For Anyone Who Still Thinks NFTs are a Scam...

all right let's get some food yeah what are we doing here that whole thing is a Monumental podcast that we have to frame off of like like it's Monumental that is a rare instance where I show my intellect twice a year I like to remind people like I'm not a [ __ ] Joker hey everyone what you're about to watch is Gary and some fellow speakers having a combo about nft utility right after the brand Minds event in Bucharest Romania for anyone that's still skeptical about nfts or still having a tough time understanding the point of nfts I think this video is really going to help you let's take this extraordinary family yes in Milwaukee Wisconsin I love this I love the question already middle class keep going middle class upper middle class yes how are they going to own and use nft their their favorite coffee shop that sells them seven dollar latte right the punch card that gives them an 11th free coffee will be an nft in a decade and let me keep playing let me keep playing follow-up so it's a way to it's a way to improve ownership and put utility against it okay but so what it's doing is it's is actually making more efficient something that people are already doing correct but let me keep going okay go go go now the coffee shop owner in Milwaukee yeah is quite Progressive okay and decided that the artist of the of the coffee punch card yeah is going to be a uh Inner City child from the bad parts of Milwaukee who's a great who they just did a contest and they won and the month of April February for Black History Month is this artist the 16 year old nine years later goes on to be a commercially successful artist right the first art that he has ever made on the blockchain happens to be a Milwaukee coffee shop collectors like me that collect this and millions of other things go and start buying that nft for two thousand dollars because it's his rookie nft rendering an eight percent commission fee to the Milwaukee coffee shop that's sharing it with Tyrone four and four and rendering me to wake up one day reading a headline and saying wait a minute I have that NFP because I used to go to it's creating infrastructure that people can't see yet that's a beautiful example of the mundane SMB normal person every airline ticket is right now a QR code right all three of us grew up when that was a piece of paper right in between it was a email and many other things right that also will be every corporation has okay so agendas for art that they can you know if you look at so that's where I think it's going is uh he is at least to me it's like not making more efficient something that already exists but this idea that you can the idea that you can do something that isn't possible today correct it's gonna be both yeah right so so what is impossible today is this idea that you can have essentially I mean you think about with art like you can have essentially the the the the the Providence of the Art built into the art itself so correct exactly where it is and the other thing is that you can actually give the artist humor herself a cut of the secondary Market it's absurd it changes everything because because I think California has a law to require in that so if I buy a pizza if I buy a painting from Angela all right and then Angela becomes famous I buy a painting from Angela when she is unknown correct and it's a thousand dollars happens all the time and then Angela becomes incredibly famous correct then I sell that painting for a hundred thousand dollars she doesn't get anything that's right although under California law there's some kind of Vision that requires I'd love to know how and well that's being enforced exactly correct that's the problem that's and that's the correct correct that's that's you know what else is amazing that is true it think about how people are going to fund their music projects think about how an artist music artist today does it they sign a contract with a record label for distribution right they're basically getting uh 20 cut after they pay back the bank all their dollars for the most successful it becomes an atrocious deal which is why you've seen from Prince on through the decades I've said now let me play it a different way imagine nirvana in 1992 had social media and on Tick Tock says our first album's coming out and all the fans that have been following us on Tick Tock you can buy an nft that represents a percentage of the back and in perpetuity now okay isn't this is this isn't that profound now I'm getting Goosebumps now you know this fans hate when their banned or artist gets famous because they sold out and they can't go see them when there's only 50 people in it now fans are gonna make their wealth from their favorite Brands making it interesting isn't that fascinating interesting could one do the same thing for actors of course so you're basically just what about what about people what about people what about Harry Potter or I'll give you a great one I argue that if nft was mature in 1975 that George Lucas would be the richest person on earth because every single collectible in digital form giving George Lucas a percentage of not only the primary but the secondary trip are you kidding me yeah I mean look at eBay right now and see how many tickets from concerts and sporting events are sold a year stubs every ticket's gonna be an nft within a half a decade rendering the NBA Alicia Keys and many others getting in perpetuity royalties for collectors that now eBay and FedEx make money on not them and so it is a profound technology