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Today’s episode is an interview I had with the music star Farruko. We talk about NFTs and how they will change the music industry forever, and why you should dedicate 50 hours to learn and understand what it is all about. Also, we discuss social media content, how you can become vulnerable if you lose your humility, and much more. Enjoy!
#garyvee #farruko #nfts #socialmedia #marketing #business #music
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Check out another series on my channel:
Tea With GaryVee (Fan Q&A Series):
Overrated Underrated (Hot-takes on Culture):
Gary Vaynerchuk Original Films:
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Gary Vaynerchuk is one of the world’s leading marketing experts, a New York Times bestselling author, and the chairman of VaynerX, a modern-day communications company and the active CEO of VaynerMedia, a contemporary global creative and media agency built to drive business outcomes for their partners. He is a highly popular public speaker, and a prolific investor with investments in companies such as Facebook, Twitter, Tumblr, Venmo, Coinbase, Slack, and Uber. Gary is a board/advisory member of Bojangles’ Restaurants, MikMak, Pencils of Promise, and is a longtime Well Member of Charity: Water. He’s also an avid sports card investor and collector. He lives in New York City.

But i think the way you think about an nft project is the art comes almost secondary, though it's very important. It's are you willing to give access to your fans virtually or physically the garyvee audio experience. My man, that's amazing. How are you such a pleasure? What's good good good morning welcome yeah congrats on everything, man, it's crazy! It's been amazing.

It's crazy to watch you ascend, it's so good, very good where, where were you born puerto rico, puerto rico? It's amazing! It's amazing no worries how um, how can we help you guys the most nft's books? I know yeah we're just talking about it. All. I don't know where you guys want all right. I mean they were saying that they want to do an interview.

They want to do it right. I told them. You took your time, they don't want to rush. You know they want to do a book.

I mean he's on top of the world and they're just saying that's crazy. Let's keep it moving. Really. I mean the nft thing is so big.

You know everyone gets caught up in how much money there is right. Now, it's so much bigger than that, because it's kind of like 1996 97 98 for internet. You know when the internet came. There was so much money.

Go public but then in 2000 all the stocks went to zero, but in all that zero ebay and amazon were there and they were meant to be ebay in arizona and that's what's going to happen with nfts. That's why it's good to be thoughtful! You've seen it! It's been a lot of artists, a lot of important people, put out projects and done and then there's projects that right now are doing incredible. That are vulnerable because it's a long-term game. But i don't know what your music deal or situation is.

But as an author music funding of movies, all of it is going to be changed because nfts as an artist. Imagine when you're coming up. This is what we're going to talk a lot about, instead of taking a bag from a record label right because that's what happens you build on tick tock you build on soundcloud, then people come and they offer you money and you go on a label, and that Makes sense if you have no, you know it's not a great business deal, but the upfront money is very valuable. I did the same thing with my books: oh million dollars in for that matter.

You know it's money now. Instead, the 15 year old you in seven years, get big on whatever tick-tock is get big on, whatever soundcloud is put out an nft with your cover art of your album and say these 10 000 nfts of my first album. Not only do you get the art, not only does it come with an hour of zoom where you can meet me or meet in person, but i'm giving up 20 of my royalties forever divided by 10 000. So the fans are gon na, become the record label.

Not the record label. It's a big deal. It's a crazy! It's a crazy to me so that you got to put in the back of your mind because you might be indeed you know again. I don't know where you're at as far as overall it comes down to who you are.

I was perfect for nfts because i love meeting strangers, but i don't think that makes me nice or special. That's just who i am. I have so many friends who are big, who also want to and then many that don't and that's, okay, you don't have to force it, but i think the way you think about an nft project is the art comes almost secondary, though it's very important. It's are you willing to give access to your fans virtually or physically if the one of one gold, one platinum, one in a series of 100 is dinner with you.

It's gon na go for a lot more money than just the art yeah so that that's something to think about, but the nft thing is like the social media thing. This is not a fad. This is not a quick move. This is forever for.

I look at everybody here, everyone's young i'll, throw myself in there i'm a little older than you guys. This is gon na take over our lives forever. So it's worth thinking about, but i think the way you think about is what are you willing to give your fans in access virtually or physically? That's how you go backwards, because the contract underneath the art is the very special part of nfts. The thing i started with is how it's going to revolutionize the entire music industry.

