Talking The Future of Web 3.0 w/ Adam 22

NFT Future

Gary Vaynerchuk discusses the future of NFTs, drawing parallels to the early days of the Internet. He believes that while 98% of NFT projects may fail, the remaining ones will have significant long-term value, similar to how companies like Amazon and eBay emerged from the dot-com bubble 1. Gary emphasizes the importance of building meaningful ventures and sees NFTs as a lasting innovation, with projects like CryptoPunks holding historical significance 2.

For the one to 2% out there right now that really believe they're building something meaningful and they're getting caught up in the muckery, they got to shut their mouth, put their fucking helmet on, go to work and pop up in 2037 and say, I told you.

--- Gary Vaynerchuk

He advises creators to focus on real-life and virtual access to build sustainable NFT projects.

   

Investment Strategies

Gary shares his investment strategies in the NFT space, emphasizing the importance of conviction and long-term planning. He advises against investing money one cannot afford to lose and stresses the value of learning from failures 3. Gary's approach is to invest in projects with a clear roadmap and potential for sustained value, like his VeeFriends project 4.

I'm incredibly thoughtful about the money I'm going to play with. And then other people, they hold up their time as valuable when their time's not valuable.

--- Gary Vaynerchuk

He encourages investors to be patient and focus on projects they genuinely believe in.

   

Market Corrections

The current market correction in NFTs is seen as a natural phase by Gary, who compares it to past technological bubbles. He advises NFT holders to maintain their investments if they have conviction in their long-term value, rather than reacting to short-term market fluctuations 5. Gary highlights that only those who sell during downturns truly lose, and emphasizes the importance of understanding the underlying technology and its potential 6.

You only lose on your convictions when you sell.

--- Gary Vaynerchuk

He encourages a focus on the broader picture and the potential of NFTs beyond current market conditions.

   

Celebrity Impact

Celebrity involvement in NFTs can boost market visibility, but Gary warns of potential pitfalls. He believes that while celebrity endorsements can create short-term hype, they may not contribute to the long-term success of NFT projects 7. Gary's strategy with VeeFriends is to attract genuine interest rather than relying on celebrity influence, aiming for a community that values the project for its intrinsic worth.

I want people to buy a v friend because they actually want to hold it forever, not because it's of the moment or they bought it to flip.

--- Gary Vaynerchuk

He stresses the importance of building a sustainable brand that can withstand market trends.