Podcast Summary
Journey of an OG NFT figure: Jimmy Eth shares experiences and insights: From being an early CryptoKitty collector to building NFTs and working with industry giants, Jimmy Eth's podcast discussion with Gary Vee offers insights into the NFT space, experiences of early adopters, and the ongoing evolution of the metaverse.
Jimmy Eth, an OG figure in the NFT world, joined Gary Vee for a podcast discussion about NFTs, their personal projects, and the current state of the NFT market. Jimmy, founder of NFT 42 and other companies in the metaverse, shared his journey from being an early CryptoKitty collector to building NFTs and working with industry giants like Sotheby's and Sir Tim Berners Lee. Before his entry into the tech world, Jimmy had various roles, including real estate agent and loan officer, but his passion for technology was ignited at a young age with an Intellivision console. The conversation between Jimmy and Gary offers valuable insights into the NFT space, the experiences of early adopters, and the ongoing evolution of the metaverse.
From mining Ethereum to collecting NFTs: A lifelong fascination with technology: A childhood fascination with technology led this individual to mine Ethereum, purchase a CryptoKitty, and eventually explore the world of NFTs, despite missing out on some opportunities due to other commitments.
The speaker's early experiences with technology, specifically computers and video games, sparked a lifelong interest that led him to explore the world of cryptocurrency and NFTs. He built his first computer at a young age and used it to mine Ethereum, which eventually allowed him to purchase a CryptoKitty. The speaker's fascination with the technology began in the 1980s when his grandmother bought his father a DOS computer. He was always drawn to technology and even went to video arcades as a child. His first experience with cryptocurrency was through Ethereum, which he had been following for years due to a recommendation from Aaron Vitallion. The speaker's interest in NFTs, specifically NBA Top Shot, grew in December 2020 and 2021, but he missed out on some potential opportunities due to being busy with other commitments. Despite this, he remains optimistic about the future of NFTs and plans to purchase the majority of his collection in the next few years. The speaker's background in technology and early experiences with computers gave him the confidence and knowledge to explore the world of cryptocurrency and NFTs, leading to his current involvement in the space.
Encounter with Bitcoin mining on Appalachian Trail sparks interest in NFTs and blockchain technology: A chance encounter with Bitcoin mining on the Appalachian Trail led an ex-Google employee to a deep fascination with NFTs and blockchain technology, transforming his life and focus for the past three and a half years.
The interviewee's life-changing encounter with Bitcoin mining on the Appalachian Trail in 2017 led him to a deep fascination with NFTs and blockchain technology. Prior to this, he had left his job at Google in 2014 and spent three years feeling lost and unsure of his future. During his time on the trail, he met someone making money through Bitcoin mining, sparking his curiosity about the technology. When he learned about NFTs and their ability to create new value from digital assets, he became captivated and dedicated his thoughts and energy to the field. Despite feeling like he had failed by not completing his 2,200-mile hike, the journey served as the catalyst for his journey into NFTs and blockchain technology. The interviewee's attention deficit disorder allows him to focus intensely on NFTs and think about them constantly, making it a central part of his life for the past three and a half years.
Early NFTs: A Time of Experimentation and Gradual Adoption: From CryptoKitties to Super Rare, early NFT projects laid the groundwork for future successes through experimentation and gradual adoption, despite a lack of mass market interest during the crypto winter.
The early days of NFTs, specifically in the 2017-2019 timeframe, were marked by a period of experimentation and gradual adoption. During this time, projects like CryptoKitties and Punks coexisted, but the mass market had not yet responded positively to NFTs. CryptoKitties, an early NFT project, was complex and fun, but it wasn't until the advent of secondary markets like OpenSea and the emergence of other NFT projects like Super Rare that the space began to gain traction. The early adopters, who were deeply involved in the complexities of breeding and genetics, stuck it out during the crypto winter and laid the groundwork for future NFT projects. The first NFT project before Punks was actually Curio cards, which predates Punks and was discovered later. The NFT space was small and tight-knit during this period, with Discord being the primary platform for community interaction.
Trusting in NFTs' potential leads to success: Believing in NFTs' disruptive nature, community, and delivery on promises can lead to significant success. Jerry's deep trust since 2017, despite challenges, and lessons from CryptoKitties highlight this.
