Gary Vaynerchuk or commonly known as GaryVee, spoke to Bankless on what is the current state of NFTs and how do the space get out of the current bear market. Gary Vee an entrepreneur known for his digital and social media marketing and is the founder and CEO of VaynerX, a communications company.
He is also known to be one of the first few investors and believer in the NFT space. Investing in some of the biggest NFTs such as Cryptopunks and Moonbirds and also the creator of his own NFT, VeeFriends.
GaryVee On What Makes An NFTs Work
When asked by the hosts of Bankless, what makes an NFT work, GaryVee explained that the value of the projects is more than just the price and the floor price of the NFTs. And right now many NFT projects have become business like a publicly traded company, and many people are still judging these projects too early. This led to Vaynerchuk saying about the current state of the NFT space:
“I don’t judge something working on floor price. People are very confused about businesses, like Facebook was a disaster this many months in. Like i’m pumped for Invisible Friends, i’m pumped for Creaturez, i’m pumped for World of Women. People are working. The problem is they are all publicly traded company DNA now right, like people care about the day to day.”
He continued that not a lot of companies in the world succeed during the first few months or years in business, “like I can tell you right now, 18, 24 months in, none of these companies look great,” and these projects should not be judged too early but see the people working towards their goal in these projects.
“I’m not willing to judge, Bored Ape yet, i’m not willing to judge any of these projects yet and so I think like you know, I don’t know, to answer your questions, the people, i’m building an organization, i’m focused on the people, the process.”
GaryVee also touched on what is going on VeeFriends right now, “you know there are missteps along the way, the gift goat has not gone as well as I want to, I jumped in and try to work it but it takes months for these things to execute on so I focus on that.”
He continued that, “the things that are working what you keep, is the people on your team that can do [things], what’s not working people who can’t do [things] and you’ve given them a chance and they haven’t and you gotta really go. I’ve gotta focus on VeeFriends, and what i’m doing is laying down the foundation for a lot of people to care about these characters, which will build a real company which will allow me to do incredible things for the people that hold the NFTs.”
What To Do During The Bear Market
As the crypto is going through a bear market, this in turn also affects the NFT market. GaryVee was asked what should people be doing in the bear market and how do you survive in the market right now when everything seems bad. He said that these projects should continue to create and bring value to all the holders of the NFTs, “i think people have to provide value.”
Vaynerchuk also once said that 99% of the projects right now will die and only a few will survived, in the podcast he explained more on what he meant by that:
“If you are talking about ‘collectible value’ like I just want to own this, like an Andy Warhol or Spiderman number 1 or Jordan sneaker, that take decades.”
He also said what should projects be doing now to provide value and utility for the holders right now and he is working hard to do that with VeeFriends,
“In the short term, it’s going to be utility. What that utility is access, other items, physical items, you know community events, the thing I started VeeFriends with. VeeFriends was sold with an underlying 3 year super conference that justify the initial cost. Then things got crazy, depending on when you got in, it changed the variable.”
“This is the beauty of the blockchain. Can I add more value to the person that is holding it. Value comes in a million different things… I am not gonna stop until it’s good… I rather die than let cynics be able to write the history of VeeFriends not being a good project. I can do this forever, i’m going to do this forever.”
GaryVee also said that he is all in on NFT right now and believes that the NFT technology is game changing for the world, calling it the “biggest technology shift of the human race”. But he believes the first year of NFT seen too many people trying to make quick money which kind of destroy the market and the projects.
He still believes in the NFT space and know that the bear market will pass and more people will be able to see these projects properly, rather than just through their price.