#245August 13, 202152:36

#209 with Gary Vaynerchuk - Why NFTS Are the Future

Scaling business operations NFT utility and smart contracts Personal branding at scale Venture capital and investment philosophy

About This Episode

Gary Vaynerchuk joins the pod to discuss the logistical challenges of scaling VaynerMedia to over 1,200 employees and his deep conviction in the future of Web3. The conversation explores the massive utility of smart contracts in real estate and intellectual property, alongside the strategy of building personal brand leverage to acquire legacy assets.

Episode Description

In this episode Gary Vaynerchuk (@garyvee) joins Sam (@theSamParr) and Shaan (@ShaanVP) to give a master class on NFTs. Gary shares his predictions on the future of NFTs and how they'll be (eventually) used by everyone. He also talks about the growth of VaynerX, his love of garage sales, and the launch of VeeFriends & VeeCon. At the end, he shares the biggest lesson he learned from passing on investing in Uber (twice). --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. ---------

Show Notes

* (0:58) Intro
* (5:14) The headcount growth of VaynerX
* (11:44) On Shaan's Clubhouse prediction
* (13:39) Gary's conviction to the game
* (17:44) Shaan's first foray into NFTs
* (19:53) Gary's prediction on the future of NFTs
* (23:24) Revisiting the purchase of Michael Jordan's house
* (28:03) The story of the Spirits of St. Louis
* (29:21) The what, not the how, for NFTs
* (32:53) VeeFriends and VeeCon
* (39:24) On Gary's master plan to buy and grow existing brands
* (43:28) How Gary thinks about creating content
* (45:52) Putting wins on the board
* (47:28) Missing on Uber

Key Takeaways

Prioritize top-line revenue and aggressive sales during rapid growth because high cash flow can effectively hide and resolve organizational scaling errors.

Look past the 'art' phase of NFTs and focus on the underlying smart contracts which allow for things like perpetual royalties in real estate and secondary ticket markets.

When investing in startups, prioritize the 'jockey' or founder's character over the initial idea, as high-quality executors can pivot a bad idea into a successful business.

Business Ideas Mentioned

Crowdfunded Celebrity Estate Acquisition

Real Estate

NFT Secondary Market Ticketing Infrastructure

SaaS

Legacy IP Revitalization via Social Media

Acquisitions

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Featuring

Gary Vaynerchuk

2 episodes

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Quick Stats

Duration52:36

Guests1

Ideas Discussed3

Topics4