Conviction and trust in the potential of NFTs, despite the challenges and uncertainties, can lead to significant success. Jerry, who went all in on NFTs in May 2019 by selling his house and borrowing money from his mom, shares his deep gut trust and belief in the disruptive and groundbreaking nature of this technology since 2017. He believes that the community, engagement, and delivery on promises are crucial to maintaining loyalty. Jerry's experience with CryptoKitties, which failed to deliver on its promises, served as a reminder of this. The NFT scene started to gain momentum around December 2020, with projects like Top Shot and VeeFriends acting as coming-out parties for creators and marking a turning point in the market. While the cause of this shift is debated, it's clear that the NFT space is continuing to evolve and grow.
NFTs' Growth Driven by Significant Events and Compelling Narratives: Unique value propositions, effective marketing, and network effects contributed to the growth and popularity of NFT projects like CryptoPunks, Top Shot, and vFriends.
Significant events and compelling narratives have played a crucial role in driving the growth and popularity of NFTs, particularly in the case of CryptoPunks and Top Shot. Early adopters, such as the speaker, noticed external money entering the space and consolidated around projects like CryptoPunks due to their perceived value as a store of value. The fixed supply and unique characteristics of CryptoPunks contributed to their appeal, and the network effect drew more people to the project. Top Shot, which emerged during this period, also gained traction due to its association with established players in the NFT space and its successful marketing strategy. The speaker's experience includes significant financial investment in Top Shot, which has since provided them with the means to purchase items like the car they're sitting in. Another pivotal moment came with the introduction of vFriends by Gary Vaynerchuk, which reintroduced the community to NFTs in a more accessible way during a lull in Top Shot's growth. Overall, the success of these projects can be attributed to a combination of factors, including unique value propositions, effective marketing, and the network effect.
Teaching new users about NFTs and Ethereum leads to growth: Teaching new users about NFTs and Ethereum resulted in over 4,000 new purchases and a large, engaged community.
Educating and onboarding new users into the NFT and Ethereum space can lead to significant growth and impact. This was demonstrated by a project that taught thousands of new users about NFTs and MetaMask, resulting in over 4,000 new NFT purchases and a large, engaged community. This moment was a turning point for NFTs, as it showed the potential of combining a brand and community with the technology to bring new people into the space. Additionally, the formation of a DAO (Distributed Autonomous Organization) as a decentralized investment vehicle adds another layer of innovation and engagement within the NFT community.
Discovering Unexpected Investments in the NFT Space through DAOs: DAOs in the NFT space enable collective decision-making and exposure to diverse projects, leading to unexpected discoveries and potential investments, as demonstrated by the success of NBA Top Shot, Bored Ape Yacht Club, and others.
The decentralized autonomous organization (DAO) model in the NFT space allows for collective decision-making and exposure to various projects, leading to unexpected discoveries and potential investments. This was exemplified by the massive success of projects like NBA Top Shot, Bored Ape Yacht Club, and others, which emerged during an explosive period in the NFT market. The speaker, who missed out on investing in NFTs earlier, expressed awe at the rapid growth and innovation in the space. He also shared his experience of purchasing Bored Ape Yacht Club NFTs and the significant value they have since gained. Despite the volatility and uncertainty, the speaker expressed excitement about the future of NFTs and the potential for continued growth and innovation.
NFT Community and Supporting Promising Projects: Discovering and promoting NFT projects brings value to creators and collectors. Diversify the space by supporting underdog projects and recognizing potential. Spread the word by giving away NFTs and earn the respect of the OG community.
NFTs (Non-Fungible Tokens) have the potential to bring significant value to creators and collectors alike, and the community plays a crucial role in recognizing and supporting promising projects. The speaker, who has been an active participant in the NFT space, shared his experience of discovering and promoting a successful project, World of Women, and how he believes in diversifying the space by supporting projects that bring new people in. He also discussed the importance of giving away NFTs to help spread the word and bring value to the artists. The speaker acknowledged the importance of the OG (Original) community in the NFT space and expressed his desire to earn their respect. He also shared his perspective on the importance of recognizing the potential in projects and supporting them, even when they are not initially supported by the community. The speaker's actions, such as buying and promoting World of Women and his ongoing efforts to support underdog projects, demonstrate his commitment to the NFT space and his belief in its potential to bring value to creators and collectors.
