Podcast Notes 📝: The Current State of the NFT Market

In a recent podcast episode, Bankless and Gary Vaynerchuk discussed The Current State of the NFT Market

Nov 01, 2022

In a recent podcast episode, Bankless and Gary Vaynerchuk discussed The Current State of the NFT Market. We summarized the important points in this short thread.

The purpose of the episode was to know what it's like to be an NFT creator in 2022 and to learn how to leverage NFTs to engage with your fanbase. For starters, @garyvee is a serial entrepreneur, internet personality, and the founder of the @veefriends NFT project.

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Done? Now let’s dive in!

WHAT IS THE PURPOSE OF @veefriends NFT PROJECT?

The mission of the project has always been to build Intellectual Property. He wants to build these characters at a higher level just like Marvel or Transformers. That's why he plans on doing this forever!

WHAT'S THE SECRET SAUCE TO MAKING AN NFT PROJECT WORK THESE DAYS?

First and foremost, you shouldn't judge a project solely on its floor price. You can't value the community's 'energy' either because there are too many people who are financially incentivized.

However, Gary is building an organization and focused on the people and the process. From his experience, the secret sauce is the PEOPLE ON YOUR TEAM. What the stock ticker says has nothing to do with the project, at least not for him.

We would love for everything to be rosy, but we're not in control of external factors. The best thing one can do is to focus on the project and the team behind it. That will create incredible value for the people that hold the NFTs.

WHAT DOES IT TAKE TO SURVIVE THE BEAR MARKET?

Gary thinks the project has to provide value to its #NFT holders. For collectible value like Spider-Man or Jordan sneakers, it takes a decade to build. In the short term, it's going to be UTILITY.

The utility can be in the form of special access, physical items, community events, etc.

Example:

Gift Goat NFT holders are going to be in Atlanta with Gary and Shaquille O'Neal in an epic basketball court for some business Q&A, games, photos, and more.

WHY DON'T PEOPLE UNDERSTAND NFT TECHNOLOGY?

NFT technology is remarkable, however, the reason why most people don't see it is because their scammiest friend made $83k selling jpegs! It's the same reason why people didn't get the internet in 1999!

Everything is overvalued in the NFT market because greed took over the market. Short-term flipping shadowed the incredible infrastructure of a globally scaled ledger that can affirm ownership.

HUGE @veefriends ANNOUNCEMENT:

They got a collaboration of collectible characters with @Macys and @ToysRUs. There will also be long-form content around character development. This is how you get people involved and create a valuable IP like Marvel or Star Wars.

WHAT WOULD GARY HAVE TO SAY TO A 20-YEAR-OLD WHO WANTS TO START THEIR OWN NFT PROJECT?

One thing that a 20-year-old should consider right now is to get a job at one of the top 100 projects and get paid to learn. He would not advise going into massive debt for college to learn something fake and then getting a regular paid job. If Gary was a 20-year-old with an interest in this field, he'd rather get paid minimum wage to work for @doodles than go into debt at the University of Wisconsin.

Watch the full episode: