The crypto enthusiast and founder VaynerMedia, Gary Vaynerchuck aka Gary Vee while speaking on NFTs at Veecon, his NFT conference in Minneapolis, said that ‘NFTs are here forever’.
The NFT crash has started, said the internet personality at his VeeCon event to correct “excess speculation”. Gary Vee said that he had already predicted an “NFT winter” during May 2021.
“I saw this coming – that [a crash driven by short-term greed] is absolutely potentially what we’re in,” claimed Gary. Gary’s VaynerMedia provides social media-centric services to Fortune 500 firms.
Gary Vee believes that just like the internet’s early days, where internet-centric firms such as Pets.com became overhyped and overvalued and then eventually failed, the NFT market experienced the same kind of overvaluation in 2021.
“The macro is super right – NFTs are here forever,” Gary said, “the micro is wrong; that’s why we’re correcting.”
Vaynerchuk, was an early NFT adopter, he released his signature NFT collection called VeeFriends during May 2021. It included 10,255 NFTs and the holders of these tokens were enabled to enter into 2022’s VeeCon, the first ever gathering of a yearly “superconference” destined to take place in 2022, 2023, as well as 2024.
Gary Vee’s VeeCon NFT Conference kick started in Minneapolis and featured music stars like Snoop Dogg, Liam Payne, and Pharrell Williams among others.
When questioned why NFTs have not held their price like other collectibles such as Andy Warhol’s ‘Marilyn’ and a 1955 Mercedes Benz, which was sold for $143M and $195M, respectively, Gary Vaynerchuk explained that NFT values are “relative”.
“They’re down from the completely unsustainable gold rush numbers of January. They’re also so up from a year ago, and it’s not even close,” he explained.
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