that people are just starting to have the conversations in rooms like this that we're having which I've only felt in my short career in 96 7 about the internet and 2005 six seven about social media but you're but you're bullish about not about digital currency but about digital assets that have utility attached I'm not not bullish on currency I'm just not educated enough and haven't seen the path and I think government has to accept too much and private business has to accept too much and there's a lot more friction whereas with nfts entrepreneurs and creatives and operators and audiences can now act today which has a lot less friction than a government accepting Bitcoin as a as a Fiat how much friction is there like what the form of ownership for civilians go back to this family in Milwaukee yes ownership is a wallet yeah right tremendous friction the reason this hasn't become hundreds of millions yet is the onboarding no different than our parents putting a credit card into a computer in 1996 and being scared that it would be stolen if you remember those days or my mother in 2022. Fair yeah or us even figuring I mean I was a curious kid and just didn't understand Prodigy I didn't know how to get on the internet and then Mark Andreessen created Netscape Navigator and typing in a address and enter so we are still to your point and I love the question it is even for me two years ago when I'm like I'm going in it was like this is not so easy what's a seed phrase and being a custodial owner of your state it was a lot of friction right over the next decade that will become the mundane and that's when it will explode I think the analogy is really interesting that I had thought about before is there a mosaic yeah of course of course I believe what I talked about today on stage was this concept of web 2.5 everyone's talking two and three I think there's a chapter here in the next three to five years and I've I've actually been bullish coinbase even though they got lots of problems given how overvalued the stock was and where they're at right now I believe in their CEO and I actually think they're the most positioned to create what I call a web 2.5 where they are the holder of the assets so it is actually against the philosophy of web 3. the philosophy of web 3 is do not allow corporations or others to have control the problem is everybody loves the Wild Wild West which that is until you're the one getting shot so I've watched people on Twitter go crazy and be web 3 Maxis and be like this is the best [ __ ] the government [ __ ] the corporations and then they get their nft stolen and immediately they're like hey government hey Corporation and so here right and so we're gonna go through this path but I think your um intuition on that Insight is right I do think that the next decade is about education and innovators whether on the corporate side or the entrepreneurial side of eliminating friction for the day to day but but much like in 1995 where I was a kid and really wasn't a technology kid what I knew is that people were gonna use this damn thing because it was just gonna change everything that's kind of in the same my first it's interesting my first email account was a CompuServe account so you were there I don't know yeah of course I do my first email was that 9234 it was like 94 . yeah it makes sense my first email address was something like seven four six two nine eight five phone number oh it wasn't even that oh just some numbers yeah at compuserve.com I think mine was gnuts at aol.com friends who are like I would call us purple we're not red we're using political standards we're not red or blue on this thing and web3 we're purple we're in the middle we're we're very bullish yeah but we're not like the metaverse is here tomorrow it's all about timing right when we have thoughtful combos where we're being thoughtful we always talk about what's the AOL moment which organization which entrepreneur is going to come along and create an onboarding that makes a lot that makes a lot more sense but but what will happen in that very quickly just to give you the big butt is a lot of people will realize wait a minute this isn't actually web3 this isn't blockchain because the hypothesis is decentralization creates no power for anyone what we're talking about right now is web25 something that somebody is still in power of and and what you know what I like about it I like a world of a mature web25 and a real web 3 because then you're giving people options hey do you want to live in web 3 where hey by the way it's all on you you better know your [ __ ] you better know how it works and you have the option hey you're a little worried about that you're you're a little Tech nervous you're not there yet use this web25 and that's what I think the next decade's about but for math for Mass adoption civilians are going to be indifferent whether it's what 2.5 they're going to be web 25 because web3 is gonna be too complicated yeah well they just they want they want look look at social media when I was all done hoe in 0506 it took a while we have that full adoption in 2022. most people have some account Facebook LinkedIn Twitter something and I think that is inevitable for web 3 but it will be uh will be a decade and a half a decade and two decades but when it's but starting a year ago to that time every day things are getting innovated and changing and the opportunity is extraordinary the opportunity in web 2 from 2005 to 2020 was extraordinary Facebook Instagram Uber seamless I mean just everything we know