A new part of blockchain and the world of crypto is the hype of non-fungible tokens (NFTs), which is something completely different than the Cardano price. These are often digital collectibles without any added value, they just provide entertainment. In the past we saw the trend around CryptoKitties at the end of 2017. Nowadays, we see that more and more entrepreneurs and famous people are finding their way to NFTs. But what does the future of NFTs look like? None other than Gary Vaynerchuk, known as GaryVee, has just launched his own NFT collection that he believes will change the landscape of this technology forever.
Who even is GaryVee?
Gary Vaynerchuk, better known as GaryVee is a Russian-American self-made millionaire. As an entrepreneur and investor, he is best known for motivational speeches and investment tips, for example about the Ripple price. Thanks to his unique and enthusiastic approach, he is seen as a businessman who has achieved a lot and predicted many trends in the past. In addition to being the CEO of his own company VaynerMedia, he is also a social media wizard who regularly interacts with his followers and encourages people to invest in the Bitcoin price proactively. According to GaryVee, creating financial freedom starts with yourself and therefore says that you should therefore follow your dreams. He emphasizes the importance of social media.
Why NFTs?
Today we know the NFT hype mainly for the collectibles. Think of Polkamon, CryptoKitties or the in-game applications. To date, it has great entertainment value, which skeptical investors do not see a future in either. But Vee himself says: “This is bigger than collectible art, this is me giving back real value for the long term.” In other words, Gary thinks the arrival of these NFTs are not just temporary, but they are here to stay. He compares them to social media because of this. According to him, the possibilities of NFTs go far beyond simply collecting digital art or virtual kittens. It will take place in every transaction, from buying a home to selling a plot of land. Bringing out a new book or releasing new music will never be the same as it is now, but all will get a new dimension through these NFTs.
Macro level
GaryVee views NFTs as a two part scenario, with one part being the macro level. Here he compares it to 1995, when the internet came to the scene. Back then, people were skeptical and rightly so, it was uncharted territory after all. However, the internet has developed at an unprecedented pace and roughly 25 years later it has simply become indispensable. Another similar revolution occurred in 2005 with the arrival of MySpace (News - Alert). Nowadays we no longer MySpace, but other similar platforms are more popular than ever. GaryVee was both convinced of both the internet and social media when they first arrived, and he now feels the same way about NFTs.
Micro level
The other part of GaryVee’s scenario is the micro level. Here, his prediction is not as positive as it was for the macro level. He predicts that the NFT market will be very volatile over the next 24 months with a very high probability that the bubble will burst. If this happens, about 90 to 95 percent of NFTs will lose value and you will thus likely have a loss on your current purchase. However, GaryVee does think some NFTs will stick around. These will be solid projects that actually have useful applications, so the collectibles will lose their value according to Gary Vaynerchuk.
