NFTs For Beginners in 45 minutes

Introduction to NFTs and GaryVee

• GaryVee is a special guest on the NonFunGerbils podcast with host DKleine.
• GaryVee has recently been diving into the NFT art scene.
• GaryVee expresses his excitement and gratitude for being on the show.

“I’m really excited to be on it honestly.”

GaryVee’s Approach to Learning and Sharing

• GaryVee believes in doing extensive research and gathering knowledge before speaking about a topic.
• He has done significant homework on NFTs over the past few months.
• He feels comfortable speaking about certain aspects of NFTs, such as ERC-20 and ERC-721 tokens, crypto punks, and wrapping.

“I can hang enough where I’m not wasting people’s time because what I’m great at according to my mother, but in all seriousness what I’m very comfortable with is consumer behavior.”

GaryVee’s Confidence in Consumer Behavior

• GaryVee is confident in understanding consumer behavior and how it applies to NFTs.
• He believes that the underlying technology and consumer behavior surrounding NFTs will have significant implications in modern technology.
• GaryVee feels comfortable speaking about NFTs because he can bring insights based on his understanding of consumer behavior.

“I can bring things like, hey everybody, listen. NFT over the next 12 to 18 months is gonna be very similar to ICO. 97% of these projects are gonna collapse in secondary value. It’s gonna confuse people, say it was a fad, it was beanie babies. The underlying tech and consumer behavior is gonna be one of the most significant things that happens in modern technology.”

GaryVee and DKleine’s Shared Experience

• DKleine shares his experience of spending a year learning about Bitcoin and Ethereum before writing about them.
• GaryVee relates to this experience as he also spent significant time researching NFTs before discussing them publicly.

“I had the same experience when I learned about Bitcoin and Ethereum. I literally spent a year learning about it before I did anything about it. And then I just couldn’t contain myself anymore.”

The Significance of NFTs as Modern Art

• DKleine highlights the importance of NFTs as the beginning of modern art.
• GaryVee agrees, drawing a parallel to the emergence of iconic artists like Marcel Duchamp in the past.
• He expresses his joy for contemporary artists getting the opportunity to monetize their work through NFTs.

“It’s the beginning of modern art. It’s a renaissance or a renaissance of that same process yet now in a digital era. Those artists made peanuts. The fact that the Jackson Pollock of today, whoever she or he may be, his family will be collecting checks in 31 years makes my heart smile.”

Collecting and Transacting Art in the NFT Space

• DKleine reveals that he now collects and transacts art, something he never did before.
• GaryVee asks DKleine if he buys and resells art, and DKleine confirms that he does.
• GaryVee finds the perspective of collectors and flippers in the NFT space interesting and wonders how the OG community will react to them.

“This isn’t probably gonna be the most interesting thing in the super short term for me, which is what is the OG community gonna think about, what I know is coming, which is an enormous amount of collector, flipper, trader at heart people who are gonna get much more enjoyment.”

NFTs and Related Life Events

• DKleine mentions that his interest in NFTs started after learning about the trash art movement.
• GaryVee shares that his own journey with NFTs began after learning about blockchain technology and the potential of NFTs at an earlier event.
• They discuss how certain life events and interests can influence one’s involvement with NFTs.

“This is the beginning of a journey and life event and interest can be big catalysts in it.”

Buying and reselling art

• Buying and reselling art can be more profitable than doing the same with stocks or currencies.
• Personal networks are crucial for networking and finding valuable art pieces to invest in.
• The speaker, GaryVee, personally supports art from a friend standpoint.
• GaryVee shares his love for flipping collectibles like baseball cards and comic books.

“I love buying, you know, a blue snaggletooth that came from the Cedars Cantina set ’cause that’s the rare snaggletooth versus the red suit and buying that at a garage sale for four bucks and selling it on eBay for 200 bucks or buying it for a hundred bucks and selling it for 200 bucks later.”

NFT platforms and opportunities

• GaryVee mentions Nifty Gateway, KnownOrigin, Rarible, OpenSea, Bitski, and SuperRare as platforms to explore.
• These platforms offer a similar experience to finding hidden gems at a garage sale.
• Despite the variety of options, GaryVee reveals that he is fascinated by the abundance of humans who share his DNA in the NFT space.

