is premature and misunderstands the true nature of the business world. People are fixated on the price like it's the score in an NBA game, but we're still in the early stages of this game. The floor price is mostly irrelevant for anyone but day traders and those who've put in excessive gambling money. History shows us that projects' roadmaps are subject to change, and businesses don't always follow their initial plans. Moreover, the concept of community in the NFT space is often misunderstood. Many people are only there for the price, and when projects experience downturns, they disappear. The founders of these projects need to provide clearer communication about their intentions and goals to prevent misconceptions and misunderstandings. Additionally, Ryan Carson and Kevin Rose's success in the NFT space should serve as a reminder that rarity and business acumen are crucial factors. The NFT market is currently dominated by day traders, but it's essential to remember that this is just the beginning, and the market will evolve over time.
Winning championships builds strong communities: Founders should focus on delivering valuable products and effectively managing expectations to build a loyal and engaged community in web3 projects.
Successful community building in the world of web3 projects requires a long-term perspective and a focus on delivering winning products, rather than succumbing to short-term pressures and discord chatter. The speaker draws an analogy to the Golden State Warriors and their fanbase, emphasizing that winning championships is the key to building a strong community. He also highlights the importance of founders effectively managing expectations and communicating transparently with their communities, rather than trying to meet every demand or expectation. By focusing on building something valuable and delivering on that promise, founders can create a loyal and engaged fanbase that will stick with them through the ups and downs.
Under-promise and over-deliver, but maintain a long-term perspective: Consistently under-promising and over-delivering builds trust, but there will be moments of under-delivery. Maintain a long-term perspective and focus on execution to weather those moments and continue delivering value.
In the world of entrepreneurship and business, consistent under-promising and over-delivering is a proven way to earn trust from your community and stakeholders. However, it's important to remember that even with under-promising, there will be moments where you may under-deliver, and having the ability to maintain a long-term perspective and weather those moments is crucial. As Gary Vaynerchuk emphasized, execution is key, and the purple guy (anonymous figure) can still only win through execution, even if they may not have the same level of recognition or reputation. Ultimately, the goal is to earn trust and believe in your ability to deliver on your promises, even if they may seem ambitious or hyperbolic to some. This philosophy has served Vaynerchuk well in his various business ventures, from building and selling companies to being an early investor in social media giants like Facebook and Twitter. In the rapidly evolving world of web 3, it's essential to have a long-term perspective and the strength to weather any setbacks or under-deliveries, while continuing to over-deliver and execute on your vision.
Authenticity and integrity matter in NFTs: Align words and actions, protect newcomers, and approach NFTs with thoughtfulness, authenticity, and integrity for a successful experience.
Authenticity and integrity are crucial in the NFT space. It's essential to let your words and actions align, as hypocrisy is a high-floor price in this industry. People should be thoughtful about their actions and not compromise their reputation or soul for quick gains. An abundance mindset, where one sees an abundance of time, money, and opportunity, and operates within integrity, leads to a better experience for everyone involved. It's okay to pursue self-interest, but it's essential to be transparent about it. The NFT community should be cautious and protect those who have recently experienced success to prevent a culture of "you were stupid" from taking hold. Ultimately, the NFT space is full of opportunity, but it requires thoughtfulness, authenticity, and integrity to navigate it successfully.
Approaching NFT market with thoughtfulness and respect: Remember that NFT market carries risks, build each other up, share knowledge, and minimize risks while maximizing benefits.
The NFT market, like any other speculative investment, carries significant risks. Some individuals have tied their self-worth to their success in this market, and when they inevitably face losses, they may experience emotional distress and isolation. It's crucial to remember that the NFT market is not a get-rich-quick scheme but an evolving space with opportunities and challenges. Instead of gloating or belittling those who haven't succeeded, we should build each other up and share knowledge. The potential financial losses are significant, and they can lead to a decrease in self-worth and increased vulnerability. Let's approach the NFT space with thoughtfulness, respect, and a willingness to learn from one another. By doing so, we can minimize the risks and maximize the benefits of this exciting new frontier.
