Podcast Summary
Gary Vee's entry into NFT world with VeeFriends driven by desire to amplify message and reach larger audience: Gary Vee leveraged his background in collectibles and sports cards to enter NFT world, creating VeeFriends to bring Workplace Warriors concept to life. Success includes VeeCon event and collaborations with brands.
Gary Vee's entry into the NFT world with VeeFriends was not only timely but also driven by a desire to amplify his message and reach a larger audience. His background in collectibles and sports cards made him an early adopter, and he was drawn to the potential of NFTs to bring his Workplace Warriors concept to life. However, he acknowledges that the technology and the buzz in the space also played a role in his decision to create the project. Since launching VeeFriends, Gary Vee has been pleased with its success, which includes the successful VeeCon event and various collaborations with brands like Toys R Us, Macy's, and UNO. He feels focused and happy with the project's progress, but also remains aware that his voice and message resonate with some more than others, and he continues to strive to reach and positively impact as many people as possible.
Lessons from Building a Community with Gary Vaynerchuk: Stay true to your style and engage with your audience, even with significant investments. Building a community can change relationships, leading to more positive connections. Set realistic values and consider long-term implications.
Building a community and organization involves learning valuable lessons, even if it means getting caught up in the hype at times. Gary Vaynerchuk, the founder of VeeFriends, shared his experiences about his journey, including the importance of staying true to his style and engaging with his audience, despite the significant investment required for some to join his project. He also discussed the impact of VeeFriends on his relationships with his followers, acknowledging that it changed some dynamics, but ultimately leading to more positive connections with those who benefited financially. Vaynerchuk emphasized the importance of setting realistic values and considering the long-term implications of his projects. Overall, his insights offer a practical perspective on balancing community engagement, monetization, and maintaining authenticity.
Learning from NFTs and Conferences: Education, Community, and Surprises: Gary Vaynerchuk emphasizes the importance of education, community, and unexpected surprises in NFT projects and conferences. He shares his experiences and lessons learned from his first NFT purchase and VeeFriends conference, and plans to provide more value at VeeCon 2023 by focusing on business, marketing, innovation, and pop culture.
The value of NFT projects and conferences comes from education, community, and unexpected surprises. Gary Vaynerchuk shared his experience of the hype surrounding his first NFT purchase and the VeeFriends conference, acknowledging both the excitement and potential missteps during the height of the summer. He emphasized the importance of knowing one's capabilities, intent, and talents while avoiding excessive self-promotion. For VeeCon 2023, Gary learned from the success of the previous year and plans to provide more value by focusing on business, marketing, innovation, and pop culture. The event will cater to a wider audience, including CEOs, CMOs, and personalities from various industries. The blockchain's smart contract capabilities enable the provision of unique experiences and utilities for holders, making the events and access even more enjoyable. Additionally, the funding raised will be used for various purposes, including gifting and continuing to develop the project.
Creating a Beloved IP through Animation: Gary Vaynerchuk is using animation to build a beloved IP and turn unknown characters into icons, emphasizing long-term potential and utility over inflation.
Gary Vaynerchuk's funding for VeeFriends was driven by both strategic business reasons and a desire to create a beloved IP, specifically through animation. He sees long-term potential in animation, as it can turn a character from unknown to iconic. Regarding DAOs, he's considered implementing one but is cautious due to the newness and potential for negativity and politics. As for tokens, he's waiting for clearer guidelines before making a decision. Vaynerchuk emphasizes the importance of adding utility to existing offerings before introducing new ones and focuses on deflation rather than inflation.
Exploring Opportunities in Web 3 with Vayner 3: Brands like Nike and Adidas are investing in web 3, with the metaverse being a long-term vision, but consumer readiness and market instability impact investment decisions.
Vayner 3 is VaynerMedia's innovation agency focused on helping companies explore opportunities in blockchain, NFTs, AI, VR, and AR. Brands are either jumping into web 3 with optimism, seeking first-mover advantage, or remaining hesitant due to regulatory clarity. Nike and Adidas are notable examples of brands seriously investing in web 3, showcasing their commitment to the space. The metaverse, a long-term vision of a fully immersive VR experience, has seen some brands enter the space, but consumer behavior and readiness play a significant role in excitement and investment. The recent crypto market instability, including issues with exchanges, has also caused hesitation among some brands.
NFTs Transforming Real-World Industries: NFTs have the potential to revolutionize industries like ticketing, reservations, couponing, and gaming by enabling ownership, ease of transfer, and smart contract functionality. They can replace QR codes with digital tickets and allow players to sell assets earned in one game to buy items in another.
NFTs (Non-Fungible Tokens) are not just limited to digital art and collectibles, but have the potential to revolutionize various real-world industries, particularly in functional areas like ticketing, reservations, couponing, and gaming. The speaker believes that NFTs can bring added value to these sectors by enabling ownership, ease of transfer, and smart contract functionality. In the gaming industry, NFTs could replace QR codes with digital tickets, or allow players to sell their assets earned in one game to buy items in another. The speaker also emphasized the importance of moving beyond speculative play-to-earn models and focusing on the enjoyment and value creation aspects of gaming. Overall, NFTs offer a profound technology that can transform various industries by making transactions more secure, efficient, and owner-controlled.
