The title could easily be crawled on Google if you punch them into your search engine. I was reading through a series of news on different topics (cryptocurrency focused obviously) and then, I stumbled on this one and it caught my attention at first glance, so I had to take a second look at it.
If you've been around my blog or probably made a few clicks through, you'd observe or notice my recent publications based on the topic "NFTs" and most often "cryptocurrency." It's rather becoming difficult to escape those topics popping in often, not that there's nothing else out there to talk about, trust me when I say there are hundreds of topics, but none feels worth writing about in the long run, and most times, you've got to avoid creating contents to look clone-like because in this space, it takes professionalism to beat the odds.
That said,
This is Gary Vaynerchuk
A 45-year-old CEO commonly known as ‘Gary Vee’ who has been reported to have invested early in Facebook and Twitter. In recent news, Gary spoke with MarketWatch about NFTs, Cryptocurrencies — and the wisdom of youth.
When talking about guys that time their time to understand a system and visualize its future, this is one of them. Undoubtedly, we've come to meet a lot of personalities and have lived therein to entertain more, pretty much so many we regret welcoming. However, Gary is different if you ask me, but this sentiment is only based on my judgment over his conversation with MarketWatch.
NFTs has been a trend, still is a trend, has been deemed to be one that will quickly elapse it span, but surprise, it's still living, and do you think it will be fading anytime soon?
To avoid too much external data in this publication, I'd pick out a few responses from Gary to MarketWatch and we can discuss them, hope you enjoy it anyways.
MarketWatch: We’ve been reporting a lot about NFTs in the last year, and it seems like you talk about them every day. Are you sick of talking about them yet?
Vaynerchuk: (Laughs.) Not yet!
MarketWatch: Why are you so bullish on NFTs?
Vaynerchuk: I think it’s the next evolution in the digitalization of society: Web 1.0 was digitized information, Web 2.0 was digitized socialization, [and] Web 3.0 is going to digitize assets. I’m completely convinced. I think the NFT thing is big, way big. I do think the prices of certain products, art projects are widely bubbled-out, but I view this exactly the way I viewed the internet in 1999. Internet stocks and their valuations were through the roof, prematurely, and a lot of things collapsed. Meanwhile, eBay, Google and Amazon were all there.
OK, he's definitely laying straight facts, and there, he's using one of my favorite words "bubbles." In this space, it's been one of the trendies, apparently every business tycoon that isn't in support of cryptocurrencies have used this word to categorise cryptic assets. NFTs weren't excluded from this list, the beeple's big sale was where the first scandal originated from, or at least call it the most annoying, considering the fact that the hater was a beneficiary.
Gary definitely tackled the question in the right format, because so many people tend to turn blind eyes to what's happening under their noses. The revolution has had its history, now it's slowly moving to develop its present.
MarketWatch: When you’re looking at some of these NFTs, whether it’s NBA Top Shot or Beeple art, how do you sort the ones that could be a golden goose versus the ones that could be [valueless]?
Vaynerchuk: That’s a tough question, and I’ll tell you why. Nobody in an interview can really answer that, because here is what the actual answer looks like: You the human need to do an incredible amount of homework on the humans that are running that NFT project — you judge them and you judge your intuitive ability to understand if the creative and utility are going to be interesting to society over the next decade, and then you jump. I am deciding if I believe in the asset and the people behind it enough to feel good in seven years.
You have to do the work. Just because you believe in the UFC, which I do tremendously, you still have to look at what their product is going to be. Because if they make a million Sean O’Malley NFTs and O’ Malley is potentially the next Conor McGregor, but he loses four fights in a row and there’s a million, you’re not going to win on that. You have to decide if Da Baby is going to be Jay-Z or if he’s going to have a one- or two-year hot run. You have to then look at how many NFTs did he put out — is it six, or is it 6 million?
Da Baby being the next Jay-Z? If you ask me, he's likely to outshine Jay-Z in the coming years. This is me judging from my own metrics, well, it may not really be backed by a lot of math work but definitely some insights, a stance on his present musical abilities and how he tends to make shits hotter on every next couple videos.
In respect to what an NFT could be valued in coming times, a similar analysis is rather the go to, an angle of judgment is by putting hype aside and actually judging it by its strength and weaknesses, because everything counts, flaws and sins, they roll.
MarketWatch: When you are talking to young people about money, what are some things you’re telling people under 25 to do — and not do — with their money?
Vaynerchuk: The biggest thing I believe in wholeheartedly is don’t buy things to impress other people. I actually think the majority of people spend money to impress other people. Whether it’s clothes, cars, travel, home — I believe most people spend money on keeping up with the Joneses.
MarketWatch: So I should just write in my notes, “Don’t spend money on dumb stuff”?
Vaynerchuk: To impress other people. If you can afford and you want to go high-risk with alternative investments, I can see the logic. The No. 1 thing is live within your means. You do that in your 20s, and it gets real good, real fast.
This is basically a general flaw, people spend a lot trying to impress others or call it keeping up with the trends, giving way to an easy go of money that didn't come so easily. I think the interviewer here is quite humorous, but yes, I agree to the format he'd be storing that response, which is "Don’t spend money on dumb stuff”
MarketWatch: What are your views on cryptocurrency?
Vaynerchuk: I’m bullish. The caveat is that I don’t know what governments are going to do, but I am pretty damn bullish. I’m way more bullish on NFTs than I am with crypto because I understand it better.
MarketWatch: They both use blockchain technology — can one succeed without the other?
Vaynerchuk: Yeah, I think they can. A digital asset that converts to fiat is different from a currency that doesn’t have utility. An NFT has more utility than cryptocurrency because you’re getting an asset that you want as a collectible, which is a status symbol.
I believe this part is self explanatory. However, we know he's bullish on cryptocurrency but more on NFTs because he understands it most. He talked about the youths, the younger growing populations and did quite throw in a bit on how people should always go for what they understand, truly, you can only build yourself from where you're conversant with. A point I'd also love to draw out from this section is the fact that "the cryptocurrency industry will not die out" but so many cryptocurrencies will. This is where it is left for us to know where we put our money.
You can go through here to read the full thread as though there's a lot more than I was able to stick in here.
The point of conclusion at large is how the industry will still keep being underrated until it becomes top rated out of the blue.
Are you still doubting the process?
