By Christos Makridis
NFTs are not dead, says Gary Vaynerchuk. They just rest. And will get up soon.
Vaynerchuk is not an amateur at spotting trends. He was one of the first to realize that the internet could be leveraged to grow his family’s wine business. Then he built one of the world’s first successful restaurant reservation software platforms, Resy. Today, he is President of VaynerX, based in New York, where he uses his unique knowledge of online and social marketing for his clients. On the heels of VeeCon 2022, Vaynerchuk made a bold prediction: that non-fungible tokens, otherwise known as NFTs, and decentralized blockchain technologies are some of the greatest technological innovation the world has yet to see. seen.
Since plummeting in value over the past month, NFTs have been criticized by mainstream media as scams and speculative assets. However, at VeeCon 2022, the mood couldn’t be more different. At the crowded US Bank Stadium in Minneapolis, where VeeCon took place, almost everyone seems to be an NFT enthusiast, including Vaynerchuk. “NFTs are really fun for collecting and art, but they’re just a tiny part of the consumer blockchain,” Vaynerchuk told Zenger. “Eventually, we will all interact with NFTs as it will be our plane tickets, membership cards, etc.”
In other words, NFTs will evolve from variable-priced novelties to simple utilities used in every online transaction, Vaynerchuk said.
Blockchain technology simply does the job better than traditional digital or physical approaches, many speakers and guests at VeeCon 2022 said. Although there is always a learning curve with any new technology, he said. “It’s only a matter of time and we should just focus on communication.”
Take the nonprofit sector. Blockchain technologies have the potential to revolutionize it by creating a sustainable revenue stream. “That we’re going to be able to auction off NFTs, and then the art, as it sells in perpetuity, will generate royalty payments that go back to the charity,” Vaynerchuk said. In other words, an art museum could sell an NFT of one of its paintings and receive a revenue stream for decades from a single transaction.
Such transparency and reliable payment is simply not available today. “It’s inconceivable that in 15 years there won’t be an organization that hasn’t integrated the NFT infrastructure.”
Vaynerchuk’s evolution into a media personality began when he took over his father’s wine business, renaming it Wine Library, and quickly growing sales of bottles and cases of wine through online marketing videos. line. It paid off. Wine Library grew from $3 million in 1996 to $60 million in 2001 in gross revenue. At a time when everyone was like, “Why don’t you just go to the store and buy some wine?” said Vaynerchuk, he saw a unique opportunity for e-commerce at a time when the internet was just getting started.
Patterns repeat. “I use history a lot,” Vaynerchuk said, commenting on the ability to reflect and learn from the past. “When there’s a big technological change, most human beings fight back – they don’t like it… But a small group takes the opposite,” he said, and these are the people who reap the greatest rewards.
Critics often misunderstand NFTs because they see celebrity endorsements and assume it’s just another marketing game, like a new makeup offering or a weight loss tea line. What really powers NFTs is more substantial but less publicized, Vaynerchuk said. “NFTs are valuable precisely because they allow us to report ownership credibly and transparently,” he said.
You can take a picture of the Mona Lisa, but your digital photo doesn’t carry the same weight as the Louvre original on display in Paris since 1797.
Of course, Gary Vee, as his fans call him, has his own line of NFTs. The original VeeFriends collection had 10,255 NFTs and the second iteration had 55,555 low-cost 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 part of what NFT holders are buying when they invest in VeeFriends – they’re investing in Gary as a business leader and cultural icon. For now, NFTs seem like a way to monetize personalities. But if Vaynerchuk is right, they will soon become a medium of exchange and a store of value – like the coins in your pocket, which have faces, but real value in them.