Welcome to Marketing School, the only podcast that provides daily top level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach. Let's start leveling up your marketing knowledge with your instructors, Neil Patel and Eric Sue. All right, guys, before we start, we got a special message from our sponsor. If you want to rank higher on Google, you got to look at your page speed time. The faster website loads, the better off you are with Google's Core Vital update that makes it super super important to optimize your site for low time. And one easy way to do it is use the host that Eric and I use, dream Hosts. So just go to dream host or Google it, find it, check it out, and it's a great way to improve your load time. Today we are going to talk about how NFTs are exploding and how Eric myself accidentally made two hundred and thirty grand on one. Now, before we dive into this, Eric, why don't you give us an overview of what NFTs are because I'm assuming a lot of people have heard of the term before, but they don't really know and we don't mean this in a bad way. They don't really know exactly what they are and how they work. So do you want to give a quick overview on that first? Yeah? Sure. So this is as of September third, twenty twenty one, and NFTs are exploding right now. You can't go anywhere on Twitter without people talking about it, right. The spaces are taking off as well, meaning the little their clubhouse feature to audio to drop an audio feature. And what NFTs are They are known as non fungible tokens. And so when you think of a five dollars bill, it's actually fungible because you can chop it up into one dollar bills, you can chop it up into a bunch of quarters or you know, five hundred pennies. Right, that's known as fungible. Bitcoin is fungible because you can chop it up as well. Non fungible token means it's a one of one, right, you can't split it up, right. It is what it is, and so that's the technical definition of it. To me an, NFT is a digital collectible and more importantly, there's a signature tied to it now where you can be have digital scarcity. Right, So when you think about the Mona Lisa, the reason why the original is so expensive is because it's the quote unquote original. You can verify it. Right. Previously, in the world of digital with JPEGs and all that and videos or whatever, you can't really verify who the original creator is. Now you can. And as an example, Jack Dorsey sold his first tweet for three million dollars. You can verify that it was sold by Jack Dorsey, right. So you're adding an element of scarcity and people like to collect things. And now we're going to a more digital world, which means that NFTs. If peop are gonna pay millions of dollars for like an art piece of art, they're gonna pay millions of dollars for NFTs right or JPEGs. And so I wouldn't necessarily dismiss it. What I say, it's a bubble right now. There's probably a lot of speculation going on right now, but long term, NFTs are here to stay. Yeah, And when you think about NFTs, people like Gary Vannerchuk released NFT. I don't know how much he made, but my guess is over eight figures based on where Eric and I were tracking online. They're definitely here to stay. People end up loving the thing that you just got to be careful with when it comes to these NFTs is just don't just look the image, also look at the person who ended up creating it, how much time and energy people are end up putting into it to try to make it quote unquote more successful and viable. But going back to the whole topic of this podcast episode, Eric accidentally made two hundred and thirty thousand funny enough when we were discussing this topic before we started recording, he actually could have made a little bit more, and it was all off of something called crypto punks. Eric, do you want to go a little bit more into it? Yeah, sure so. By the way, in the next episode, we're actually going to talk about how brands can leverage NFTs, so stay tuned for that one. But crypto punks are the quote unquote original NFTs. So they're released in twenty seventeen, and if we all believe that NFTs will be a long term thing, buying CryptoPunks is a no brainer. In fact, I probably should have bought a lot more if I believe so much in it. Right, crypto punks are basically algorithmically generated pixelated images, right, and they aren't the most attractive things out there, but the fact that they are the de facto NFTs. Again, if NFTs are going to be a big thing long term, they're gonna be worth a lot, right, So that's what crypto punks are. I happened to have two, and as the price was appreciating, I made a mistake, and that's how I accidentally got a profit of two hundred and thirty grand. Yeah, and it wasn't accidentally. He actually sold it, right, It wasn't that someone forced him to or anything like that. But what he means by accidentally is he should have held on to it, and he would have made quite a bit more. Well, I mean the way I look at it, because I wanted to hold it long term, but I was playing around with the feature, right, and I probably should have shut this. I definitely should have shut this feature off. But basically I said, okay, at the time it was appreciated, I was like, okay, let's just throw it up for like seventy eighth or something like that, which totally goes against what I really think. If I think it's going to be worth at least a million dollars each minimum, why would I even mess with that feature? I just wanted to see if it worked, and then I forgot to just take it off right, And so I didn't take it off, and lo and behold the cryptopunk that I bought for about twenty seven and ends up selling for two hundred and sixty grand or so. As I'm on vacation last week, because I came back and I was look at my wall, I was like, wait, one of the punks is missing. What happened? I was like, oh, God, damn it, it's gone. So that's what happened. But the key thing here is that if you believe in something, A maybe bet a little harder on it. B you want to hold it right, don't do stupid things like me where you mess around the future and forget to take it off the market. Yeah, and look, overall, Eric's done really well from crypto punts. He told me about it. I didn't have the guts for it. I missed out on it. I still don't have the guts for it right now, and they've done quite well. He made a killing on it. I wish I put it in money early, because I think when he told me to put in money, it was like twenty something thousand dollars. Right, that was the floor. I mean now the floor is about three hundred and seventy two grand. Last week it was four hundred and fifty grand. I do believe that they'll drop again significantly. I hope it drops down to like twenty five thirty or so. Then I'll pick up a couple awesome. We'll be talking about more about NFTs in our next episode, but for now, make sure you rate and review this podcast. We appreciate you joining us for this session of Marketing School. Be sure to rate, review, and subscribe to the show and visit marketingschool dot io for more resources based on today's topic, as well as access to more episodes that will help you find true marketing success. That's marketingschool dot io Until next time. Class dismissed

