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Gary Vaynerchuk on NFT collapse: “It’s time to start” but “the basics are real” – Mail Bonus

During Gary Vaynerchuk’s many days of Gary Vaynerchuk’s rigid token (NFT) conference in Minneapolis, there were no visible signs of a crypto-palooza market crash.

Pharrell Williams, lead singer of “Happy”, had just left the main stage after praising Web 3.0 and telling the group of excited NFT collectors: “You are changing the ideology. Nearby, a line of patient men waited until late at 20 and 30 to buy everything they could afford.

But in the six weeks before, more than $ 1 trillion worth of cryptocurrencies were wiped out, and the value of NFTs fell by more than 80% from their peak in the market.

Vaynerchuk, also known as Gary Vee, had seen this tragedy occur several times. He called it “NFT Winter”.

“I said this in August, July and May,” Vaynerchuk said. “I saw it coming – it [a crash driven by short-term greed] is quite possibly what we are in. This is just the beginning, it is a correction. “

Vaynerchuk, who founded VaynerMedia, VaynerSports and a collection of NFT called VeeFriends, said he was ahead of the curve in code because he was one of the first people to like NFT. He says the current change is a good way to stop too much speculation.

Crypto speculation was like Pets.com’s market capitalization of $ 400 billion in the late 1990’s.

Vaynerchuk said the dot-com sphere was like the NFT boom. “The Internet was coming, it was going to change the world. The valuation on Wall Street was too high. The valuation of NFT in this first year is too much … but the basics are real.

“Maró is great – NFT are here forever,” he added, “the arrow is wrong, so we are correcting.

Crypto speculation was like Pets.com’s market capitalization of $ 400 billion in the late 1990’s.

Vaynerchuk said the dot-com sphere was like the NFT boom. “The Internet was on its way and it was going to change everything. Prices were raised on Wall Street. NFT prices are inflated in their first year, but the assets on which they are based are real.

Why should a QR code be on the ticket? Vaynerchuk said: “A ticket that has value after the game is much more likely.”

Celebrities must be careful in their recommendations

After the crash, the recommendations of the famous people who brought crypto, NFT and Web 3 to the attention of the world began to lose their luster. This was especially true of those who were shown at the last Super Bowl in Los Angeles, which was called the “Crypto Bowl” because of all the cryptic ads that appeared during the game.

During the market crash, the New York Times asked an article why celebrities like Matt Damon, Gwyneth Paltrow, Reese Witherspoon and LeBron James, who had been in cryptocurrencies ads, did not say anything.

Vaynerchuk said most of the reports were bad and listed many reasons why he was worried about the asset class.

“I think for celebrities, they have to make sure who and what they support, what they support,” Vaynerchuk said. “But I think it’s ridiculous of people to blame them for the price. Ægt Famous people did not invade Ukraine, inflation was not famous people and therefore the correction of the world economy has also had a direct effect on the cryptocurrency economy. And that’s why we have to be thoughtful when we point the finger. “

NFT pricing is all relative

Bitcoin and NFT have lost value due to factors such as geographical events, rising inflation and a declining stock market. However, this has not happened for other collectibles.

The 1955 Mercedes recently broke an auction record by selling for 143 million dollars. Andy Warhol’s Marilyn sold for $ 195 million, the Macklowe Art Collection grossed $ 922 million, and New York’s three largest auction houses, Christie’s, Sotheby’s and Phillips, have grossed more than $ 2.5 billion so far this year.

Vaynerchuk said that the gap between NFT prices and other prices makes them relative.

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About Humano

He is a freelance writer based in Turkey. He loves NFT, football, movies and technology.

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