Will NFT 2.0 Change Web3 Marketing?

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They were going to talk about what NFT 2.0 is and how that actually affects marketer.

So first and foremost, let's talk about what NFT 1.0 is.

So NFT 1.0, this is back in the days where everyone was doing a profile picture drop of 10,000 unique profile pictures.

And they were promising all these bells and whistles, maybe years down the road, such as we're going to give you a concert.

We are going to give you this mansion and we're going to give you all these things that are promising the world, right?

And what would happen is that these NFT projects would basically mint out millions of dollars.

And then oftentimes they would run away.

These projects, these are also known as rugs where people would create a project promised the world.

Once they got the money, they just left, right?

You know, everything comes back to incentives at the end of the day, right?

It's creating these perverse incentives to just keep launching projects like this to gain

you know, a million dollars here, a million dollars there, and maybe a couple million dollars.

And that's very significant money.

The incentives were actually more tied towards people that were very good marketers, very good promoters,

but not necessarily good at builders.

Now that is about to shift.

Now if you stay till the end, I'll talk about how this all ties together.

And what we're going to talk about what this NFT 2.0 thing is and how that actually relates to the project that I have.

That is coming called leveling up heroes, but more on that later.

So Charlie Munger, he's warm buffet, it's partner, that's warm buffet over there.

And so these guys are billionaires.

And Charlie has always said that if you show me the incentive, I will show you the outcome.

And what that basically means is that if the incentives are misaligned, then people are going to behave a certain way.

And so you can't necessarily blame these marketers completely for launching these projects,

because the incentive was to do a really good job of marketing upfront and not deliver.

Because once you have the money, you don't have an incentive to work that hard anymore.

For the most part, people are like, oh, I got what I wanted.

That's my incentive to work hard now that I got my bags, like there's no reason to, right?

Unless you have a good heart.

It's not good for the user at the end of the day, because what you're doing is you are defrauding them.

You are taking their money and you're not delivering.

And what's good about these companies that have become some of the largest companies in the world, like a Google or an Amazon,

these companies have continued to deliver for the customer, focus on the customer, continue to deliver value over time.

Whether you like them or not, I mean, the reason why they're so big is because they've solved a very big problem.

And that's why these founders were rewarded.

And so they've continued to work hard and now they got their reward at the very end, right?

So most people don't want to get rich slowly, but turns out that's actually the best way to get rich.

And more importantly, get wealthy.

That's what people are looking for at the end of the day.

Rich is being able to buy things to look good, but wealthy is actually being able to really have complete control of your life from a freedom standpoint.

So that's the high level about how this all works.

Now let's talk about what NFT 2.0 actually means.

And so NFT 2.0, this means that the old days of these 10,000 profile pictures are gone.

What actually matters now is you actually have to come with a product.

You have to come up with a project where you actually have to deliver.

And so it seems like such a foreign concept, but in a normal world, you have to create something you have to talk to your customers.

You have to have a mission.

You have to recruit people.

You have to constantly do customer development.

You have to be looking at your metrics.

You have to constantly be optimizing.

And that's how you build a business because you're constantly iterating to constantly iterate, right?

And that's what NFT 2.0 is going towards, meaning you actually have to build something that's sustainable for the long term.

And it goes to some of the details here by pulling up one of the threads that my friend will wrote a couple weeks ago.

But before we do it, don't forget to hit the like and the subscribe button if you are enjoying this video.

But let's jump into this thread over here.

This is from Will, creator of the littles.

And what he says is look, with NFT 2.0, what it means is loyalty.

So I'm going to highlight these loyalty, access, identity, certainty, belonging, tangibility, engagement, and achievement.

Let's go with the first one.

I'm not going to go through every single thing here, but loyalty, I really like his example using Pokemon.

So loyalty, you only need 1,000 fans to have a $1 million business award members for being loyal and supporting your journey.

For example, imagine being the first 151 Pokemon NFT holders and you get an annual pass to their master ceremony with all VIP treatments perpetually.

And so that to me is kind of like access loyalty, they reward you for being a loyal holder, right?

And this is all, you know, demonstrated on the blockchain.

But more importantly, I mean, you feel like you're part of something.

You feel like you're part of something that's going to be there for long term.

And I certainly feel like Will's project is going to be around for long term.

That's how I'm trying to build my project as well.

And, you know, I've talked to a handful of NFT founders such as Keith Grossman from Time Magazine.

And we're only interested in working with people that want to build something for long term.

And they want to do right by their customers because that's what it's all about.

And when you have customers, this just means you're fundamentally helping other people.

When you're rugged other people, like a lot of NFT 1.0 projects, that trend is gone because people have wise up to that.

And when you're rugged someone, you're actually taking value away from people.

You're taking from people.

Give first, and then you get, and that's how business works at the end of the day.

Look, I've seen some other NFT projects out there that give you access to travel places.

There's another NFT project where you get to sit.

Maybe court side or you have box seats for sports games as an example.

And so these are all utility based.

And for example, there's another NFT here in Miami called the 11 Tapkins Club.

And that gives you kind of VIP access to go into club, right?

And these projects, they don't necessarily have like tens of thousands, right?

They really only have like maybe a thousand or so or a couple thousand.

They're not trying to go too hard in terms of volume.

Just trying to deliver the best possible value.

And they want you to belong.

They want you to feel like you're part of something that's bigger than yourself.

They want you to be loyal.

Obviously, they want you to be a promoter of what they're doing.

And, you know, access is obviously a thing to especially with these clubs.

And, you know, down the road, I mean, it's the status symbol as well.

It would be able to show that you're one of the first ones that you believe in this project from the very beginning.

And that has its value as well.

And so by the way, if you're joining us, also don't forget to hit the subscribe and the bell button.

Because we produce more videos like this on business and marketing.

I'm actually going to continue down this thread a little more.

Because I really like this example of what we'll use with access.

So we'll talk about professional membership often cost 10,000 plus for a curated group of networks, conferences,

support, and they give you more tailored and customized Facebook experience can be created for holders.

So he talks about entrepreneurs, organization and YPO.

These are two organizations that I'm either in right now or I've been a part of.

And there's something very special about like an entrepreneurs organization.

So I want to give you a little background.

EO and YPO. These are entrepreneurial groups. These are organizations where people are at a certain level.

They get to all hang out with each other.

They get to bring bread with each other.

These are groups where you learn together too.

Because people that are around the same level or they're a certain criteria to get in.

There's a certain type of family.

And there's a certain type of brotherhood and sisterhood.

I know whenever I go somewhere and I meet a YPO or I know that we're at a certain level.

And there's that commodity that cannot be matched.

And a T2.0 is that's what it's going to bring.

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