Spotify I mean name something I'll tell you something that happened in 15 years the same thing's about to happen and the accelerant there was correct this is now in place though for web 3. back to the coffee shop right to your point the accelerator to the Moon of this this is actually the most this is actually the most [Music] is actually thinking analogically about this and saying what is the Netscape Navigator what is the AOL what is the thing that's going to move it from I mean I you know I I remember like I'm old enough to remember Prodigy yeah um I'm old enough I'm 46 how old are you I'm I'm 10 years older than her first of all you look phenomenal second of all second of all you you and I I would still argue that we're in that same sphere yeah that that generation in my opinion and this is what I have a lot of friends going on this thing called the internet and it was just it was like on an MS-DOS computer yeah and like and like looking around and saying well this is this is kind of it was profound why are these people out there it was profound that is what's happening now yeah and and to that point you have to be extreme but to that point it's a it's a small sliver of people correctly but here's where I get really passionate so many of my contemporaries 45 to 55 who are thoughtful enough to have this exact combo yeah I argue with them and motivate them and encourage them I'm like you know better you actually lived this old movie already you remember 1990 to 2000 you should actually have more ferocity to be curious but a lot of people are complacent it's a lot of work it's a listen I spent a hundred hours which is Meaningful time just watching the same 101s to get to these hypothesis I love being a communicator and a translator when you just said what you said that means the world to me you don't understand that that is such an invigorating comment what's the best thing to watch and read on this short of having a conversation with you send me an email let's get let's get each other's information but but yeah because I'll send you a bunch of links yeah all right in the old days it was possible to um a boxer you might know this boxers who create professional boxes would create what's called a syndicate and Syndicate was essentially that they would get investors in their career and the investors in their career would essentially Finance the training that's right in exchange for a piece of the person Mike Tyson well and I always not only the 20s up to Mike Tyson and I've been waiting for 20 years for that that's the technology that exists waiting for that I'm waiting like why would why would but but I'm wondering whether let me let me let me jump in let me jump in uh there is a gentleman uh I want to give you his name Jesus I'm blanking ah God I know so well we went to Facebook forever he'll come to me in a second [ __ ] I could see his face uh he sending a startup that is built on the blockchain that allows human beings to come in and sell a piece of their life earnings and the technology infrastructure is absurd yeah it's amazing but I mean but that's amazing right and you know why because we're getting The Upfront economics I think I'm talented and if you think about it this is why I'm very passionate about the blockchain let me give you a great analogy on this one let's say you're a kid from the other side of the tracks right and you don't have a network but you have all the black and white Talent if you think about that trade I'm that person if I can get two hundred thousand dollars up front I may not have to slug away a decade if I give up 10 of my earnings if I'm that talent for two hundred thousand dollars today think about on both sides for the kid that's a good trade quality of your life maybe about ability to go do what they really want to do instead of giving up a decade to get to The Leverage on the other side someone like me if I see the town especially me because I was a kid from the other side that's my most interesting thing that's an incredible Financial investment these are profound changes and when and when the government is on the blockchain and think about where you're going with the California thing when that kid really goes on to be that kid I'm getting a piece of his income tax statement sure he could play a little bit here and there but that's going to be attached to that contract you're actually as the investor gonna get your money yeah it's really big technology and that's a really fun one right and you know what that does that changes Society now all of a sudden you know what a decentralized server base creates is some of the promises that a lot of us have wanted for the world it gives us another tool to make social change and that's exciting yeah and I like the internet describing is essentially a Syndicate for everybody correct everybody and everything well but the other thing about that is that it opens up some interesting it opens up into using ecosystem well what it really does is it puts pressure on governments which is why well The Syndicate for human beings they're thinking for human beings creates a peer-to-peer infrastructure that starts to really question a lot of things that sit in the middle like governments uh I'll give you a great example I can't today and it's early see a world where people don't buy each other's homes off of each other through the blockchain and nothing's in the middle of it nothing meaning like the friction creators like like mortgage insurance and closed title I mean title would be a perfect example titles title ready