Interview · moment 5 of 24
NFTs, the Snail With a Cigar Up Its Ass, and 99% Going to Zero
from Two Greatest Minds of The Century (Gary Vaynerchuk) | The Tim Dillon Show #324 · #324
4 min
Guest
Gary explains his long-standing take that NFTs are exciting technology even though 99% of projects will go to zero, and Tim brings up a friend's absurdly profitable snail NFT as a symbol of economic madness.
- Tim attended Art Basel where everyone was talking about NFTs.
- 99% of NFT projects are going to zero, yet the excitement lives on anyway.
- Internet hysteria in 1996 looked identical—everyone said everything would be online in 24 months, but nobody over 40 even knew how to get online.
- Amazon was four dollars a share in 1999; one percent of the noise will turn out to be special, but people get too greedy too fast.
- A buddy bought an NFT of a snail with a cigar up its ass for 80 bucks and it became worth 44,000—a perfect statement of the economy.
- Tim worked in subprime mortgages and believes speculation can be beautiful; people should be allowed to take financial chances.
- There will be a Jackson Pollock and an Andy Warhol of the NFT generation—three to four artists whose work people will collect vigorously in 25 years.
- That real talent represents point zero one percent of all the artists making NFTs.
NFTsAmazonAndy WarholJackson PollockArt Basel