Gary Vaynerchuk shares his view on the NFT crash

Gary Vee

At Gary Vaynerchuk’s multi-day NFT conference VeeCon in Minneapolis, there was no visible sign of the market descent that forewent the crypto-event.

‘Happy’ singer Pharrell Williams had just left the main stage after presenting the virtues of Web 3.0 and telling the active NFT collector crowd “you are changing the paradigm right now.” Nearby, a line of mostly men in their late 20s and early 30s stayed patiently to purchase whatever merch they could afford.

However, in the previous six weeks, more than $1 trillion in crypto assets had been dabbed away while the value of NFTs fell more than 80% from their market pinnacle.

For the serial entrepreneur and host of the festivals, the abrupt losses in the cryptocurrency industry only acquitted his view: Vaynerchuk, or Gary Vee, as he’s known, had anticipated this crash or “NFT Winter” on multiple occasions.

In an interview, Vaynerchuk expressed that he conveyed it in August, (referring to the crash ) he added that he said it in July, and also spoke in May about how a potential crash driven by short-term greed is absolutely what everyone was in for. He also mentioned that it was just the beginning. 

Vaynerchuk, who founded VaynerMedia, VaynerSports, and a signature NFT collection called VeeFriends, contended to be ahead of the curve on crypto as one of the original NFT preachers. In his stance, the contemporary correction is a healthy check to the excess speculation.

Crypto premise was as crazy as internet stocks in the late ’90s being worth $400 billion for, Vaynerchuk stated, corresponding the NFT boom to the dot-com bubble. The internet was coming, it was gonna transform the world. The valuations on Wall Street were overblown. The valuations on NFTs in this first year are overblown, but the fundamentals stood real. The macro is super right, NFTs are here perpetually. The micro is wrong, that’s why we’re correcting it said, Gary Vee.

Vaynerchuk noted the idea of tickets to live events.

“Why should a ticket be a QR Code?” asked Gary vee and also explained that  “A ticket being an NFT that’s worth something after the game is much more realistic.”

Celebrities ‘have to be mindful’ of endorsements

Following the previous crash, the shine started to wear off of celebrity endorsements that put crypto, NFTs, and Web 3 in the global spotlight, particularly those that aired during the most recent Super Bowl in Los Angeles, which was directed to as the “Crypto Bowl” due to the slate of crypto ad movements.

During the market crisis,  New York Times article also questioned the silence of celebrities who starred in crypto commercials. These celebs list includes the likes of Matt Damon, Gwyneth Paltrow, Reese Witherspoon, and Lebron James. 

Vaynerchuk remarked that the reporting was mostly sluggish and pointed to his many warnings on the asset class.

In addition, Gary Vaynerchuk also suggests that celebrities, have to be careful about who and what they endorse, and what they support. But, he also thinks that it’s absurd for people to blame them in particular on the price. He explained that by expressing that Celebrities did not invade Ukraine, inflation was not celebrities and so the correction of the global economy has also had an immediate impact on the crypto economy. And so we have to be thoughtful when we point fingers around. 

NFT prices are all comparative

While geopolitical events, rising inflation, and a collapsing stock market have driven down the value of crypto and NFTs, that hasn’t been the issue for other collectibles.

A 1955 Mercedes lately shattered the world record auction price selling for $143 million, Andy Warhol’s ‘Marilyn’ sold for about $195 million, the Macklowe Art Collection earned $922 million, and New York’s biggest art houses Christie’s, Sotheby’s, and Phillips earned more than $2.5 billion in sales so far this year.

In light of the disconnect, Vaynerchuk articulated that NFT prices are comparative. He stated, “They’re down from completely unsustainable gold rush numbers of January. They’re also so up from a year ago, and it’s not even close,”. “And so this is what always happens. I was there when everybody wrote articles and said the internet was a fad.”

The spirit hasn’t lowered for the group of several thousand passionate Vee friends, hundreds of whom stood in line for several hours for the opportunity to take a selfie and share a few words with Vaynerchuk.

The Web 3 supporters are here for the long haul. They, like Vaynerchuk, acknowledge that although most projects will vanish, when the greed is removed, the good stuff will start.

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NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

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