American entrepreneur Gary Vaynerchuk believes the non-fungible token (NFT) space is here to stay as the businessman launches his own NFT project.
Popular business mogul and founder of global creative and media agency VaynerMedia, Gary Vaynerchuk recently gave his thoughts on the current NFT space.
Vaynerchuk spoke out on twitter about NFT projects, comparing the future of the NFT space to that of social media accounts, he stated “and like Social, many many many will find opportunity, many many more won’t. Thus ‘Investing in NFT’s’ will be hard.”
Vaynerchuk, more popularly known as Gary Vee, further expanded on his thoughts. The entrepreneur believes “investing in things you like will be KEY, like collecting and as for investing, you have to have an ‘eye’ for the person, artist and organizations who can build brand and demand.”
Vaynerchuk expanded on his tweet, saying that the NFT movement is here to stay.
Vaynerchuk launches own NFT project
Most recently, Vaynerchuk announced the launch of his very own NFT project, called VeeFriends. The entrepreneur announced his own collection of character tokens which have been created by Vaynerchuk himself.
The creator expanded on his idea to launch his own NFT project, saying “I have always been about building businesses and creating value for my community – this NFT project allows me to do both. I know that NFTs will be here for the rest of my life and I will be actively consulting, investing and advising in this space and I wanted to do it from actually being on the field – doing it myself.”
In a recent interview with CNBC, Vaynerchuk sees huge upside potential in the NFT space. However he did specify that he does expect the bubble to burst. The negative outlook will be short lived, with “more people will be buying NFTs the next day after the bubble burst” he said.
Vaynerchuk expects the long term success of certain NFT projects within the next decade to have “tremendous value.” The entrepreneur concluded that “there is zero-point-zero doubt in my mind in 2036 that these digital assets will have tremendous value.”