title companies what I felt ready Title Insurance ready you ready you ready you ready what I felt about bookstores in 1995 because I was really in it I was really in it at that point I was like they're in deep [ __ ] I even like had one friend's family and I'm like I'm telling you this Amazon thing is bad bad is exactly about to happen to Title Insurance in the next 20 years yeah I I would say that could even be faster what what what the internet did for information the blockchain will do for transaction yeah it's really worth both of you and it's really worth your time to go home in America it's a good closing cost it's absurd it's absurd it's always been absurd I think the third reason it hasn't changed is that people options they don't do it well they're options they also don't do it regularly options they're sitting there saying signing all these forms and paying thousands of dollars for nothing there's a lot of then it's like okay whatever that's done I'm not gonna have to do it again what about being a merchant giving up four percent of your money to Amex or somebody to buy something from you that's not fun my dad's my dad didn't take credit cards I got into my dad's liquor store in 1991 1991. I'm 6 15. we don't take credit cards I'm like Dad and I was at the register I'm like Dad do you know how many people leave the store and don't have a check or cash yeah and it was like six or seven but when you're a small business every day six or seven yeah like that we have to take credit cards but he couldn't get over an emotional hump of three four percent it was meaningful money now it's just accepted but but what do you think is gonna happen with blockchain You're Gonna Take Salon ethereum's got expensive gas fees but over time there'll be other blockchains I mean credit card companies have a lot to think about there's a lot of people sitting in the middle it's a it's a it really truly and this is why this is so fun I didn't know how many more when web 2 came I was like oh this is nine this is internet but but I wasn't sure like what you know you don't know when the next thing's coming this is so big and what's funny because of the greed of Bitcoin and nfts what it's doing is it's a smoke signal over here and it's keeping people's attention away from the actual underlining and so so to me I'm like ooh as an entrepreneur and as somebody who's got passion to like take advantage good that selfish selfish selfless I'm like oh I have a lot of time because this thing over here is distracting a lot of smart people which is going to render a couple more years of opportunity to land grab that's what's happening look back looking at long terms correct pets.com pets.com was 80 billion it didn't have any Revenue March April 2 every day since I've been talking about this space yeah I've been referencing March 2000. what with what exactly you just said but Amazon was four bucks a share let me introduce basicallypets.com he knows he follows me around I I use pets.com and chewy every day of the week and that's exactly what's going to happen and it's gonna happen by the way with nmp projects right now in this Carnage of 99 that were made in the last four years going to zero there is absolutely two percent Andy Warhol Jackson Pollock Disney it's just gonna tell take a little time to figure out which are today somebody will buy an nft for four thousand dollars that was forty thousand dollars seven months ago and it will be four million dollars in 20 years it happened today yeah so that's on that little part of the world but that is the infrastructure around entertainment in The Syndicate syndicated earnings for everybody yes so it seems to me that the market that demands talent scouts Talent spotters at some time Talent spotters for emerging artists it was my biggest hypothesis of influencer marketing of what influencer marketing the reason I believe in the NFP thing so much is over the last 10 years I've been very close to what has happened with human beings monetizing themselves thank you for every Logan Paul and Charlie demilio and people that have gotten famous and made tens of millions of dollars there's a long tail of many people who've made 50 to 200 000 talking about themselves or their passions instead of having a job the same thing will happen in nft land that are looking for talent there will be the people that go on to make profound economics but the long tail of having Alternatives I'm so happy for artists there's a lot of people who could never make a living painting who are going to convert into painting on digital who will make 83 000 a year instead of being a government worker or an executive at a retail store will be an artist full-time live within their means it's not about billions and it's going to enable a lot of that it really is which is really neat you know like if you think about somebody who's naturally an artist born an artist the 70s 80s 90s were not kind to them they had to get a real job you think about a kid board today let this thing went short out for the next 20 years she or he is going to be able to have a livelihood around their art now it's gonna be hard even being a person that makes 80 000 a year selling nfts will be competitive because everyone's going to try to sell but if you look at influencer marketing there are millions making a hundred thousand years so many of these markets are are our winner take on Market on the platform side what do you mean winner take all Google Facebook Tick Tock sorry about on the individual side no on the individual side the