“I’m just very fascinated because I think there’s a huge amount of humans on earth that share my DNA that nobody talks about, which is the following: That trading component is much more fun in NFTs than it is in real estate or Wall Street.”

The potential of NFTs for personal expression

• GaryVee talks about his lifelong talent for doodling and being regarded by others as a potential artist.
• Discovering NFTs was an emotional experience for him, as he realized it could encompass everything he has been passionate about, including building a community and understanding storytelling.
• He approaches NFTs with caution, mindful of his platform’s influence and the need to avoid pumping and dumping.

“I’m like, oh my God, is this gonna be like, wow, God literally, this is something I said to myself, six months ago, God, are you kidding me? Have you created a technology that takes everything that I am? How to build a community, you know, understanding storytelling, the doodling component, the garage sale flipping, the garbage pail kid, like it, this is crazy. This is like my life’s work.”

Navigating the NFT market

• GaryVee, while cautious about driving the market, acknowledges his fears of being perceived as pumping and dumping or creating a bubble.
• He plans to focus on projects he deems meaningful and long-term.
• GaryVee draws parallels with the stock market’s history, where he remained steadfast during the 2000 collapse and eventually reaped the rewards.

“So I’m actually not scared, ’cause I think I’m only gonna buy and talk about things that I’ve decided are 30-year projects.”

Nifty and Trash Art

• Nifty and Trash Art are platforms for exploring NFTs and digital art.
• Trash Art is an artist interviewed by the narrator, and they recommend checking out their work.
• The narrator will send a link to Trash Art’s work to the viewer later.

“Probably one of the best places to look for that is the artist that I interviewed for that piece that I wrote about called ‘Immutable Trash'”

Popular Trash Artists

• Robness and Max Osiris are well-known trash artists.
• The trash art movement has gained a significant following, attracting more artists.

Resources for Learning about the NFT Community

• The art gallery auction house on Telegram, Daniel Penn, is recommended for learning about the NFT community and community building.
• Crypto Campfire also mentioned Daniel Penn.

“Another great place to go if you wanna find out more about just that entire movement in a community building is the art gallery auction house on telegram, Daniel Penn”

Connecting with the NFT Community

• The narrator, as an artist, found a community in the NFT space and feels a genuine connection to it.
• They express their excitement and obsession with NFTs, comparing it to the early days of the internet and social media.

“Things have happened, so many things have happened, but I have not felt anything like this since 2005 when I was like, oh, the Internet’s about to make a big change. This social media thing, this is a real thing”

Being Right and Documenting Experience

• The narrator expresses their love for being right and documenting their experiences.
• They mention a clip from 2010 where they discuss virtual goods and currency, emphasizing that their interest in these topics has been long-standing.

“I love when people are like, nah, ah and then, you know, two years later it’s like, ah. That’s everything to me… It’s a game, I’m winning the game when I do that… It’s like a weird game with myself”

NFTs as a Culmination of Different Elements

• The narrator believes that NFTs are a culmination of various elements and technologies.
• They compare the excitement they feel about NFTs to the early days of the internet and believe that NFTs represent a significant change.

“This is like third-wave here… I feel like for me it’s 95 oh five… goddamn it’s exciting. And like the, and the fact that I get to bleed in my collecting flipping like, like pop culture, IP, retro. Oh fuck, it’s just so exciting”

Impact of NFTs on Artists

• As an artist, the narrator shares their experience of selling their first artwork and the rewarding feeling it brought them.
• They discuss the opportunities and community support that NFTs provide to artists, going beyond just monetary gains.

“It was a terrible… I just took a Bitcoin logo and I put it into an app called Photomosh and it melted it and made it look like a fried egg… I want that, right. It’s a great feeling”

Creating an NFT Project and Collaboration

• The narrator plans to create an NFT project, involving creating stories, concepts, and digital art.
• They mention the importance of collaborating with others in the NFT community and seeking guidance for tokenizing their project.