It's nfts are the most dangerous thing to the right: more dangerous than napster more dangerous than soundcloud more dangerous than tick-tock, because the record labels always had the fact that they were the funding mechanism of the artist. Now you get big on tick, tock and sound cloud, and you sell nfts to your audience. You can raise 5 million overnight and you can keep 80 percent instead of giving up 80. And then you know how good it feels when you pop off that the people that believed in you the most are the ones that are getting money every time you spotify and for me like like when i look up when i think about what we do.

You know we just give lu, you guys have a sense of how we do it mike mike probably shouldn't be investing in startups or buying stock, but when this becomes real mike, even while he works for me, the first thing i'll tell him is like because i Love him and he's family, i'm like here's 50k go buy it when this becomes real in five years. I'm like what you've done for the last 20 years when you see the baby or a little baby or magnus stallion, buy those nfts because buying those entities is going to give you royalties. It's going to be changed. It's going to change the world so nfts! You have to get smart, you guys, you know you're busier.

You guys have to spend hours understanding it, because it's it's not a quick buck. It's not a quick budget. That's why i'm having smart decisions, if you know, obviously, obviously we're going to meet for a half an hour and everyone's busy? But if you need extra time we'll get on zoom i'll help, of course, i'm sure you're getting bombarded check it out. One yeah, the arts fire.

I see yeah, it's it's all coming too many people are fixated on the visual and the art's important, but like this is important to me, because it's me it. This doesn't look as good as this, but it's authentic, and you know this. I've been watching for a minute, like the reason you got to hear is because it's authentic, when it's real, it's real yeah when it's not it's not right. So so for me, when people make fun of me because they're like gary, your art is like a second grader, i'm like cool, but it's me and i have enough money to hire the best artists in the world.

I could make it look phenomenal, but it's me then i'll convert them into you ever see the first bart simpson or mickey mouse. They didn't look great either you can hire people later, but when it's authentic and you got ta, think of yourself, you know, i don't know you. Well, maybe you do love the idea of having dinner with 20 people. Maybe you do want to have people meet you in the green room before a show? Maybe you do want to serenade somebody on stage justin bieber in his prime.

If he had an nft that if you bought it, it also gave you the ability to sit in a chair and get serenaded. Some rich here would have bought it for his 15 year old daughter for a hundred thousand dollars. So you got to think about the strategy and it has to start with what you're willing to do. I see you see what i mean, because it's not just the art, it's a contract.

If you want it to be, most people just make it about art, but that's like thinking in 1995, the internet was just about search engines. It was a lot more. You can start, you know back to being a humongous global artist. Maybe your nft is your membership club.

Maybe it's your fan club. Maybe you put out a hundred thousand nfts for a hundred dollars a piece and if you buy it, you're part of the fan club photos, access discounts on tickets, it's powerful and what's cool about it is unlike when the beatles had a fan club in the 60s. When somebody takes a piece of art like shakira and sells it, they love you, but now they don't like you as much. You know how that happens, fans right when they sell it, because there's only 100 000 of them.

You get a royalty very big. This is a big. What are you thinking? Boyd? No, i mean yeah, i mean that's, that's what we want. We were saying we just want to get to know each other.

You know we've been trying to meet you for so long and we know you love cars. Motorcycles are what type of like four-wheelers right, yeah yeah, i'm saying whatever you want to talk about man, i know yeah man and we're here, for you know, i think you probably have a sense of us. We love music and culture and, like we believe in karma, i'm i'm not interested. I don't need anything.

So it's good to just give game. Oh, i think you guys should talk about family. You know we're really filming this, and people are going to see this like family means. So much to him - and i know it's everything to you.

It's like, like just it's good grandparents like everything, it's just family they're, all back from puerto rico. I mean other than that stuff. I mean the next he's going on world tour, like they just said, they're doing the first like what what what was the first. What was the first moment where it started really what was if i asked you, what was the moment where it turned? Oh, my god that turned like that.

You started seeing this calling you start seeing the light right because remember at the end of the day, um artists, when they start they have a dream right. Of course, they have a dream to become an artist. They have a dream to be famous, to have a dream to accomplish a lot of things. Um when came out, he came out of the face on myspace.