long tail of creators on YouTube and Tick Tock is extremely long it's winner take all if you define success a million dollars if you define success eighty thousand dollars it's astonishing yeah yeah it's astonishing there's some fix Ed it's astonishing what's happening it's not being reported people are not collecting the data people you have to be in the day-to-day to understand how many kids 15 to 45 I use the word kids that way are making 50 to 100 000 a year being a personal brand it's very long tail and as technology and by the way the Great Recession has a lot more to do with that options and I keep telling a lot of my corporate friends and leaders I'm like you're worried about the great resignation wait till you see the great never applying in the first place you've got an entire generation of kids growing up on Roblox Tick Tock fortnite who are like you know I could work at IBM or vaynermedia or whatever or I can make 61k doing X Y and Z I'll live with three roommates I'll keep building maybe I get to 200k and and it is a blind spot to The Establishment at scale and so what we talk about is these kids are entitled they're not entitled they're aware of their options hey everyone Jacob from Team Gary here the audio gets a little cut off so we wanted to remind you what Daniel pink is saying here he's saying that if he wanted to start a business that finds the most promising young people out there and you want it to buy a small piece of their earnings early in their career What discovery method out there is the most efficient at finding Talent something came along in the last two years that did a lot of work for you the tick tock algorithm so today I'll explain five let me break it down for you five years ago the answer to your question is great research if you're asking Spotify and Facebook to do it they should be keeping the economics I've always said this to everybody everyone's like [ __ ] Facebook I'm like they're doing it for you right okay if you want all the economics do it yourself okay so that's one my my contemporary answer based on today is called The Tick Tock algorithm so Tick Tock why Tick Tock has become the biggest social network in the world is because the algorithm was based on the interest scrap not on the social graph what does that mean means as a human being I the four of us with Dustin might have went to high school together and we were a click and at 17 we were a click we're in a small town together we were a crew and we followed each other over the next decade all four of us lives alone our interests evolved and getting content and by the way at 27 all four of us are likely in different parts of our life cycle one of us might be married one might have a kid one might really still try to figure themselves out after adversity one might be flourishing as an independent but the content becomes not as valuable because when you're following people people are always evolving that was Facebook that was Twitter that was the first era of social the graph that it was built on was who you follow okay right okay Tick Tock came along and said we're gonna go about this differently we're gonna feed you the things that you're interested in we're gonna build Ai and technology that knows Gary's into wine now but he might be lessened to Wine in two years and we're gonna show them sneakers and it keeps pounding interest what that has done is created a higher level of Merit and more stickiness people enjoy Tick Tock so much today because they're actually getting what they want but why wouldn't Facebook and Twitter do that too well they're going they're going to they're going to but but algorithms are high tech there's a lot that goes into that right yeah so nonetheless itself is young in comparison to the others social networks final point to go back to your question because it's now based on Merit so what you'll see I don't know if you've done this before you've seen this or how close you are to this why is Tick Tock different if you go to a personal brand like me or a brand like Nike if you go to all their social networks if you look at their analytics most of their content gets about the same amount of views because it lives in this pocket if you go to tick tock right now if you get curious on this conversation and do a couple hours of research and you start clicking around on Brands and people and look at their tick tocks you'll see something amazing this video got a million views the next one got 900. the next one got three thousand the next one got 58 000. and so what ends up happening is you have a higher level of Merit of the content being the variable and then if you ladder that up to the individual it's creating a very substantial insight to who does the world like right now thus rendering the answer to your 17 year old question I know this because it's what I do for a living and a lot of the relationships I make are based on humans that are sending on their way up and I'm trying to find ways to bring them value because I've lived that life and it's good to have relationships with people that are the Future Leaders of the world in different categories so that's the answer to your question my friend if you start a phone called 17 and did that today I would tell you that you would have very heavy math Quant analysts on your team living in tick tock and then you would and then you would need socialized people almost like Club promoters who were charismatic enough to get the kids to come into your office because it takes both the Quant and the qual and then that becomes