The Art of NFTs Is Only the Beginning of Their Potential
The GaryVee Audio Experience
Gary Vaynerchuk
4.8 • 18.3K Ratings
🗓️ 10 October 2021
⏱️ 7 minutes
🧾️ Download transcript
Summary
Today's episode is a classic segment from GaryVeeTV! Many people think the value of non-fungible tokens (NFTs) starts with digital art and ends there. The reality is that art is only the beginning of what NFTs are capable of. With every NFT asset made, there is also a smart contract that goes along with it that the creator can use to add additional, tangible, real-world value to the digital asset. The smart contract can be used in thousands of different ways and it will be interesting to see how it is implemented in the coming years.
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Transcript
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| 0:00.0 | This is the Gary V. Audio Experience. |
| 0:04.1 | Gary V. Talk to me about NFTs, like for someone who doesn't know anything about it, how |
| 0:10.1 | would you introduce the subject and how would you want people to think about it going into |
| 0:13.7 | the future? |
| 0:14.7 | The way I had dinner last night with some friends and I said, look, there's only been two other |
| 0:20.7 | times in my entire life I felt like this. |
| 0:23.7 | Once was when I saw the internet itself in 1995 and the second time was over a course |
| 0:29.4 | of a few months, similar to this, where it became very obvious to me that my space and |
| 0:35.8 | Facebook and YouTube and Twitter were going to change the world. |
| 0:40.2 | And this Web 2.0, which later became social media, was going to be the thing. |
| 0:46.0 | That's how I feel about no question. |
| 0:49.0 | That's how I feel about NFTs. |
| 0:51.6 | NFTs stands for non-fungible token. |
| 0:54.6 | A token is something that you find on the blockchain. |
| 1:00.9 | For what it really is, is a digital representation, a digital asset that can be as basic as most |
| 1:08.1 | people see it now, which is just an interpretation of art or a collectible. |
| 1:12.3 | And there are things on your shelf right now, right? |
| 1:16.2 | That cup is not an active mug that is a mug that is a collectible or logo your podcast. |
| 1:22.8 | It's a representation. |
| 1:24.2 | We do that in real life. |
| 1:26.2 | However, that's where a lot of people think it stops. |
| 1:30.6 | And for me, that's just where it starts. |
... |
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