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Introduction
Welcome to Chain Reaction, a podcast that explores the latest trends, news, and drama in the crypto world. In this week’s episode, Jacquelyn interviewed Gary Vaynerchuk, popularly known as Gary Vee. Gary is the CEO of VaynerMedia, chairman of VaynerX, and programmer of NFT collection VeeFriends.
The Birth of VeeFriends
In 2018-2019, Gary Vaynerchuk had an idea to launch a line of desktop toys as a positive reinforcement tool. The inspiration came from the thousands of direct messages he received monthly from people dissatisfied with their jobs. Originally, Gary wanted to build a toy line, but COVID-19 occurred, and the NFT boom started. Therefore, he merged his strategy into the digital asset industry through the VeeFriends NFT collection by focusing on real-life usage.
The Future of NFTs and IP
Some of the major NFT collections such as Pudgy Penguins and Bored Ape Yacht Club are extending their intellectual property above the digital environment and into toys, apparel, and other areas. However, Gary does not believe that it is the ideal path for all projects. According to him, I don’t think everyone is capable of that; you have to be self-aware of what you’re good at or not, but it is something everyone should consider because it provides a lot more opportunities. As for mainstream adoption, Gary believes that digital collectibles will not be the most significant way forward for NFT expansion. In his opinion, It’s going to be ticketing, contracts, title insurance, things like that.
NFTs Beyond Collectibles
The internet was once known as the information superhighway 30 years ago, considered a library for research. Today, it is recognized for much more, according to Gary. Similarly, Gary views NFT collectibles as a part of the ecosystem. However, he believes that in 20 years when people hear the term NFT, they will not think of it as a collectible, but will see it more broadly.
About Gary
In addition to the VaynerMedia and VeeFriends ventures, Gary Vaynerchuk is a five-time New York Times bestselling author. In the early 2000s, he created Wine Library, one of the first e-commerce platforms for alcohol. Today, VaynerMedia services clients such as PepsiCo, GE, Johnson & Johnson, Chase, and others. He is known for his investments in major companies like Twitter, Venmo, and Facebook. Gary is also a die-hard New York Jets fan and plans to purchase the team someday.
Conclusion
In conclusion, Gary Vaynerchuk, CEO of VaynerMedia and programmer of VeeFriends among other ventures, discussed the future of NFTs in this episode of Chain Reaction. Although other NFT collections like Pudgy Penguins and Bored Ape Yacht Club have extended their intellectual property beyond the digital environment, Gary does not consider it the right choice for every project. To him, the NFT industry is beyond collectibles and will expand further in ticketing, contracts, title insurance, and more.
FAQs
Who is Gary Vaynerchuk?
Gary Vaynerchuk is the CEO of VaynerMedia, chairman of VaynerX, and programmer of NFT collection VeeFriends. He is a five-time New York Times bestselling author and has created Wine Library, one of the first e-commerce platforms for alcohol.
What is VeeFriends?
VeeFriends is an NFT collection created by Gary Vaynerchuk. It is focused on real-life usage and offers various rewards, memberships, and experiences to owners of its NFTs.
What does Gary think about NFT’s future?
Gary believes that NFT will not just be limited to collectibles in the future. He thinks that it will expand more into areas like ticketing, contracts, title insurance, and more.
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