Is it really yes, yeah he's so organic and so real that when he came now he came out just like he said. Imagine if you come and you become an energy artist yeah and you release everything right platform or whatever it is right. So he just came on just like that. He came out on my streets put in a musical when back in 2008, 2010, 11, 11, 11, 2011., nine, ten, nine, ten, nine ten yeah, i'm there, and that was the first.

No, no, that was okay. When you start putting music and people around yeah, of course people are, you know, i remember that that's when we knew each other yeah. I remember when everything turned and jock when everything turned and we went to like. Oh, my god, like the two, was all across the world to travel until it was a record called best, hasta being when the river came killed.

What year was that that was 2012 2014 one day at that time? I remember what was it so much momentum? That's! What's so amazing about art in general? Also look at everybody! Well, this song that they're talking about right now they dropped. It blew up organic like no money, no big music later right, the different mind of another artist. My career is very organic because when i started anthony campbell, can you grab that right? Next to you this one yeah, you see this. This is my report card in high school.

You see this spanish. I got a d go ahead. I want to hear that though, what was he saying so when when so like, i said we started with the hard copies yes and then, when this world changed the digital world, it was like it was like. It was like a booming ahead.

You know just recently because you just started seeing like all these new artists coming up coming up and landing on top of you. After all, the effort and all the hard work they did you know all around was that frustrating yeah. I respect that. I get it.

I get it because, as an entrepreneur when i was building everything when the internet was impossible, nobody used it and then in 2000. So i was in 98 and then in 2005 67 i'm seeing companies get two million dollars in funding at a 20 million dollar valuation. But it's funny that sat with me very short, two seconds on my mind. You can't control when you're born, there's gon na be people that you look to that's.

You looked and said they had it easy they're, gon na say the same about a 12 year old right now, that's going to use nfts to not do record deals. Crazy. Artists are giving up 80 percent of the action on the back end for upfront. Cash and kids are going to keep 80 percent, sell more get more money from their fans for nfts and feel better because 90 percent of artists don't feel great about the company making.

The money and now literally now the people are going to make money. Besides, the artist are the earliest fans who believed in the artist mike when he fully realized. What i'm saying is going to wake up one day in 9 months, 19 months, 39 months to be like all that skill i had. It was good for clout, gary thought it was smart, and that was good for my career in my 20s and 30s.

But i could have bought, he wrote about nicki minaj when she had four thousand followers on twitter. If she would have sold her masters, he would have bought eight hundred dollars worth and probably would be making four thousand dollars a day on nicki music. Today, that's what's gon na happen, artists are gon na become like stocks and startups fans are gon na bet. It's gon na be cool cool.

It's gon na be very cool. Yeah. 100. That's that's! What's gon na happen with nfts contract spotify royalties come in.

It's gon na know the 99 people that own nfts from the original masters, just like this jockey, and all that just gon na distribute the money i'm gon na hold the nft. Of course, it's gon na be beautiful art no different than an album caller, but it's gon na represent point two percent of all the music royalties. It's gon na be a big game for us, but we do well listen to a lot of music decide. Do you believe bet on the person? It's cool so nice? That's why i love web 3, so much this new world about who's, making the money, the artist and the people that most believe in it imagine buying one percent of all nirvana royalties because you saw them in a bar in seattle in 1990.

It's cool think about how it uplifts communities, who do you think, is going to buy the first nft the people from the neighborhood, and then you also have 4 000 10 000 people who are not just fans who are financially incentivized for you to win what the Do you think they're gon na do they're gon na share your music 24 hours a day? Nfts are gon na change music in a very big way, beautiful in beautiful way beautiful. What about what about collaborations these days? One thing mike knows that i'm passionate about passionate because obviously you've won so much in your universe, but what about the idea of doing music with madonna or cher or taylor swift? How do you think about collaborations to broaden awareness? I think the number one thing the number one thing that you guys could all help him with is make him listen to a lot of different music, see if he falls in love with anything and then do things with them. If he falls in love with one song from an emerging k-pop band - and you guys get together in la and you catch it right changes his whole career yeah he's done that a lot on the line. I know that that's why i'm bringing it up.

I i believe from my eyes from afar it's one of the biggest reasons he's here today. The way he is, i think you should broaden it period to the world country k-pop edm, whatever the everything doji it's just. You know what it is for him. It's what you do for me if they're just every week, it's almost like exercise, here's 12 songs that he would never listen to to just listen.

