Non-Fungible Tokens: Jeff Zeller Of Crypto.com NFT On The 5 Things You Need To Know To Create a Highly Successful Career In The NFT Industry
An Interview With Fotis Georgiadis
Remain adaptable — Having worked in tech and blockchain and Web3 development, I knew going into NFTs that it’d be a change of pace and I’d have to work fast, but it’s even faster than I thought. As a participant, you are constantly learning and adapting to the market. Even in roles that are non-technical, it’s important to have even the most basic idea of what is going on at an industry level. Both of these lessons have served me well at Crypto.com NFT.
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 Jeff Zeller.
Jeff Zeller is the senior director of NFT partnerships and business operations at Crypto.com, where he is focused on expanding NFT programs with key strategic partners. Zeller joined Crypto.com’s rapidly growing NFT business from ESPN, where he was the director of entertainment partnerships and marketing, working on content properties like “The Last Dance” and “30 for 30,” in addition to managing the licensed merchandise business for the global sports network. He also previously held senior roles at Sony Music and Apple.
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?
Of course! I’m in NYC now, but spent the first 25 years of my life in Colorado and California. Sports were a huge part of my upbringing — both as a fan (of any and all sports) and as a player (tennis). Outside of school and sports, I’ve always loved collecting things and over the years have collected coins, sports cards, music, pins, and magazine print ads.
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?
As far as a book that influenced my professional life, the Steve Jobs biography by Walter Isaacson was one of my favorites. I already respected and admired Steve Jobs (and worked at Apple) prior to the book being published and Steve’s passing, but to get more information about how he built a company, managed people, strove for excellence, paid attention to details — those were all approaches that resonated deeply with me.
Is there a particular story that inspired you to pursue a career in this new industry? We’d love to hear it.
While I was curious about NFTs dating back to the earliest days (first exposure for me was minting CryptoKitties), when NFTs really had their breakout moment in sports and pop culture with NBA Top Shot is when I really started paying closer attention. In a lot of ways, the NFT industry operates as a combination of everything I’ve done in my career prior to this, and it’s always nice to leverage the experience you’ve already built.
Can you share the most interesting story that happened to you since you began this fascinating career?
I was able to give a talk at this year’s NFT.NYC conference, which is definitely not something I could have foreseen even a year ago. I do remember paying attention to the fact that the event was going on last year (I live in NYC), and being fascinated by the people I encountered walking on the street talking about Bored Apes, and little did I know I would be speaking to that audience only a year later.
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?
While I consider myself to be a technical person, I have had to learn a LOT about the underpinnings of blockchains, what actually happens during the minting process, etc. One specific funny story is the number of different hoops I jumped through to set up a specific staking pairing on SushiSwap (many token purchases / transfers from one wallet to another, etc) without knowing that the platform made all of that super simple and I did way more work than I needed to (and paid way more in gas fees). I look back and laugh now, but it’s always a good reminder that we as an industry have a duty to users (especially new users) to make the experience as easy and intuitive as possible!
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 am grateful to the person who originally hired me for my position, Joe Conyers, who I had known from the music industry. I always respected his smarts and entrepreneurial success, and was fortunate to work with him. I also credit my married friends Lisa and Viktor (who both work in crypto) for always educating their friends and family about the space and in general just recruiting more and more people to join the fold. They helped me navigate a lot of the unknown especially in the early days, and specifically gave me the advice that new people coming in have to show that they can and will add value to the overall community and space.
Are you working on any exciting new projects now? How do you think that will help people?
Always! Luckily for me, the projects I work on are primarily sourced and brought in by others who are more talented at sales and sponsorship, but I love it when those projects are passed over to me for execution and I can roll up my sleeves and get into the specifics with the partner on how we can bring something to life. We have several recurring but also brand new projects that I am very excited to roll out in the coming months. I hope that these projects will help onboard more new users into crypto for the very first time through NFTs, similar to how I got hooked. By tapping a passion point for fans, NFTs can be the thing that breaks down any preconceived notions and gives them a reason to learn more, which is what I think our programs will achieve.
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?
Think of an NFT like a digital collectible. Just like physical collectibles, NFTs can be purchased (directly from a creator or through a marketplace), given away for free (redemption or airdrop), or earned (an achievement or certificate). NFTs have both a visual layer and an informational layer. The visual layer describes what the NFT looks like — whether it’s an illustration, a video clip, a 3D animation, or a drawing of a cartoon ape. The informational layer describes what the NFT is — its attributes, who the original artist is, the history of ownership, and what, if any, access or membership the NFT represents.
People typically buy NFTs for two reasons: (1) they like the art (visual layer) and/or (2) they like the community or experiences that the NFT grants access to (informational layer). Popular NFT collections have remained popular not because owners buy them and then sit on the sidelines. The most successful collections have very active owner communities, who are communicating daily in digital forums (Discord, Twitter), but also looking to meet up in person as well (conferences, invite-only events). As for why people spend so much money on them, as it turns out people really value art and community/experiences, which shouldn’t come as too big of a surprise if we look at the analogs in the physical realm.
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.
I’m very excited that people are experimenting and innovating in the space to see what works and what doesn’t. That to me shows progress. For example within the sports space, I love that participants in the NFT space are evolving their gamification and participation models with things like burn and upgrade mechanisms, so that we aren’t so attached to the idea that the quantity of things is fixed from the beginning and can’t change.
I am also thrilled that big platforms are finding ways to integrate NFTs into the existing social experience. The more integrations for NFTs, the better!
Third, I’m excited that partners like the ones we work with at Crypto.com really want to lean in and evolve their organizations to embrace web3 as a whole. NFTs are just a starting point for many of them, and a good one at that, but they are also talking about the long term vision and thinking, “Ok, how else can we integrate with Crypto.com product and service offerings to benefit our fans?”