Web 3 technology and NFTs set to disrupt various industries: Web 3 technology and NFTs have the potential to revolutionize industries like fashion, gaming, and entertainment by offering exclusive access, proving provenance, and combating counterfeit goods.
Web 3 technology, specifically NFTs, has the potential to revolutionize various industries beyond just ticketing and art. Brands like Chanel can offer exclusive access to physical spaces as an incentive for NFT ownership. However, the decentralized nature of NFTs also brings up questions about ownership and provenance, particularly in industries dealing with physical goods like fashion, gaming, and entertainment. The entertainment industry itself could see significant disruption with the rise of NFT-based streaming services and subscriptions. Additionally, NFTs could help combat issues with counterfeit goods and prove provenance in the secondary market. The future of NFTs lies in their ability to bridge the gap between physical and digital ownership and bring added value to consumers. Industries dealing with physical goods, contracts, and documentation are all potential targets for Web 3 disruption.
A new era of social media with web 3 and ownership: Web 3 social media marks a shift towards ownership and control of data, including NFTs and followers, with potential for mass adoption but a long road to maturity
We are on the brink of a new era in social media with the rise of web 3, where ownership and control of data, including NFTs and followers, are key elements. This shift is compared to the scaling up of rare items like burka bags or sneakers to social media levels, where ownership and recognition become more valuable and visible. The implementation of web 3 social media is inevitable, but it may take time for it to mature and gain mass adoption. The current web 2 platforms, such as Facebook, Uber, and others, took years to reach their current status, and the same may hold true for web 3. Companies may need to consider creating their decentralized alternatives to stay competitive, but the business models and the timing are crucial factors to consider. The transition from centralized to decentralized platforms will be a significant change, but it's also an opportunity for individuals and businesses to take more control of their digital assets and presence.
Transition to decentralized networks may take longer due to public's lack of understanding and awareness: People need education and clarity on data privacy risks to successfully transition to self-ownership and self-custody in decentralized networks, including music industry and royalties.
The shift from centralized to decentralized networks, such as social media and music industries, may take longer than expected due to a lack of understanding and awareness among the public. People are quick to express concerns but often fail to recognize the inherent risks in their current systems, like giving away their data to large corporations or governments. The hypocrisy lies in the fact that people are worried about specific apps but overlook the bigger issue of data privacy. The education and clarity of law are necessary for a successful transition to self-ownership and self-custody. The potential of Web 3 music, where fans can own a piece of the royalties, is exciting, but it requires careful consideration and evolution from the industry. Overall, it's essential to approach these changes thoughtfully and not just react to headlines.
Social Media Platforms: New Distribution and Engagement Tools for Creators: Creators use social media for marketing, reach wider audiences, and build followings at lower costs, but debates exist about monetization and data ownership.
Artists and creators are increasingly relying on social media platforms for distribution and audience engagement, rather than traditional methods like record stores or television. These platforms have become essential marketing tools, allowing creators to build a following and reach a wider audience without incurring significant costs. However, the free use of these platforms has led to debates about monetization and ownership of data. While some argue that these platforms have taken advantage of creators, others see the value in targeted advertising and the ability to reach large, engaged audiences. Ultimately, the relationship between creators and social media platforms is complex and evolving, with potential for both benefits and challenges.
Exploring the World of NFTs and Web 3 with VFriends and Harpick: Speakers express excitement for NFTs and Web 3, discuss personal projects like VFriends and Harpick, admire other NFT projects, and emphasize potential significance in the digital world. Support for Charity Water is encouraged.
The speakers express their excitement and intrigue towards the decentralized world of NFTs and Web 3, while acknowledging the current state of free entertainment and audience building. They also discuss their personal projects, such as VFriends and the Harpick character, and share their admiration for other NFT projects like Moonbirds, Bored Ape, World of Women, Doodles, and Pudgy Penguins. They also mention their enthusiasm for celebrities embracing Web 3 and NFTs, specifically Snoop Dogg and Seth Green, for their entrepreneurial spirit and storytelling abilities. Overall, they emphasize the potential and significance of these developments in the digital world. Additionally, the speaker reminds listeners that while water may be free for some, it is not for everyone, and encourages support for organizations like Charity Water.
Creating Cultural Phenomena: A Natural Talent: Gary's natural talent for creating impactful projects inspires growth and stepping out of comfort zones.
The guest speaker, Gary, has a natural talent for creating impactful projects, much like George Lucas and Steven Spielberg. Although he may not be at their level yet, his ability to produce projects that become cultural phenomena, such as Shrek or Frozen, demonstrates his understanding of what resonates with audiences. Additionally, Gary encouraged listeners to step out of their comfort zones and try new things, emphasizing that everyone has the capacity to do so. He commended the listeners for tuning in and expressed his excitement for their future growth. Overall, Gary's passion for storytelling and his ability to create memorable experiences make him a promising figure in the entertainment industry.