You know what it's just like me, yeah! It's it's mike gives me a ton of new music. It's one! Every 40 songs, 100 songs where i'll text him. I may not talk to him for two months and then out of nowhere, i'm like who's. This yeah, it's real and that's why we've been waiting to meet you for so long when this came across the radar.

Gary all kept yes now we need to. Finally, because when we like someone, we like them yeah, because because two things i believe in authenticity and strategy, i'm not confused how you guys got to this office, it's you're very smart, it's how it's by the way, it's how i got to this office, but i Do think it could be very big for you what i love notice, what i'm saying, i'm not saying make just find the people that are already winning, because i already know that it has to be authentic to you. I'm saying to the crew just load up his whatever the he listens to music to 12 a week. I don't know if you work out or when you go to sleep or, however, you like it traveling right.

That's what i you know. It's been harder for me to listen to this, because i'm very good when i'm traveling on a plane, because while i'm working i'll, listen and zoom and everything i don't have the rhythm that i had before so. But i think that could be an incredible thing. You can do for him re, even if you have to add somebody new to the team, because i'm sure everyone's busy really new new, like who's popping in sweden.

There's a new movement in europe right now with a new, sound and we've been paying attention to because believe me, what you're saying is you're not doing that he's he don't come. He don't just steps in one circle. You know he likes to jump around from side to side and if you see, if you follow his career, he's done a bandsaw. Album he's done a regular and he's done the trap album it's.

Why i'm giving you the advice i have i know but to your point in a certain like in a pocket and i'm saying it go do country. You know you know, we have a real good connection and um were talking about a few weeks ago that man we should come home with just rock cop and rock bro, especially if you want to do it, i don't scare, i'm not. I know no other artists in the night. What time is it one minute until the apac thing yeah? Can you just hit up marcus and tell them i'll be five minutes? I just want to chill on them.

You guys are all saying his mentality. He loves cars and motorcycles or anything he was saying, i'm like i'm like a person making these cars, and this is a prototype like his new hit. It's like this is an option it blew up, but he likes making things that are like better than the last to him he's an artist. You know so trying things loving it where, where are you? Where do you live pr here and any anywhere else, miami mm-hmm? I am up here what about um? How are you guys thinking about products, water, anything, water, apparel? We would love to do this type of thing.

You're, just you're so focused if it doesn't make sense. Why do it remember 100 once you lose the opportunity, as far as i agree, for example nft how about if i do that with the wrong person with the wrong 100 100. So there's i would say, there's a time for everything. There's a time for everything you can't rush him, you can't what's going on with uh.

Obviously i know what's going on with you on instagram, but i don't know what is what's going on with you on tick-tock. You know my teeth always die. It goes viral instantly and we're just talking about. I know you're in a rush, but like not just viral, but we were saying maybe someone should document just his face goes viral like he might not love the app but killing it.

How many followers does he have on it? 2.5 million right now? It should be way more, no of course, but he doesn't with it. You don't with it at all. You know the crime is about to hit 20. youtube is about to take 20 mil.

It's like. It's a 100 million across you're gon na have to figure it out. Yeah you're gon na have to yeah. I need it.

You're gon na be upset and you've been around the game. Long enough, you saw what happened to myspace. I did the you can't. You have to get more serious and like it's the same thing with my weight and my strength for eight years.

I got my together. Finally, but i hate it every day and that's how you're gon na have to treat tic toc until you, like it, yeah you're gon na, have you're gon na have no choice. You have too much ambition too much yeah. You got ta be posting two times a day, you've posted five times since may, and i i what he did more than what i thought.

I thought he did it. You know. Listen, we have this limited time together. Obviously, let's start talking more often like we love doing we'll help, no matter how happy to help you with anything, but this you can't around with you're gon na you're gon na lose labyrinth, you're gon na lose leverage.

You know how powerful that instagram has been for you. This is gon na eat it up. There's not a 17 year old that you're too young you have too much to do. You've got to figure it out.

How long do you think it's gon na last? A lot longer than the concept of ignoring it right think about knowing your journey think about all the artists that were bigger than you that disregarded all the platforms. Eventually, you become successful enough to become who you made fun of on the way up and that's the danger. Eventually, you become successful enough to become who you made fun of on the way up, because they didn't understand. It sometimes comes natural, sometimes just a little difficult, but when you want it, you got ta fight for it.

