📍 Las Vegas, NV, USA. on 23rd Oct 2022 at 00:00
2 mins read
Listen to this article:
Some people are simply recognizable. Many for good things. Others for being controversial (Elon, we see you).
And then there are those where the word that fits them best is exceptional. One such unique person is Gary Vaynerchuk (or Gary Vee for short). The dude seems to be everywhere — including crypto.
Gary recently launched a series of non-fungible tokens called ‘VeeFriends’ before taking a shot at making his point. A pointed opinion, by the way, that many people considered bold.
So what did he say? Well… Gary claimed that the vast majority of NFT will not be a good investment.
Who Is Gary Vee?
In case you don’t know him, Gary Vaynerchuk is a Russian-American serial entrepreneur and New York Times best-selling author. He is a world-renowned Internet personality. He also is the CEO of VaynerMedia, one of the world’s leading advertising agencies.
So… even if you don’t think you know Gary, chances are you’ve seen his face or one of his products. He is one of those internet personalities that reshaped how digital marketing works.
What does a marketer/entrepreneur have to do with crypto and NFTs? Actually, more than you might expect. Gary was one of Coinbase’s early investors — he knows a thing or two about crypto.
Recently Gary decided to launch ‘VeeFriends’, a series of NFTs. Each NFT is a hand-drawn animal doodle by Vaynerchuk with funny names — from “Compassionate Fish” to “Facetime Flee”. A bunch of hand-drawn characters that Gary wants to turn into a franchise. And he has done fine so far — over 33M sold in ETH in just a week.
The Problem With the NFT Craze
While many think this is just a cash grab from Vee, he wants to do something sustainable out of it. And Gary himself accepts that NFT-mania lends itself to such events. He claims that many celebrities could take advantage of their position to sell NFTs that have no intrinsic value.
All of this is why he wants to turn the ‘VeeFriends’ into a Hello Kitty-type of franchise. He wants to do something that can develop into a bigger story.
And the first point is exactly his point against most non-fungible tokens. Gary feels that most NFT are not good investments but rather a bag most people will have to hold. He even goes as far as to say 98% of NFTs will not be worth much in the future.
It should be noted that Gary is obviously not against NFTs. He just urges people to research them for hours before deciding to buy a product on the blockchain. So, to quote the famous crypto space saying:
Do Your Own Research