- Gary Vaynerchuk discussed how non-fungible tokens are disrupting the digitalization of goods in a recent interview.
- He said it remains to be seen how potential cryptocurrency regulation affects bitcoin’s long-term success.
- He also spoke about how social norms could change in comparison to the last 20 years.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Angel investor
Gary Vaynerchuk spoke about jobs being lost due to technological advancements, the emergence of non-fungible tokens, and bitcoin regulation in a recent interview with millennial-news network Cheddar.
The serial entrepreneur, known for running his digital media company VaynerX, is among the most famous icons on social media for his “hustle culture.”
He spoke to Cheddar host Brad Smith about how NFTs are crucial to monetizing the web and said bitcoin has passed a key threshold in gaining legitimacy with the public.
Here are Vaynerchuk’s 11 best quotes from the conversation:
Job creation and reskilling post-COVID-19
1. “We’ve seen this before. When there’s huge technology advancements, things evolve.”
2. “Look what’s about to happen with artists, with NFTs. Jobs are happening all the time. We need to look at offense, not look at the defense of it.”
NFTs being crucial to the digital economy
3. “It feels like a sea change — the blockchain, the ledgerization [or] digitalization of all goods, the way music is distributed, books, the way art and collectibles are sold, the way season tickets can be sold.”
4. “Technology comes along and shrinks the middle and takes away the leverage from a lot of the middlemen.”
5. “People want social currency. Fashion is built on social currency.”
6. “What you’re going to see is people caring about the blue check on Instagram, or skins on Fortnight, or those Madden tokens. That is about to hit every part of our life.”
7. “Looking at what people own and transact is going to become a social norm the same way that Googling someone or checking their Instagram has become a social norm over the last 20 years.”
Possibility of bitcoin regulation
8. “Regulation is the elephant in the room.”
9. “I think it’s going to be extremely interesting over the next half-a-decade, to a decade to see what happens, and how much momentum will that currency, that community, have versus what happens if it gets over-regulated.”
Coinbase going public via a direct listing
10. “You don’t see companies doing this level of revenue profitably before an IPO, with a trend that is so macro that they’re dominating in.”
11. “I’m just very curious what the market is going to do with it, but they (Coinbase) have a lot of good math on their side.”
