Podcast Summary
Using AI as a Thinking Partner for Creatives: Gary Vaynerchuk uses AI tools to gain insights and make decisions, and sees web 3 as a platform for creating intellectual property through his project VeeFriends.
AI is not just a threat to jobs but can also act as a thinking partner for the creative class. Gary Vaynerchuk, a celebrated entrepreneur and advocate for the esports and web 3 gaming space, shared his experience of using AI tools to gain insights and make decisions. He also discussed his venture into creating intellectual property in the web 3 space through his platform VeeFriends. Inspired by his childhood experiences with pop culture, Vaynerchuk aims to build a new form of private equity focused on creating hypergrowth. He sees web 3 as a platform akin to television and video games in creating intellectual property. VeeFriends, which he launched a few years ago, combines elements of competition from Pokemon and civility and kindness from Sesame Street. Despite being only two years into the journey, VeeFriends has shown early success. Vaynerchuk, who has spent decades in marketing and entertainment industries, is enjoying the process and finds parallels with the current success of movies and video games like Super Mario.
The Future of NFTs and Blockchain in Gaming: Gary Vaynerchuk believes that NFTs and blockchain technology are the future of gaming and will be a major topic by 2030. Despite recent market correction, it's an inevitable outcome to build and invest in this technology.
NFTs, or Non-Fungible Tokens, are a significant development in the future economy, particularly in the gaming industry. Gary Vaynerchuk, a prominent figure in the gaming and sports world, believes that the viability of NFTs is undeniable, despite the recent backlash and market correction. He compares the current state of NFTs to the early days of the internet, where companies were overvalued due to hype, only for many to fail. However, the technology was too big to ignore, and the same is true for NFTs and blockchain technology. Gary emphasizes the importance of understanding the dynamics of digital asset ownership in open ecosystems like the blockchain, which can be transferred and traded among different games. He envisions that by 2030, blockchains and NFTs will be a major topic of conversation, and those who deeply understand the technology and its history will be at an advantage. Despite the current stigma attached to NFTs, Gary believes that the next few years are the time to build and invest in this technology, as it is an inevitable outcome.
Embracing the 'business of maybe' in the face of new technologies: Incumbents may resist new technologies due to financial risks, but those who stay open to change and embrace the 'business of maybe' are most likely to succeed in the long run as consumer behavior shifts towards blockchain and AI.
While the potential of technologies like blockchain and AI is immense, the success rate of new projects or applications is low. The entertainment industry's reaction to the internet in the late 1990s and early 2000s serves as a reminder that incumbents may not be financially incentivized to support new technologies due to the risk to their current revenue streams. However, this short-term thinking overlooks the significant consumer behavior shifts happening in the present. The highest level of interaction with blockchain and AI is occurring today, and those who embrace the "business of maybe" and stay open to new technologies will likely reap the greatest rewards in the coming years.
Exploring the Future of NFTs and AI in Technology: NFTs will have significant implications beyond digital collectibles, only top 1% will succeed, potential for collaboration between movie and game creators, and a need for education and understanding.
The world of technology, particularly in the areas of AI and NFTs, requires hands-on experience rather than just reading headlines. While NFTs, or non-fungible tokens, are currently experiencing a dip, they are here to stay and will have significant implications beyond digital collectibles. In fact, everyday transactions like buying homes or doing deeds could be done through NFTs due to their security. However, only the top 1% of NFT projects will succeed as most lack the ability to create demand and affinity. The entertainment industry, specifically Hollywood, has influenced gaming by pushing the boundaries of storytelling and budgets, and there is potential for collaboration between movie and game creators to produce stronger works. Ultimately, there is a need for education and understanding as early technologies like NFTs are often misunderstood and lumped together as a genre.
The intersection of gaming, storytelling, and technology: Games offer interactive experiences that allow participants to contribute to the story and shape the franchise, while technology advances bring challenges and opportunities for growth in the esports industry.
The intersection of gaming, storytelling, and technology presents unique opportunities for audience engagement and franchise growth. While movies offer a passive viewing experience, games allow participants to contribute to the story and help shape the franchise. However, in the rapidly evolving world of technology, including NFTs, there are challenges and concerns that need to be addressed. History shows that as technology advances, fears and issues arise but are eventually resolved. In the business of esports, marketing strategies have evolved with the times, making it easier to reach larger audiences and attract sponsors through digital platforms. The accessibility of gaming and the power of social media have transformed the way we engage with content, making it an exciting time for innovation and growth in the industry.
Marketing Shifts in Esports and AI's Role: Esports teams leverage content creation and fan connection through digital platforms, AI offers time-saving, resource-efficient, and creative possibilities.
The esports industry has seen a significant shift in how teams and content are marketed and reached out to fans. With the ease of uploading content and the multifaceted ways to connect with fans, teams can create unique atmospheres and attract new supporters. AI is another major topic infiltrating the entertainment industry, including gaming and esports. It's not going away, and it will save time and resources while also offering creative possibilities for content creation and understanding human behavior. Instead of fearing AI, the creative class should view it as a thinking partner. Overall, it's an exciting time for the entertainment industry, with endless opportunities for growth and innovation.
AI enhances creative process but lacks human soul: AI offers speed and dynamic capabilities, but human creativity remains essential. Regulation and understanding are crucial to mitigate risks.
AI technology will significantly enhance the creative process for many industries, offering speed and dynamic capabilities that surpass traditional methods. However, it's essential to remember that AI lacks a soul and creativity that is uniquely human. While it has the potential to be a powerful tool, there are concerns about its misuse, such as deep fakes and potential for nefarious purposes. There's a need for greater regulation and understanding of AI technology to mitigate these risks. Ultimately, the key is to use AI as a complement to human creativity rather than a replacement. It's important to remember that technology, like the atomic bomb, has the potential to bring about significant change, but it's up to us to use it responsibly. Fear of AI and its potential misuse should not overshadow its potential benefits. Instead, we should focus on finding ways to harness its power while minimizing the risks. The blockchain, with its verifiable and secure nature, could be a potential solution to some of the trust issues surrounding AI-generated content.
New technologies create more opportunities than they eliminate: History shows that new technologies often lead to job creation and provide new opportunities, such as esports, which offers an inclusive and growing space in the sports world
While there are concerns about technology advancements leading to job loss and potential misuse, it is essential to maintain a practical optimistic perspective. History shows that new technologies often create more opportunities than they eliminate. For instance, the invention of the tractor led to the creation of jobs instead of taking them away. Similarly, the rise of esports offers a new avenue for people to engage in competitive activities and even earn a living, particularly for those who may not have had the opportunity to pursue traditional sports. Instead of dwelling on the negative aspects, we should focus on the potential benefits and possibilities that these advancements bring. In the case of esports, it provides an inclusive and growing space in the sports world, offering an alternative path for individuals to compete and thrive. Ultimately, human beings' remarkable capabilities should be the foundation for our belief in the future.
Gaming's Cultural Impact and Future Evolution: The gaming industry is growing and becoming more integrated into society, offering unique forms of wish fulfillment and leading the next scaled evolution with Web 3 gaming and esports.
The gaming industry is here to stay and will continue to grow as a cultural pillar in society, merging and colliding with other industries like Hollywood and sports. Michael emphasizes that gaming offers a unique form of wish fulfillment, allowing individuals to be their own heroes and save the world. Gary adds that we're at the beginning of the next scaled evolution of gaming, with Web 3 gaming and esports leading the way. The speakers believe that this industry will only continue to grow and become even more ingrained in our society. So, keep an eye on this space as we're in for prosperous decades ahead. Applause for Gareth, Gary, and Michael for their insightful perspectives.
