Non-Fungible Tokens: Bruno Fruscalzo of NFT Inc On The 5 Things You Need To Know To Create a Highly Successful Career In The NFT Industry
Be involved and pay it forward. The NFT space is still in its infancy, and there’s plenty of time to gain traction and establish yourself. In the meantime try to inspire others, and collaborate. Be aware of the great many issues and frustrations buyers and sellers have, and of who has ideas to solve those, then try to introduce those who wish to action those solutions.
Many have observed that we are at the cusp of an NFT boom. The thing is, it’s so cutting edge, that many people don’t know what it is. What exactly is an NFT and how can one create a lucrative career out of selling them? To address this, as a part of our interview series called “5 Things You Need To Know To Create a Highly Successful Career In The NFT Industry”, we had the pleasure of interviewing Bruno Fruscalzo.
Bruno was an early adopter of bitcoin, below $500, and bassist / bandleader for Carly-Rae Jepsen (“Call Me Maybe”) from her first rehearsal to the doorstep of global stardom. He is an NFT curator and creator, and has over 23 years’ experience in capital markets as a director and officer of publicly listed companies. IG: @nftcurations
Thank you so much for doing this with us! Before we dig in, our readers would like to get to know you a bit. Can you tell us a bit about your backstory and how you grew up?
I grew up in small-town Western Canada, the son of European immigrant parents — a hard working former athlete and exceptionally kind father, and a super-smart, fierce mother who highly valued and encouraged individuality.
I moved out at age 17 and have lived a generally care-free, active and happy life marching to my own drum and pursuing my passions ever since, while seldom answering to anyone.
After studying economics in university, a brief career in a major bank’s head office led me to burning that bridge and never looking back. Afterward I had stints in film & television and IT, which were fun but I discovered what works for me is working for myself and moving ideas forward.
Is there a particular book, film, or podcast that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
“Into Thin Air” by Jon Krakauer. It’s absolutely fascinating, thrilling, and an extremely rare event that such a skilled writer very familiar with high-altitude climbing happened to have been part of, and survived, one of the most infamous mountaineering disasters of all time.
For me it resonates as a strident reminder that no matter how good you are at something if you waver from the proper path calamity can ensue, and that success isn’t getting to the top; it’s surviving being at the top. In that light, I view it as one of the best, if inadvertent, books ever written on investing, which is a big part of my life.
Is there a particular story that inspired you to pursue a career in this new industry? We’d love to hear it.
My involvement in the NFT industry is mostly blind luck. I landed at the right place and time where the perfect nexus of my skills and passions defines the NFT space: art, finance, music, commerce, collaboration, abstraction and absurdity. It’s a triumph of the underdogs writ large, and most of all so much fun! I was hooked from the start.
Can you share the most interesting story that happened to you since you began this fascinating career?
The first day I became aware of NTFs I happened to be present in a Clubhouse room for the ground-breaking 3LAU drop. He was present with his family, as were famous and influential people such as Kim Dotcom and music industry bigwigs.
I believe no one who experienced that auction will ever forget it. For me it was like listening to “War Of The Worlds” as it was broadcast live, yet with the awareness something was happening that would change history for artists and musicians.
I stayed up all night in excitement, pacing and thinking, the next day calling any friends and colleagues who would entertain my ranting about it. Within days I’d incorporated a company dedicated to the NFT space, which should be publicly trading later this summer. There are exciting projects going into it and a diverse NFT collection initially comprised of works by many wonderful people and skilled artists who helped me navigate the cryptocurrencies, wallets, and marketplaces necessary to acquire NFTs.
Since then in the NFT community I’ve met some of my favorite artists from the physical world and forged friendships with creators and curators whom I’ve come to admire and respect. For me the NFT scene has been an excellent antidote to the toxicity prevalent in social discourse today and to the psychology of pandemic lockdowns; in the NFT space creativity, cooperation and commerce are moving ahead at warp speed.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
The mistake that led to me discovering the NFT space was losing access to my bitcoins in early 2014. Despite having a past life in IT and network security, I’m one of the people you’ve probably read about who took such great pains to secure their crypto that it became inaccessible.
I regained access to it in early 2021 and thought I should diversify. Learning about the use cases of different alt-coins led me to NFTs.
Without giving too much away, I’ll say that the lesson I learned was that you can have the right key but if the lock has changed then it’s not much use.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
I’m blessed that so many people have had so much influence on me in so many ways — personally, professionally, musically, spiritually and more.
