The first NFT (non-fungible token) was documented back in 2015. But the emergence, if not explosion, of NFTs into the mainstream is in its infancy. This seems largely due to the fact that once the world was forced into quarantine, we took to the world wide web for just about the everything. Nevertheless, although their origins stem from nearly a decade ago, many people still don’t fully understand what NFTs are and why the space is significant. With that in mind, entrepreneur and investor Gary Vaynerchuk, sat down with our founder and shared how he suggests anyone start learning and getting involved in NFTs.
What is a NFT?
For those who are yet unfamiliar or simply still trying to figure them out, NFTs are digital products that are logged as data on the blockchain and purchased, sold, and traded on the internet. These unique digital tokens are used to represent the underlying value of what is being sold or transferred. So, no matter if you are purchasing land (real or digital), intellectual property, event tickets, or anything else that can be captured and sold digitally, the NFT is a creative way to buy, sell, and/or store these pieces indefinitely.
Read more on NFTs in What Are NFTs and Why Should Creators Care
Why NFTs Are Here to Stay
Simply put, Gary Vee asserts that NFTs represent the birth of digital ownership. Although many seem to expect this new trend to fizzle out, Vaynerchuk believes NFTs are here to stay.
Before NFTs and the blockchain, the internet operated in such a way that anything was fair game. We were told there is no real way to prevent others from taking, reposting, saving, and sometimes even selling the things we share online. NFTs change that. Their creation has made it possible for people to create, store, and sell artwork, music, tickets, documents, and much more in a way that is safe, secure, and indefinitely trackable.
Indeed, a strange concept to grasp, Gary Vee has likened owning NFTs to owning sheep on Farmville or various skins and weapons on Fortnite–something gamers have been doing for years already. Now that digital ownership is moving beyond video games, Vaynerchuck sees a bright future for creatives. NFTs are creating a new, exciting realm that centers on digital expression, making it possible for the future of creativity limitless.
How to Start Exploring the NFT Space
NFTs are both simplistic and complex. Although the definition and explanation are easy enough to follow, most people are confused once they get on the web to make, buy, sell, or trade NFTs. Therefore, Vaynerchuk asserts that everyone who is even remotely interested in the internet, the Metaverse or creating digital wealth should take at least 20 hours to seriously research and learn about NFTs. When researching on your own, you are able to ingest the information as you see fit. So, no matter if you read books, articles, or choose to watch videos, learning about NFTs can totally change how you use and interact with the world wide web.
Gary Vee’s 3 Steps to Getting Started
Ready to get started?
- Do Your Research: Vaynerchuk recommends that everyone who is interested should spend at least 20 hours conducting research.
- Create Your Own NFT: He then asserts that everyone should create a digital product or sell some photos, with links to access you underneath it, as a means of gaining hands-on experience.
- Build: Using NFTs can be useful in establishing you as an expert in your field or allowing you to take your career to the next level. In addition, NFTs can allow you a way to network and amass new long-term supporters. This is because the value of NFTs can increase over time, especially in cases where the artist goes from being virtually unknown to the mainstream. So, by selling NFTs, you will likely end up with long-term supporters who are literally invested in your future success.
Want more? Listen to our founder Chase Jarvis and Gary Vanyerchuk talk about NFTs, the future of work and how Emotional Intelligence will fuel success for entrepreneurs.
