Gary V doesn’t miss – why NFTs will stay here – 71Bait

By Christos Makridis

NFTs are not dead, says Gary Vaynerchuk. They’re just resting. And will rise again soon.

Vaynerchuk is no amateur at spotting trends. He was one of the first to realize that the internet could be used to expand his family’s wine business. Next, he built Resy, one of the world’s first successful restaurant reservation software platforms. Today he is the President of New York-based VaynerX, where he applies his unique insights in online and social marketing to his clients. Shortly after VeeCon 2022, Vaynerchuk made a bold prediction: that non-fungible tokens, aka NFTs, and decentralized blockchain technologies are part of the greatest technological innovation the world has yet to see.

With their value plummeting over the past month, NFTs have been criticized by major news outlets as fraud and speculative assets. At VeeCon 2022, however, the atmosphere could not be more different. At the packed US Bank Stadium in Minneapolis, where VeeCon was held, almost everyone seems to be an NFT enthusiast, including Vaynerchuk. “NFTs are really fun for collectors and art, but they’re a tiny part of the consumer blockchain,” Vaynerchuk told Zenger. “Eventually we will all interact with NFTs because they will be our airline tickets, membership cards and more.”

In other words, NFTs will evolve from price-volatile novelties to simple utilities used in every online transaction, Vaynerchuk said.

Blockchain technology just makes the job better than traditional digital or physical approaches, said many speakers and guests at VeeCon 2022. “Right now we’re using plastic QR codes and email verification codes for a lot of things that eat up the blockchain because it’s better technology, and that’s just going to take time,” Vaynerchuk said. While there’s always a learning curve with any new technology, he said. “It’s just a matter of time and we should just focus on communication.”

Take the nonprofit sector. Blockchain technologies have the potential to revolutionize them by creating a sustainable stream of income. “That we will be able to auction NFTs and that because this art is sold perpetually, this art will generate royalties that go back to the charity,” Vaynerchuk said. In other words, an art museum could sell an NFT of one of its paintings and earn decades of revenue from a single transaction.

Such transparency and reliable payment is simply not available today. “It is unimaginable that in 15 years there will not be an organization that does not have an integrated NFT infrastructure.”

Vaynerchuk’s development into a media personality began when he took over his father’s wine company, renaming it the Wine Library and rapidly expanding the sale of wine bottles and cases through online marketing videos. It paid off. Wine Library gross sales grew from $3 million in 1996 to $60 million in 2001. At a time when everyone was asking, “Why don’t you just go to the store to buy wine?” said Vaynerchuk, he saw a unique opportunity for e-commerce at a time when the internet was just beginning.

patterns repeat themselves. “I use history a lot,” Vaynerchuk said when commenting on the ability to reflect on and learn from the past. “When it comes to significant technological changes, most people go on the defense — they don’t like that… But a small group take the complete opposite,” he said, and those are the people who reap the greatest rewards.

Critics often misunderstand NFTs because they see celebrity endorsements and assume it’s just another marketing gamble, like a new makeup offering or a weight-loss tea line. What’s really driving NFTs is more substantive but less hyped, Vaynerchuk said. “NFTs are valuable precisely because they allow us to credibly and transparently signal ownership,” he said.

You can take a photograph of the Mona Lisa, but your digital image will not carry the same weight as the original, which has been on display at the Louvre in Paris since 1797.

Of course, Gary Vee, as his fans call him, has his own line of NFTs. The original VeeFriends collection contained 10,255 NFTs and the second iteration contained 55,555 lower priced NFTs as of April 2022.

The future is always uncertain, but Gary Vaynerchuk’s commitment to creating value for his community has never been in question. That’s partly what NFT holders buy when they invest in VeeFriends – they’re investing in Gary as a business leader and cultural icon. For now, NFTs appear to be a way to monetize personalities. But if Vaynerchuk is right, they soon become a medium of exchange and a store of value – like the coins in your pocket that have faces but real value within.

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