@garyvee & BeerBiceps Discuss The Future | The Ranveer Show 108 | Transcription

Transcription for the video titled "@garyvee & BeerBiceps Discuss The Future | The Ranveer Show 108".

1970-01-04T08:49:49.000Z

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Opening Remarks

Introduction (00:00)

Before I let you slip into Beaubicef's ex Gary Vee, what I want to highlight is this man's role in my own journey. Seeing what Gary Vee built out on social media, I was inspired to take that next step for my own career. Okay, I've become a content creator, what else can I do? Okay, I've achieved a little bit, how can I take it one level higher? Okay, I am ambitious, how can I take the ambition many levels higher? That's what I've learnt from Gary Feynachuk, it was an honour having him on the Ranveer show. A big announcement for me in 2020 man is that I've become an investor for the first time on a company called Ready Set Jet. Ready Set Jet creates some of the best cosmetics products, some of the best skincare products that I have come across. I'm glad to be an investor and this concept of being an investor was placed in my mind by witnessing Gary Vee's journey. Thank you, you're a big brother to me in the world of social media Gary Vee. Appreciate you being on the Ranveer show and opening up in the way that you did. For the listeners of this podcast, I'm going to allow you to slip into Gary Vee ex Beaubicef's on the Ranveer show from now on. Gary Vee and how are you? Welcome to the Ranveer show. Thank you so much my friend, thanks for having me. Just before this recording, I told you that you're my online guru in so many ways. I don't want to call you an online guru because that word has a negative connotation nowadays. But you've taught me a lot and most specifically you've taught me about how to think about the near future. So I think that's a cool theme for this conversation as well. You're big on NFTs, you're big on anything futuristic man. I'd like to ask you about the post-COVID world.


Discussion On Post-Covid World And Future Trends

Post covid world (01:55)

What's going to happen in terms of business and then what's going to happen in terms of social media? First of all, thank you so much. It feels very nice and thank you for everybody who's listening. I'm not sure. It's funny. A lot of people when they think about me, they think I'm very good at predicting things. And what I think I'm very good at is processing information when it's happened and then having very good intuition and pattern recognition around historical human behavior. And then mixing those in ingredients and cooking a meal with an observation. And then having this almost emotional feeling about it that gives me, I know what it feels like when I'm ready to switch from curiosity to conviction. And then I start making content. So, you know, I bought Ethereum in 2016. That was curiosity. That was hypothesis. And it was not until 2021 that I started being very loud about NFTs and the things that were being built on Ethereum. So I don't know what will happen in a post-COVID world because I don't think we're there yet. Let's say, and the world is on different, every country is on different timing, but let's for fun say that everybody was out of it on December 1st of this year. It would be February 15th when I think I would start making videos saying this is what's going to happen because I would need those 10 weeks of observing, listening, watching, which I do so much of. You know, people, they see the output. They see my content, the podcasts, the vlogs, but they don't see what's happening the 20 other hours a day when I am doing my research, when I'm listening, when I'm engaging. So, but there's enough going on that I have some hypotheses. You know, one, I think people are underestimating how big of a change is upon us. You know, human behavior, consumer behavior, the world, the way humans act is very affected by things like this. And so there's things that we aren't even thinking about that will forever change. So, for example, for me, the way I work out, you know, I, I learned a lot what a little more sleep can do for my impact, right. And so, you know, I don't want to work out in the morning as much, you know, I'm stronger in the evening, that's a big change for me. It's just a change, you know, people have reconnected with lost friends, reconnected or disconnected from current relationships, because this exposed what it feels like so. And then on the, and then on the business side. You know, the way we travel, you know, I think the, the, the way we interact during cold months when people get, you know, the flu or sick like those things change the, the, the, the books, the podcast, the TV shows we watch the foods we consume they've all been changed, to some degree, slightly. So, I think that the other thing is, I believe big events like this expose people more so than they change them. So I believe the people that were unhappy and are anxious and insecure, you know, have, have doubled down on that anxiety. And I believe the people that are optimistic and are happier have become more content and simplicity, and have become even more grounded. And so those are some of the things I've been thinking about. I mean, this is just an observation from India, but we've kind of fast forward it five years into the future.


