Podcast Summary
Gary Vaynerchuk sees NFTs as the next major revolution: Businessman Gary Vaynerchuk, late to NFT market but with deep understanding, sees it as next major revolution, similar to internet, social media, and e-commerce. Emphasizes caution, empathy, and compassion.
Gary Vaynerchuk, a businessman and internet personality, sees NFTs (Non-Fungible Tokens) as the next major revolution in his career, following the internet, social media, and e-commerce. His background includes growing up as a poor kid in the Soviet Union, learning business skills from his father's liquor store, and becoming successful in the sports card market. He discovered the internet in 1995 and built his father's wine business into a $65 million enterprise. He sees similarities between the early days of email, social media, and NFTs, and believes that the NFT market is on the precipice of explosion. Vaynerchuk is known for entering markets late but with a deep understanding, and he sees NFTs as an opportunity for him to apply his business acumen and consumer perspective. He also emphasizes the importance of caution, empathy, and compassion in this new digital frontier.
Entering NFT Communities: Be Thoughtful, Respectful, and Authentic: When joining NFT communities, be mindful of the history and context, be transparent about intentions, show empathy and compassion, and engage authentically to build lasting connections.
When entering a new community, especially in the NFT space, it's crucial to be thoughtful, respectful, and authentic. The speaker emphasizes the importance of understanding the history and context of the community, as well as being transparent about one's intentions and actions. They acknowledge that negative judgments can occur, but believe that the truth will ultimately prevail. The speaker also highlights the importance of empathy and compassion, and encourages listeners to look beyond momentary impressions. In the NFT world, the collectability aspect is significant, but the speaker emphasizes the need to be aware of the vulnerability of most NFT projects and the potential for quick-buck mentality. Overall, the speaker encourages a deep engagement with the community and a focus on authentic interaction.
Exploring the World of NFTs: Personal Attachment and Investment Opportunities: NFTs offer a unique way to collect, support artists, and invest in digital items with personal attachment and potential financial value. They enable artists to earn royalties on secondary sales, and the collectible nature sets them apart from traditional investments.
NFTs (Non-Fungible Tokens) represent a new and exciting way for individuals to collect, support artists, and invest in unique digital items. For this speaker, the appeal of NFTs comes from a combination of personal attachment and potential investment opportunities. He shared his enthusiasm for supporting former employees and friends becoming artists, as well as his fascination with the collectible nature of NFTs. He differentiated between singular items, like a specific Street Fighter character, and larger projects, like CryptoPunks, which he sees as having both personal and financial value. The speaker acknowledged the ongoing debates around which blockchain will prevail, but emphasized the importance of personal connection and enjoyment in the NFT space. He also highlighted the revolutionary aspect of NFTs, which allows artists to continue earning royalties on secondary sales.
Unexpected Success in the NFT Market: Artists can earn significant financial rewards in the NFT market, even during growth and potential turbulence. Stay true to artistic vision and build genuine connections with audience for longevity.
The NFT (Non-Fungible Token) market presents a unique opportunity for artists to potentially earn significant financial rewards, with up to 10% of sales going back to the creator, even as the market experiences growth and potential turbulence. The speaker, an entrepreneur with a background in marketing and content, shares his personal experience of unexpected success in the NFT world and emphasizes the importance of staying true to one's artistic vision during this evolving time. He believes that both established "blue chip" artists and niche artists with a strong community focus will have longevity in the market. The speaker encourages artists to have conviction in their work and not get overly emotional or focused on convincing others, but rather on building a genuine connection with their audience. The NFT space is expected to undergo some turbulence in the coming years, similar to the ICO market a few years ago, but the speaker believes that it will level out more quickly due to the compressed nature of modern markets.
Building a successful NFT art career: Understand technology, engage community, be authentic, do homework, long-term viability, deep connection, creativity, business acumen
Building a successful economy around art through NFTs requires more than just creating the art itself. Artists need to engage with their communities, be authentic, and understand the realities of supply and demand. The art world is opening up to everyone, but the flood of new supply may lead to a bubble. Being prepared, doing your homework, and staying true to your original supporters are key to long-term success. The NFT space is still in its infancy, and there's a lot to learn. It's important to understand the technology and its implications, as well as the potential risks and rewards. The macro thesis of virtual currency being real for the long term is important, but it's also crucial to understand the specifics of each project and its potential long-term viability. In essence, building a successful NFT art career requires a combination of creativity, business acumen, and a deep connection with your community.
