So something I haven’t really talked much about on my blog is my interest in entrepreneurship. For a long time now I have been following along Gary Vaynerchuk, with his latest project VeeFriends, and read most of his books. I wanted to share VeeFriends with you because I think there is the potential of great value. The truth is, I am not the best at the entrepreneur part of my creative ideas. Regardless, I care about my ideas and my vision of success is to someday get paid selling books. I don’t just want to be a bookseller, I want to motivate new readers who feel like reading is boring. I’m anything but a book purest, and I think eBooks are literally just the tip of the iceberg.
Gary Vee is a champion of seeing what is coming down the line and placing good bets. He might not get it always, but its constantly aware of the shifts in our culture. His ability to avoid the elitist attitudes towards new mediums and new ideas inspires me. I think it keeps him continuously relevant, and always at the forefront. Now felt like the best time to mention his latest project. I have spent all week watching this stuff and I continually miss the boats as these things.
What is an NFT?
So there are much better explainer videos out there that cover what an NFT is. I’ll provide some links here so that you can check those out. I will also do my best to give a rough explanation as well. An NFT stands for a nonfungible token. What does that mean? Think about stuff in your house, your clothes, and other things you own. There are things that have a set value that are easy to get and endlessly replicable. There are also things that are priceless, or at least very unique.
If you own a can of coke that is sitting in your fridge, that is fungible. You can buy another can of coke tomorrow if you drink it that is basically the same thing. There’s no inherent value to your can of coke from any other. If you however have a picture of a family member, and you know it is the only picture of them, that has inherent value to you that cannot be replaced, so it is nonfungible. Not everything that is nonfungible is valuable to everyone, but nonfungible things are inherently one of a kind.
Nonfungible and the Blockchain
Lets think of something that is nonfungible and monetarily valuable. Rembrandt’s Storm On The Sea of Galilee is the first thing that pops in my mind. Not only is it one of a kind, but it is also unique to every other painting Rembrandt painted. This painting is his only seascape, and it is still missing since it was stolen in the 80s. The value of something like that is somewhat subjective, but it is priced high because it is so unique. So like a rare piece of art, a nonfungible token is also one of a kind. An NFT is a digital mark that exists on the internet that make it unique. This token is purchasable, and while the object, whether it’s text or an image can be viewed by anyone, it is owned by whoever carries the token.
This token is completely unique and won’t be replicable, because it is written to the blockchain. This means the big log of transactions typically associated with cryptocurrency that is viewable by anyone, records this tokens ownership. Because it’s ownership is stored here, and anyone can see it, it is not something you can lose. You can however sell if if you ever want to.
Hopefully that was a decent explanation. If you would like to learn more about NFT’s check out this video.
VeeFriends A New Way Of Looking At NFT’s
Now we can get to the really cool stuff. Why I am even writing about NFT’s in the first place is because of VeeFriends. Let’s say you’ve purchased an NFT of a picture? You are now the proud owner of that digital image. If you want to, you can store it in a collection of images you own. You can sell it to someone else, but to most people that is pretty much all you can do right? Well Gary Vaynerchuk saw another possibility. If this picture is in fact yours, and everyone can see that it is yours, then there is a continuity to owning that image.
If you are a content creator like Gary Vee, you know that a huge part of your impact on an audience is what you can give them. Provide value to earn trust, and then go back and give more value. The more value you poor out, the more your audience will be willing to give back. It is not just generous behavior, it is also really good business. Loyal customers are always going to be better than walk ins.
VeeFriends Is Adding Value
VeeFriends ties together this concept of adding value to NFT artwork. Gary has created well over a hundred images and created tokens for them. They’re not the prettiest, but they are fun and at the heart of his personality and community. Each of them are expressive and drawn by him. These pictures each have their own token, and with that token comes more than the value of ownership. Having a VeeFriends image gives you access to Gary Vaynerchuk through many specific benefits. He’s providing one-on-one sessions, free passes to an event he’s created called VeeCon, and many other perks. Your ownership gives you access to these perks.
By creating these NFT tokens, he is providing you unique value in two very distinct ways. In the short term, you have access to value he wants to poor into his fan base. In the long term, he’s created a small bit of history for his company that is totally unique. I imagine that at some point, these tokens become a highly collectable, tradable, digital asset. In the world of financial decisions, VeeFriends is a unique take on a financial and cultural trend that I personally believe is going to last for some time.
If you liked this post, and want to see more opinion pieces, please let me know. You can also subscribe to my newsletter by going to the homepage. Also please check out VeeFriends on Instagram, Twitter, Discord, and at their site.
Please note, I am not a financial advisor in any capacity. I’m not even that good at my own finances at times. This is meant strictly to provide a bit of insight on something that I am following.