your firm a little bit more you end up with you know let's say that I buy the right one percent I I invested Angela at 876 that would have been smart I [Music] because she wants to live in a nice apartment instead of slumming it with four of her roommates right right or she has a br or she has a brilliant idea or she knows or what I'm trading on every day she knows who you are and she wants to make that trade because she also wants mentorship see that's an interesting variable but keep going yeah keep going yeah economics yep one percent of her lifetime earnings could actually I could actually then actually trade that yes you can I could you got it I could I could I could hold that for three now now now you know what he just said I'm gonna sell this one percent stake now for I'm very happy right now for for a million dollars can I tell you why I'm happy I think that he's gonna make 100 you know why I'm happy you're gonna like this let me tell you why what you just did in your brain was transition from web 2 to web3 let me explain what you know what he did as a normal BC the way we know it in investing you kind of sit on that paper in perpetuity yeah when it goes to the blockchain right it becomes a transactional asset yeah so he can keep that forever yeah but if he wanted to do the bigger version of what you did with him because he's at this point in his life it's a big [ __ ] thing I think that's a big thing because do you see this my Goosebumps when I it that's how big of a deal it is you got it this this this but that's interesting now because you go back to your VC example if you there are there are markets where you can correct you can say you got it but they're very clergy correct they're very close whereas this is going to be frictionless at scale this conversation for the last 45 minutes is why Zoom will never eat up my whole life going to physical places and meeting contemporaries it's gonna be both I'll always the cat's out of bag I'm so excited about doing certain things that way but this us having this moment together sharing ideas thinking my whole career by the way all the great insights of my life that have led me down great paths is being on the receiving end of this conversation in this moment I'm kind of feeding but it's interesting hey everyone Jacob back from Team Gary here we just wanted to explain to you what Angela is saying since the audio gets cut out again she's saying that she's been a part of many conversations around nfts over the past few weeks but many of them have been about the large implications that nfts in the blockchain will have in our society for example climate change the metaverse ETC or for some reason she believes this conversation is the most nuanced and Humane conversation she's had about nfts yet and she's been grasping it because she finally understands nfts on a human level what nfts mean to her as a human being one thing that I found because I'm incredibly who I am and so the climate aspect matters to me tremendously what I found with 99 of my conversations is people are headline reading and don't know the tech they don't know that ethereum is going to proof of stake versus proof of work and under that rendering in August it's deploying less energy than Netflix so now I ask my friends who get on their high horse stop watching Netflix you know people people are very good at being selective on but that's why this is such a cool correct a hundred percent you know what's really you know what's really amazing you would be you would be flabbergasted how polarizing the internet and social media 2095 and 2005 conversations work what do you mean that's not something that I remember people had very strong opinions on 1996-7-8 while the internet was not only a fad but bad for the world oh yeah yeah oh come on come on come on I remember come on yeah again right because you know you were in a different place that you were too young for that okay okay yeah right it's a valuable it's I call it wisdom all right I remember the time when people said it's unbelievable when you think about it I haven't thought about this for years this is maybe 90s 697 well the internet might be a thing but women won't use it oh that's right that's right brother yeah about that like women won't yeah just a bunch of dudes being stupid yeah yeah I'd forgotten about that that's like 96. or less less cliche do Talk No One's Gonna use it you want to go have fun go Google the internet is a fad and read the articles that was so fun yeah that was so fun listening thank you it was enjoyable send me those uh send me those 100 000. hi nice to see you again great to see you again 2017 17. yes it's great to see you spoke about my company that diamond very inspirational today my husband is here we're starting an nft project in Romania and good luck we own a coffee shop that sells uh accepts cryptocurrency how are they going to own and use nfts their favorite coffee shop that sells them seven dollar latte right the punch card that gives them an 11th free coffee will be an nft in a decade amazing and when I released press release we had only two um two buyers yeah that's it and everyone laughs about us yes I said [ __ ] you I love when they laugh when they laugh you know it's gonna be good your head yet yet you know how many orders I used to get on winelibrary.com in 1995. one two one two patience [Music] [Music]

Channel: GaryVee

Views: 53,015

Keywords: Gary Vaynerchuk, gary vee, gary vaynerchuck, garyvee

Id: 4h2-KIQIOvU

Length: 34min 18sec (2058 seconds)

Published: Wed Jun 29 2022