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E225: NFTs and The Metaverse: Embracing Innovation with Mario Nawfal
NFTs and the metaverse are buzzwords often thrown around these days, but do you really know what those mean? And if you do, are you ready to embrace those? In this episode, Erik Cabral shares an insightful conversation with Mario Nawfal as they talk about what NFTs are, how they work, and the concept of the metaverse.
In 2012, Mario entered the sales world, selling blenders door-to-door and with only $300 in his pocket. Employing unconventional marketing strategies and efficient systems, and helping build a team of global contractors, Mario helped grow the company from $1 million to $10 million in two years.
Fast-forward to today, Mario is now in the NFT space as the co-founder and CEO of NFT Technologies. He offers investors access to NFTs by curating the portfolios and partnerships as well as building relationships in the space.
Here are some power takeaways from today’s conversation:
Episode Highlights:
The World of NFTs
Prior to 2017, you couldn't actually technologically own something without a central entity saying you own it. Then in 2017, a technology known as non-fungible tokens or NFTs emerged. This opens up massive possibilities and disintermediation, which means you can own something without needing a central party that says you own it. You can also move it from one place to another and send it to wherever you want, just like in the physical world.
Are NFTs Safe?
The human brain is designed to seek safety as part of the survival instinct – and one of those things is resisting change. It's one of the worst things to have as an entrepreneur because change leads to opportunities.
The human brain overestimates the short-term impact of innovation and underestimates its long-term potential. But it's normal for innovation to take time, and in the long-term, NFTs are inevitable because, as Mario puts it, they make life better.
Examples of NFTs
Types of NFTs include artworks and collectibles, such as CryptoPunks, one of the early mainstream NFTs which are a bunch of ugly photos. There are 10,000 of them that were created by a company called Larva Labs. The cheapest one is $300,000. Today, owning a CryptoPunk represents a signal or a status symbol. It’s like wearing a Rolex in the physical world or driving a Rolls Royce.
Understanding the Metaverse
People expect the metaverse to bring equality to the world, be more open, and do things that are very utopian. Unfortunately, the human species is very imperfect and this will continue in the digital world. Greed and emotions will still be there. A lot of the issues we face in the physical world will still exist in the virtual world. But every technology over the last few 100 years has generally brought a better quality of life to us as a species. Otherwise, we wouldn't be using it.
Resources Mentioned:
https://www.nfttech.com/
View all episodes
By Erik Cabral
5
5151 ratings
NFTs and the metaverse are buzzwords often thrown around these days, but do you really know what those mean? And if you do, are you ready to embrace those? In this episode, Erik Cabral shares an insightful conversation with Mario Nawfal as they talk about what NFTs are, how they work, and the concept of the metaverse.
In 2012, Mario entered the sales world, selling blenders door-to-door and with only $300 in his pocket. Employing unconventional marketing strategies and efficient systems, and helping build a team of global contractors, Mario helped grow the company from $1 million to $10 million in two years.
Fast-forward to today, Mario is now in the NFT space as the co-founder and CEO of NFT Technologies. He offers investors access to NFTs by curating the portfolios and partnerships as well as building relationships in the space.
Here are some power takeaways from today’s conversation:
Episode Highlights:
The World of NFTs
Prior to 2017, you couldn't actually technologically own something without a central entity saying you own it. Then in 2017, a technology known as non-fungible tokens or NFTs emerged. This opens up massive possibilities and disintermediation, which means you can own something without needing a central party that says you own it. You can also move it from one place to another and send it to wherever you want, just like in the physical world.
Are NFTs Safe?
The human brain is designed to seek safety as part of the survival instinct – and one of those things is resisting change. It's one of the worst things to have as an entrepreneur because change leads to opportunities.
The human brain overestimates the short-term impact of innovation and underestimates its long-term potential. But it's normal for innovation to take time, and in the long-term, NFTs are inevitable because, as Mario puts it, they make life better.
Examples of NFTs
Types of NFTs include artworks and collectibles, such as CryptoPunks, one of the early mainstream NFTs which are a bunch of ugly photos. There are 10,000 of them that were created by a company called Larva Labs. The cheapest one is $300,000. Today, owning a CryptoPunk represents a signal or a status symbol. It’s like wearing a Rolex in the physical world or driving a Rolls Royce.
Understanding the Metaverse
People expect the metaverse to bring equality to the world, be more open, and do things that are very utopian. Unfortunately, the human species is very imperfect and this will continue in the digital world. Greed and emotions will still be there. A lot of the issues we face in the physical world will still exist in the virtual world. But every technology over the last few 100 years has generally brought a better quality of life to us as a species. Otherwise, we wouldn't be using it.
Resources Mentioned:
https://www.nfttech.com/