Non-fungible tokens (NFTs) are unique digital assets representing anything from art and music to sports memorabilia and virtual land. They have exploded in popularity in 2021, with over $10 billion worth of sales in the third quarter alone, according to DappRadar.
One of the most prominent figures in the NFT space is Gary Vaynerchuk, a serial entrepreneur, investor, and social media influencer. He founded VaynerMedia, a digital agency that works with some of the world's biggest brands, and VaynerX, a media and communications holding company that includes VaynerNFT, a division dedicated to creating and managing NFT projects. Gary Vaynerchuk is a well-known public speaker, author, and internet personality.
Vaynerchuk is also an avid collector and creator of NFTs. He launched his own NFT project called VeeFriends in May 2021, consisting of 10,255 hand-drawn characters that grant him access to various events and experiences. He also owns several rare NFTs, such as CryptoPunks, Bored Ape Yacht Club, and Art Blocks. He has published several books, including "Crush It!: Why Now Is the Time to Cash in on Your Passion" and "The Thank You Economy ."
In an exclusive interview with Bing, Vaynerchuk shared his insights on the current state and future potential of NFTs. He believes that NFTs are more than just digital collectibles; they are a new form of social currency and identity that will enable new ways of interacting and transacting online.
"NFTs are not just about art, sports cards, or music; they are about human behaviour and psychology and status, access, community, and belonging. They are about expressing yourself and connecting with others who share your passions and values," he said.
He added that NFTs will evolve beyond their current use cases and become more integrated with other technologies and platforms, such as gaming, the metaverse, social media, e-commerce, and education.
"I think we are only scratching the surface of what NFTs can do. I think we will see NFTs that unlock virtual goods and services, enable peer-to-peer lending and borrowing, reward users for their attention and engagement, empower creators to monetize their content and audience and educate and inspire people to learn new skills and knowledge," he said.
He also predicted that NFTs would become more accessible and affordable for the mainstream audience as more platforms and tools emerge to lower the barriers to entry and adoption. It could democratize the art world, allowing more artists to showcase and sell their work directly to fans.
"I think we will see more innovation and competition in the NFT space, which will reduce the costs and complexity of creating and buying NFTs. I think we will see more interoperability and standardization among different blockchains and marketplaces, which will increase the liquidity and discoverability of NFTs. I think we will see more education and awareness around NFTs, increasing trust and understanding of NFTs," he said.
Vaynerchuk said he is optimistic about the long-term value and impact of NFTs, despite the volatility and uncertainty in the short term. He said he is not concerned about the hype or speculation around NFTs, as he believes they are part of the natural cycle of any new technology or industry.
"I think NFTs are here to stay. They will change how we communicate, create, consume, and commerce online. I think they will democratize access and opportunity for millions of people around the world. I think they will unleash a wave of creativity and innovation that we have never seen before," he said.
To support his views on NFTs, Vaynerchuk cited some experts from different fields who share his vision and enthusiasm for this emerging technology.
"NFTs are the new paradigm of art and culture. They are the new medium for creativity and innovation. They are the new way of supporting and rewarding artists and creators. They are the new way of experiencing and appreciating art and culture online," said Beeple, the digital artist who sold his NFT artwork "Every Day: The First 5000 Days" for $69 million at Christie's.