In short
Podcast Notes: The GaryVee Audio Experience - TRAILER: GaryVee x William Wade – What’s Really Happening with NFTs?
Overview In this episode, Gary Vaynerchuk (GaryVee) and William Wade discuss the evolving landscape of Non-Fungible Tokens (NFTs) and their implications for digital ownership in various contexts, particularly in gaming and art.
Key Concepts
- Definition of NFTs:
- Non-fungible tokens are not just collectibles but can also represent contracts and memberships.
- Example: Flyfish project demonstrates NFT's utility beyond mere collectibles.
- Digital Ownership:
- Ownership on the blockchain allows for the transfer of value and not just possession in server-based worlds.
- Current practices in gaming (e.g., Fortnite, Minecraft) restrict ownership, but blockchain technology enables players to own and trade digital assets.
- Future in Gaming:
- Anticipation of a shift where players can sell their digital purchases (like weapons or outfits) from games as they transition from one game to another.
- The potential for games to integrate blockchain technology could revolutionize how players engage with their digital purchases.
- Art Market Dynamics:
- Discussion on the disparity between high-value art (the "top 1%") and the vast majority of art that holds little monetary value.
- NFTs, like CryptoPunks, are viewed as historical artifacts in the digital art realm.
- Authentication and Verification:
- The importance of blockchain technology in verifying authenticity, especially in the era of deep fake videos and misinformation.
- The necessity for future interactions with digital content to rely on blockchain for truth verification.
Key Takeaways
- Ownership Transition: The future holds a potential shift where players in digital spaces will truly own their assets rather than being tied to the limitations of centralized servers.
- NFTs Beyond Collectibles: NFTs serve multifaceted roles beyond just collections, acting as contracts and proofs of ownership in various contexts.
- Cultural Shifts: The conversation suggests a cultural shift toward valuing digital assets similarly to physical ones, especially as the technology matures and more people understand it.
- Blockchain as a Trust Mechanism: The dialogue emphasizes the role of blockchain in combating the challenges posed by deep fakes, ensuring that authenticity can be proven in the digital realm.
Conclusion This episode sets the stage for a deeper exploration into the significant role of NFTs and blockchain in redefining ownership, value, and authenticity in both digital and physical realms. The engaging conversation highlights the potential for NFTs to impact various industries, particularly gaming and art, while also addressing the growing concerns over misinformation in the digital age.
For the full episode, listen [here](https://open.spotify.com/episode/7l23BWTAfpn2g8UhI9K6R2?si=g-TLqqlWTMC2si2_O5iGVQ).
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Transcript
Automatic transcript. May contain errors.0:00NFTs don't just mean collectibles, right? They're non-fungible tokens. They're contracts, they're memberships, like we did with Flyfish. There are a lot of things. It's ownership on the blockchain. Now that it doesn't cost the kind of money to make one or trade one, and they get down to the nano pennies, I think you're gonna see that axe or that gun that you buy on Fortnite. Think about the kids that are listening right now. You grew up on Minecraft or Roblox, then you went to Fortnite, then you went to Madden or 2K in your video game journey. When you left Minecraft to become a Fortnite kid, all those hundreds of dollars you spent buying up shit stayed stuck in a server-based, not blockchain-based world.
0:47You know how cool it's going to be that the Fortnite, Roblox, and Minecrafts of the world in 15 years? Parents, you're going to really like this part. It's kind of like, you know, the fact that you've played all those digital games but you actually own those items. And then when you go to the next thing, you sell your ownership of that sword, that gun, that suit, that hat. These digital ownership thing, I think in video games, in gaming, is gonna be a major thing. And then there's the top 1%. By the way, back to physical art. Rasheed Johnson's, the Jackson Pollock's, the Andy Warhol's, there's artists that are worth something.
1:26And then there's 99 % of art, 99.9 % of art physical pictures that hang on walls all over the world are not worth a lot of money I think the 1 % of NFTs crypto punks being at the top because they don't have to do anything it's just history I think will be something and then I think finally where people are going to really learn about NFTs is authentication just like you're doing just like the blockchain whether it's ordinals or Ethereum or some blockchain that gets invented and wins I think all of us with deep fake video, look, me, Steph, you, Rips, on-chain, Mike, everybody, but definitely for someone like Steph and me, millions of videos on the internet in the next 10 years saying shit we never said.
2:11Deep fake AI videos, right? How are we going to prove that? That inscription combats it. That's right. No shit, that's why this is such a big deal. That's right. Type that in, ordinals. I got it. It's going to pop up and it's going to show you that. What people don't know right now is they're going to interact with the internet, like we all do now, and we're gonna interact with the blockchain to prove that it's true. Exactly. That's right. Exactly. Yes. That's the punchline. And I totally agree with that.
From the publisher
NFTs are more than collectibles. In this quick trailer, GaryVee and William Wade talk about the future of digital ownership, from Fortnite skins to smart contracts, and why blockchain still matters even in a skeptical market.
👉 Listen to the full episode here:
https://open.spotify.com/episode/7l23BWTAfpn2g8UhI9K6R2?si=g-TLqqlWTMC2si2_O5iGVQ