“Time – the one asset none of us are ever going to get more of.” – Garyvee
Gary Vaynerchuk is a Belarusian-American entrepreneur, author, speaker, and prominent Internet personality. He is a co-founder of the restaurant reservation software company, Resy and Empathy Wines. Someone who’s now more known for his digital marketing and social media work and as the chairman of New York-based communications company VaynerX & VaynerMedia.
I have been following Gary Vee for years. It was truly an honor for me to be able to talk to him. It felt surreal. One of our dream podcast guests since the start of the show.
We spoke about how the world’s gonna look post-pandemic, world evolution with NFTs, the future of social media, and pieces of some very powerful advice for entrepreneurs and content creators.
World After The COVID-19 Pandemic
GaryVee has taught me how to think about the near future so I think that’s a cool theme for this conversation as well. He has some beautiful insights on NFTs or basically anything futuristic.
When I asked him about the post-covid world and what’s going to happen in terms of business and social media, he said “a lot of people when they think about me they think I’m very good at predicting things and what I think I’m very good at is processing information when it’s happening. Then mixing those ingredients and cooking a meal with an observation and then having this almost emotional feeling about it. I know what it feels like when I’m ready to switch from curiosity to conviction. Only after that did I start making content. I bought Ethereum in 2016, that was curiosity, that was a hypothesis but it was not until 2021 that I started being very loud about NFTs and the things that were being built on Ethereum.
My opinion is that we’ve kind of fast-forwarded five years into the future because of the pandemic. Content that wouldn’t have worked right now has started to work because people’s mindsets just got fast-forwarded. I also run a talent management agency called “Monk Entertainment” where we work with a lot of teenage talent and I notice the fact that they’re smarter than what I was when I was that age. That’s a representation of the whole country and also the whole world because they grew up with social media so the mindsets are very different. My hunch is that with social media, people will consume even smarter content which is why we see the rise of people like GaryVee or Joe Rogan or even our podcast – The Ranveer Show.
Social media requires deeper richer content and that’s how people will exercise their brain muscles. You exercise your information muscle therefore you want deeper richer that will benefit your life. I truly believe that.
NFTs – What are Non-Fungible Tokens?
For Gary, there have only been two other times in his entire life that he felt like the way he felt about NFTs. Once was when he saw the internet itself in 1995. The second time was when it became obvious that MySpace, Facebook, Youtube, and Twitter were going to change the world. This web 2.0 later became social media.
NFT stands for non-fungible token. A token is something that you find on the blockchain.
He says, “ It is a digital asset that can be as basic as most people see it, which is just an interpretation of art or a collectible. That’s where a lot of people think it stops and for me, that’s just where it starts. The token has an underlying contract capability in it. All of these digital assets can have a contract underneath them. It means that anything that has a contract on earth is capable of being turned into an NFT.”
He adds, “ In the contract, it also says that every time somebody sells a token, the creator of the token gets a 10 percent royalty on the transaction. So the artist the. intellectual-property holder now make all the secondary and in perpetuity transactions on that asset, which is non-existent in our society.”
According to him, NFTs are going to be the most scaled, most global, most universal language of communication through non-words.
3 NFT Analogies
I think the analogy I want to draw from NFTs is three things.
One is the trophies we see on Xbox and PlayStation. It’s just you know something virtual that you get because you win something or you do something in a video game.
The second analogy is something I heard someone say on the internet. We’re all moving into a metaverse, a virtual reality world. So if you have a virtual reality home you can decorate that home with your NFTs.
The third thing is something GaryVee brought to my notice, which is that it’s a form of investment for the future.
Future Of Social Media
When asked about the future of social media and his views on niche platforms he says
”Even if a social media platform starts as a niche, if it’s highly successful it will get broader. Look at things like discord. Discord was a niche it was for video games but then it became for everything. Instagram was for photographers and then it got bigger. Facebook was for college kids. You couldn’t even have an account unless you went to college. So the niche goes to scale.
Moreover, I would say it’s more about the person that figures out the vulnerabilities. Let me explain. Humans by nature are incredibly insecure. When social networks start they tend to be nirvana. They all started nice and then as it gets older it becomes more cynical, more negative and the environment becomes more difficult.
My intuition on that is right now everyone needs a mental break from the judgment and the anxiety that everyone gives towards them in social media so build one accordingly. “
Advice For Entrepreneurs & Content Creators
GaryVee has a massive Indian Fanbase. A lot of youngsters follow him religiously and look up to him for advice. I feel India is a country full of GaryVees because of the sheer ambition and entrepreneurial spirit in today’s youth.
I asked GaryVee regarding his advice for Indian entrepreneurs, content creators and how the world looks at India from the outside.
According to him, the business community people understand the sheer size of the market in India. People see incredible potential, in general, in the entrepreneurial ecosystem more than the corporate ecosystem. He feels like there’s a deep respect for the natural talent Indians have.
He says, “When you look at many of the great startups in the world there’s just an enormous amount of people from India. I think the culture has represented itself. The country has represented itself on the global stage very well. There’s an incredible amount of individuals who have innovated and who brought impact. I would argue that it’s very hard to find any great company in the world that doesn’t have many highly prominent Indians within the organization’s most senior brass. So I think people think there’s a lot of talent and a lot of opportunities.”
Furthermore, he adds, “One thing that is universal but is very prominent with youngsters specifically in India is an incredible lack of patience that I think is grounded in twofold. One is ambition, which I find beautiful and I think is great as long as you can balance it. Two, an incredible desire to prove their parents wrong.”
He had two pieces of advice for the youth of India.
“The advice I would give is, number one, your parents love you. They do. Most parents around the world and at a higher percentage in India care about the status of their child’s job and who they marry, and that’s terrible. But parents love their kids so much that most of their decisions are based on fear. Many parents don’t care that you’re a doctor or lawyer or an engineer they just think that you’ll always be
safe and get paid and they worry about you. Understanding these three things will help you be more patient because you can have a better relationship with your parents. Do not try to prove your success to your parents or your sister. Do it because it makes you happy. You have to fall in love with your process, not with the trophies that come from your process.”
How will he look back at life on his DeathBed?
I always wanted to know what matters the most to GaryVee, what will he think about on his deathbed. We all know he wants to buy jets but is that it?
He expresses, “I need to think two things, one, tomorrow when I die how many people are going to show up to my funeral. How many lives have I touched so much that even though they’re busy o4 live far away will they go out of their way to come to my funeral because that’s a life well-lived.
Two, I’m just gonna think about the 10-15 closest people to me. How grateful I was to live life with them, to be with them. Just really think about my great obsession which is to give more than I took. Did I give more than I took? I think the answer is unequivocal, YES and I think I have another 45 plus years to keep giving even more. That’s my plan.”
My Learnings From GaryVee
GaryVee is my online guru.
Seeing what GaryVee built out on social media, I was inspired to take that next step for my career. I’ve become a content creator. What else can I do? I’ve achieved a little bit. How can I take it one level higher?
Okay, I am ambitious. How can I take the ambition many levels higher? That’s what I’ve learned from Gary Vaynerchuk. It was an honor to be able to converse with him.
I’m glad to be an investor and this concept of being an investor was placed in my mind by witnessing GaryVee’s journey.