Non-Fungible Tokens: Shaun Neff of GODA On The 5 Things You Need To Know To Create a Highly Successful business In The NFT Industry
Do something you love, because no matter how big your company gets or how much money you make , you should make sure you’re doing something you love because you’re going to be dedicating the majority of your time to this.
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 Shaun Neff.
Shaun Neff is a founder, investor, and advisor. Most recently, he Co-Founded GODA (Gallery of Digital Assets), a resource for contemporary artists to explore the NFT and digital space with Pharrell Williams and Nina Chanel Abney. He is also the Co-Founder of Beach House Group, a brand incubator which represents celebrity brands like Moon by Kendall Jenner, Beis by Shay Mitchell, Florence by Millie Bobby Brown, and more.
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 Southern California , just north of Los Angeles. Throughout my childhood, I was always intrigued with brands, what brands meant and how they persuaded me to pull money out of my pocket and go buy their product. Without even knowing how a company operated and how a business ran, I was just fascinated by how they were able to attract a fan base. I grew up surfing and snowboarding, so when I was in highschool my dream was to start my own business within the industry. When I got to college, I started my first company NEFF by putting my last name on t-shirts and selling them out of my backpack around campus. I was snowboarding with a bunch of pro-athletes and tried to get them to wear my shirts but because they were under contract with other brands, they said they couldn’t. I asked them to see what these contracts were all about and as I read them over I discovered a loophole that their contracts never included headwear. It was then that I decided to focus on headwear, so I went to the dollar store, bought some dollar headbands, beanies and a sharpie to write my last name on them. The NEFF brand gained so much success that it became one of the largest youth culture brands in the mid-2000s that was loved and supported by the biggest musicians and athletes in the world. Neff was sold in over 50 countries and has done over a half a billion dollars at retail and it was then when I decided to sell the company in 2012.
After selling NEFF, I was approached at the time by a small sunscreen brand looking for investment and knowledge in the surf, skate and snow industry. I ended up funding the company, becoming the second largest shareholder. The brand SunBum had phenomenal growth and has become one of the global leaders in sunscreen and in 2019 Sunbum was acquired by SC Johnson. Within the last few years I started a brand incubator, Beach House Group with my co-founder PJ Brice. We have incubated and launched a handful of amazing brands such as Beis by Shay Mitchell, Florence by Millie Bobby Brown, Pattern by Tracee Ellis Ross, Moon by Kendall Jenner and Odell Beckham Jr. just to name a few.
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?
I would say a book that has always resonated with me for many years is The Tipping Point by Malcolm Gladwell — this idea that how a virus spreads and attacks one area and makes sure that it’s stuck — made me think about how brands do that. It has always stayed with me to try to stay focused on one particular product and then penetrate a particular market first and then you can start to visualize and plan the expansion.
Is there a particular story that inspired you to pursue a career in this new industry? We’d love to hear it.
It wasn’t until about a year and a half ago when I entered the NFT space when Nick Adler, Snoop Dogg’s business manager, called me up and told me that himself, Mark Cuban, and Marc Benioff were investing in this cool Web3 Company called NFT42. Jimmy McNelis, the founder of NFT42 and I became quick friends where he really opened the door to this new NFT world that I quickly fell in love with. I have been collecting art for several years and once Jimmy showed a bunch of these NFT projects I was instantly hooked.
Contemporary artist Nina Chanel Abney (who I’ve known for years) really got us interested in starting GODA. Nina has been looking to navigate the digital art space for several years and like most contemporary artists was unsure on how to navigate this new digital world. Gallery Owner and GODA Partner, Todd Kramer and I were talking one day about how Nina had been trying to find her place in this new art industry, we came to this realization that we’ve identified a big gap in the art market when it comes to NFTs and now we need a tool to solve that problem. Now, GODA has been live for over a month and the success has been incredible. We have amazing projects in the works that we can’t wait to share. .
Can you share the most interesting story that happened to you since you began this new fascinating business?