Ranveer’s hunch on India’s future (05:52)

You're like content that wouldn't have worked right now has started to work because people's mindsets just got fast forward. I also run a talent management agency where we work with a lot of teenage talent and they're way smarter than what I was when I was a teenager. And that's a representation of the whole country and also the whole world because they grew up with social media. So the mindsets are fully different. My hunch is that with social media, people will consume even smarter content, which is why we see the rise of you or Joe Rogan or even our show like it got a 400 percent rise in downloads in terms of podcasts. Podcasts weren't a thing in India, say even a year and a half ago, and we just saw this explosion. We started doing regional language podcasts like Hindi podcasts. And that's also starting to rise. And we're kind of going into lockdown again in this country. I feel like this will be really beneficial for the world of content. People will want deeper, richer content. And my hunch is that because people consume more social media, you exercise your brain muscle, you exercise your information muscle. Therefore, you want deeper, richer shit that will actually benefit your life. That's just my hunch. You know, to your point, the amount of hours that the human being would spend on traveling from work and they were always listening to the radio in their car or reading the newspaper on the train or whatever it might be.


Gary on the present situation (06:55)

Those hours got brought back in house and in house, a phone or a laptop had the benefit of picking up a lot of those hours. So, yeah, I mean, I think the question always becomes, and I'm always curious about this, which is, you know, what would have happened anyway? And then on an individual basis, anything could have happened. Everything would have been different if the world was open. Different people would have met different people for different reasons and people make the world go round. But yes, I understand where your angle is coming from. Let's keep it moving. Yeah. Gary, we talked to me about NFTs.


What are NFTs? (07:52)

