Gary Vaynerchuck is one of the Legendary Digital Marketers and Entrepreneur and a Hardcore Businessman who has honestly revolutionised the Digital Marketing world and influenced millions of people worldwide.
Today, we are here to watch, read, learn and see what’s Gary Vee’s thoughts on Non-Fungible-Tokens, Aka – NFT’s.
GARY VEE HAD BOUGHT BITCOIN IN 2014
Gary Vee, if you didn’t know was pretty early in the game and trade of Crypto-Currency. Although, 2014, Bitcoin had already gone pretty expensive and at that time, Bitcoin was valued at $550 dollars USD. He did buy 4.30 Bitcoins in that year.
But today, Bitcoin is currently valued at over $50,000 dollars USD, which means that 4.30 Bitcoins is now worth over $200,000 plus dollars. This is definitely a big shift in the tech and blockchain world and right now NFT’s are at the hype. “Just a year and a half ago, probably 2017, 2018, Sports cards and NBA Top Shots were certainly gaining a lot of traction and attention.” – Gary Vee
“But in 2020, especially in October and November, NFT’s really started becoming serious. There are probably millions of NFT projects while most won’t succeed.” – Gary Vee
And he is absolutely right, NFT’s did become very serious as some of the NFT’s and Artworks in those months were selling for over $500,000 dollars and some even more. One of the most famous and surprising ones is the Chris Torres, Nyan Cat that sold for $561,000 dollars USD, while others like Pak, Metarift sold for $904,413.47 dollars. This is huge and we can now see how valuable, the art industry really is.
WHY WOULD ANYONE BUY NFT’S?
According to Gary Vee, it could be status, or brand. As we are creatures who communicate, we wear hats, have hair and we communicate with each other. NFT’s are also one way by which we communicate. It represents who we are.
I think Gary here is giving in the perspective of his marketing experience, human behaviour, psychology and relating it with NFT’s as to why people really buy NFT’s. One of the reason’s why people actually buy NFT’s is to represent themselves as someone who is valuable, why because he/she owns something valuable. At the same time, the art itself represents the owner and it share his personality, likes, dislikes, his beliefs and thoughts and social views.
Similar to why people invest in Tattoos, it’s because that Tattoo represents the person itself and his personality. Because if you think about it, you don’t just get a Tattoo, you first choose a specific one that is related to your life, your beliefs and experiences. I think, NFT’s do share a similar thing here.
“The NFT journey is amazing. It is very much believable that Non-Fungible-Tokens are going to be a big part of our life” – Gary Vee.
Quote ” I am excited and I wanna excite my community” – Gary Vee – I think it’s a really good idea to spend the 10, 15, 20 hours to down those rabbit holes on YouTube , Web depending upon how well you learn audio, video, written text. I am really excited and I am gonna go at it. Buy a bunch, trade a bunch, sell a bunch and use a bunch and really get deep into this community. – say Gary.
It’s about time, that we definitely should be hyped about NFT’s as it is the next big thing, however, I think even more than being hyped, what Gary is trying to say is that, we should also be learning more about the technology, hype and NFT’s. By really trying to understand every bits and pieces of the marketplace, blockchain, audience, community, and the business itself, we can get a upper hand, when we are actually running on the track. Experimenting is one of the things that we should be doing in the NFT hype, as no one, not even Gary Vee knows what’s going to explode and what’s not going to explode.
WHAT ARE NFT’S?
NFT’S or Non-Fungible-Tokens are Crypto-Currency Tokens that is indivisible and unique. NFT’s offer myraid of options for creating and trading digital assets such as original artwork and blockchain integrated collectible games like Crypto Kitties.
“It is the first digital signature that you cannot counterfeit. You can make digital art that cannot be counterfeited.”
The art gets it’s value due to it’s scarcity. The blockchain allows you to do that. For the first time ever, we are seeing artist and especially digital artists creating digital art at a big scale.
Here, the NFT’s are traded through the Ethereum Crypto Currency and this is possible because of Ethereum. Because Ethereum is a crypto currency that can hold some additional data or information which makes the NFT’s become valuable and scarce.
“Fractionalisation of Physical Things is a Game Changer” – Gary Vee
“The reason why Michael Jordan’s Rookie card is selling for a million dollars is because you can sell 100 of the same card in fractions. It’s like buying little Tesla and Apple stocks. Fractionalisation of sports cards is gonna get the Market Insane” – Gary Vee.
Fractionalisation just means that the NFT has 10, 20, 30 or 100 parts of it in fractions. However, the value of the entire NFT asset, artwork, or sports card remains the same. The value is free to increase or decrease. Which means that a NBA TopShot sports card could be valued at $1,000,000 dollars and it could have 10 fractions of it. So, each owner who owns 1 fraction of it, would own $100,000 worth of it. If he were to sell it, he could sell 1 fraction for $100,000.
The future of NFT’s is such that there’s going to be an artist paint a picture, a rapper do a little song from behind and these could be sold in the Super Bowl where people could be like “Wow, there are 10 of those, I wanna own one or two of them”.
PEOPLE NEED TO KNOW HOW TO SHOWCASE THEM
“Why artworks is high net worth individuals, buy a piece of artwork and whether they put it in a Moroccan warehouse or upper west side apartment, or whether they have a show, they are able to display it” – Gary Vee
Supply and demand, scarcity, trading, IP and IP wars for NFT’s are going to be remarkably interesting says, Gary. With the rise of VR, you can clearly understand why NFT’s have a shot.
NFT, NBA TOPSHOT and WHATS HAPPENING THERE
You know, what’s funny right now is that a lot of people are scared connecting their Coinbase account with Meta Mask as most of them made fun of their parents for not wanting to put a credit card inside a website 9 years ago, and now you’re the boomer. – Laughs Gary Vee
There are a lot of things happening in the NFT space with the digitalisation of the society, and as we know, how people are going after that blue checkmark on their Instagram account. This is the same reason why NFT is going to be very huge.
Gary says that both artists and digital artists are going to immensely benefit from NFT’s as it can become a sole way for monetising their artwork without needing a middle man in between their artwork and money.
Further he says that NFT’s are going to become an incredible revolution. NBA Topshot is an incredibly big platform already as NBA IP is huge and sports card has been so hot.
So combining all these hype of NFT’s, NBA Topshop and Art, this is a perfect storm!.
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