Millionaire Entrepreneur Gary Vee Predicts NFT Doom
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Gary Vaynerchuk, also known as Gary Vee has predicted that 98% of NFT projects will fail, during an interview with CNBC
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Vaynerchuk who is the CEO of VaynerMedia founded the popular Vee Friends NFT Series, which has its cheapest is selling for $41,000 currently
Millionaire businessman and author Gary Vaynerchuk is not one to hide his bullishness about NFT tokens but he believes that the sector is about to face a downturn.
During a recent interview with CNBC, the CEO of VaynerMedia compared the recent wild interest in NFT to the dot-com boom era in the early 2000s.
Discussing the current NFT landscape, Gary Vee says that he puts out content weekly that predicts that 98% of NFT projects will eventually go to zero.
A part of Gary’s interview statement can be seen below:
“Most of the behavior I see in NFT buying reminds me of the way people bought beanie babies… In March 2000, when all the stocks were grossly overrated and collapsed, Amazon was sitting at $7 or $8 per share, the same thing will play out in the NFT space.”
Read also: YouTube to Launch NFT Feature to Rival Instagram and TikTok
Vaynerchuk who has a Twitter account with 2.9 million followers and an Instagram page with 9.8 million followers is the creator of the popular NFT series “Vee Friends”. The price of a single NFT in the collection is 13.25 ETH, about $41,000 in today’s market.
While Gary Vee urges cautiousness while investing in digital assets, he believes that it is still early days for NFTs and eventually, the digital assets will become an influential part of the digital market.
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