Podcast Summary
Earning Trust through Authenticity and Conviction: To earn trust and loyalty, create authentic content, have conviction in your vision, and consistently deliver value.
Building trust and gaining a loyal following requires authenticity, conviction, and a clear understanding of value. Gary Vaynerchuk shares his personal experience of earning people's trust through his career, emphasizing the importance of context, storytelling, and community building. He believes that fear and conviction go hand in hand, and that having a clear vision and the confidence to execute it is essential for success. Vaynerchuk also draws inspiration from entrepreneurs like Vince McMahon and Walt Disney, who built successful intellectual properties by making audiences care about their characters. He encourages creating content that resonates with people, even if it starts rough, and staying true to your vision. Ultimately, trust is earned through consistent delivery of value and authenticity.
Founders' role in Web3 projects' success: While community support is essential, founders' capabilities and long-term vision are crucial for Web3 projects' success. Evaluate projects based on their unique merits and the team behind them, not just short-term financial gains.
The success of a project in the Web3 space cannot solely depend on the community's support. While the community's engagement and enthusiasm are crucial, the founders and creators play a vital role in sustaining and building the project's success in the long term. Comparing it to the real world, fans of a sports team in a specific region may fade away if the team fails to perform consistently. Similarly, people may sell their tokens and move to other communities if the project does not continue to thrive. It's essential to consider the founders' capabilities and their long-term vision while evaluating the potential of a project. The short-term financial gains should not be the sole basis for supporting a project. The Web3 space is rapidly evolving, and there is a high risk of financial loss if we let our short-term interests cloud our judgment. Instead, we should approach this space thoughtfully and consider the nuanced aspects of each project. The success stories of the past, such as Gary Vaynerchuk's Wine Library or GaryVeeBrand, do not guarantee success in the Web3 space. Instead, we should evaluate each project based on its unique merits and the team behind it.
Understanding the Complexities of Crypto: Volatility, Technology, and Perspective: Volatility is a risk in crypto, but understanding technology and seeking diverse perspectives can help mitigate potential dangers.
The crypto world is full of complex concepts, including tokenomics, IP control, and the metaverse, which can be difficult for some to fully grasp. Money is a significant factor, with many individuals having a large portion of their net worth tied up in tokens. It's essential to be aware of the potential risks, such as the volatility of the market and the importance of understanding the technology behind it. Seeking out opposing viewpoints can help prevent an echo chamber and ensure a well-rounded understanding. Additionally, being informed about the technical aspects, such as main net, layer 2, and bridging, can help mitigate potential dangers. The speaker's experience of learning from multiple perspectives and actively seeking out counterpoints has been crucial to their success in the crypto space.
Focus on long-term value and community in Web 3.0: Approach Web 3.0 projects with a long-term perspective, do thorough research, consider different viewpoints, invest in creating value for others, and build a community around it.
Approaching Web 3.0 projects with a long-term perspective and a focus on providing value to others is crucial for success. The speaker emphasizes the importance of doing thorough research and considering different viewpoints before committing to a project or investment. He also advises against getting distracted by short-term gains and instead encourages a mindset of creating value for others. The speaker's own experience with the Bored Ape Yacht Club is an example of this approach, as he continued to invest and support the project even as it gained popularity and financial success. He also emphasizes the importance of self-awareness and staying grounded in the face of potential distractions and external pressures. Ultimately, the key to success in the Web 3.0 space is starting with a focus on what's in it for others and building a community around that value.
Exploring Business Opportunities with NFTs: NFTs offer businesses new ways to engage fans, sell merchandise, and reach new audiences. Stay true to expertise and embrace the future of contracts and transactions.
The world of Web 3, specifically NFTs, presents endless opportunities for various businesses and industries. From events to merchandise, everything is up for innovation and growth. The speaker shares his experience of creating a successful book using the NFT platform, emphasizing the potential for businesses to leverage this technology to reach new heights. The speaker also encourages staying true to one's expertise and not feeling pressured to fake knowledge in the early stages of emerging technologies. The comparison to the early days of social media and its impact on communication and politics highlights the transformative potential of NFTs. In essence, NFTs are more than just digital collectibles; they represent the future of contracts and transactions. Embrace the opportunities and stay informed.
Focus on personal growth and conviction: Instead of trying to convince others, focus on deepening your own knowledge and understanding. Trust that the right people will be drawn to the right projects in time.
Instead of wasting energy trying to convince others about the merits of a particular project or technology, it's more effective to have conviction in your beliefs and focus on deepening your own knowledge and understanding. The speaker emphasized that they had the unique ability to influence influencers, but for most people, it's more productive to sharpen their own skills and let the power of conviction draw others in. They also noted that the market will continue to evolve, and it's important to stay informed about new developments on various chains. The speaker encouraged a positive and supportive attitude towards other projects, as they all contribute to the larger ecosystem. Overall, the message was to stay focused on personal growth and development, and trust that the right people will be drawn to the right projects in time.
Exploring Beyond Ethereum: Valuing Transparency and Authenticity: Despite being an Ethereum enthusiast, the speaker is open to other blockchains and values transparency and authenticity. They criticize negative attitudes, market manipulation, and cheap gas fees, encouraging a shift towards sustainable and ethical blockchain adoption.
The speaker is an ethusiast for Ethereum but open to exploring other blockchain platforms like Solana and Cardano. They believe in following consumer preferences and being transparent, which led them to NFTs. They dislike the negative attitudes and market manipulation they've encountered in the space and the issue of cheap gas fees leading to mass air drops and low-quality projects. The majority of people in the space are focused on financial arbitrage, and this behavior is a significant vulnerability. The speaker values transparency and authenticity, and while they have made enough money, they don't seek power or financial gains through manipulation. They encourage education and a shift away from day trading and financial arbitrage towards a more sustainable and ethical approach to blockchain adoption.
Lessons from a Decade in the NFT Space: Authenticity and transparency are crucial in the NFT community. Evaluate founders' past successes and build relationships with creators before investing to avoid potential scams and ensure long-term success.
The speaker's experience in the NFT space over the past decade, with a limited budget, taught him the importance of authenticity and transparency in the community. He believes that the current market is driven primarily by people looking to flip projects for profit, leading to a surplus of supply and potential for a significant market dip. He emphasizes the importance of evaluating the founders and their past successes when investing in projects. The speaker also shares a personal story of being taken advantage of in the past due to his subjective appreciation for art, and now prioritizes due diligence and building relationships with creators before investing. He believes that money can blind people and that there's a need for honesty and authenticity in the community for long-term success.
Selective Endorsements in NFT Community: Speaker is cautious with public endorsements to protect reputation, carefully observes individuals' behavior, and emphasizes importance of thorough research and avoiding transactional mindset.
The speaker, who has gained significant influence in the NFT community, is being more thoughtful and selective with his public endorsements to protect his reputation and avoid the negative consequences he experienced in the sports card world. He first observes individuals' behavior after they gain recognition, then carefully considers their actions before deciding to support them. The speaker values his reputation above promoting every project he believes in and is willing to remain quiet if necessary. He emphasizes the importance of doing thorough research and avoiding a transactional mindset in the NFT space.