Yes, the pro the problem is, it was easy in 2010 you'll do anything when you're hungry you'll eat anything in 2021. Thank goodness, thank god for all the hard work. All of you put in a little less hungry a little more bling, a little more followers and you get passive on where the kids with then you become vulnerable and then the 19 year old version of you takes your yeah for sure, but even with how you Always say gary always says, listen and like study like if he loves cars and motorcycles, there's so much cars and motorcycles on a tic toc all day long and if any of those people you jump in their comments or or it's like anything, it's like a coach. It's like anything if it doesn't come natural for him to do it, then one of the four of you good, looking characters need to be near him all the time and just make it happen.

If you start with people on tick tock, that's like an article ready to go pitchfork whoever's like whoa. Why did furuko just jump in all his fans comments? You know people go crazy, yeah! More importantly, it's where attention is in 1985. It's a good idea to be on mtv every hour in 2011, not as much in 221. It's not even on your mind.

Tick tock, isn't something you can just disregard youtube watcher. What's up it's garyvee! First of all, thank you so much. I hope you're doing super. Well, during these times, i also want to ask you please subscribe, because my commitment and exploration of youtube is about to explode stories, polls, more content, more engagement, more surprise and delight.

This is the time to subscribe. I hope you consider it and i hope i see you soon.

8 thoughts on “NFTs Are Going To Change The World, And You Should Pay More Attention To It”
  1. Avataaar/Circle Created with python_avatars Fatima Ibrahim says:

    I believe in this 100% but honestly feel like I need a one on with Gary to simplify the whole thing for.Literally from what a NGT is to how this industry can be monetized.🤑 Love the content man and the energy this guy puts out🤞🏾

  2. Avataaar/Circle Created with python_avatars Jo Gar says:

    I love this! I have a friend that is an upcoming artist and he's REALLY GOOD, I truly believe he's going to make it. I don't want to seem like a "groupie" but I'd definitely buy his NFT.

  3. Avataaar/Circle Created with python_avatars Anders Glud Jensen says:

    Fire fire FIRE 30min!!! I deeply wish for everybody to take the time to listen to it AGAIN! And after that. Again! So so important! The last 6 minutes are historically of importance like no other thing I have heard. Ever. On youtube. Ever.

  4. Avataaar/Circle Created with python_avatars a simple man says:

    I missed out on vee friends and ethereum nfts cause I was too new to the space but I've jump on cardano blue chip nfts which I wouldn't have been a part of if it wasn't for you. Priceless content like always.

  5. Avataaar/Circle Created with python_avatars BODING MUSIC says:

    I am a music producer and DJ myself and I’m really starting to understand how much NFTs are important in the music industry. The fact that my fans are able to support me and “betting” on my success is something that’s never happened before. By the way great talk with Farruko, I love him as an artist and I’’ve just finished recording a new DJ-Set with his new worldwide hit “Pepas”! 💪

  6. Avataaar/Circle Created with python_avatars REAMS says:

    Thanks GaryVee for having an artist such as Farruko, the latino community is among the largest in the USA, is already a part of the NFT community, and is growing yet most of the projects out there don't reflect that. Farruko is a mayor Reggaton artist and a good vessel to reach the latino community. 
    What if you're the Label? What if you're an artist with a label deal and artist under you?
    I think the same can be said for the movie industry. A young filmmaker can raise the budget for their own films. Authors can sell their own books as an NFT. A startup clothing or toy brand can presell their items to early adopters. Exclusive items can be sold via NFTs. We still need to know what to do after we raised money for our projects.

  7. Avataaar/Circle Created with python_avatars J C says:

    But doesn't a record label help build and sustain the artist career with its connections and money being poured into the artist. If the fans are now the record label then the artist doesn't have the same kind of backing. A NBA player wants to sign with the NBA because the label behind it. Same thing with the artist.

  8. Avataaar/Circle Created with python_avatars DirtyTango says:

    Wow the fact I’m reading through the comments and I see you Gary liking and replying you are Definitely a active guy who does what he says

    Respect ✊
    Information has been more than helpful now I work 73 hours a week and that seems normal I just had a 3 day weekend and it felt sad not working


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