Key points covered in this episode:As an NFT seller, know when you’re timing the market because historically is a challenging thing to do.
Erik shares, “Think about why you’re exiting a project or why you’re looking to bring what you own into the market. The biggest thing is to get counsel. There are some outstanding organizations out there now that are starting to provide color and value your NFTs.”
When you’re looking at a project launch as a seller, that’s a whole different beast. You want to engage and build a community and get people excited and wanting to take part. Be everywhere that you can possibly be because you don’t know where your ideal customers are.”
The most successful projects right now show clarity. They show a roadmap both short and long term, and when mistakes happen — they’re also very transparent when they pivot, do something different or change the timeline. Gary Vaynerchuk was transparent; either things didn’t work out right or not.
The NFT adoption curve will go up and up. Right now, when you say, “Open a MetaMask”, or “you have to do this”, it’s confusing for people. Anytime you go into the unknown, people are scared. Erik quips, “The easier we can create platforms and remove the friction, we will see the plurality of people get involved. Participants right now are less than 1%. So when we go to 5 or 10%, or we get up to that 50% tipping point. I think it’s going to be a global shift in the way that we all do business.“
NFT in the medical community. When the ecosystem is adapted in the world of medicine, that will be a real game-changer for all of us.
Opportunities and pitfalls on the buyer side. The best tips are to know your projects, what you’re investing in and why you’re investing in them. “Don’t just buy the hot thing. Believe it or not, you’re doing business with them, and you’re becoming part of their community. Know the origin story, why they’re doing it, who’s behind it, who’s promoting it, who’s getting paid for it. All of those things are vitally important.”
As we start to see regulation come and rear its head, Erik believes that we’ll see a shift in the dialogue in how people look at this asset class. “The SEC has put itself in a really interesting and difficult position to be an authority at a national level of a decentralized global asset.”
Create the ecosystem before you deliver the product. Erik suggests to “socialize, deliver some teaser content to get people just ‘frothing’. When it’s released, you get projects that sell out.”
The metaverse is the next big thing. “People laughed when Spielberg put out a movie called Ready Player One in 2018. That looks a lot like what we’re marching to, and I can personally speak that I’m invested in some technology companies that are forwarding that level of agenda. We’re that long from where a lot of our day-to-day life is spent in the digital space. NFTs in the metaverse play a vital role in that.“
Commerce and livelihood in these ecosystems. Real dollars are being transacted, and real lives are being affected because people are making money. They’re taking it offline, feeding their families, doing good in their community, and changing lives.
Millionaires, multimillionaires, and billionaires are made out of teenagers around the globe. They are leaders already, and they’re just getting started.
Be present in the regular channels that you would think you’d normally want to promote something and create engagement. It’s not just the likes, but it’s taking the likes online to a different ecosystem. “It’s maybe going to a metaverse where you have a gallery, and you’re displaying your NFTs beforehand, or you’re taking them to the marketplace that you’re going to do the draw upon. It’s just getting creative, and it’s finding as many lines that point back to the project.”
Remember how the Internet started. In the beginning, it was just a few people that had websites, but then all of a sudden little mom and pop shops and then the people who didn’t even have a mom and pop shops who had an idea. We had to type in “HTTP”, now we don’t. The same thing as NFTs right now, what will it be later?
You need a great WHY. “That’s what I talk about in business all the time. Why do you need to start your project? What are you doing it for? It can’t be for the almighty dollar. It has to do something more significant than that.” Creating impacts has always been one of the biggest drivers.
Take the next step, take action and buy an NFT. Find projects that resonate with you, and more importantly, find reasons that you could adapt them in your life or your business. “There are so many communities and so many events that are popping up around this. Spend some money, attend these things, get into the ecosystem because you’ll get blown away.”