Daily Newsletter by NFT Newspaper

Gary Vaynerchuk on NFT Crash: ‘It’s Just Starting,’ but ‘the Fundamentals are Real.’

At Gary Vaynerchuk’s multi-day NFT conference “VeeCon” in Minneapolis, there was no visible sign of the NFT market collapse.

‘Happy’ singer Pharrell Williams had left the stage after bestowing the virtues of Web 3.0 and telling the NFT collector crowd, “you are changing the paradigm right now.” Most men in their early 30s waited patiently to buy any NFT they could afford. And yet, in the last few weeks,  more than $1 trillion in crypto assets had been wiped away. And the value of NFTs fell around 80% from their market peak.

Vaynerchuk  Views on NFT Crash

According to Garry Vaynerchuk, a serial entrepreneur, and host of the festivities, the loss in the cryptocurrency industry is merely vindicated. He predicted this crash or “NFT Winter” on multiple occasions.

Vaynerchuk said that seeing a crash driven by short-term greed is absolutely potentially what we’re in. He further said it is just a correction, and in his view, the recent correction is a healthy check to the excess speculation. One of Vee’s friends told that Vaynerchuk founded VaynerMedia, VaynerSports, and a signature NFT collection.

Moreover, Vaynerchuk said that the Crypto or NFT speculation “was as crazy as internet stocks in the late ’90s for Pets.com”. He further compared the NFT boom to the dot-com bubble. The valuations on NFTs in this first year are overblown, but the fundamentals are real.”

Celebrities To ‘Be Careful’ From Endorsements

The celebrity endorsement placing crypto, NFT, and Web3 in global headlines began to dwindle. Especially during the most recent Super Bowl in Los Angeles, known as the “Crypto Bowl,” due to a slate of crypto advertising campaigns. In response to this, a New York Times article questioned the silence of celebrities in the crypto commercials, including Matt Damon, Gwyneth Paltrow, Reese Witherspoon, and more.

According to Vaynerchuk, celebrities have to be careful with who and what they support. He further said that the recovery of the global economy has also had a direct impact on the crypto economy, and it is not only celebrities responsible for inflation. He also said that the Web3 Disciples are here for the long haul. Vaynerchuk believes that although most projects will disappear when greed is removed, “good things begin.”

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