Focusing on community value leads to long-term success: Delivering value to the community, even during challenges, can lead to long-term success and significant returns for OG supporters.
During the development of a project, even when faced with challenges and setbacks, the focus on delivering value to the community can lead to long-term success. Gary Vee, the project's creator, shared his experience of a project where he made decisions that protected the community despite financial losses. He was surprised by the support from OG supporters, who saw the potential in the project despite initial setbacks. The community's faith in the project paid off, as many members were able to buy in at a low price and saw significant returns. Gary also highlighted the importance of OG supporters, who have been there from the beginning and continue to publicly support the project. Ultimately, the focus on delivering value to the community and staying true to the project's vision led to the creation of wealth for the entire community and solidified the project's place in the NFT space.
Determining NFT Value: Consumer Behavior and Supply & Demand: Consumer behavior and supply & demand will determine which NFT projects hold value long term. Not all projects will survive, but innovative models and long-term vision can help projects thrive despite criticism.
While the NFT space is seeing a surge in new projects every day, not all of them will hold value in the long term. The demand for high-value projects and blue-chip assets is growing, but the supply is outpacing it. Projects like Stoner Cats, which have faced criticism, are doing something innovative with NFTs and have the potential to disrupt traditional crowdfunding models. However, not all projects will survive, and consumer behavior and supply and demand will play a significant role in determining which ones thrive. The speakers also highlighted their appreciation for various NFT projects like Gutter Cacking, Wicked Cranium, Bulls on the Block, VOGU, Top Dog Beach Club, Voxies, and more. They acknowledged that while they don't have insider knowledge of these projects, they believe that many of them may not be worth anything in 23 months based on consumer behavior and the current market situation. They also mentioned that even projects that have faced criticism, like Stoner Cats, have potential due to their innovative models and long-term vision.
Unprecedented surge in NFT sales and excitement: NFTs merge gaming, technology, and serious investment, with potential to revolutionize industries
We are currently witnessing an unprecedented surge in the NFT market, with OpenSea's sales over the weekend surpassing what they did in the entire year of 2020. This bull run is a result of the collective discovery and excitement around NFTs as a new frontier in technology, merging the fun of video games, sci-fi, and gamification mechanics with serious financial investment. The NFT space is compared to the discovery of a treasure, like the Goonies, saving the town and unlocking the promise of cooler things to come. While it's important to note that not all projects will succeed, it's an exciting time to be involved as NFTs have the potential to revolutionize industries, just as sports did when it transitioned from an unorganized pastime to a multi-billion dollar business.
Collaboration and community engagement lead to growth opportunities in NFT space: Successfully engaging established communities can increase visibility and success for NFT projects. Collaboration strategies like Avastars and VeeFriends' Project Terminus can incentivize engagement and expand reach.
Collaboration and community engagement can lead to significant opportunities for growth in the NFT space. As seen with the example of Avastars and VeeFriends, projects that can successfully attract the attention of established communities can experience increased visibility and success. Avastars, in response, initiated a campaign called Project Terminus, allowing VeeFriends holders to claim one of 1300 free Avastars as a way to incentivize engagement and expand their reach. This not only benefits the Avastars project but also serves as a valuable asset for VeeFriends holders. This strategy of collaboration and community engagement can be a powerful tool for new projects looking to gain traction in the NFT space.
Discussing NFT projects Avastars and VeeFriends with Jimmy: Passionately build a successful NFT project by engaging the community, giving back, and taking action. Find resources at garyv.com/avastars and garyv.e.com/plp.
The podcast episode featuring Jimmy featured a discussion about NFT projects, specifically Avastars and VeeFriends. Jimmy shared insights into building a successful NFT project and gave advice on giving back to the community. GaryVee expressed his appreciation for listeners who leave reviews and shared some positive feedback from a recent 5-star review. He also mentioned ways for listeners to engage with the podcast, such as becoming a regular or leaving a review for a chance to be featured. For those interested in NFTs and starting their own projects, GaryVee provided resources such as garyv.com/avastars and garyv.e.com/plp. Overall, the episode emphasized the importance of passion, community, and taking action to achieve success.