What are the 3 things that concern you about the industry? Can you explain? What can be done to address those concerns?
I would use the word “challenges.” One big challenge is that anything that operates in the digital realm crosses borders in a way that physical items do not, which brings with it a complex set of different rules and regulations in different territories. If we assume that not every territory will operate in the exact same way, then we as an industry need to make sure that we employ people to help translate from one jurisdiction to another, making things easy to understand for consumers.
Another challenge that is being actively addressed by things like the Ethereum merge is how do we continue to innovate on not just the technology, but also the sustainability of the whole ecosystem. Adopting proof-of-stake was a big step in that direction for a chain like Ethereum with massive adoption. Then you have companies that have made various climate commitments to go along with the overall mission. I think that this culture of always learning and adapting, and awareness needs to continue.
Finally, I would like to keep improving on the challenge of onboarding more new users into the industry without them feeling overwhelmed or unwelcomed. If we have a hyper-focus on the end-user experience, and create a culture of openness vs. competition, that will go a long way to making people feel comfortable from the moment they encounter crypto for the first time.
What are the “myths” that you would like to dispel about NFTs? Can you explain what you mean?
One myth is that NFTs can’t change, that they’re locked in stone forever. Some projects have shown this to not be true with the art itself evolving over time. What’s “permanent” about NFTs has more to do with the blockchain and the history of activity of the NFT (ownership, transaction, transfer, etc) than it does the NFT itself.
Another myth is that you need to be technical in order to have an NFT. There are many platforms, including Crypto.com NFT, that are trying to make buying or claiming an NFT as simple as buying anything else that you would do through e-commerce. While there are more advanced ways to participate in NFTs, at the entry level, it can be (and is) as easy as finding the item you want on a specific website/app, clicking “Buy Now,” and entering payment details. That’s it!
What are the most common mistakes you have seen people make when they enter the NFT industry? What can be done to avoid that?
One big one is participating for the wrong reasons, or bringing in unfair expectations to begin with. In my opinion, it’s better for the space as a whole if someone’s reason for entering the NFT space is due to their appreciation for the art, the collectible or the community that accompanies an NFT and not “to make money.” There are plenty of other ways to make money, and speculation for speculation’s sake imbalances the true supply and demand of the market.
How do you think NFTs have the potential to help society in the future?
I am very excited for a future where NFTs evolve beyond buying digital items, and expand into representations of other things of value in our world (things that are NOT meant to be sold). For example, recordkeeping (birth certificates, house deeds, etc), achievements/certifications, or mementos (digital ticket stubs) are all things that can help society operate more efficiently and more transparently.
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?”
- Think like a collector, even if you’re the creator — I’ve learned that to be successful in NFTs, you must prioritize and embody the same traits that NFT collectors value. The benefit of NFTs being a decentralized product is that the decision-making power of the community is distributed rather than concentrated, so I’d say the top trait that NFT collectors value is communication. They value and expect frequent, honest, and transparent communication, and they will call you out if you don’t show up and align.
- Remain adaptable — Having worked in tech and blockchain and Web3 development, I knew going into NFTs that it’d be a change of pace and I’d have to work fast, but it’s even faster than I thought. As a participant, you are constantly learning and adapting to the market. Even in roles that are non-technical, it’s important to have even the most basic idea of what is going on at an industry level. Both of these lessons have served me well at Crypto.com NFT.
- Retain collector’s attention post-drop — To create a successful career out of creating and selling NFTs, the collection itself needs to have both a visual and informational layer to catch and retain collectors’ attention. Successful NFT creators continue engagement with owner communities post-drop, rather than treating the mint like the end of the campaign. That sign of commitment is what creates excitement to be successful long-term. Because NFTs are easily tradable, demand can be driven by social phenomena. More often than not a successful project is bolstered by its fundamental product/service behind it, but typically also has the x-factor of momentum and community support.
- Network with other execs, creators, collectors — In NFTs especially, it’s important to find other like-minded individuals from around the world, and add them on Linkedin, follow them on social media, and share their content and comment. Those in the space genuinely love to see people supporting other creators, projects, and communities, especially when that takes the form of adding value without asking for or/expecting anything in return. Once you’ve built up your network doing this, you’ll start to see the return from people in your network doing the same for you. It’s a great feeling to be a part of the NFT community, and I hope to see it continue to grow and flourish.
- Know that there are many different ways to start — Because NFTs themselves can represent so many things, the great news is that the companies and roles that are utilizing them are also extremely diverse. This means that you don’t need to be interested in pursuing a career purely “in tech” in order to touch and utilize this technology. A great place to start is to figure out where you can add value: what skills do you have and what roles/industries value those skills? What skills do you want to develop and where are you most interested in spending your time?
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. 🙂
Wow, that is a very intriguing question. I guess I need to think bigger with my potential impact! Well as far as something that impacts every person on earth, it’s not a new movement but I would love to inspire continued action to combat and reverse the impacts of climate change. No matter where you live you cannot escape these changes, and without the feeling of safety in your own environment, it’s hard to be very productive at anything else. So the more that every industry, including NFTs, can consider this in their mission, the better off our future humanity will be.
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 🙂
Well I’m a huge tennis fan and my favorite player Roger Federer just retired after an unbelievable career. So in theory he has more time available for private meals with fans and friends now, so I’d just let him know that I’m available whenever 🙂
Thank you so much for these excellent stories and insights. We wish you continued success on your great work!
Non-Fungible Tokens: Jeff Zeller On The 5 Things You Need To Know To Create a High was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.