Like for someone who doesn't know anything about it, how would you introduce the subject and how would you want people to think about it going into the future? The way I had dinner last night with some friends and I said, look, there's only been two other times in my entire life I felt like this once was when I saw the Internet itself in 1995. And the second time was over a course of a few months similar to this, where it became very obvious to me that MySpace and Facebook and YouTube and Twitter were going to change the world. And this Web 2.0, which later became social media, was going to be the thing. That's how I feel about, no question, that's how I feel about NFTs. NFT stands for non-fungible token. A token is something that you find on the blockchain. It's for what it really is, is a digital representation, a digital asset that can be as basic as most people see it now, which is just an interpretation of art or a collectible. And there are things on your shelf right now, right? That cup is not an active mug. That is a mug that is a collectible or logo your podcast. It's a representation. We do that in real life. However, that's where a lot of people think it stops. And for me, that's just where it starts. The token has an underlining contract capability in it. All of these digital assets have the ability to have a contract underneath it. What does that mean? Well, it means that anything that has a contract on Earth is capable of being turned into an NFT. And contracts come in many forms. Contracts come in the form of a ticket to a sporting event. Contracts come in the form of selling someone a home. Contracts come in a reservation to a restaurant, a sign contract to do a meet and greet with your fans. It might mean an obligation to send somebody a hoodie and a mug with your logo of your podcast on it. So, you know, tomorrow, let me, let me, I think people learn from examples. Tomorrow, your podcast is exploding. You say, everybody, I have an NFT and we made a thousand tokens. And if you go on 900 of the tokens, if you buy the token, it's a very cool piece of art. I've teamed up with this other, you know, Indian artist, but he happens to live in Brazil, very inspired by that culture and our culture. And he's made some cool interpretations of the microphone, of the earplugs, of the words of wisdom that have come out of my podcast, the guests that have been on my podcast. And the first 900 of them, they just come with a mug and a t-shirt. So if you buy it, not all, you come to the website, you connect your wallet, which holds your NFT, and you'll also get a mug and a t-shirt. Now, 90 of them are a token that is in silver. Same pictures, but in silver, those 90, all of 90 of you, twice a year, I will have an event and you can come and listen to my podcast live with four special guests. Next, 10 of them are in gold. If you buy one of the 10, you come and have dinner with me for one hour, each or together, or nine of them are gold. And we have a 10 person dinner, me and the nine people that buy the token, the platinum. There's only one platinum token that will be auctioned off that has dinner with me, and you will be on my podcast. That is the part of NFTs that people are not thinking about. After the people get there now, that's fine. That's kind of like, easy to understand. Here's where it gets interesting. In the contract, it also says that every time somebody sells a token, you get a 10% royalty. Right? So now we do this whole thing. A fan buys for, let's use American dollars because I understand it better, 80 American dollars, the hoodie and the eight, let's say eight, eight American dollars, the hoodie and the mug, and they have your token. Couple things. One, when friends in two years look at their public wallet, they'll see that they're a fan of you and they'll say, I listened to his podcast too. Oh my god, you've been listening so long that you got the original tokens. Got it? Social currency, like a blue check, like a follow and count, like a subscription, like what your rating is on an Amazon podcast, you understand? So there's going to be currency in having the token, proving what you did and what's supported and what you liked and what you collect. Number two, now I've been listening to you just like I have fans and after five years, I got it, Gary Vee, I'm going to move on. I still have this token and somebody just offered me $500 for it because it was the original token and they're a big Gary Vee fan. I'm going to sell it. Now you made $500 or $450 because I make $50 on the transaction. So the artist, the intellectual property holder, the originator, now makes all the secondary and in perpetuity transactions on that asset, which is non-existent in our society. The end. Beautiful. I think the analogy I want to withdraw from NFTs to explain it to someone who's probably still not understood it is three things. One is the trophies we see on Xbox and PlayStation. It's just something virtual that you get because you win something or you do something in a video game. The second analogy is something I heard someone say on the Internet. We're all moving into a metaverse, a virtual reality world. So if you have a virtual reality home in your own virtual reality space, you can decorate that home with your NFTs, that trophy, that mug, that poster. And the third thing, I mean, this is something you brought to my notice, which is that it's a form of investment for the future where we're capitalizing on pop culture, basically, social media stars, athletes. And all currency, relationship currency, currency. You know, because don't forget, you know, I met Logan Paul and Charlie D'Amelio before people knew who they really were. You know, so it's one thing to invest in someone when they're already. It's another thing to see somebody coming up and being able to invest in them. So you really you're investing in social currency. And the same reason that somebody wants a Mercedes Benz or to wear very expensive sneakers or to wear jewelry. You don't need the metaverse to show off your digital assets. NFTs are going to become as prevalent as social media. And so showing off your virtual currency in the real world. You know, when you meet somebody now, people go to Google, people go to Instagram, people go to TikTok to look that person up if they don't fully know them. Hey, meet my friend, John, and they walk away. They go to the bathroom or after night. But like, who was that? In a decade, I believe I'm predicting that people will look at people's public wallet. I believe today we are public with social media. We're starting to go private a little bit with the way the world's going. In crypto, in in blockchain, we're private. People are anonymous. And I believe that you're about to see people become public. And as people start having public wallets to showcase their tokens, you're not going to need the metaverse. I'm going to meet you at a conference. You're going to walk away. I'm going to Google you. Your wallet is going to be the second result. Whoever wins that game. Or or I'll just go to it because it'll be as prominent as Instagram. And I'll see that you and I both love Mumbape, the footballer. And that's going to make me and I'm going to say, wow, you have the so rare rare Mumbape. And immediately that's no different than me saying, wow, you have those Sean Weatherspoon sneakers or those off whites or wow, you have. Look at that. You know, why do people buy Lamborghinis? They don't buy it for any other reason than to show off or to show status. We are animals. You know, the early cavemen and the early settlers, they would have, you know, they would put paint on their face to show their status. Chiefs would have more feathers. Army would have more medals. This is what human beings do. This is what we do. And if these are going to be the most scaled, most global, most universal language of of communication through non words. One of my business mentors always told me that if you want to ever make a high profit business, create status driven products. That's a very good point. Whoever said that is very right. The difference between Chanel and Louis Vuitton and competitors that make the same product, same quality. But there's a thousand ten thousand dollar difference. Absolutely brilliant by whoever said that. That's exactly right. I want to talk to you about this theory that I've been thinking about for the last maybe month or so.


Gary on the future of social media (17:13)