“I am gonna create the stories, the dynamics and the concepts… I’m speaking to all the people in the community and trying to figure out what the right things are”

NFTs as an Opportunity for Self-Expression

• GaryVee expresses his excitement about NFTs, stating that he feels a deep connection to different communities such as the sports car community and the wine community. He believes that NFTs will provide him with a new outlet for creativity that has always been within him.
• He hopes that his involvement in NFTs will inspire others to explore their artistic side and fulfill their destiny as artists, even if they come from different backgrounds or professions.
• GaryVee sees NFTs as a way to encourage practical art and to redefine societal norms that have traditionally discouraged artistic pursuits.
• He believes that NFTs will open up new avenues in his life and is incredibly excited about the possibilities they hold.

“This is gonna be a home and a home that is gonna show a different side of me from a creativity standpoint that has always been there.”

NFTs as a Gateway for Career Transitions

• GaryVee explains that the infrastructure provided by NFTs will enable individuals to transition from one profession to another, particularly into artistic fields.
• He gives examples of individuals destined to be carpenters, sports agents, stay-at-home dads, or police officers who can now pursue meaningful careers as artists.
• GaryVee believes that the practicality of art in the NFT space will not only benefit individuals but also have positive implications for society as a whole.

“The fact that art will now be practical to a generation of parents, and encouraged instead of discouraged, is going to be a very good thing for society.”

NFTs and the Future of Tokenization

• GaryVee and DKleine discuss the potential for tokenization to extend beyond art NFTs and into other forms of property and assets.
• They highlight the idea that pretty much anything with value could be tokenized in the future.
• GaryVee specifically mentions that books by popular authors could be launched as NFTs, prompting him to rethink the traditional book deal model.
• He believes that by launching books as NFTs, dynamic interactions and secondary market opportunities can be created, revolutionizing the publishing industry.

“I can launch it as an NFT, make incredible dynamics, deliver actual book on the back of the NFT, create incredible secondary market dynamics. I mean, the world, Darren, this is a big fucking deal.”

Conviction over Convincing

• GaryVee shares a key philosophy when it comes to discussing and promoting NFTs: rather than trying to convince people, he encourages having conviction in the belief that NFTs will be a significant technology shift.
• He explains that convincing others can be exhausting and unnecessary when the outcome is clear.
• GaryVee foresees NFTs becoming a common part of people’s lives and believes that the impact of NFTs will speak for itself over time.

“So here’s my rant. And I’ll see you in three years. I don’t care if you buy an NFT. I just don’t care.”

Provenance and Social Status

• GaryVee and DKleine discuss the significance of provenance in the NFT space, where people can track the history of particular items or assets.
• They mention the example of a collectible card having been in LeBron James’ wallet, highlighting the potential value of such information.
• GaryVee predicts that people will start checking public wallets to gain insights into someone’s activities, creating a form of digital street credit.
• This aspect of provenance gives individuals an opportunity to validate their early adoption and involvement in certain influential trends or entities.

“I think people will go to public wallets and look at what they’ve done. And I’ll be like, oh, Darren, you were fucking on this blah, blah, blah.”

NFTs: A Shift in Traditions

• GaryVee emphasizes that NFTs reflect a historical pattern of valuing and collecting items throughout human civilization.
• He points out that NFTs offer a digital means to prove provenance, which has always held importance in society.
• GaryVee believes that NFTs will reshape long-standing traditions and societal norms by providing tangible proof of people’s involvement and investment in various cultural phenomena.

“Why did chiefs and Indians and cavemen paint their faces with colors and have skins that were like, this has been going on. This is a foregone conclusion.”

Provenance as a Currency

• Provenance is expected to be a currency that will hold significant value in the world of NFTs.
• It refers to the history and origin of an item or asset.
• The blockchain is a vastly superior solution in establishing and verifying provenance.
• GaryVee mentions how he predicted several life events and interests that were initially laughed at but later became the reality.

“Provenance is gonna be a currency that matters in an insane way.”

Importance of Provenance in Fine Art

• Sasha Bailey, the founder of My BAE, discusses the importance of provenance in the world of fine art.
• He gives an example of how it can be challenging to distinguish between a genuine Andy Warhol painting and a fake one.
• In the art world, provenance plays a crucial role in determining the value and authenticity of a piece.
• The blockchain offers a solution by providing a transparent and easily verifiable record of ownership and history.