Gary Vaynerchuk's fascination with NFTs deepened in 2020: Gary Vaynerchuk was first introduced to NFTs in 2016 but his interest deepened in 2020, particularly through projects like CryptoPunks and Garbage Pail Kids. He sees the NFT community as a form of escapism and admires those who come from humble beginnings. Predicting CryptoPunks as the top selling NFT concept in the next year.
The speaker, Gary Vaynerchuk, was first introduced to the concept of NFTs (Non-Fungible Tokens) around 2016 but it wasn't until March 2020 that it truly captivated him. He was initially drawn to NFTs through projects like CryptoPunks and Garbage Pail Kids, and his interest deepened during the holiday season of 2020 when he made his first purchases. The speaker expresses admiration for those in the NFT community who come from humble beginnings and sees the project as a form of escapism and a return to the excitement of the early days of technology. He associates New Jersey with the grind and predicts that CryptoPunks will be the top selling NFT concept within the next year.
Exploring the NFT space and acquiring the New York Jets with passion and authenticity: Gary values the journey of acquiring the Jets and exploring NFTs, cherishes learning experiences, appreciates nostalgic IP, and emphasizes authenticity and thoughtfulness in handling valuable brands.
The speaker, Gary, is deeply passionate about the process of acquiring the New York Jets and exploring the NFT space. He finds joy in the journey and cherishes the learning experiences along the way. He is particularly interested in nostalgic IP and believes that those who handle these brands thoughtfully will succeed. The speaker also expressed his love for the thrill of the hunt and underrated things, such as the sport UFC. When asked about commissioning an artist for a Jets Super Bowl win moment, he emphasized the importance of authenticity and thoughtfulness. Despite his track record, he acknowledges that he's not always right and encourages others to do their own research.
Evaluating creators and community in NFT investing: Consider creators' community-building skills and long-term intentions when investing in NFTs. Physical counterparts can enhance NFTs but may bring custody issues. Be prepared for emotional and financial complexities in the NFT market.
When it comes to investing in NFTs, it's important to consider both the underlying data and the human behind the project. Gary emphasized the importance of evaluating the creators' understanding of community building and their long-term intentions. He also shared his belief that physical counterparts can enhance NFTs by broadening people's interest, but acknowledged the potential issues with physical custody. Joel expressed concerns about the potential emotional and financial losses, as well as the influx of short-term thinking and bad actors in the space. Overall, the panelists emphasized the importance of conviction, building meaningful projects, and being prepared for the emotional and financial complexities of the NFT market.
Long-term potential of NFTs and ignoring short-term setbacks: Ignore short-term setbacks, learn from experts, and embrace the long-term potential of NFTs as they continue to be a part of our lives for the foreseeable future.
Focusing on the long-term potential of the NFT space and ignoring short-term setbacks is crucial for its success. This was emphasized in the discussion, with the analogy of falling in love with a band that gets big and then hating them, but you can't control the band, only how you enjoy it. The NFT market, like search engines before it, is here to stay despite potential market crashes or concerns of oversaturation. It's important to follow various voices and learn from experts in the field. Google, a successful search engine, was once dismissed as a fad, but it's now an integral part of our lives. Similarly, NFTs, collectibles, arts, and music will continue to be a part of our lives for the foreseeable future. Additionally, the speaker expressed his openness to trying new things, including whiskey, and acknowledged the importance of learning from others and continuing to add new voices to the conversation.
Approaching NFTs with Caution and Understanding: Stay informed, focus on convictions, and be mindful of economic dynamics when dealing with NFTs and digital collectibles.
While NFTs and digital collectibles present exciting opportunities, it's crucial to approach them with caution and a deep understanding of the market. The speaker, who is experienced in various communities and has a large platform, emphasizes the importance of education, careful observation, and being aware of potential risks, such as market crashes and unsustainable value. They appreciate the innovation in projects like NBA Top Shot but also warn about the potential for significant losses if not approached strategically. The speaker encourages everyone in the NFT space to stay informed, focus on their convictions, and be mindful of economic dynamics. Overall, the key takeaway is to approach NFTs and digital collectibles with a thoughtful and informed perspective.
The Power of Connection through Inspiring Content: Leaving reviews and subscribing to inspiring content creators can have a profound impact on others and is a simple yet meaningful way to show appreciation and support.
The power of connection through various mediums, such as podcasts and YouTube videos, can significantly impact and inspire individuals on their personal growth journey. Coach Eric's video resonated deeply with a listener in 2017, leading him to become a devoted fan and reviewer of Gary's content. The listener was touched by Gary's message of empathy, kindness, and self-improvement, which ultimately helped him find the motivation to continue on his own path to becoming the best version of himself. Therefore, leaving a review and subscribing to inspiring content creators can have a profound impact on others and is a simple yet meaningful way to show appreciation and support.