I constantly ask myself what the future of social media is. Everyone thought Facebook is the ultimate thing. An Instagram came in. Everyone thought Instagram is the ultimate thing. And our new things are coming up. My hunch is that there's going to be niche social media and five to ten years. People are going to break away from the popular platforms and go into niche platforms where it's thematic social media. And we are seeing bits and pieces of that sprout up. But I feel it's a design game and it's a user interface game. Whoever creates the best designed social media platform, whoever has the most easy interface is going to win. And then social media is going to be broken up into niches. I'd love to know what you think. I think I'm not sure if it's niches, though it could be. But even if it starts off as a niche, if it's highly successful, it will get broader. Look at look at things like Discord. Discord was a niche. It was for video games. But then it became for everything. Right. Instagram was for photographers. And then it got bigger. Right. Facebook was for college kids. You couldn't even have an account unless you had a college. Right. So I would say that, you know, even if you went as niche as a social network for football fans or cricket fans, do I think if it was built properly that other people would say, well, I'm a cricket fan, but I also like chess. So I'm going to start another room or another account. You know, so niche goes to scale. I would say it's more about the person that figures out the vulnerabilities. Let me explain. Humans by nature, incredibly insecure. When social networks start, they tend to be nirvana. Very good. Very nice. Well, I've been there for all of them. They all started nice. And then as it gets older, it becomes more cynical and it becomes more negative. And the environment becomes more difficult. You know, two years ago, the amount of negative TikTok comments was very low. And so I think that I was thinking about a social network the other day, almost rebuilding Instagram, only pictures, no video, only pictures, not showing follow count and likes, not showing, not showing comments, only allowing very basic plus and medium and low because you want to let people communicate. So literally maybe thumb up, hand even, thumb down, and that's it. And my intuition on that is right now everyone needs a mental break from the judgment and the anxiety that everyone gives towards them. And so I wouldn't even show the data to the user. I would not even show them how many likes or thumbs down they got. It would be there because you want to build community. But I think that there's something to that, for example, or like we saw with Clubhouse, it was audio in a group. So it's something we're not thinking about right now. Maybe it's AR. The whole social network has to, your every photo has to be an AR execution or not a photo, just the execution of the content. So there will be something. What social networks have absolutely proved, absolutely, is that they are like television shows and television networks. They ebb and flow. Some will have two years, three years like Vine. Some will have 15 years like Facebook. Some will have five and six and 10 and zero months or six months or six weeks. And that's what's happening. There's a very cool product I'm working on in my life outside of being a creator. I don't want to talk too much about it on the podcast. Maybe I'll tell you offline, but it is in the self-improvement space. And we are going with that niche social media kind of vibe there. There's also a gaming aspect. I feel people want things to do going forward. They want to engage their head in a certain way. So maybe I'll tell you about this after the podcast. But while we're on the podcast, this is going out to your Indian audiences. You have a massive Indian fan base. I don't know how aware you are of that. I'm very very big in India.


Ranveer on building a new start-up (21:42)

I'm a winner. Thank you. So couple of questions again, coming back to the product I'm building. We're targeting the world as a market because we feel Indian startups aren't thinking like that. Indian startups don't want to sell to the world. Therefore, they kind of target India itself. But I feel that India has products that you can sell to the world. Yoga is a great product like that. It's a soft product. It's a concept that you've sold to the world. But there's like a pyramid of products that the world doesn't know about that in some Indians know a lot about. So that's what I agree with that a lot. Actually, I'd like that. I like that hypothesis a lot. Yeah. Yeah. And that goes for any culture in the world. You always have something from your culture that you can sell to the world. So the question to you is a couple of things. One, what's your advice for Indian entrepreneurs slash content creators?


Guidance For Indian Entrepreneurs

Gary’s advice for Indian entrepreneurs/creators (22:26)