Entering the NFT world has brought along very cool opportunities — a while back, a friend of mine introduced me to Jimmy Iovine and we met up and talked about web3 for a bit. He ended up getting back in touch with me and invited me to Dr. Dre’s house, so here I am at Dr. Dre’s house with Jimmy Iovine and talking about NFTs and how innovative they are for different industries. What I love most about the NFT industry is that it’s brand new, and so it really levels the playing field because everyone is trying to learn and teach each other.
Are you working on any exciting new projects now? How do you think that will help people?
Right now at Beach House we’ve been ideating and concepting a new beauty brand that I’m very excited about that’s been a brain child of mine for a while. We’re still in that beginning phase and it should launch in the Spring of 2023.
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 stands for non-fungible tokens and in reality with NFT’s there are so many different use cases and unique utilities that the future to me is very exciting. But in its simplest form and as it relates to our new company GODA, NFTs are a new digital medium for artwork. Another way to look at them for example, my son plays video games and has purchased several digital assets. So when you think about when it comes time for him to buy his first house, is he going to have traditional art on the walls or digital screens displaying digital art? At GODA, we’re not trying to create a quick hype community or overwhelm NFT holders with a giveaway or a cool party, that’s not what we’re about. We’re about working with already existing contemporary artists, like Nina Chanel to onboard them to the digital world. We see the future of digital art as a massive industry and one that’s here to stay.
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.
First, what excites me the most is the ability for creators all over the world to have a direct market to their customers and more freedom to create and express themselves. This also allows art to be consumed in a broad manner at more accessible price points and build community.
Second, it has been so awesome to watch this new market explode and it really keeps you on your toes as a collector and investor because who knows if we will ever see this massive wave of disruption come again anytime soon on a global scale.
Lastly, I’ve enjoyed watching the youthfulness of this market and how this young generation is adopting its ways and really leading the charge. The youth is the future and I feel the value of digital assets and flex is here to stay. This young generation will continue to help build this market.
What are the 3 things that concern you about the NFT industry? Can you explain? What can be done to address those concerns?
What first concerns me is that you don’t know who is behind most of these NFT projects and wondering if they are legitimate. Second, the market is so crazy and has had so much growth that it’s going to take time for projects to settle and see who is really here for the long run. Lastly, when it comes to privacy and protection, there needs to be a better way to secure your assets and have some governance and security.
What are the “myths” that you would like to dispel about NFTs? Can you explain what you mean?
There’s this myth that everyone is going to be rich and retire from buying NFTs, and I know that’s not true. You should buy NFT’s that you love and want to display, not just buy them to make quick money.
What are the most common mistakes you have seen people make when they enter the NFT industry? What can be done to avoid that?
A common mistake I’ve seen is people think that this is an easy place to make money quickly and they allocate too much of their networth and time to this market. Collectors should really look at this space as a fun collectable arena where you should only spend money that you can afford to lose.
Ok, fantastic. Here is the main question of our interview. What are your “5 Things You Need To Know To Create a Highly Successful Business in The NFT Industry?” (Please share a story or example for each.)
First in business, the most important piece starts with the need to have a great product. Second, you have to have a great team, figure out what your superpower is and what you’re going to contribute and make sure you surround yourself with people who are better than you at your weaknesses. Third, figure out how to create noise, don’t underestimate the power of marketing and getting products in front of people in unique ways. Fourth, when it comes to starting a business, my motto is dream, believe, and hustle; dreaming is great because you have to create something that doesn’t already exist, you have to believe in yourself and your team because it’s not easy, and it’s the hustle that gets you to the finish line. Lastly, do something you love, because no matter how big your company gets or how much money you make , you should make sure you’re doing something you love because you’re going to be dedicating the majority of your time to this.
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. :-)
If I can inspire any movement, it would be very simple — treat others as you would want to be treated.
This was very meaningful, thank you so much. We wish you only continued success on your great work!