My mother is chief among them, and no one in my adulthood comes close to the encouragement and support that my business partner has given me. Plus if it weren’t for her I wouldn’t have recovered my bitcoins and this interview wouldn’t be taking place.
When I told her I had lost bitcoins, she did some research and kept reminding me to explore the different avenues of recovery which resulted in my regaining access after 7 years.
Are you working on any exciting new projects now? How do you think that will help people?
I have a pre-IPO crowdfunding platform going live later this summer in Canada, made possible under new SEC regulations. A top branding and development firm in the States is working on it, and it’s looking fantastic.
It’ll make certain listing requirements much easier to comply with for companies wishing to go public, and will facilitate more creative and entrepreneurial people getting their ideas funded then taking those to public markets. People who didn’t have access to such investments in the past will be able to get in at the pre-IPO stage.
The developer of the NBA Top Shots NFT marketplace — Dapper Labs, now valued at $7.5 billion — is based in Vancouver, Canada. The hotbed of tech there could see the city emerge as “Silicon Valley North”, and my portal will be perfectly placed to be part of that boom.
Ok super. Thank you for all that. Let’s now shift to the main focus of our interview. I’m sure you get this question all the time. But for the benefit of our readers, can you explain in your own words what an NFT is, and why people are spending so much money on them?
NFT is a new medium with some unique and compelling features. It’s fascinating and fun, and the NFT community is a welcome contrast to insular lockdown life.
People are increasingly living digital lives, so creating and collecting digital art and making new friends in virtual communities makes sense.
The reasons for spending varies widely. Some wish to support their favorite artists and the greater NFT community. Many were making relatively easy money selling NFTs, plus the value of cryptos exploded this year, and as a result some have the means to spend big on art for the first time in their life. That’s a powerful feeling in a time of such widespread chaos and uncertainty.
There’s a speculative mania going on in virtually all economic sectors, and there’s been a lot of media focus on NFTs in particular which attracted plenty of new participants.
It’s an exciting new asset class with such a vibrant community, and opportunities exist for artists to get royalties on future resale of their work — which in the past wasn’t possible. People want to be part of the conversation and feel they’re a part of moving the art form and technology forward.
The NFT industry seems so exciting right now. What are the 3 things in particular that most excite you about the industry? If you can, please share a story or example for each.
The pervasive culture of collaboration is very exciting. Within my first few days in the NFT community I was lucky to be part of the world’s first group NFT creation in real time.
A discussion led by actor/musician Drake Bell (“Drake & Josh”) about how best to present his future NFT project turned into a discussion about how to present a single song, then emerging superstar NFT artist Eddie Gangland suggesting we do it immediately. A few dozen people sent their art to Eddie who turned it into an animated collage in his style, Drake’s producer added some of his music to the image, we collectively recorded some vocals to add to it, and within hours we had a result that I’ll always cherish being part of.
As for its “value” or whether it’s “art”: it makes me happy and makes me laugh every time I view it and that’s priceless art to me. It inspired me to commission Eddie to mint my first NFT purchase, and the creative energy that process lit within me was indescribably exciting and productive.
The ability for artists, musicians, dancers and others, and I hope someday fans and behind-the-scenes workers in those disciplines too, to collaborate remotely, and profitably, and be paid royalties in perpetuity is a very big deal. That’s uniquely possible thanks to NFT “smart contracts”.
I’m evangelical about bringing new artists into the NFT space, especially musicians who now have a new creative outlet and the hope to earn money after their plans, careers and earnings were derailed by the pandemic. At the same time fans have a way of participating and interacting directly in ways that are unprecedented.
What are the 3 things that concern you about the industry? Can you explain? What can be done to address those concerns?
The marketplace-gallery experience is generally abysmal and has a very long way to go. Buzz-kills, confusion and security issues are legion, and solutions will come naturally in time through new entrants into that space and healthy competition.
I worry about artists suddenly coming into money in a “wild west” speculative atmosphere who aren’t well equipped to handle their business affairs. It’s a new medium, but the same old laws of income and capital gains and intellectual property apply. The wild gyrations in cryptos makes it that much tougher to keep track of things. Sharing resources and educating people is the simplest solution.
A major concern is what happens to your crypto holdings after you die. Given decentralization and the security measures inherent in crypto, when someone passes away it’s not going to be as simple as asking a bank or other institution to hand over a deceased person’s holdings.