And two, how's the world looking at India from the outside? Because maybe we're blindsided to that as Indians. Great questions. Let's start with the second one. I think in the business community, people understand the sheer size of the market. You know, I think in general, the most thoughtful people in business and geopolitical ponderers are thinking about nationalism on the rise all over the world. China, America, India, Brazil. Right. So I think that's an interesting when I get into my most thoughtful conversations. I think people wonder about America, Russia, China, India, Brazil as well, if they put up walls to each other, because we went through this huge globalization, what would that mean? What's the opportunity? India's got a lot of people and it's continuing to grow. So if that happens, that's a very exciting place to do business. You know, for example, I think most people don't want that to happen. You know, definitely not the youth. We want a globalization. And so I think that I think people for the market inside of itself, I think people see incredible potential. I think in general, in the entrepreneurial ecosystem more than the corporate ecosystem, I feel like there's a deep respect for the natural talent. You know, I think when you look at, you know, many of the great startups in the world, first of all, there's just an enormous amount of people from India. But I think the culture has represented itself, the country has represented itself on the global stage very well. There's an incredible amount of individuals who have innovated, who brought impact. I would argue that it's very hard to find any great company in the world that doesn't have many high prominent Indian citizens or people that were born there within their organization's most senior brass. So I think people think there's a lot of talent and a lot of opportunity. I personally, because I am aware of what's going on with my fan base there, I get the opportunity to listen to a lot of emails and DMs from India, from youth. And I feel like there's a level of ambition from the Indian youth that feels right to me. We're a country full of Gary Vee's. I just want to highlight that. You know, it's funny, I believe that. I'll tell you something you may not know about this, but I, you know, for everyone who's listening, I grew up in Edison, New Jersey. And for some of the people listening, they may know this, Edison, New Jersey, Métuch and Isla, New Jersey, in the late 80s became one of the first places that a lot of immigrants from India were settling. And overnight, in 1986, seven, eight, overnight, one summer, I came in and we had six new kids in our class, all from India. All. And the reason I know there's a lot of little Gary Vee's is in those last five years that I lived in Edison, because then I moved to Hunterton County, New Jersey. So many of my core friends who were entrepreneurs and selling baseball cards with me and hustlers and willing to work were my Indian immigrant friends. Right. And so I know that to be true. The other thing that has been prevalent, because I gave a lot of thought to this podcast and what I wanted to say. So probably the last couple of weeks, I paid a little more attention to the DMs and interactions I've had with Indian fans. One thing that is universal, but was very prominent in the last month in my interactions with youngsters specifically in India is an incredible lack of patience. That I think is grounded in twofold. One, ambition, which I find beautiful and I think is great as long as you can balance it. Two, which is very cultural in many cultures, not just Indian culture, an incredible desire to prove their parents wrong. You got that right, man. And so the advice I would give is going to be very, very, very good advice, I hope. Number one, your parents love you. They do. It's just as a parent, I promise you it's the truth. No matter how emotionally weak or screwed up or whatever is going on your parents, even alcohol abuse, whatever it could be deep down promise. They love you very much. You're a piece of them. Most parents around the world, and I do think at a higher percentage in India, parents care about the status of their child's job and who they marry. And that's terrible. It is bad. It is bad. And you kids are right about that. You're what you do for a living and who you marry is yours. And if that disappoints your parents so that they can't brag to their friends, well, that's their fucking problem. So you're right on that one. Next, parents love their kids so much. Most of their decisions are based on fear. Many parents don't care that you're a doctor or lawyer or an engineer. They just think that you'll always be safe and get paid. And they worry about you. They actually don't care about the status of their friends. They just actually believe in their brain because they're not an entrepreneur because they didn't grow up with the Internet that this is good for you. And right now you're just young and wild and they used to be young and wild and they know the decisions they made that were bad and they think you're doing it. If you can understand those three things, it will help you be more patient because you can have a better relationship with your parents. Do not try to prove your success to your parents, to your sister. Do it because it makes you happy. You have to fall in love with your process, not with the trophies that come from your process. Beautiful, Gary Vee. One last question for you because I know you've got a busy day ahead of you. It's gonna be a tough question.


Reflections On Life And Legacy

Life to look back when he’s on a death bed (28:36)

But when Gary Vee is on his deathbed, what would be a good life to look back at? I know you want to buy the Jets. I know what you're working towards. Fuck the Jets and here's what I mean by that. People are very confused about the Jets thing for me. I want to try to buy the Jets. That excites me so much. Process. Got it? I don't need the Jets on my deathbed. I need to think two things. One, tomorrow when I die, how many people are going to show up to my funeral? How many lives have I touched so much that they, even though they're busy, you know, even though, you know, I've inspired them and now they're doing so, so great that they have a big meeting of their own. Even though they're busy or live far away, will they go out of their way to go to my funeral? That's number one, what I'm going to be thinking. Because that's a life well-lived. And number two, I'm just going to think about, you know, the 10, 15 closest people to me, how grateful I was to live life with them, to be with them, and just really think about my great obsession, which is to give more than I took. Did I give more than I took? And I think the answer is unequivocally yes. And I think I have another 45 plus years to keep giving even more. And that's my plan. We love you, Gary. You don't know how much of an impact you had on young Indian entrepreneurs and Indian content creators. And I'm sure entrepreneurs and content creators all over the world. I'm a product of your videos in many ways. They've kind of helped me with my pivots, helped me with my direction. And Aams, from the bottom of my heart, brother, thank you. Thank you for being on The Ranveer Show. India loves you and we want to see you here after Covid. I will be there. Thank you, my friend. Thank you.


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