Here’s Why I’m Betting on NFTs | Where it Happens

Podcast Summary

• Gary Vaynerchuk's Journey into the NFT World: Gary Vaynerchuk's background in collecting and staying ahead of trends led him to become an early adopter and pioneer in the NFT space, creating his own project VeeFriends to bring value to the economy.

  Gary Vaynerchuk's involvement in the NFT community and the world of Web 3 was a natural progression for him, given his background in collecting physical items and staying ahead of consumer trends. When he saw the potential in NFTs, he dedicated 30 to 40 hours to learning about the current state of the technology, just as he had done throughout his career to understand emerging platforms like Snapchat and TikTok. His curiosity and reputation for being on the cutting edge of trends led him to create his own NFT project, VeeFriends, which he sees as an opportunity to bring value to the economy by creating new economies around digital assets. To summarize, Vaynerchuk's passion for collecting, combined with his keen understanding of consumer trends and his natural curiosity, drove him to become a pioneer in the NFT space.

• Approaching new technologies like NFTs: Commit, value time, and stay informed: Commit mentally, value time, and stay informed about NFTs through various sources. Despite potential risks, the macro trend points to significant opportunities, similar to eBay and Amazon's early success stories.

  When approaching new technologies or trends, such as NFTs, it's essential to commit mentally, value time, and stay informed through various sources like YouTube, Twitter, Discord, and podcasts. Humility, curiosity, and intuition are crucial in identifying potential opportunities while also being aware of counterpoints and potential risks. In the case of NFTs, despite the overwhelming bullish sentiment, 99% of the top-ranked projects on OpenSea are vulnerable due to their high valuations. However, the arrow of progress is pointing up for the NFT space, and betting on the macro trend could lead to significant opportunities, similar to the success stories of eBay and Amazon in their early days.

• Determining Value in the NFT Market: A Cautious Approach: Invest in NFTs with caution, compare the market to the dotcom bubble, diversify investments, seek advice from experts, and approach the market with a well-informed strategy.

  While blockchain technology, including NFTs, is here to stay, not every project or NFT will maintain its value. The market is flooded with new NFTs, making it challenging for individuals to determine which ones are worth investing in. The speaker suggests comparing the current NFT market to the dotcom bubble, where not every company survived. To mitigate risk, diversification is key, whether it's investing in various cryptocurrencies or NFTs. For those who may not have the knowledge or resources to make informed decisions, they can consider following the advice of trusted experts or investing in well-established NFT projects. The speaker also emphasizes that older generations, who may not fully understand NFTs, can still benefit from the growth of the market through the guidance of their tech-savvy family members. Ultimately, the NFT market is still in its infancy, and it's essential to approach it with caution and a well-diversified strategy.

• Discovering the potential of NFTs despite initial resistance: Being curious and open to new ideas can lead to valuable opportunities and discoveries, even in the face of initial resistance or skepticism.

  People are often resistant to new technologies and trends, especially during their early stages. This was the case with NFTs, where many initially dismissed or hated on the concept. However, those who were curious and open-minded eventually dug deeper and discovered the potential of NFTs. This process often involved seeking out information from knowledgeable individuals or observing the actions of successful figures in the industry. Even those who had previously succeeded in other areas, such as web 2, were drawn to NFTs as they sensed a significant shift. Ultimately, being curious and open to new ideas can lead to valuable opportunities and discoveries.

• Staying Curious and Adaptable in a Rapidly Changing World: Embrace new technologies with curiosity and humility, adapt perspectives, and stay informed to remain relevant in a rapidly changing world.

  The ability to evolve and adapt, including changing one's mind, is a valuable skill, especially in the rapidly changing world of technology. This was highlighted in a conversation about the evolution of the internet and the emergence of NFTs. The speaker shared how even successful individuals, like Aaron Levie, have had to adapt their perspectives and embrace new technologies. The importance of humility and curiosity in staying informed and open to new ideas was emphasized. The speaker also shared that they personally only engage publicly with new technologies when they are fully convinced, to avoid spreading misinformation. Overall, the conversation underscored the importance of staying curious, humble, and adaptable in the face of new technologies and trends.

• Gary Vaynerchuk's Caution on Predictions: Only a few brands and NFTs will succeed, understanding the subject matter is crucial for success, and making predictions comes with risks.

  Gary Vaynerchuk is cautious about making predictions and prefers to observe and share his empathetic observations when he has strong beliefs. He believes that 90% of brands and NFTs will fail to execute effectively, but a select few will succeed in making a significant impact. Vaynerchuk emphasizes the importance of knowing what you're talking about and having a deep understanding of the subject matter to create successful campaigns or projects. He shared an example of his prediction about Facebook buying Instagram, which turned out to be correct, but he generally avoids making predictions due to the risk of being wrong. Instead, he focuses on sharing his observations and insights based on his extensive experience and knowledge.

• Brands navigating Web 3 with humility: Some brands will build meaningful connections through smart contracts and NFTs, while others will focus on transactions. Brands should approach Web 3 with humility, continuously learning and adapting.

  The future of brand involvement in the Web 3 space will be significant, but the majority of efforts will likely be transactional and lack depth. However, some brands will excel and create meaningful connections with their audiences through smart contracts and NFTs. The importance of having "skin in the game," admitting what you don't know, and being open to changing your mind are crucial for navigating this complex and evolving space. Brands like Hello Kitty, The Flintstones, and even latecomers like Jennifer Aniston and Jay Z are expected to join the scene, making the landscape diverse and dynamic. Despite my confidence and conviction, I approach this field with humility, recognizing that I don't have all the answers and that continuous learning is essential.

• Happiness and gratitude are keys to success: Focus on being happy with what you have and taking personal accountability for actions to avoid feeling helpless and increase happiness

  Happiness and gratitude are the keys to success, especially for those who grew up in less privileged circumstances. Gary Vaynerchuk emphasizes that if you learn to be happy with what you have instead of envying what others have, you will be unstoppable. He also stresses the importance of personal accountability, which makes you feel in control and ultimately leads to happiness. By focusing on what you can control and taking responsibility for your actions, you can avoid feeling helpless and desperate. These two principles have been instrumental in Gary's own success and can benefit anyone, regardless of their background.

• Finding Balance and Personal Happiness in a Polarized World: Despite the polarized climate, focus on balance, personal happiness, accountability, and limitless opportunities in the digital world through web 3 technologies. Anyone can make a difference online.

  The current global climate, influenced by social media and mainstream news, often pushes people towards extreme views. However, the speaker emphasizes the importance of finding balance and personal happiness, represented by the color purple. He also highlights the power of accountability and the limitless opportunities offered by the digital world, particularly through web 3 technologies. An inspiring example is given by Geo, the co-founder of Axie Infinity, who went from mopping floors in a Discord community to becoming a co-founder. This is a unique time in history where anyone, regardless of background or location, can contribute and build with others online. The speaker encourages taking advantage of this opportunity and making a difference.