“They go by Providence. They go, okay, who’s hands were, who had this piece, you know, where is the history of this piece. And again, that’s where the blockchain is vastly superior as a solution.”

Monetization and Ownership Verification

• The blockchain allows for the verification of ownership rights and the monetization of intellectual property (IP).
• Blockchain technology enables users to confirm if they are the actual owner of a particular NFT.
• This verification capability brings a new level of trust and security to the ownership of digital assets.

“And then you get into the monetization of the IP. Like, you look at some of the entity standards where you’re allowed to monetize something you buy up to a hundred thousand not like, there’s so much neat stuff.”

Challenges and Potential of Ethereum

• Ethereum, the blockchain platform upon which many NFTs are built, faces technological challenges.
• High gas fees have made minting and tokenizing assets prohibitively expensive for some individuals.
• The Ethereum community is actively working on scalability solutions, such as Layer 2 (L2) solutions, to address these challenges.

“You know, Ethereum obviously, you know, if you’re minting on Ethereum like it’s got some technological problems.”

Uncertainties and Future of Ethereum

• It is too early to predict the future of Ethereum and its scalability issues.
• The network has a strong and diverse community working on solutions.
• There is a belief that even if Ethereum doesn’t address scalability adequately, it won’t mean the downfall of all NFT assets.

“I know human dynamics. So what do I mean by that? I know that there’s an incredible amount of people that are building on top of Ethereum that the network is so vast that the stakes are so collectively high that people that are dramatically more technically skilled than I are tackling it at ferocious levels.”

Interoperability of NFTs

• The speaker mentions the possibility of NFTs being able to move from one blockchain to another, but acknowledges that there are technical challenges at the moment.

“That we’ll get to a point where there’s a level of interoperability, that you know, perhaps these tokens are moving from one chain to another… I mean, there is obviously a technical challenge now.”

Personal Relationships and Outlook for the NFT Community

• GaryVee values the relationships and friendships he has made in the NFT world and hopes to make even more meaningful connections in the next year.
• He sees the potential for creating long-lasting relationships similar to those he made in the early 2000s with individuals like Kevin Rose, MSG, Travis, Sockers, and Dave Morin.

“I think I’m gonna make some of my best friends in my life over the next year.”

Importance of Authenticity and Thoughtfulness in Navigating the NFT Space

• GaryVee emphasizes the importance of being authentic, thoughtful, and genuine in the NFT community.
• He warns against solely focusing on financial gains and quick profits, cautioning people to be careful with their investments.

“Buy what you like or really do homework on things you genuinely believe are gonna work.”

NFTs and the Concept of Meritocracy

• GaryVee describes NFTs as a meritocracy, where success is determined by the quality and value of the project rather than through manipulation or favoritism.
• He urges people to pay close attention to the individuals and teams behind NFT projects.

“It’s a meritocracy, that’s such a good point.”

Potential Challenges and Speculation in the NFT Market

• GaryVee foresees a significant influx of NFT projects, with some selling for high prices initially but having limited long-term success.
• He advises people to be cautious and thoughtful in their decision-making, predicting potential crashes and difficulties in liquidating assets.

“Pay very close attention to who’s behind it… the dynamics won’t play out to make it a good investment.”

Long-Term Outlook for NFTs

• Despite the challenges, GaryVee believes that the next 24 years in the NFT space will be remarkable.
• He expects significant growth and development in the industry, driven by the emergence of new intellectual properties and continued advancements in NFT ecosystems.

“These next 24 years in NFT are gonna be remarkable.”

Introduction and YouTube Engagement

• GaryVee expresses gratitude to the audience and hopes that they are doing well during the current times.
• He asks the audience to subscribe to his channel, emphasizing his commitment to providing valuable content.
• GaryVee discusses his plans for YouTube, including the exploration of stories, polls, and more engagement.
• He promises more surprises and delights and encourages the audience to subscribe and stay connected.

“I also wanna ask you please subscribe because my commitment and exploration of YouTube is about to explode stories, polls, more contact, more engagement, more surprise and delight. This is the time to subscribe.”