Welcome to Marketing School, the only podcast that provides daily top level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach. Let's start leveling up your marketing knowledge with your instructors, Neil Patel and Eric Sue. All right, guys, before we start, we got a special message from our sponsor. If you want to rank higher on Google, you got to look at your page speed time. The faster website loads, the better off you are with Google's Core Vital update that makes it super super important to optimize your site for low time. And one easy way to do it is use the host that Eric and I use, dream Hosts. So just go to dream host or Google it, find it, check it out, and it's a great way to improve your load time. Today we are going to talk about how NFTs are exploding and how Eric myself accidentally made two hundred and thirty grand on one. Now, before we dive into this, Eric, why don't you give us an overview of what NFTs are because I'm assuming a lot of people have heard of the term before, but they don't really know and we don't mean this in a bad way. They don't really know exactly what they are and how they work. So do you want to give a quick overview on that first? Yeah? Sure. So this is as of September third, twenty twenty one, and NFTs are exploding right now. You can't go anywhere on Twitter without people talking about it, right. The spaces are taking off as well, meaning the little their clubhouse feature to audio to drop an audio feature. And what NFTs are They are known as non fungible tokens. And so when you think of a five dollars bill, it's actually fungible because you can chop it up into one dollar bills, you can chop it up into a bunch of quarters or you know, five hundred pennies. Right, that's known as fungible. Bitcoin is fungible because you can chop it up as well. Non fungible token means it's a one of one, right, you can't split it up, right. It is what it is, and so that's the technical definition of it. To me an, NFT is a digital collectible and more importantly, there's a signature tied to it now where you can be have digital scarcity. Right, So when you think about the Mona Lisa, the reason why the original is so expensive is because it's the quote unquote original. You can verify it. Right. Previously, in the world of digital with JPEGs and all that and videos or whatever, you can't really verify who the original creator is. Now you can. And as an example, Jack Dorsey sold his first tweet for three million dollars. You can verify that it was sold by Jack Dorsey, right. So you're adding an element of scarcity and people like to collect things. And now we're going to a more digital world, which means that NFTs. If peop are gonna pay millions of dollars for like an art piece of art, they're gonna pay millions of dollars for NFTs right or JPEGs. And so I wouldn't necessarily dismiss it. What I say, it's a bubble right now. There's probably a lot of speculation going on right now, but long term, NFTs are here to stay. Yeah, And when you think about NFTs, people like Gary Vannerchuk released NFT. I don't know how much he made, but my guess is over eight figures based on where Eric and I were tracking online. They're definitely here to stay. People end up loving the thing that you just got to be careful with when it comes to these NFTs is just don't just look the image, also look at the person who ended up creating it, how much time and energy people are end up putting into it to try to make it quote unquote more successful and viable. But going back to the whole topic of this podcast episode, Eric accidentally made two hundred and thirty thousand funny enough when we were discussing this topic before we started recording, he actually could have made a little bit more, and it was all off of something called crypto punks. Eric, do you want to go a little bit more into it? Yeah, sure so. By the way, in the next episode, we're actually going to talk about how brands can leverage NFTs, so stay tuned for that one. But crypto punks are the quote unquote original NFTs. So they're released in twenty seventeen, and if we all believe that NFTs will be a long term thing, buying CryptoPunks is a no brainer. In fact, I probably should have bought a lot more if I believe so much in it. Right, crypto punks are basically algorithmically generated pixelated images, right, and they aren't the most attractive things out there, but the fact that they are the de facto NFTs. Again, if NFTs are going to be a big thing long term, they're gonna be worth a lot, right, So that's what crypto punks are. I happened to have two, and as the price was appreciating, I made a mistake, and that's how I accidentally got a profit of two hundred and thirty grand. Yeah, and it wasn't accidentally. He actually sold it, right, It wasn't that someone forced him to or anything like that. But what he means by accidentally is he should have held on to it, and he would have made quite a bit more. Well, I mean the way I look at it, because I wanted to hold it long term, but I was playing around with the feature, right, and I probably should have shut this. I definitely should have shut this feature off. But basically I said, okay, at the time it was appreciated, I was like, okay, let's just throw it up for like seventy eighth or something like that, which totally goes against what I really think. If I think it's going to be worth at least a million dollars each minimum, why would I even mess with that feature? I just wanted to see if it worked, and then I forgot to just take it off right, And so I didn't take it off, and lo and behold the cryptopunk that I bought for about twenty seven and ends up selling for two hundred and sixty grand or so. As I'm on vacation last week, because I came back and I was look at my wall, I was like, wait, one of the punks is missing. What happened? I was like, oh, God, damn it, it's gone. So that's what happened. But the key thing here is that if you believe in something, A maybe bet a little harder on it. B you want to hold it right, don't do stupid things like me where you mess around the future and forget to take it off the market. Yeah, and look, overall, Eric's done really well from crypto punts. He told me about it. I didn't have the guts for it. I missed out on it. I still don't have the guts for it right now, and they've done quite well. He made a killing on it. I wish I put it in money early, because I think when he told me to put in money, it was like twenty something thousand dollars. Right, that was the floor. I mean now the floor is about three hundred and seventy two grand. Last week it was four hundred and fifty grand. I do believe that they'll drop again significantly. I hope it drops down to like twenty five thirty or so. Then I'll pick up a couple awesome. We'll be talking about more about NFTs in our next episode, but for now, make sure you rate and review this podcast. We appreciate you joining us for this session of Marketing School. Be sure to rate, review, and subscribe to the show and visit marketingschool dot io for more resources based on today's topic, as well as access to more episodes that will help you find true marketing success. That's marketingschool dot io Until next time. Class dismissed