Gary Vaynerchuk is arguably the biggest NFT bull on the planet, but he is now repeatedly saying that most NFTs will go to zero. He thinks the behaviour in NFT buying is reminiscent of the way people bought beanie babies.
It can be said that Vaynerchuk has legendary status in the NFT sector. With 2.9 million Twitter followers, the creator of the Vee Friends NFT series is now regularly tweeting that nearly all NFTs will go to zero.
He was interviewed on CNBC last year, where he also likened the current NFT boom to that of the dot-com era bubble, where tech stocks began selling for extremely high valuations even before the actual technology behind them was in full swing.
"In March 2000 when all those internet stocks which were grossly overrated and collapsed, Amazon was sitting there at seven or eight dollars per share, the same thing will play out in the NFT space."
The prediction is a very honest one from the wealthy entrepreneur, who has made more than $50 million from sales of his Vee Friends NFT series. Just one of these NFTs is presently at a floor price of around $41,000.
However, for Vaynerchuk, it is still very early days for this particular development in NFTs. He is warning investors to be aware that at the moment “things don’t make sense”. He is probably referring to the fact that NFT jpegs are selling for exorbitant amounts of money.
He does however believe that once the craze has died down, people will start to focus on what the NFT technology really offers. He told Business Insider in a recent interview:
"People will stop talking about NFTs as NFTs, and the focus will shift to what they actually offer," Victor told Insider. "Instead of just fixating on the term, we'll look at what the digital objects can do for us."
Gary Vee was probably talking about proof of ownership. NFT technology enables digital assets and resources to be tied to NFTs that immutably live on the blockchain, and which provide indisputable proof of ownership, which is transferred whenever the asset is sold on to a new owner.
Looking into the future it looks a certainty that NFTs will be used to prove ownership of virtually anything. For example, fractionalised ownership of real estate and art, or indisputable proof of ownership of items like diamonds, exclusive timepieces, or other luxury goods items.
Once the rush for arguably valueless jpegs is over, look for the real gold rush to begin as NFTs are used for much more valuable assets.