If there’s a chance to help fund and bring solutions to such issues forward, I’m keen.
What are the “myths” that you would like to dispel about NFTs? Can you explain what you mean?
The biggest myth is that NFTs or digital art is “not art”, or that it’s easy to do.
Try it. Make a compelling work, mint it as an NFT, then promote and sell it at a profit. Do that repeatedly for awhile, then you’ll know what I mean.
There’s enough hating and negativity in the world. Instead of bringing it into the NFT space, try bringing something positive and creative or feel free to carry on complaining while those who “get it” are engaging in exhilarating discussions about art, currencies, and future technologies, while being part of making it happen and having tremendous fun in the process.
What are the most common mistakes you have seen people make when they enter the NFT industry. What can be done to avoid that?
Same as in any boom, people get a quick taste of success and extrapolate that it’ll never end. Some are spending before saving, or quitting their jobs before they’re truly established, or not getting their business affairs straight in re: taxes, etc.
Others are missing tremendous business opportunities for fear of missing out on future revenues that will never happen if they let others rush to market first with the same idea, or instead of seeing the benefits of long-term relationships they’re burning their audience by supersaturating the market for quick sales.
Truly nothing can be done to avoid it. It’s just no fun to hear about pragmatism while the party rages.
Those who’ve been through it before will hopefully not re-learn that valuable lesson since it’s not specifically an NFT thing; it’s human nature. The medium is different but mania behavior remains the same.
How do you think NFTs have the potential to help society in the future?
When people create, market and sell something of their own they taste autonomy and develop a much greater interest in their finances and future. They see an upside that isn’t possible in typical day-to-day wage earning.
In the process they’ll hopefully gain empathy for people who run businesses rather than demonize them all out of habit, and they’ll gain an awareness of the massive fraud that is currency devaluation via global central bank actions and populist policies.
Participating in crypto transactions requires a level of personal responsibility and consequence that’s too rare today, and that’s very healthy.
Ok, fantastic. Here is the main question of our interview. What are your “5 Things You Need To Know To Create a Highly Successful Career In The NFT Industry?” (Please share a story or example for each.)
1. Be involved and pay it forward. The NFT space is still in its infancy, and there’s plenty of time to gain traction and establish yourself. In the meantime try to inspire others, and collaborate. Be aware of the great many issues and frustrations buyers and sellers have, and of who has ideas to solve those, then try to introduce those who wish to action those solutions.
2. Stay positive and be unique. I hear a lot of guessing what buyers want. If you’re a creator, just do what you do and focus on offering something unique. Don’t pander or get stuck in a trend. Stick to your vision, develop your most unique traits, and gear down for the long haul as there will be terrible droughts in sales, wild fluctuations in cryptos, and no end of naysayers, cynics and critics.
3. Stay in touch. Be an active part of the community on social media. If possible go the extra mile and provide a receipt and contact info. to your buyers. That’s largely if not completely absent in the current marketplaces. Stay in touch but don’t dehumanize your collectors by making them feel like a wallet. Learn the basics of subtle, successful marketing.
4. Handle your business. Be aware that real-world laws fully apply with respect to taxes, capital gains, trading cryptos, and intellectual property copyright. Martyrs will be made by IP lawyers and agents of “The Man”. Unless you’re looking to prove a point, potentially at great expense, know where the line is and avoid crossing it. Know that just because others haven’t been sued for something doesn’t mean you can’t be. Even if you’re in the right, is it worth a 2-year court battle and $250k in legal fees to achieve that verdict?
5. Think about the future. Don’t be overexposed to any one asset class, and plan for what happens to your crypto and NFTs not just when you die someday but if you die tomorrow.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
Compassionate accountability at the personal and local level. There’s good in everyone, but Big Brother is never your friend. Centralized power absolutely and always corrupts.
We are very blessed that very prominent leaders read this column. Is there a person in the world, or in the US with whom you would like to have a private breakfast or lunch, and why? He or she might just see this if we tag them 🙂
WhaleShark. He’s the most famous NFT curator, an enigma and a renown crypto “whale”. I admire his approach, tone, tremendous positive energy and ideas, and his gentle voice is a joy to listen to. He’s an inspiration for my own NFT curation and business.
Thank you so much for these excellent stories and insights. We wish you continued success on your great work!
Non-Fungible Tokens: Bruno Fruscalzo of NFT Inc On The 5 Things You Need To Know To Create a Highly… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
